Scorpio Tankers Cuts Loss in FY 2013

MarineLink.com
Monday, February 24, 2014
Photo courtesy of the owners

For the year ended December 31, 2013, Scorpio Tankers report a net loss of $3.7 million or $0.03 basic and diluted loss per share, as opposed to a net loss of $26.5 million or $0.64 basic and diluted loss per share on 31, December 2012.

Declaration of Dividend
On February 21, 2014, the Scorpio Tankers' board of directors declared a quarterly cash dividend of $0.08 per share, payable on March 26, 2014 to all shareholders as of March 11, 2014 (the record date). There are currently 198,791,502 shares outstanding.

CEO & Chairman comments

Emanuele Lauro, chief executive officer and chairman of the board commented, "Although our fourth quarter 2013 results reflect the deleterious effects of prolonged turnarounds of existing refineries and delays of commissioning the new refining assets, we remain confident in the underlying demand and supply thesis. Already in the first quarter, all of our vessel classes are experiencing higher returns than they did in the final quarter of 2013. We expect to be profitable this quarter; additionally, we have increased our quarterly dividend to $0.08 per share.

"As for the remainder of 2014, both new emissions regulations and customer preferences will leave us very well-positioned. By the end of the year, we will have a modern fuel-efficient fleet, which has significant commercial and technical benefits. Even though we expect the overall product market to continue to improve, we also expect there to be a bifurcation of returns between modern fuel-efficient and older vessels."
 


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