Scorpio Tankers Increase Q1 2014 Dividend

Posted by George Backwell
Tuesday, April 29, 2014
Photo: Scorpio Tankers

Scorpio Tankers Inc. has reported its results for the 3 months ended March 31, 2014 including the announcement of a US$100-Million stock buyback program and a quarterly dividend for shareholders. Significant events as follows:

  • Closed on the previously announced sales agreement of seven VLCCs under construction for a gain of $51.4 million.
  • Took delivery of three MR tankers under the Company's Newbuilding Program, STI Texas City, in March 2014, and STI Opera and STI Duchessa, in January 2014.
  • Converted the Newbuilding Credit Facility from a term loan into a reducing revolving credit facility giving the Company the ability to draw down and repay the available commitments under the facility when needed.
  • Sold three of the Company's older vessels, Noemi, Senatore, and STI Spirit for an aggregate selling price of $74.2 million, further emphasizing the Company's commitment to a modern, fuel efficient fleet.
  • Declared and paid a quarterly cash dividend on the Company's common stock of $0.08 per share in March 2014.

Newbuilding Credit Facility conversion to a Revolver
In March 2014, the Company converted its Newbuilding Credit Facility with Credit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB from a term loan to a reducing revolving credit facility. This gives the Company the ability to draw down and repay the available commitments under the facility when needed. All other terms and definitions remain unchanged.

The amount available under this facility is $82.3 million and is fully drawn as of the date of this press release. The amount available will reduce by $1.5 million each quarter until the maturity date in June 2019.

Current Liquidity

As of April 25, 2014, the Company had $151.7 million in cash.

www.scorpiotankers.com

 

 


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