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Scorpio Tankers Inc. - STNG STOCK NEWS

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.

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Scorpio Tankers (NYSE: STNG) announced the redemption of its 3.00% Convertible Senior Notes due 2025, effective December 1, 2022. This decision follows the company's right to redeem the notes under specific conditions of the Indenture, triggered when its stock price exceeded 125.4% of the conversion price for at least 20 trading days. Holders can convert their notes into approximately 5.8 million shares at a conversion rate of 30.6184. This action aligns with Scorpio Tankers' strategic financial management as it continues to navigate the marine transportation sector.

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Scorpio Tankers reported strong financial results for Q3 2022, with net income of $266.2 million or $4.84 per share, compared to a net loss of $73.3 million in Q3 2021. Adjusted net income was $264.8 million with earnings per share of $4.81. For the first nine months, net income reached $372.8 million from a loss of $188.4 million in 2021. A dividend of $0.10 per share was announced, payable December 15, 2022. The company has $490.9 million in cash and plans to reduce debt by $302.2 million through vessel purchases.

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Scorpio Tankers (NYSE: STNG) announced its decision to exercise purchase options on eight product tankers, which include six MR and two LR2 vessels. This move is set to reduce the Company's debt by a total of $141.4 million, with $85.8 million expected from the fourth quarter of 2022 and $55.6 million in 2023. Additionally, the Company plans to repay a $17.5 million credit facility within October 2022. Scorpio Tankers operates a fleet of 113 vessels, averaging 6.8 years in age, specializing in petroleum product transportation globally.

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Scorpio Tankers (NYSE:STNG) has announced its third quarter 2022 earnings release date, set for November 1, 2022. The earnings report will be issued in the morning Eastern Daylight Time, followed by a conference call at 8:30 AM EDT. Participants can join the call via the company's website or by calling in using specific dial-in numbers. Scorpio Tankers operates a fleet of 113 product tankers, emphasizing its focus on marine transportation of petroleum products worldwide.

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Scorpio Tankers (NYSE:STNG) has announced the signing of three new time charter-out agreements, enhancing its revenue potential with a total estimated revenue of $101.6 million. The agreements include:

  • Two LR2 tankers with scrubbers, under a three-year term at rates of $32,750 and $35,000 per day.
  • One MR tanker without a scrubber under a three-year term at $25,000 per day.

These contracts are set to commence between September and December 2022 with major refiners, contributing positively to Scorpio's revenue structure.

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Scorpio Tankers (NYSE:STNG) announced a repurchase of 220,504 common shares at an average price of $40.90 each as part of its securities repurchase program. This buyback aims to enhance shareholder value by reducing the number of shares outstanding. Scorpio Tankers operates a fleet of 113 product tankers, and continues to navigate the dynamics of marine transportation and petroleum product markets.

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On September 21, 2022, Scorpio Tankers (NYSE: STNG) announced the purchase of 137,459 common shares at an average price of $43.27, as part of its buyback program. The company has $169.1 million remaining in this program. Additionally, Scorpio exercised a purchase option for the LR2 product tanker, STI Sanctity, from a lease, which is expected to complete in Q1 2023 and will reduce debt by $27.8 million. These moves reflect a commitment to enhancing shareholder value and financial stability.

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Scorpio Tankers (NYSE:STNG) provided an update on Q3 2022, highlighting an average Daily Time Charter Equivalent (TCE) revenue of $50,000 for LR2 tankers and $42,000 for MR tankers. The company exercised purchase options on eight vessels, including Handymax and MR product tankers, resulting in a $133 million debt reduction. Additionally, a new time charter for LR2 tanker STI Lombard was signed at $32,750 per day for three years. The fully diluted share count for Q3 is estimated at 63 million shares.

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Scorpio Tankers (NYSE:STNG) announced the repurchase of 1,293,661 common shares at $38.65 each, totaling $50 million, from related party Eneti Inc. This buyback reflects the company’s commitment to enhancing shareholder value and managing its capital effectively. Scorpio Tankers operates a fleet of 113 product tankers, maintaining a strategic position in the marine transportation sector for petroleum products. The ongoing management aims to bolster investor confidence through this strategic share repurchase.

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Scorpio Tankers (STNG) reported a significant turnaround in Q2 2022, achieving a net income of $191.1 million ($3.44 EPS), compared to a net loss of $52.8 million in Q2 2021. Adjusted net income was $196.1 million ($3.53 EPS). For H1 2022, net income stood at $106.7 million ($1.92 EPS), up from a net loss of $115.2 million in H1 2021. The Company declared a quarterly dividend of $0.10 per common share, payable September 15, 2022. TCE revenue surged to $381.6 million, marking a $243.5 million increase from the previous year, driven by heightened demand amidst global market changes.

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FAQ

What is the current stock price of Scorpio Tankers (STNG)?

The current stock price of Scorpio Tankers (STNG) is $48.86 as of January 3, 2025.

What is the market cap of Scorpio Tankers (STNG)?

The market cap of Scorpio Tankers (STNG) is approximately 2.5B.

What does Scorpio Tankers Inc. do?

Scorpio Tankers Inc. provides marine transportation services for refined petroleum products through its fleet of 110 tankers.

How does Scorpio Tankers generate revenue?

The majority of Scorpio Tankers' revenue comes from chartering its MR vessels to oil majors, national oil companies, and trading companies.

How many tankers does Scorpio Tankers Inc. operate?

Scorpio Tankers Inc. operates a fleet of 110 tankers, including 39 LR2, 57 MR, and 14 Handymax tankers.

What recent sustainability initiative has Scorpio Tankers undertaken?

Scorpio Tankers has signed a Memorandum of Understanding to install Fowe Eco Solutions' fuel emulsion systems across its fleet, aiming to reduce fuel costs and carbon emissions.

Who can I contact for investor relations at Scorpio Tankers Inc.?

For investor relations, you can contact James Doyle, Head of Corporate Development & Investor Relations, at +1 646-432-1678 or email investor.relations@scorpiotankers.com.

Where is Scorpio Tankers Inc. headquartered?

Scorpio Tankers Inc. is headquartered in Monaco.

What are MR vessels?

MR vessels, or Medium Range vessels, are tankers designed to transport refined petroleum products efficiently over medium distances.

What types of tankers are in Scorpio Tankers' fleet?

Scorpio Tankers' fleet includes LR2, MR, and Handymax tankers.

How does Scorpio Tankers contribute to environmental sustainability?

Scorpio Tankers contributes to sustainability by investing in eco-friendly technologies like fuel emulsion systems to reduce fuel consumption and carbon emissions.

How can I get more information about Scorpio Tankers Inc.?

You can visit the company's website or contact Investor Relations at investor.relations@scorpiotankers.com for more information.
Scorpio Tankers Inc.

NYSE:STNG

STNG Rankings

STNG Stock Data

2.47B
43.47M
13.87%
71.64%
6.36%
Oil & Gas Midstream
Energy
Link
United States of America
Monaco