STI going in the right direction

Aug 02 2019


Scorpio Tankers (STI) reported a loss of $29.7 mill for the second quarter of this year.

STI’s adjusted net loss was $44.9 mill, which excluded (i) a $17 mill loss recorded on the company's exchange of its convertible notes due 2019 for newly issued convertible notes due 2022, and (ii) a $7 mill write-off of deferred financing fees. 

These adjustments resulted in an aggregate reduction of the company’s net loss by $24 mill. In 2Q18, STI recorded a net loss of $68.9 mill.

For the first half of this year, the company's adjusted net loss was $15 mill, which excluded a loss a $0.3 mill, and the write-off of deferred financing fees. The net loss was $15.2 mill.

For 1H18, the company's adjusted net loss was $76.4 mill, which excluded (i) a $17 mill loss recorded on the convertible notes exchange, (ii) a $7 mill write off of deferred financing fees, and (iii) $0.3 mill of transaction costs related to the merger with Navig8 Product Tankers. 

Thus far in the third quarter of 2019 the TCE rates were as follows;

• LR2s in the pool: an average of around $14,200 per day for 50% of the days.

• LR1s in the pool: an average of about $15,000 per day for 40% of the days.

• MRs in the pool: an average of around $14,300 per day for 40% of the days.

• Ice Class 1A Handymaxes in the pool: an average of about $10,200 per day for 35% of the days.

 



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Jul-Aug 19

Greece, alarm fatigue, Fujairah explosions, scrubbers, tank cleaning