Scorpio Tankers Confident in Future, Says Financial Report
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%."
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