Core Thesis - The bullish thesis on Scorpio Tankers (STNG) remains intact, driven by elevated product rates due to increased ton-mile demand following the EU ban on Russian products and the Red Sea crisis [2][20]. Financial Performance - In 2Q24, STNG reported revenues of $381 million, a 16% increase year-over-year but a 3% decrease sequentially. TCE revenue was $373 million, down 4% quarter-over-quarter but up 14% year-over-year [4][20]. - Operating income for 2Q24 was $254 million, reflecting a 411% increase year-over-year [4]. - Net income attributable to shareholders was $227 million, a 72% increase year-over-year, with diluted EPS at $4.3, up 81% from the previous year [4][20]. - Free cash flow (FCF) for 2Q24 was $239 million, an 18% increase year-over-year [7]. Debt Management - STNG repaid nearly $342 million in debt, reducing net debt to $778 million from $1 billion in 1Q24. The net debt to LTM EBITDA ratio is now less than 1x, and the cash break-even level decreased to $12,500 per day [8][20]. Market Dynamics - Ton-mile demand growth is at 7.5% year-to-date, significantly outpacing fleet growth, primarily due to tankers rerouting via the Cape of Good Hope [9][20]. - The recent opening of the Dangote refinery in Africa is expected to impact product tanker ton-mile demand positively and negatively, depending on its production capacity and export capabilities [10][20]. Fleet and Operational Insights - The average TCE rate in 2Q24 was $38,813 per day, down 2% from 1Q24 but up 21% year-over-year [4][20]. - The LR2 and Handymax average TCE rates decreased by 7% and 14% sequentially, while the medium range (MR) rate increased by 5% [4]. - The overall product fleet is aging, with about 20.5% of the fleet being candidates for scrapping by 2026 [12][13]. Valuation and Investment Appeal - STNG's NAV per share is estimated at $82, with shares trading at 0.9x NAV and an attractive FCF yield of 21% [17][21]. - Despite concerns about softer TCE rates and increasing market supply, the fundamentals remain supportive of elevated TCE rates due to ongoing demand drivers [19][20].

AvigatorPhotographer On July 30th, Scorpio Tankers (NYSE:STNG) released its Q2-2024 eamings report, which slightly surpassed analysts' expectations. Consequently, the stock rose by over 3% during the following trading hours, with trading volumes exceeding the average. In this article, I will provide an overview of the Q2-2024 results and explain why I believe Scorpio Tankers-one of the largest product tanker fleet companies in the world-remains a strong buy. Despite its significant market value increase in ...

Disclaimer and Forward-looking Statements Risks and uncertainties include, but are not limited to, the failure of counterparties to fully perform their contracts with Scorpio, the strength of world economies and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the tanker vessel markets, changes in Scorpio's operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of our vessels, the market for ...

Start Time: 09:00 January 1, 0000 9:47 AM ET Scorpio Tankers Inc. (NYSE:STNG) Q2 2024 Earnings Conference Call July 30, 2024, 09:00 PM ET Company Participants Emanuele Lauro - CEO Robert Bugbee - President Cameron Mackey - COO Chris Avella - CFO James Doyle - Head of Corporate Development and IR Conference Call Participants Jon Chappell - Evercore ISI Omar Nokta - Jefferies Ken Hoexter - Bank of America Greg Lewis - BTIG Ben Nolan - Stifle Chris Robertson - Deutsche Bank Frode Mørkedal - Clarkson Securities ...

This quarterly report represents an earnings surprise of 2.27%. A quarter ago, it was expected that this shipping company would post earnings of $3.72 per share when it actually produced earnings of $3.97, delivering a surprise of 6.72%. Scorpio Tankers, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $373.47 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.65%. This compares to year-ago revenues of $327.56 million. The company has toppe ...

MONACO, July 30, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three and six months ended June 30, 2024. The Company also announced that its board of directors (the "Board of Directors") has declared a quarterly cash dividend on its common shares of $0.40 per share. Results for the three months ended June 30, 2024 and 2023 For the three months ended June 30, 2024, the Company had net income of $227.3 million, or $4.54 basic ...

Conference Call Information Date: Tuesday, July 30, 2024 The conference call will be available over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com and the webcast link: Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information. Scorpio ...

Title: Scorpio Tankers Inc. Second Quarter 2024 Conference Call The conference call will be available over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com and the webcast link: The conference will also be available telephonically: US/CANADA Dial-In Number: 1-833-636-1321 International Dial-In Number: 1-412-902-4260 Please ask to join the Scorpio Tankers Inc. call. Participants should dial into the call 10 minutes before the scheduled time. Forward-Looking Statements Conference ...

MONACO, July 15, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) ("Scorpio Tankers," or the "Company") announced that it recently repurchased 756,312 of its common shares in the open market at an average price of $78.07 per share under the 2023 Securities Repurchase Program. Since June 1, 2024, the Company has repurchased an aggregate of 1,397,966 of its common shares in the open market at an average price of $78.16 per share. There is $140.7 million available under the 2023 Securities Repurchase ...

Core Viewpoint - Scorpio Tankers Inc. has provided updates on its securities repurchase program and reported daily Time Charter Equivalent (TCE) revenues for the second quarter of 2024, indicating a proactive approach to capital management and operational performance [1][7]. Securities Repurchase Program - The company repurchased 641,654 common shares at an average price of $78.26 per share under the 2023 Securities Repurchase Program [1]. - As of June 14, 2024, there is $199.8 million remaining under the 2023 Securities Repurchase Program [1]. Second Quarter 2024 TCE Revenues - The estimated average daily TCE revenue for different vessel classes in the second quarter of 2024 is as follows: - LR2 tankers: $55,000 with 2,575 expected revenue days, representing 81% of total days [10]. - MR tankers: $37,000 with 4,380 expected revenue days, representing 88% of total days [10]. - Handymax tankers: $28,000 with 1,225 expected revenue days, representing 80% of total days [10]. - The TCE revenue is a key performance measure used to compare period-to-period changes in the company's performance [8]. Company Overview - Scorpio Tankers Inc. is engaged in the marine transportation of petroleum products globally, owning or leasing 108 product tankers with an average age of 8.3 years [3]. - The company has agreements to sell six MR tankers, expected to close in the third quarter of 2024 [3].