Scorpio Tankers Confident in Future, Says Financial Report

MarineLink.com
Tuesday, July 30, 2013

Scorpio Tankers Inc. reported its results for the three and six months ended June 30, 2013.

For the three months ended June 30, 2013, the company had an adjusted net income of $3.6 million, or $0.03 basic and diluted earnings per share, excluding a $0.3 million, or $0.00 per share of unrealized gain on derivative financial instruments. Including the unrealized gain on derivative financial instruments, the company had net income of $4 million, or $0.03 basic and diluted earnings per share.

For the six months ended June 30, 2013, the company had an adjusted net income of $10.2 million, or $0.09 basic and diluted earnings per share, excluding a $0.4 million, or $0.00 per share unrealized gain on derivative financial instruments. Including the unrealized gain on derivative financial instruments, the company had net income of $10.6 million or $0.09 basic and diluted earnings per share.

On July 29, 2013, the Scorpio Tankers' board of directors declared a quarterly cash dividend of $0.035 per share, payable on September 25, 2013 to all shareholders as of September 10, 2013 (the record date).

Emanuele Lauro, chief executive officer and chairman of the board, commented, "Our year-over-year performance continues to improve both as a result of stronger market fundamentals and a stronger company. The seasonal weakness which we typically experience in the second and third quarter has been particularly short-lived in the Atlantic basin this year. Burgeoning exports of refined products from the United States has contributed to a significant counter-seasonal swing in MR vessel freight rates since the end of June, reaching levels in excess of $20,000 per day."

"We are confident in the outlook for freight markets in the Eastern hemisphere and as well for the LPG trade as major global infrastructure develops. Finally, our conviction in sustained profitability for the company has led our Board of Directors to authorize an increase in our quarterly dividend by 40%."

scorpiotankers.com
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

CAGTC Members Win Big in TIGER VI

The U.S. Department of Transportation (USDOT) announced Friday that 72 projects will receive a total of $600 million from the sixth round of the Transportation

Ingalls Delivers NSC Hamilton to USCG

Huntington Ingalls Industries' (HII) Ingalls Shipbuilding division delivered the National Security Cutter Hamilton (WMSL 753) to the U.S. Coast Guard today. The

Commissioner Doyle Addresses NCBFAA

Federal Maritime Commissioner William P. Doyle spoke today at the National Customs Brokers & Forwarders Association of America (NCBFAA) Government Affairs Conference in Washington, DC.

Tanker Trends

Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment.

China Orders More MAN Dual-Fuel Units

51/60DF engines to power LNGCs MAN Diesel & Turbo has announced a further order for its MAN 51/60DF engine. After a longer period of evaluation, an international consortium,

TORM Contracts Albwardy for Diving Services

Danish product tanker carrier TORM A/S and UAE-based Albwardy Marine Engineering (AME), an Albwardy-Damen JV, have signed a Service Level Agreement for diving services in the UAE region.

Finance

CAGTC Members Win Big in TIGER VI

The U.S. Department of Transportation (USDOT) announced Friday that 72 projects will receive a total of $600 million from the sixth round of the Transportation

Scorpio Bulkers Upsizes Public Offering

Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering.

Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment.

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1780 sec (6 req/sec)