Scorpio Tankers Report Q2, 1H 2014 Profit Slip

By George Backwell
Monday, July 28, 2014
Scorpio tankship: Photo courtesy of the owners

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows:

Results for the three months ended June 30, 2014 and 2013

For the three months ended June 30, 2014, the Company had a net loss of $0.6 million, or $0.00 basic and diluted loss per share.

Results for the six months ended June 30, 2014 and 2013
For the six months ended June 30, 2014, the Company had net income of $52.8 million, or $0.28 basic and diluted earnings per share.  The Company's adjusted net loss was $9.4 million.

Declaration of Dividend
On July 28, 2014, the Scorpio Tankers' board of directors declared a quarterly cash dividend of $0.10 per share, payable on September 10, 2014 to all shareholders as of August 22, 2014 (the record date). As of July 25, 2014, there are 172,206,301 shares outstanding.

New $150 Million Stock Buyback Program
On July 28, 2014, the Board of Directors approved a new stock buyback program with authorization to purchase up to $150 million of shares of the Company's common stock. This program replaces the Company's stock buyback program that was previously announced in June 2014, which is being terminated effective immediately.

Summary of Recent and Second Quarter Significant Events:

  • Took delivery of four vessels (one LR2, two MR, and one ice-class 1A Handymax) in July 2014 and eight vessels (six MR and two ice-class 1A Handymax) during the second quarter of 2014.
  • Issued $360 million of 2.375% Convertible Senior Notes due June 2019 in a private offering to qualified institutional buyers. Used a portion of the proceeds to make a concurrent repurchase of 10,127,600 shares of the Company's common stock.
  • Issued $53.8 million of 6.75% Senior Unsecured Notes due May 2020.
  • Participated in an offering of $125,250,000 in aggregate principal amount of floating rate guaranteed notes due 2019 (the "KEXIM Notes") in July 2014. The KEXIM Notes will reduce KEXIM's funding obligations under the Company's KEXIM Credit Facility, and reduce the Company's borrowing costs under such facility by 1.55% per year.
  • Exchanged 3,422,665 shares of Dorian for 7,500,000 common shares of the Company, which resulted in a gain of $10.9 million, or $0.06 per share.
  • Declared and paid a quarterly cash dividend on the Company's common stock of $0.09 per share in June 2014.
  • Closed on the sale of two vessels, Senatore and STI Spirit, in April 2014.

For more information: http://www.scorpiotankers.com/

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