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MONACO – Scorpio Tankers Inc . (NYSE:), a serious participant within the transportation of petroleum merchandise, has disclosed particulars about its ongoing securities repurchase program and supplied an replace on its second-quarter every day Time Constitution Equal (TCE) revenues. The corporate has just lately purchased again 641,654 of its widespread shares at a mean value of $78.26, leaving $199.8 million obtainable for additional repurchases underneath the 2023 program as of final Thursday.
In its second quarter of 2024, Scorpio Tankers has reported estimated common every day TCE revenues for its fleet. The LR2 class vessels are anticipated to herald a mean of $55,000 per day, with 81% of the quarter’s income days accounted for. The MR tankers are estimated at $37,000 every day, protecting 88% of the quarter’s days. The Handymax vessels are forecasted to earn $28,000 every day, with 80% of the times contributing to the quarter’s income.
TCE income is a non-IFRS measure that’s extensively used within the delivery trade to check efficiency no matter constitution sorts. It’s calculated by deducting voyage bills, together with bunkers and port costs, from vessel revenues. Anticipated Income Days are calculated by subtracting the full variety of days anticipated for main repairs or drydockings from the full calendar days within the quarter, representing the full days a vessel is predicted to earn income.
The corporate, which at present owns or leases funds 108 product tankers, has additionally introduced agreements to promote six MR tankers, anticipated to shut within the third quarter of 2024. This transfer is a part of Scorpio Tankers’ technique to optimize its fleet measurement and composition.
The knowledge supplied on this article is predicated on a press launch assertion from Scorpio Tankers Inc.
In different current information, Scorpio Tankers Inc. reported robust monetary outcomes for the primary quarter of 2024, with a year-over-year enhance of 20% in adjusted earnings per share to $3.97, surpassing each BofA Securities’ estimate and the consensus estimate. The corporate additionally achieved an adjusted EBITDA of $293 million and an adjusted web earnings of $207 million. Following these outcomes, BofA Securities raised its inventory value goal for Scorpio Tankers from $76 to $82, sustaining a Impartial ranking.
Scorpio Tankers additional introduced plans for a considerable unscheduled mortgage compensation of $223.6 million in June 2024, permitted by its majority lenders. The corporate expects this strategic monetary transfer to scale back its every day money break-even charges by roughly $3,500 within the first yr following the prepayment.
Scorpio Tankers additionally reported on its current and future vessel repurchases, together with the repurchase of 1 vessel in April 2024 for $15.8 million and the anticipated repurchase of 4 vessels in Could and June 2024 for a complete of $102.4 million.
These are the most recent developments in Scorpio Tankers’ ongoing monetary and operational actions.
InvestingPro Insights
Scorpio Tankers Inc. (NYSE:STNG) has been actively managing its capital construction, as evidenced by its ongoing share repurchase program and strategic asset gross sales. Key insights from InvestingPro spotlight the corporate’s strong monetary place and promising outlook:
InvestingPro Information reveals Scorpio Tankers with a market capitalization of $3.87 billion, underpinned by a stable P/E Ratio of 6.78 as of the final twelve months ending Q1 2024. The corporate’s Gross Revenue Margin stands impressively at 75.7%, indicating environment friendly operations and value administration. Moreover, Scorpio Tankers maintains a wholesome dividend yield of two.12%, reflecting its dedication to offering shareholder returns.
InvestingPro Suggestions reveal that administration is actively shopping for again shares, signaling confidence within the firm’s valuation and future prospects. Moreover, the corporate has maintained dividend funds for 12 consecutive years, demonstrating its monetary stability and reliability as an income-generating funding.
For traders seeking to delve deeper into Scorpio Tankers’ monetary well being and future efficiency, InvestingPro provides a complete suite of further ideas. There are 11 extra InvestingPro Suggestions obtainable, which could be accessed at https://www.investing.com/professional/STNG. The following tips present helpful insights, corresponding to analysts’ upward revisions of earnings, the corporate’s spectacular return over the past yr, and predictions of profitability for the present yr.
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