Scorpio Reports Minimal Loss in 3rd Quarter

  • Business & Finance

Scorpio

Scorpio Tankers Inc. today reported a minimal net loss of USD 1.2 million, or USD 0.01 basic and diluted loss per share for the three months ended September 30. 

For the nine months ended September 30, 2014, the company had net income of USD 51.6 million, or USD 0.29 basic and USD 0.28 diluted earnings per share.

Since July 28, 2014, Scorpio has acquired USD 67.5 million of its common shares that are being held as treasury shares, in the open market at an average price of USD 8.64 per share.

The company has USD 82.5 million remaining under its stock buyback program.

With respect to fleet expansion, in October 2014, Scorpio took delivery of four product tankers.

STI Yorkville and STI Mayfair, MR product tankers, were delivered from HMD and SPP, respectively and STI Wembley and STI Battersea, ice-class 1A Handymax product tankers, were delivered from HMD. Upon delivery, STI Yorkville and STI Mayfair each commenced a time charter for up to 120 days at approximately USD 18,000 per day and STI Wembley and STI Battersea each commenced a time charter for up to 120 days at approximately USD 15,000 per day.

The company has taken delivery of 21 vessels under its newbuilding program with HMD, SPP, Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) and Hyundai Samho Heavy Industries Co. Ltd. (HSHI) since June 30, 2014.

During the third quarter of 2014, the company made USD 451.2 million of installment payments on its newbuilding vessels. Scorpio Tankers currently has 27 newbuilding vessel orders with HMD, SPP, HSHI and DSME (14 MRs, five Handymax ice class 1-A tankers and eight LR2s).

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