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Scorpio Tankers Inc. (NYSE: STNG) is a leading international provider of marine transportation services for refined petroleum products. With a diverse fleet of 110 product tankers, the company operates 39 LR2, 57 MR, and 14 Handymax tankers. This fleet is recognized as the largest, newest, and most eco-friendly on the water, dedicated to hauling clean petroleum products globally.
Headquartered in Monaco, Scorpio Tankers Inc. focuses on chartering its vessels to various oil majors, national oil companies, and trading and transportation companies. The majority of its revenue is generated from its MR vessels, which are highly efficient in transporting refined petroleum products.
In recent news, Scorpio Tankers Inc. has signed a non-binding Memorandum of Understanding with Fowe Eco Solutions Ltd. to install fuel emulsion systems across its entire fleet. This initiative is aimed at reducing fuel costs by at least 3% and cutting down 100,000 tons of carbon emissions annually, marking a significant step towards sustainability.
Scorpio Tankers' commitment to innovation and environmental responsibility is evident through its ongoing projects and partnerships. The company is well-positioned to benefit from the global demand for clean and efficient transportation solutions.
For investor relations or more information, you can contact James Doyle, Head of Corporate Development & Investor Relations at +1 646-432-1678 or via email at investor.relations@scorpiotankers.com.
Scorpio Tankers (NYSE: STNG) announced a new $250 million Securities Repurchase Program aimed at enhancing shareholder value. From July 1 to now, the company repurchased $52.3 million of its Convertible Notes due 2022 and acquired 1,170,000 shares for $13.1 million in September. The current outstanding Convertible Notes face value is $151.2 million. The new buyback reflects the company's commitment to managing its capital structure effectively and is expected to potentially impact earnings per share while reinforcing investor confidence.
On September 2, 2020, Scorpio Tankers (NYSE: STNG) announced that Scorpio Services Holdings Limited purchased 103,896 common shares of the company at an average price of $11.10 per share. Scorpio Tankers operates a fleet of 134 tankers with an average age of 4.8 years, providing marine transportation of petroleum products globally.
Scorpio Tankers (NYSE: STNG) disclosed that Scorpio Services Holdings Limited has acquired 100,000 common shares at an average price of $11.32 each. Scorpio Tankers operates a fleet of 134 tankers, including various vessel types with an average age of 4.8 years, contributing to its marine transportation services worldwide. This acquisition by a related party may indicate confidence in the company's stock value amidst market fluctuations.
Scorpio Tankers (NYSE: STNG) announced the acquisition of 100,000 shares by Scorpio Services Holdings Limited at an average price of $12.67. The company operates a fleet of 134 tankers with an average age of 4.7 years, focusing on the transportation of petroleum products worldwide. Scorpio Tankers emphasizes its strategic positioning in the maritime industry, although it notes potential risks including market fluctuations and operational challenges stemming from the COVID-19 pandemic. Investors are advised to consider these factors, along with the company's growth strategies.
Scorpio Tankers (NYSE: STNG) reported a strong financial performance for Q2 2020, achieving a net income of $143.9 million or $2.63 per share, contrasting with a net loss of $29.7 million in Q2 2019. For the six months ended June 30, 2020, net income reached $190.6 million or $3.48 per share. The company declared a quarterly cash dividend of $0.10 per share, payable September 29, 2020. Notably, net debt decreased by $228.8 million to $2.9 billion. Average daily Time Charter Equivalent revenue for Q2 2020 was strong, highlighting the company's operational resilience amid ongoing market volatility.
Scorpio Tankers (NYSE: STNG) will release its Q2 2020 earnings on August 6, 2020, accompanied by a conference call at 9:30 AM EDT. Investors can join via a US/Canada dial-in number or an international number, and a live webcast will be available on the company's website. Scorpio Tankers operates a fleet of 134 tankers with a weighted average age of 4.7 years, providing marine transportation of petroleum products globally. The company emphasizes its commitment to transparent communication during earnings announcements.
On July 14, 2020, Scorpio Tankers announced that Scorpio Services Holdings Limited purchased 100,000 common shares in the open market at an average price of $12.83 per share. Additionally, President Robert Bugbee acquired call options on 550,000 common shares for $2.1 million, with options set to expire in January 2021 and January 2022, at strike prices of $15.00 and $18.00, respectively. The company operates a fleet of 135 tankers and is focused on petroleum product transportation worldwide.
Scorpio Tankers (STNG) provided an update on estimated average daily Time Charter Equivalent (TCE) revenue for its vessels. For the quarter ending June 30, 2020, the estimated TCE revenue for LR2, LR1, MR, and Handymax are $47,000, $35,500, $21,700, and $17,500 respectively. For the following quarter, these figures drop significantly, with LR2 at $29,300 and LR1 at $28,700. This decline reflects a notable decrease in charter revenue, with only 26% of LR2 days booked for the upcoming quarter.
The company's fleet consists of 137 tankers, with a focus on petroleum products.
Scorpio Tankers (NYSE: STNG) has priced a public offering of $25 million in fixed rate senior unsecured notes due 2025, bearing interest at 7.00% per annum. The notes will mature on June 30, 2025, with redemption options starting June 30, 2022. Proceeds will be used for general corporate purposes and working capital. The offering is expected to close on May 29, 2020. The company also plans to list the notes on the NYSE under the symbol 'SBBA.'
Scorpio Tankers (NYSE: STNG) announced a public offering of fixed-rate senior unsecured notes due 2025, aiming to raise capital for general corporate purposes. The notes will be offered in minimum denominations of $25.00, with trading expected on the NYSE under the symbol SBBA within 30 days of issuance. Major underwriters for this offering include B. Riley FBR, Ladenburg Thalmann, and others. The offering is backed by a shelf registration statement effective with the SEC. This initiative aims to bolster liquidity amid market fluctuation.
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