Welcome to our dedicated page for Scorpio Tankers news (Ticker: STNG), a resource for investors and traders seeking the latest updates and insights on Scorpio Tankers stock.
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 updates regarding its securities repurchase program and Q2 2024 daily TCE revenues. The company repurchased 641,654 common shares at an average of $78.26 per share, leaving $199.8 million available under the 2023 Securities Repurchase Program as of June 14, 2024.
For Q2 2024, Scorpio Tankers provided estimates of average daily TCE revenues and revenue days for its vessels. Key metrics include:
- LR2 vessels: $55,000 TCE revenue per day over 2,575 revenue days (81% of days).
- MR vessels: $37,000 TCE revenue per day over 4,380 revenue days (88% of days).
- Handymax vessels: $28,000 TCE revenue per day over 1,225 revenue days (80% of days).
This data helps investors assess the company's performance and revenue potential irrespective of changes in charter types.
Scorpio Tankers (NYSE:STNG) has announced agreements to sell five MR product tankers. These include four vessels built in 2012, STI Garnet, STI Onyx, STI Ruby, and STI Topaz, which will be sold for a total of $142.5 million to three separate buyers. Additionally, a 2013-built vessel, STI Beryl, will be sold for $36.6 million. The company will not make any debt repayments as these vessels are unencumbered. All sales are expected to close by Q3 2024. Following these transactions, Scorpio Tankers' fleet will exclusively consist of vessels built in 2014 or later.
Scorpio Tankers (NYSE: STNG) announced the approval for a $223.6 million prepayment under its 2023 $1.0 Billion Credit Facility. This prepayment will be applied to the term loan's eight quarterly principal installments from Q3 2024 to Q2 2026. The prepayment is expected to reduce the company’s cash break-even rates by approximately $3,500 per day in the first year following the prepayment. The revolving portion of the credit facility remains at $288.2 million. After this prepayment, the future principal repayments on Scorpio Tankers' outstanding debt are structured over various quarters until 2026, amounting to a total of $1.401 billion.
Scorpio Tankers Inc. announced its financial results for Q1 2024, reporting a net income of $214.2 million and declaring a cash dividend of $0.40 per share. The company's board of directors aims to increase shareholder returns through debt reduction. Recent vessel sales and debt repayments showcase the company's focus on deleveraging and financial stability.
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