Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2025 and the Declaration of a Dividend

Core Viewpoint - Scorpio Tankers Inc. reported a significant decline in net income for the first quarter of 2025 compared to the same period in 2024, alongside a quarterly cash dividend declaration of $0.40 per share [1][6]. Financial Performance - For the three months ended March 31, 2025, the company had a net income of$58.2 million, or $1.26 basic and$1.22 diluted earnings per share, compared to a net income of $214.2 million, or$4.29 basic and $4.11 diluted earnings per share for the same period in 2024 [2][4]. - Adjusted net income for Q1 2025 was$49.0 million, or $1.06 basic and$1.03 diluted earnings per share, excluding a $9.4 million fair value gain and a$0.3 million loss on debt extinguishment [3]. - Total vessel revenue for Q1 2025 was $213.98 million, down from$391.34 million in Q1 2024, with TCE revenue decreasing to $204.2 million from$389.76 million [27][31]. Revenue and Costs - Average daily TCE revenue decreased to $23,971 per vessel in Q1 2025 from$39,660 in Q1 2024, with the average number of vessels decreasing from 110.9 to 99.0 [27][39]. - Vessel operating costs for Q1 2025 were $70.6 million, down from$78.1 million in Q1 2024, while average daily vessel operating costs increased to $7,924 from$7,743 [27][39]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date set for June 16, 2025 [6]. Debt and Liquidity - As of April 30, 2025, the company had$397.0 million in unrestricted cash and cash equivalents, and $838.2 million of undrawn revolver capacity [15]. - The company has$173.4 million available under its 2023 Securities Repurchase Program [9]. Recent Significant Events - In April 2025, the company entered into a time charter-out agreement for a Handymax product tanker at an average rate of $24,000 per day [12]. - The company redeemed$70.6 million of its Unsecured Senior Notes due 2025 and placed $200.0 million of new senior unsecured bonds due 2030 at a fixed coupon rate of 7.50$24.7 million and 388 off-hire days [23][24].