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.
On March 24, 2023, Scorpio Tankers announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2022. The report is now accessible on the Company’s website, where shareholders can also request a hard copy containing the complete audited financial statements at no cost. Scorpio Tankers operates a fleet of 113 product tankers, with an average age of 7.2 years, providing marine transportation of petroleum products globally. The report discusses various factors impacting the company's performance, including market conditions and operational expenses.
On March 21, 2023, Scorpio Tankers (NYSE:STNG) announced a new time charter-out agreement for one of its LR2 tankers equipped with a scrubber. The agreement spans three years at a daily rate of $40,000, generating an estimated total revenue of $43.8 million starting April 23, 2023. This strategic move reinforces Scorpio's position in the marine transportation sector for petroleum products, as they continue to operate a fleet of 113 product tankers with an average age of 7.2 years. The company emphasizes its commitment to maintaining operational efficiency and effective asset management.
On March 13, 2023, Scorpio Tankers (NYSE: STNG) announced it has exercised purchase options for six product tankers, including two 2016-built LR2s and three 2019-built tankers. This move, set to finalize in May 2023, will lead to a significant debt reduction of $149.8 million for the company. The vessels will enhance Scorpio’s fleet of 113 product tankers, which have an average age of 7.1 years. The purchase will bolster the company's operational capacity and financial health as it continues to navigate the marine transportation industry.
Scorpio Tankers reported a significant financial turnaround in its Q4 2022 results, posting a net income of $264.4 million ($4.74 per share) compared to a net loss of $46.0 million in Q4 2021. For the full year 2022, net income reached $637.3 million ($11.49 per share), a substantial recovery from a net loss of $234.4 million in 2021. The board declared a quarterly cash dividend of $0.20 per share, payable by March 31, 2023. Average daily TCE revenue surged significantly, indicating robust demand in the product tanker market. Additionally, the company reduced outstanding debt through various financing and vessel repurchase activities.
Scorpio Tankers (NYSE: STNG) announced plans to release its fourth quarter 2022 earnings on February 16, 2023. The earnings press release will be available in the morning (Eastern Standard Time), followed by a conference call at 8:30 AM EST and 2:30 PM CET.
Participants can access the call via the company's website or by dialing in. For US/Canada, the number is 1 (833) 630-1956, and for international participants, it's +1 (412) 317-1837. The company's marine transportation fleet consists of 113 product tankers, including 39 LR2, 60 MR, and 14 Handymax vessels, with an average age of 7 years.
Scorpio Tankers (NYSE:STNG) announced updates regarding its fourth quarter of 2022 and first quarter of 2023 Daily Time Charter Equivalent (TCE) revenues. In Q1 2023, average daily TCE revenues were $72,250 for LR2 tankers, $46,000 for MR tankers, and $63,000 for Handymax tankers. The company has repurchased 2,324,372 shares since December 1, 2022, at an average price of $50.78, with $132 million remaining under its repurchase program. As of now, there are 59,727,998 shares outstanding, signifying a strong commitment to enhancing shareholder value.
Scorpio Tankers (STNG) announced significant corporate actions on January 4, 2023. The company repurchased 415,062 shares at an average price of $51.35 each, enhancing shareholder value. Additionally, President Robert Bugbee purchased call options on 400,000 shares at a strike price of $40.00, totaling $4.4 million. The company secured a new credit facility of up to $225 million for financing 13 product tankers, which will improve financial flexibility. STNG plans to participate in multiple investor events, providing updates on Q4 2022 and Q1 2023 revenues.
Scorpio Tankers Inc. (NYSE:STNG) announced the purchase of 390,972 common shares at an average price of $52.82 as part of its share repurchase program. This buyback signals the company's commitment to enhancing shareholder value, reflecting confidence in future performance. Scorpio Tankers currently operates 113 product tankers globally. The press release highlights the company's proactive approach to managing its capital structure amidst market uncertainties.
MONACO, Dec. 14, 2022 – Scorpio Tankers (NYSE:STNG) provides updates on its Q4 2022 performance. The average daily Time Charter Equivalent (TCE) revenues are detailed, with notable rates for various vessel categories. The Company entered a time charter agreement for three years at $37,500/day. It has exercised purchase options on six MR tankers, reducing debt by $99 million. Scorpio secured credit facilities totaling $166.5 million to refinance existing debt. They also repurchased over half a million shares at $51.20 each, with significant remaining availability in their buyback program.
Scorpio Tankers (NYSE:STNG) will present a market update on December 14, 2022, at 8:30 AM EST. This update will include Q4 2022 daily TCE revenues and will be accessible via a conference call and webcast. Investors can participate by registering 10 minutes prior to the call. Scorpio Tankers operates a fleet of 113 product tankers, with an average age of 6.9 years, focused on the marine transportation of petroleum products worldwide. Further details about the event and the company can be found on their official website.