STI sees increase in quarterly losses

Nov 03 2018


Scorpio Tankers (STI) meanwhile has reported a third quarter adjusted net loss of $64.9 mill, compared with an adjusted net loss of $34 mill for 3Q17.

The 3Q18 loss excludes (i) a $0.9 mill loss recorded on the company’s exchange of $15 mill of its convertible notes and (ii) a $5.9 mill write-off of deferred financing fees

These adjustments resulted in an aggregate reduction of the company’s net loss by $6.8 mill.

For 3Q18, the company had a net loss of $71.7 mill.

The 3Q17 adjusted net loss excluded $2.3 mill of transaction costs related to the merger with Navig8 Product Tankers and (ii) a $0.6 mill write-off of deferred financing fees. As a result, for 3Q17, STI had a net loss of $36.9 mill.

For the first nine months of this year, STI’s adjusted net loss was $141.3 mill, which excluded (i) an aggregate loss of $17.8 mill recorded on the company’s exchange of $203.5 mill of its convertible notes, (ii) a $12.9 mill write-off of deferred financing fees, and (iii) $0.3 mill of transaction costs related to the merger with NPTI.

These adjustments resulted in an aggregate reduction of the company’s net loss by $31.1 mill giving a net loss of $172.4 mill.

For the first nine months of 2017, STI’s adjusted net loss was $62.5 mill, which excluded (i) a $23.3 mill loss on sales of vessels, (ii) $34.8 mill of transaction costs related to the merger with NPTI, (iii) a $5.4 mill gain recorded on the purchase of the four NPTI subsidiaries that own four LR1s, and (iv) a $1.5 mill write-off of deferred financing fees, which resulted in an aggregate reduction of the company’s net loss by $54.2 mill to a net loss of $116.7 mill.

 

 

 



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