Scorpio Tankers Inc. Announces Financial Results for the Fourth Quarter of 2024 and the Declaration of a Dividend

Core Viewpoint - Scorpio Tankers Inc. reported a decline in net income for the fourth quarter of 2024 compared to the same period in 2023, alongside a quarterly cash dividend declaration of $0.40 per share [1][11]. Financial Results - For the three months ended December 31, 2024, the company had a net income of $68.6 million, or $1.48 basic and $1.43 diluted earnings per share [2][4]. - Adjusted net income for the same period was $30.3 million, or $0.65 basic and $0.63 diluted earnings per share, excluding specific gains and losses [3]. - In comparison, for the three months ended December 31, 2023, the company reported a net income of $120.9 million, or $2.43 basic and $2.34 diluted earnings per share [4][5]. Yearly Performance - For the year ended December 31, 2024, the company reported a net income of $668.8 million, or $13.78 basic and $13.15 diluted earnings per share [6]. - Adjusted net income for the year was $512.9 million, or $10.57 basic and $10.08 diluted earnings per share, after excluding certain gains and losses [7]. - In contrast, for the year ended December 31, 2023, the company had a net income of $546.9 million, or $10.44 basic and $10.03 diluted earnings per share [8][9]. Revenue and Operating Metrics - The average daily Time Charter Equivalent (TCE) revenue for the fourth quarter of 2024 was $21,978 per vessel, down from $32,949 per vessel in the same quarter of 2023 [34]. - TCE revenue for the fourth quarter of 2024 decreased by $141.9 million to $192.1 million, compared to $334.1 million in the fourth quarter of 2023 [34]. - The average number of vessels was 100.9 in Q4 2024, down from 111.5 in Q4 2023, contributing to the decline in revenue [34]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.40 per common share, payable on March 21, 2025, to shareholders of record as of March 7, 2025 [11]. Debt and Financing Activities - In January 2025, the company successfully placed $200 million of new senior unsecured bonds due in January 2030, with a fixed coupon rate of 7.50% per annum [12][25]. - The company executed a $500 million revolving credit facility in February 2025, providing flexibility for future financing needs [27]. - As of February 11, 2025, the company had $530.5 million in unrestricted cash and cash equivalents, along with $788.2 million of undrawn revolver capacity [20]. Share Repurchase Program - From October 1, 2024, to February 12, 2025, the company repurchased 658,125 common shares at an average price of $59.33 per share, with $173.5 million remaining under the 2023 Securities Repurchase Program [14].