Scorpio Tankers Q1 Results

Friday, June 25, 2010

Scorpio Tankers Inc. reported its results for the three months ended March 31, 2010. The company recorded net income of $1.2 million or $0.21 basic and $0.21 diluted earnings per share for the three months ended March 31, 2010 compared to net income of $2.8 million or $0.50 basic and $0.50 diluted earnings per share for the three months ended March 31, 2009. The weighted average outstanding number of outstanding shares (basic and diluted) for both periods was 5,589,147.

On April 6, 2010, the company closed on the sale of 12,500,000 shares of common stock at $13.00 per share in its initial public offering and received net proceeds of $149.6 million after deducting underwriters' discounts and offering expenses.

On May 4, 2010, the company issued 450,000 shares of common stock at $13.00 and received $5.4 million, after deducting underwriters' discounts, when the underwriters in the company's initial public offering partially exercised their over-allotment option.

On June 9, 2010, Scorpio Tankers announced that it took delivery of three products tanker vessels that the Company previously agreed to acquire. Two of the tankers are LR1 ice class 1A sister ships, STI Harmony and STI Heritage, and were acquired for an aggregate price of $92.0 million, which includes an estimated $2.5 million related to the value of the existing time charter contracts. The third vessel delivered was STI Conqueror, which is a Handymax ice class 1B ship, and was acquired for $26.0 million.

The company has agreed to acquire three additional Handymax tankers that are scheduled to be delivered by the end of July 2010 for an aggregate price of $76.0 million.

On April 9, 2010, the company repaid in full the outstanding balance of $38.9 million of the 2005 credit facility from the proceeds of the initial public offering.

On June 2, 2010, the company executed the $150 million credit facility, which will be used to partially finance vessel acquisitions. The company currently has drawn down $19.0 million.

Net Income for the three months ended March 31, 2010 decreased $1.6 million to $1.2 million from the three months ended March 31, 2009. The following were the significant changes between the two periods:

-Vessel revenue decreased $3.4 million because the revenue for the period ended March 31, 2009 included a vessel chartered-in, and the daily time charter equivalent rate from the pool decreased from $28,012 to $18,928.

-Charter hire expense decreased $2.4 million because a vessel was chartered-in during the period ended March 31, 2009.

-The net change in the realized and unrealized derivative financial instruments (i.e. interest rate swap) and other expenses was a reduction in income of $0.7 million

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


S&P Raises Steamship Mutual outlook to Positive

Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard

Norwegian Escape with Biggest Scrubbers sets Sail

On a sunny October day in the German harbor-town of Hamburg, M/V Norwegian Escape, a brand new cruise ship, sets sail for the first time. On board are five Yara SOx scrubbers – one for each engine.

ZIM Integrated Shipping Remains Profitable

Despite challenging market environment with freight rates reaching historic lows in several key trades,  ZIM Integrated Shipping Services continues to outperform

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0755 sec (13 req/sec)