The 2Q18 adjusted loss excluded a $17 mill loss recorded on the company's exchange of its convertible notes due in 2019 for newly issued convertible notes due in 2022 and a $7 mill write-off of deferred financing fees.
The total net loss was there $68.9 mill for the quarter, compared with $68.3 mill in 2Q17.
For the six months ending 30th June, 2018, STI's adjusted net loss was $76.4 mill, compared with $28.5 mill for 1H17.
This also excluded the loss from the convertible notes exchange, the write off of the deferred financing fees and $0.3 mill of transaction costs related to the merger with NPTI.
For 1H18, the company reported a net loss of $100.7 mill, compared to a net loss of $79.8 mill.
The average daily TCE revenue earned on STI's vessels during 2Q18:
o For the LR2s in the pool: $12,669 per revenue day.
o For the LR1s in the pool: $11,090 per revenue day.
o For the MRs in the pool: $12,305 per revenue day.
o For the ice-class 1A and 1B Handymaxes in the pool: $10,635 per revenue day.
The average daily TCE revenue and duration for voyages fixed thus far in 3Q18 as of this week:
o For the LR2s in the pool: abt $12,000 per day for 45% of the days.
o For the LR1s in the pool: abt $8,000 per day for 35% of the days.
o For the MRs in the pool: abt $11,000 per day for 40% of the days.
o For the ice-class 1A and 1B Handymaxes in the pool: abt $8,000 per day for 40% of the days.
In July, 2018, STI reached an agreement to sell and leaseback another four vessels in addition to those previousy announced - two Handymax product tankers (‘STI Battersea’ and ‘STI Wembley’) and two MRs (‘STI Texas City and STI Meraux’) - to an international financial institution.
STI said that it expected to raise a total of $31.8 mill in new liquidity, after the repayment of the existing debt, upon completion of the transactions, which are expected to close before 30th September, 2018.
Each agreement is for a fixed term of eight years, and STI has options to purchase the vessels beginning at the end of the second year of each agreement. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date.