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) provides specialized marine transportation services for refined petroleum products and crude oil worldwide. This news hub offers investors and industry professionals centralized access to official updates and market-relevant developments.
Track critical updates including quarterly earnings, fleet modernization initiatives, and strategic partnerships. Our curated collection ensures timely access to operational milestones and regulatory filings essential for informed analysis of this maritime transport leader.
Key updates cover vessel acquisitions, charter rate trends, and sustainability efforts tied to STNG's eco-friendly fleet. Bookmark this page for efficient monitoring of market positioning and operational strategies in the evolving energy logistics sector.
Scorpio Tankers Inc. (NYSE:STNG) has announced that its President, Robert Bugbee, has made a significant investment in the company's future. Bugbee has purchased call options on 234,300 common shares of the company, equivalent to 2,343 call option contracts, for a total consideration of $1.5 million.
The call options have a strike price of $67.50 and are set to expire in January 2025. This move by the company's president demonstrates confidence in Scorpio Tankers' potential for growth and increased value in the coming years.
Scorpio Tankers Inc. (NYSE:STNG) has provided an update on its 2023 Securities Repurchase Program. Since July 30, 2024, the company has repurchased 2,415,321 common shares at an average price of $72.45 per share. Additionally, since April 1, 2024, Scorpio Tankers has repurchased a total of 3,813,287 common shares at an average price of $74.54 per share.
As of September 6, 2024, the company has 50,760,778 common shares outstanding. The 2023 Securities Repurchase Program, which initially authorized $400 million for repurchases, still has $225.0 million remaining available for future share buybacks.
Scorpio Tankers Inc. (NYSE:STNG) has announced significant developments in its fleet management strategy. The company has entered into agreements to sell two 2014-built scrubber-fitted MR product tankers, STI San Antonio and STI Texas City, for $42.5 million each. These sales are expected to conclude in Q4 2024.
Additionally, Scorpio Tankers has secured a three-year time charter-out agreement for its 2018-built MR product tanker, STI Jardins. The charter, set at $29,550 per day, is with a major oil company and is anticipated to begin in Q3 or Q4 2024. Notably, the STI Jardins is not equipped with a scrubber.
These strategic moves demonstrate Scorpio Tankers' active management of its fleet composition and revenue streams in the dynamic tanker market.
Scorpio Tankers (NYSE: STNG) reported its Q2 2024 results with net income of $227.3 million, up from $132.4 million in Q2 2023. Earnings per share (EPS) increased to $4.54 basic and $4.34 diluted from $2.50 basic and $2.40 diluted in the same period last year. Adjusted net income was $188.4 million, or $3.77 basic and $3.60 diluted EPS. For H1 2024, net income was $441.5 million, with basic EPS of $8.84. The Board declared a $0.40 per share dividend payable on September 13, 2024.
Significant debt reduction was achieved, repaying $399 million and converting a $225 million Credit Facility to a revolving credit line. The company also increased its securities repurchase program to $400 million, repurchasing 1.4 million shares at an average price of $78.16. Vessel sales generated $179.1 million. Future TCE rates for various vessel classes were strong, reflecting robust market conditions.
The company plans further debt repayments and anticipates significant cash inflows, maintaining strong liquidity with $279.5 million in cash and $288.2 million in credit availability as of July 29, 2024.
Scorpio Tankers Inc. (NYSE:STNG) has announced its plans to release its second quarter 2024 earnings on Tuesday, July 30, 2024. The company will issue a press release in the morning (Eastern Daylight Time) and host a conference call at 9:00 AM EDT and 3:00 PM CEST.
Investors and interested parties can access the conference call through the company's website or via telephone. The webcast link will be available at www.scorpiotankers.com, and participants are advised to register about 10 minutes before the start. For those joining by phone, the US/Canada dial-in number is 1-833-636-1321, while the international number is 1-412-902-4260.
Scorpio Tankers Inc. (NYSE:STNG) has provided an update on its 2023 Securities Repurchase Program. The company recently repurchased 756,312 common shares in the open market at an average price of $78.07 per share. Since June 1, 2024, Scorpio Tankers has repurchased a total of 1,397,966 common shares at an average price of $78.16 per share. As of July 12, 2024, there is $140.7 million remaining available under the repurchase program.
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.
