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6 juni6 juniNorwegian Storm Bond Fund started buying Scorpio Tankers’ bonds in May. The fund, managed by Morten Astrup, acquired the 2030 senior unsecured bonds issued by the product tanker owner. “The credit is backed by a sound balance sheet and LTV of ~23%, $1.3bn of liquidity, limited capex commitments and a fleet of modern assets. Bonds are estimated to be covered on all-time low asset values,” the fund said in its report for May. The fund bought the bonds at an average price of 98.5, corresponding to a yield of 7.9%. The bonds were issued in January with a 7.5% interest margin. Scorpio is the world’s largest product tanker owner with an owned fleet of 99 vessels. Its market capitalisation is about $2bn on the New York Stock Exchange. Storm Bond Fund has 8% shipping and 4% industrial shipping in its portfolio. It has 4% in cash. Bonds of SFL Corp, Tidewater and Golar LNG are the largest holdings. “The Nordic high yield market was strong during May, and Storm Bond Fund delivered a monthly return of +0.8. The performance was primarily driven by the attractive coupon carry and some yield compression across the portfolio,” the report said. The portfolio offers a yield of 7.8% in Norwegian kroner. “Our focus is on issuers with strong asset backing, solid balance sheets and sound debt-servicing capacity. This results in a high-quality, sector-diversified portfolio, anchored by resilient Nordic issuers able to withstand shifts in inflation and interest rate expectations.” Copyright: Tradewinds, simply the best!- 2 maj2 majScorpio Tankers does not believe it will be seriously affected by China-targeted port fees enacted by US Trade Representative Jamieson Greer. Management downplayed the impact of the fees in comments to equity analysts on Thursday after releasing first-quarter earnings results that significantly bettered researcher expectations. “The impact on product tankers is expected to be minimal,” said James Doyle, head of corporate development & investor relations. For starters, the New York-listed owner’s fleet of nearly 100 product tankers is largely built in South Korea. And its MRs and handymax tankers fall below the 55,000-dwt cut-off established by Greer’s office for exclusions to the charges on Chinese-built tonnage, Doyle noted. While the exemptions do not apply to Scorpio’s large stable of LR2s, there is little concern for other reasons, said chief commercial officer Lars Dencker Nielsen. “The LR2 market is insignificant when it comes to the US,” he said. “It becomes a greater issue with aframaxes. But with Scorpio’s fleet structure, it’s not going to create an issue for us.” Although not mentioned on the earnings call, Scorpio has spent much of the past three years unwinding expensive lease financing on its fleet — much of it through Chinese sources — in favour of conventional bank financing supplied by mostly European lenders. The relative lack of concern over the US trade representative’s restrictions does not mean Scorpio is not wary of the overall regulatory and geopolitical landscape in a tumultuous second term of President Donald Trump. “We have taken a more conservative approach to capital allocation because of the further global uncertainty that continues to persist,” said chief executive Emanuele Lauro in remarks on the call. “We are well equipped to navigate uncertainty.” Although Lauro did not mention it explicitly, Scorpio chose to allocate little capital to share buybacks last quarter, maintaining a repurchase authorisation roughly equal to the amount on 12 February. This is despite a drop in shares price of more than 28% since the beginning of Trump's term that was the largest of the 25 shipping companies followed by investment bank Jefferies, and a significant trading discount to net asset value. Ship finance is a riddle industry players need to solve to survive in a capital-intense business. In the latest newsletter by TradeWinds finance correspondent Joe Brady helps you unravel its mysteries The company had bought back $39m worth of shares in the fourth quarter, and $339m over the course of 2024. Scorpio did maintain its quarterly $0.40 per share dividend. It has built a $397m cash balance and total liquidity of $1.36bn, including its investment stake in New York-listed VLCC specialist DHT Holdings. Its net loan-to-value ratio is just 10%, according to Jefferies analyst Omar Nokta. Chief financial officer Chris Avella said: “We are surrounded by uncertainty. Our focus has been on what we can control rather than what is outside our control.” Copyright; Tradewnds, simply the best!
- 29 okt. 202429 okt. 2024Scorpio Tankers has taken an $89m stake in New York-listed VLCC specialist DHT Holdings in a power statement of faith in a resurgent market for the largest crude tankers. The investment in 4.9% of DHT’s outstanding shares was described as “passive” by Scorpio on Tuesday as it announced earnings for the third quarter. It is Scorpio Tankers’ first direct investment outside of product tankers in more than a decade, when it put money into a series of newbuilding LPG carriers that later were sold to Dorian LPG, and VLCCs that were ultimately sold to Peter Georgiopoulos’ General Maritime. Scorpio’s surprise DHT investment was the highlight of a report that saw it beat consensus analyst expectations for its earnings. Scorpio reported adjusted net income of $87.7m, which amounts to $1.83 basic of $1.75 diluted earnings per share. The result topped the $1.66 diluted figure expected in a Bloomberg average of stock researchers. However, the result was down from the third quarter of last year, when Scorpio reported net income of $99.2m, which translated to $1.99 basic or $1.91 diluted earnings per share. Adjusted Ebitda of $166m beat analyst estimates of $153m, according to a research note from Jefferies’ Omar Nokta. Vessel revenues of $268m fell from $291.2m in the year-ago quarter. Time-charter equivalent revenue decreased to $258.2m from $289.2m, mainly due to fewer vessels in operation. That drop was almost fully offset by Scorpio’s deleveraging efforts, as interest costs fell by $29m, Nokta told clients. Scorpio also guided to fourth-quarter earnings that to date have been sequentially lower than it earned across its three vessel classes in the quarter past. Scorpio operates 102 product tankers with an average age of 8.5 years. LR2s earned spot rates of $31,600 per day, down from 38,011, while MRs earned $20,800 from $25,146, both with 35% of available days booked. Handysizes have returned $13,000, from $19,605, with 34% of days fixed. “Spot rates currently are below these figures though we expect higher refining activity in the coming weeks to support rates at higher levels,” Nokta said of the Scorpio guidance. Scorpio said it has maintained its fixed $0.40 quarterly dividend. The Emanuele Lauro-led owner also revealed it had spent $246.6m on share buybacks in the quarter, repurchasing 3.36m units at an average price of $73.34 per share. That leaves $208.9m available under a $400m repurchase authorisation that was replenished and increased during the quarter. Ship finance is a riddle industry players need to solve to survive in a capital-intense business. In the latest newsletter by TradeWinds, finance correspondent Joe Brady helps you unravel its mysteries Going into the earnings report, analyst questions were expected to focus on fourth-quarter fixtures and any signs that the owner is seeing the start of benefits from the traditional winter heating season. While that remains an area to watch, Scorpio’s DHT investment is likely to steal much of the thunder. Analysts have said dynamics are in place for the large crude tankers to roar back from numbers that have been profitable but unexciting for much of 2024, especially as the Opec+ cartel relaxes production curbs. While Scorpio looks to be betting on the same trend, it is also likely to portray the DHT investment as an expression of faith in its LR2s, which would be likely to see a knock-on benefit from VLCC strength. DHT owns and operates a fleet of 28 VLCCs and is listed on the New York Stock Exchange. Its current market capitalisation is just over $1.7bn. Copyright: Tradewinds, simply the best!
11 nov. 202411 nov. 2024Ja jeg blev også overrasket over det skridt. De kunne i stedet have købt flere egne aktier tilbage. Eller øget udbyttet, som du siger, de halter jo bag efter Torm og Hafnia på det område. Nå men ledelsen i Scorpio har jo altid været lidt tvivlsom og nogle gange med lidt dårlige beslutninger som da de solgte hele deres bulk flåde få måneder før det store bulkopsving i 22 og bestilte vindinstalations skibe istedet der vist ikke er kommet på vandet endnu. Var der ikke også noget med en investering i et Norsk fly selskab der gik helt galt for Scorpio gruppen fornylig. - 30 juli 202430 juli 2024Scorpio Tankers has expanded its stock buyback programme to $400m after beating analyst earnings expectations for the past quarter. The New York-listed product tanker giant has made share repurchases its top priority in capital allocation and sent a strong signal to the market by increasing a fund that previously has been no larger than $250m. At the same time, Scorpio reported adjusted net income of $188.4m and $3.77 per basic share, or $3.60 per diluted share. This topped the consensus $3.58 per share expected by equity analysts. The Emanuele Lauro-led outfit reported adjusted Ebitda of $259m, which trailed analyst consensus of $263m. Vessel revenue of $380.66m topped the $329.3m reported in the second quarter of 2023. The performance improved on figures for the second quarter of 2023, when Scorpio’s net income of $1.33m translated into $2.51 per basic share and $2.41 per diluted share. Scorpio was active with share buybacks in the past quarter, although most have been previously reported. It splashed out about $109m, taking in 1.4m shares at an average price of $78.16. The company also detailed the previously disclosed sale of five of its older MRs for $179.1m, with no debt repayments on the vessels. Scorpio has reported seasonal weakening of time charter equivalent figures across its three vessel classes in the current quarter compared with earnings in the past three months. LR2s are averaging $44,000 per day with 43% of days fixed against $52,807 in the second quarter. MRs are returning $34,000 per day with 35% of days committed compared with $37.019 in the previous three months. Handymaxes have averaged $25,000 per day compared with $28,011 in the quarter past. But as a result of aggressive debt repayments, Scorpio has continued to bring down its fleet-wide operating costs to a previously cited goal of $12,500 per day, with an even lower target in sight. “The company’s balance sheet and cash flow generation potential continue to improve. In the second quarter, we repaid $399 million of debt and reduced our daily cash breakevens to $12,500,” chief executive Lauro said in the earnings statement. Scorpio brought its net debt down to $758m from $1bn at the end of the quarter. It had a cash position of $279.5m at 29 June with $288.2m available under its revolving credit facility. “Additionally, we’ve agreed to convert our 2023 $225m credit facility to a revolving credit facility and committed to prepaying our $64m credit facility with BNP Paribas and Sinosure. These initiatives could potentially reduce our daily cash breakeven rates by over $1,000.” Scorpio shares shot up more than 2% to $76 in trading before the open of markets in New York. Copyright:Simply the best!
Kommentarerna ovan kommer från användare på Nordnets sociala nätverk Shareville och har varken redigerats eller på förhand granskats av Nordnet. Det innebär inte att Nordnet tillhandahåller investeringsrådgivning eller investeringsrekommendationer. Nordnet påtar sig inget ansvar för kommentarerna eller eventuella felaktigheter i automatiska översättningar.
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Q2-rapport
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- 6 juni6 juniNorwegian Storm Bond Fund started buying Scorpio Tankers’ bonds in May. The fund, managed by Morten Astrup, acquired the 2030 senior unsecured bonds issued by the product tanker owner. “The credit is backed by a sound balance sheet and LTV of ~23%, $1.3bn of liquidity, limited capex commitments and a fleet of modern assets. Bonds are estimated to be covered on all-time low asset values,” the fund said in its report for May. The fund bought the bonds at an average price of 98.5, corresponding to a yield of 7.9%. The bonds were issued in January with a 7.5% interest margin. Scorpio is the world’s largest product tanker owner with an owned fleet of 99 vessels. Its market capitalisation is about $2bn on the New York Stock Exchange. Storm Bond Fund has 8% shipping and 4% industrial shipping in its portfolio. It has 4% in cash. Bonds of SFL Corp, Tidewater and Golar LNG are the largest holdings. “The Nordic high yield market was strong during May, and Storm Bond Fund delivered a monthly return of +0.8. The performance was primarily driven by the attractive coupon carry and some yield compression across the portfolio,” the report said. The portfolio offers a yield of 7.8% in Norwegian kroner. “Our focus is on issuers with strong asset backing, solid balance sheets and sound debt-servicing capacity. This results in a high-quality, sector-diversified portfolio, anchored by resilient Nordic issuers able to withstand shifts in inflation and interest rate expectations.” Copyright: Tradewinds, simply the best!
- 2 maj2 majScorpio Tankers does not believe it will be seriously affected by China-targeted port fees enacted by US Trade Representative Jamieson Greer. Management downplayed the impact of the fees in comments to equity analysts on Thursday after releasing first-quarter earnings results that significantly bettered researcher expectations. “The impact on product tankers is expected to be minimal,” said James Doyle, head of corporate development & investor relations. For starters, the New York-listed owner’s fleet of nearly 100 product tankers is largely built in South Korea. And its MRs and handymax tankers fall below the 55,000-dwt cut-off established by Greer’s office for exclusions to the charges on Chinese-built tonnage, Doyle noted. While the exemptions do not apply to Scorpio’s large stable of LR2s, there is little concern for other reasons, said chief commercial officer Lars Dencker Nielsen. “The LR2 market is insignificant when it comes to the US,” he said. “It becomes a greater issue with aframaxes. But with Scorpio’s fleet structure, it’s not going to create an issue for us.” Although not mentioned on the earnings call, Scorpio has spent much of the past three years unwinding expensive lease financing on its fleet — much of it through Chinese sources — in favour of conventional bank financing supplied by mostly European lenders. The relative lack of concern over the US trade representative’s restrictions does not mean Scorpio is not wary of the overall regulatory and geopolitical landscape in a tumultuous second term of President Donald Trump. “We have taken a more conservative approach to capital allocation because of the further global uncertainty that continues to persist,” said chief executive Emanuele Lauro in remarks on the call. “We are well equipped to navigate uncertainty.” Although Lauro did not mention it explicitly, Scorpio chose to allocate little capital to share buybacks last quarter, maintaining a repurchase authorisation roughly equal to the amount on 12 February. This is despite a drop in shares price of more than 28% since the beginning of Trump's term that was the largest of the 25 shipping companies followed by investment bank Jefferies, and a significant trading discount to net asset value. Ship finance is a riddle industry players need to solve to survive in a capital-intense business. In the latest newsletter by TradeWinds finance correspondent Joe Brady helps you unravel its mysteries The company had bought back $39m worth of shares in the fourth quarter, and $339m over the course of 2024. Scorpio did maintain its quarterly $0.40 per share dividend. It has built a $397m cash balance and total liquidity of $1.36bn, including its investment stake in New York-listed VLCC specialist DHT Holdings. Its net loan-to-value ratio is just 10%, according to Jefferies analyst Omar Nokta. Chief financial officer Chris Avella said: “We are surrounded by uncertainty. Our focus has been on what we can control rather than what is outside our control.” Copyright; Tradewnds, simply the best!
- 29 okt. 202429 okt. 2024Scorpio Tankers has taken an $89m stake in New York-listed VLCC specialist DHT Holdings in a power statement of faith in a resurgent market for the largest crude tankers. The investment in 4.9% of DHT’s outstanding shares was described as “passive” by Scorpio on Tuesday as it announced earnings for the third quarter. It is Scorpio Tankers’ first direct investment outside of product tankers in more than a decade, when it put money into a series of newbuilding LPG carriers that later were sold to Dorian LPG, and VLCCs that were ultimately sold to Peter Georgiopoulos’ General Maritime. Scorpio’s surprise DHT investment was the highlight of a report that saw it beat consensus analyst expectations for its earnings. Scorpio reported adjusted net income of $87.7m, which amounts to $1.83 basic of $1.75 diluted earnings per share. The result topped the $1.66 diluted figure expected in a Bloomberg average of stock researchers. However, the result was down from the third quarter of last year, when Scorpio reported net income of $99.2m, which translated to $1.99 basic or $1.91 diluted earnings per share. Adjusted Ebitda of $166m beat analyst estimates of $153m, according to a research note from Jefferies’ Omar Nokta. Vessel revenues of $268m fell from $291.2m in the year-ago quarter. Time-charter equivalent revenue decreased to $258.2m from $289.2m, mainly due to fewer vessels in operation. That drop was almost fully offset by Scorpio’s deleveraging efforts, as interest costs fell by $29m, Nokta told clients. Scorpio also guided to fourth-quarter earnings that to date have been sequentially lower than it earned across its three vessel classes in the quarter past. Scorpio operates 102 product tankers with an average age of 8.5 years. LR2s earned spot rates of $31,600 per day, down from 38,011, while MRs earned $20,800 from $25,146, both with 35% of available days booked. Handysizes have returned $13,000, from $19,605, with 34% of days fixed. “Spot rates currently are below these figures though we expect higher refining activity in the coming weeks to support rates at higher levels,” Nokta said of the Scorpio guidance. Scorpio said it has maintained its fixed $0.40 quarterly dividend. The Emanuele Lauro-led owner also revealed it had spent $246.6m on share buybacks in the quarter, repurchasing 3.36m units at an average price of $73.34 per share. That leaves $208.9m available under a $400m repurchase authorisation that was replenished and increased during the quarter. Ship finance is a riddle industry players need to solve to survive in a capital-intense business. In the latest newsletter by TradeWinds, finance correspondent Joe Brady helps you unravel its mysteries Going into the earnings report, analyst questions were expected to focus on fourth-quarter fixtures and any signs that the owner is seeing the start of benefits from the traditional winter heating season. While that remains an area to watch, Scorpio’s DHT investment is likely to steal much of the thunder. Analysts have said dynamics are in place for the large crude tankers to roar back from numbers that have been profitable but unexciting for much of 2024, especially as the Opec+ cartel relaxes production curbs. While Scorpio looks to be betting on the same trend, it is also likely to portray the DHT investment as an expression of faith in its LR2s, which would be likely to see a knock-on benefit from VLCC strength. DHT owns and operates a fleet of 28 VLCCs and is listed on the New York Stock Exchange. Its current market capitalisation is just over $1.7bn. Copyright: Tradewinds, simply the best!11 nov. 202411 nov. 2024Ja jeg blev også overrasket over det skridt. De kunne i stedet have købt flere egne aktier tilbage. Eller øget udbyttet, som du siger, de halter jo bag efter Torm og Hafnia på det område. Nå men ledelsen i Scorpio har jo altid været lidt tvivlsom og nogle gange med lidt dårlige beslutninger som da de solgte hele deres bulk flåde få måneder før det store bulkopsving i 22 og bestilte vindinstalations skibe istedet der vist ikke er kommet på vandet endnu. Var der ikke også noget med en investering i et Norsk fly selskab der gik helt galt for Scorpio gruppen fornylig.
- 30 juli 202430 juli 2024Scorpio Tankers has expanded its stock buyback programme to $400m after beating analyst earnings expectations for the past quarter. The New York-listed product tanker giant has made share repurchases its top priority in capital allocation and sent a strong signal to the market by increasing a fund that previously has been no larger than $250m. At the same time, Scorpio reported adjusted net income of $188.4m and $3.77 per basic share, or $3.60 per diluted share. This topped the consensus $3.58 per share expected by equity analysts. The Emanuele Lauro-led outfit reported adjusted Ebitda of $259m, which trailed analyst consensus of $263m. Vessel revenue of $380.66m topped the $329.3m reported in the second quarter of 2023. The performance improved on figures for the second quarter of 2023, when Scorpio’s net income of $1.33m translated into $2.51 per basic share and $2.41 per diluted share. Scorpio was active with share buybacks in the past quarter, although most have been previously reported. It splashed out about $109m, taking in 1.4m shares at an average price of $78.16. The company also detailed the previously disclosed sale of five of its older MRs for $179.1m, with no debt repayments on the vessels. Scorpio has reported seasonal weakening of time charter equivalent figures across its three vessel classes in the current quarter compared with earnings in the past three months. LR2s are averaging $44,000 per day with 43% of days fixed against $52,807 in the second quarter. MRs are returning $34,000 per day with 35% of days committed compared with $37.019 in the previous three months. Handymaxes have averaged $25,000 per day compared with $28,011 in the quarter past. But as a result of aggressive debt repayments, Scorpio has continued to bring down its fleet-wide operating costs to a previously cited goal of $12,500 per day, with an even lower target in sight. “The company’s balance sheet and cash flow generation potential continue to improve. In the second quarter, we repaid $399 million of debt and reduced our daily cash breakevens to $12,500,” chief executive Lauro said in the earnings statement. Scorpio brought its net debt down to $758m from $1bn at the end of the quarter. It had a cash position of $279.5m at 29 June with $288.2m available under its revolving credit facility. “Additionally, we’ve agreed to convert our 2023 $225m credit facility to a revolving credit facility and committed to prepaying our $64m credit facility with BNP Paribas and Sinosure. These initiatives could potentially reduce our daily cash breakeven rates by over $1,000.” Scorpio shares shot up more than 2% to $76 in trading before the open of markets in New York. Copyright:Simply the best!
Kommentarerna ovan kommer från användare på Nordnets sociala nätverk Shareville och har varken redigerats eller på förhand granskats av Nordnet. Det innebär inte att Nordnet tillhandahåller investeringsrådgivning eller investeringsrekommendationer. Nordnet påtar sig inget ansvar för kommentarerna eller eventuella felaktigheter i automatiska översättningar.
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Företagshändelser
| Nästa händelse | |
|---|---|
Kalender är inte tillgänglig | |
| Tidigare händelser | ||
|---|---|---|
| 2025 Q2-rapport | 30 juli | |
| 2025 Årsstämma | 28 maj | |
| 2025 Q1-rapport | 1 maj | |
| 2024 Årsrapport | 21 mars | |
| 2024 Q4-rapport | 13 feb. |
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Q2-rapport
32 dagar sedan‧47min
Nyheter & Analyser
Det finns för närvarande inga nyheter
Nyheter och/eller generella investeringsrekommendationer alternativt utdrag därav på denna sida och relaterade länkar är framtagna och tillhandahålls av den leverantör som anges. Nordnet har inte medverkat till framtagandet, granskar inte och har inte gjort några ändringar i materialet. Läs mer om investeringsrekommendationer.
Företagshändelser
| Nästa händelse | |
|---|---|
Kalender är inte tillgänglig | |
| Tidigare händelser | ||
|---|---|---|
| 2025 Q2-rapport | 30 juli | |
| 2025 Årsstämma | 28 maj | |
| 2025 Q1-rapport | 1 maj | |
| 2024 Årsrapport | 21 mars | |
| 2024 Q4-rapport | 13 feb. |
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- 6 juni6 juniNorwegian Storm Bond Fund started buying Scorpio Tankers’ bonds in May. The fund, managed by Morten Astrup, acquired the 2030 senior unsecured bonds issued by the product tanker owner. “The credit is backed by a sound balance sheet and LTV of ~23%, $1.3bn of liquidity, limited capex commitments and a fleet of modern assets. Bonds are estimated to be covered on all-time low asset values,” the fund said in its report for May. The fund bought the bonds at an average price of 98.5, corresponding to a yield of 7.9%. The bonds were issued in January with a 7.5% interest margin. Scorpio is the world’s largest product tanker owner with an owned fleet of 99 vessels. Its market capitalisation is about $2bn on the New York Stock Exchange. Storm Bond Fund has 8% shipping and 4% industrial shipping in its portfolio. It has 4% in cash. Bonds of SFL Corp, Tidewater and Golar LNG are the largest holdings. “The Nordic high yield market was strong during May, and Storm Bond Fund delivered a monthly return of +0.8. The performance was primarily driven by the attractive coupon carry and some yield compression across the portfolio,” the report said. The portfolio offers a yield of 7.8% in Norwegian kroner. “Our focus is on issuers with strong asset backing, solid balance sheets and sound debt-servicing capacity. This results in a high-quality, sector-diversified portfolio, anchored by resilient Nordic issuers able to withstand shifts in inflation and interest rate expectations.” Copyright: Tradewinds, simply the best!
- 2 maj2 majScorpio Tankers does not believe it will be seriously affected by China-targeted port fees enacted by US Trade Representative Jamieson Greer. Management downplayed the impact of the fees in comments to equity analysts on Thursday after releasing first-quarter earnings results that significantly bettered researcher expectations. “The impact on product tankers is expected to be minimal,” said James Doyle, head of corporate development & investor relations. For starters, the New York-listed owner’s fleet of nearly 100 product tankers is largely built in South Korea. And its MRs and handymax tankers fall below the 55,000-dwt cut-off established by Greer’s office for exclusions to the charges on Chinese-built tonnage, Doyle noted. While the exemptions do not apply to Scorpio’s large stable of LR2s, there is little concern for other reasons, said chief commercial officer Lars Dencker Nielsen. “The LR2 market is insignificant when it comes to the US,” he said. “It becomes a greater issue with aframaxes. But with Scorpio’s fleet structure, it’s not going to create an issue for us.” Although not mentioned on the earnings call, Scorpio has spent much of the past three years unwinding expensive lease financing on its fleet — much of it through Chinese sources — in favour of conventional bank financing supplied by mostly European lenders. The relative lack of concern over the US trade representative’s restrictions does not mean Scorpio is not wary of the overall regulatory and geopolitical landscape in a tumultuous second term of President Donald Trump. “We have taken a more conservative approach to capital allocation because of the further global uncertainty that continues to persist,” said chief executive Emanuele Lauro in remarks on the call. “We are well equipped to navigate uncertainty.” Although Lauro did not mention it explicitly, Scorpio chose to allocate little capital to share buybacks last quarter, maintaining a repurchase authorisation roughly equal to the amount on 12 February. This is despite a drop in shares price of more than 28% since the beginning of Trump's term that was the largest of the 25 shipping companies followed by investment bank Jefferies, and a significant trading discount to net asset value. Ship finance is a riddle industry players need to solve to survive in a capital-intense business. In the latest newsletter by TradeWinds finance correspondent Joe Brady helps you unravel its mysteries The company had bought back $39m worth of shares in the fourth quarter, and $339m over the course of 2024. Scorpio did maintain its quarterly $0.40 per share dividend. It has built a $397m cash balance and total liquidity of $1.36bn, including its investment stake in New York-listed VLCC specialist DHT Holdings. Its net loan-to-value ratio is just 10%, according to Jefferies analyst Omar Nokta. Chief financial officer Chris Avella said: “We are surrounded by uncertainty. Our focus has been on what we can control rather than what is outside our control.” Copyright; Tradewnds, simply the best!
- 29 okt. 202429 okt. 2024Scorpio Tankers has taken an $89m stake in New York-listed VLCC specialist DHT Holdings in a power statement of faith in a resurgent market for the largest crude tankers. The investment in 4.9% of DHT’s outstanding shares was described as “passive” by Scorpio on Tuesday as it announced earnings for the third quarter. It is Scorpio Tankers’ first direct investment outside of product tankers in more than a decade, when it put money into a series of newbuilding LPG carriers that later were sold to Dorian LPG, and VLCCs that were ultimately sold to Peter Georgiopoulos’ General Maritime. Scorpio’s surprise DHT investment was the highlight of a report that saw it beat consensus analyst expectations for its earnings. Scorpio reported adjusted net income of $87.7m, which amounts to $1.83 basic of $1.75 diluted earnings per share. The result topped the $1.66 diluted figure expected in a Bloomberg average of stock researchers. However, the result was down from the third quarter of last year, when Scorpio reported net income of $99.2m, which translated to $1.99 basic or $1.91 diluted earnings per share. Adjusted Ebitda of $166m beat analyst estimates of $153m, according to a research note from Jefferies’ Omar Nokta. Vessel revenues of $268m fell from $291.2m in the year-ago quarter. Time-charter equivalent revenue decreased to $258.2m from $289.2m, mainly due to fewer vessels in operation. That drop was almost fully offset by Scorpio’s deleveraging efforts, as interest costs fell by $29m, Nokta told clients. Scorpio also guided to fourth-quarter earnings that to date have been sequentially lower than it earned across its three vessel classes in the quarter past. Scorpio operates 102 product tankers with an average age of 8.5 years. LR2s earned spot rates of $31,600 per day, down from 38,011, while MRs earned $20,800 from $25,146, both with 35% of available days booked. Handysizes have returned $13,000, from $19,605, with 34% of days fixed. “Spot rates currently are below these figures though we expect higher refining activity in the coming weeks to support rates at higher levels,” Nokta said of the Scorpio guidance. Scorpio said it has maintained its fixed $0.40 quarterly dividend. The Emanuele Lauro-led owner also revealed it had spent $246.6m on share buybacks in the quarter, repurchasing 3.36m units at an average price of $73.34 per share. That leaves $208.9m available under a $400m repurchase authorisation that was replenished and increased during the quarter. Ship finance is a riddle industry players need to solve to survive in a capital-intense business. In the latest newsletter by TradeWinds, finance correspondent Joe Brady helps you unravel its mysteries Going into the earnings report, analyst questions were expected to focus on fourth-quarter fixtures and any signs that the owner is seeing the start of benefits from the traditional winter heating season. While that remains an area to watch, Scorpio’s DHT investment is likely to steal much of the thunder. Analysts have said dynamics are in place for the large crude tankers to roar back from numbers that have been profitable but unexciting for much of 2024, especially as the Opec+ cartel relaxes production curbs. While Scorpio looks to be betting on the same trend, it is also likely to portray the DHT investment as an expression of faith in its LR2s, which would be likely to see a knock-on benefit from VLCC strength. DHT owns and operates a fleet of 28 VLCCs and is listed on the New York Stock Exchange. Its current market capitalisation is just over $1.7bn. Copyright: Tradewinds, simply the best!11 nov. 202411 nov. 2024Ja jeg blev også overrasket over det skridt. De kunne i stedet have købt flere egne aktier tilbage. Eller øget udbyttet, som du siger, de halter jo bag efter Torm og Hafnia på det område. Nå men ledelsen i Scorpio har jo altid været lidt tvivlsom og nogle gange med lidt dårlige beslutninger som da de solgte hele deres bulk flåde få måneder før det store bulkopsving i 22 og bestilte vindinstalations skibe istedet der vist ikke er kommet på vandet endnu. Var der ikke også noget med en investering i et Norsk fly selskab der gik helt galt for Scorpio gruppen fornylig.
- 30 juli 202430 juli 2024Scorpio Tankers has expanded its stock buyback programme to $400m after beating analyst earnings expectations for the past quarter. The New York-listed product tanker giant has made share repurchases its top priority in capital allocation and sent a strong signal to the market by increasing a fund that previously has been no larger than $250m. At the same time, Scorpio reported adjusted net income of $188.4m and $3.77 per basic share, or $3.60 per diluted share. This topped the consensus $3.58 per share expected by equity analysts. The Emanuele Lauro-led outfit reported adjusted Ebitda of $259m, which trailed analyst consensus of $263m. Vessel revenue of $380.66m topped the $329.3m reported in the second quarter of 2023. The performance improved on figures for the second quarter of 2023, when Scorpio’s net income of $1.33m translated into $2.51 per basic share and $2.41 per diluted share. Scorpio was active with share buybacks in the past quarter, although most have been previously reported. It splashed out about $109m, taking in 1.4m shares at an average price of $78.16. The company also detailed the previously disclosed sale of five of its older MRs for $179.1m, with no debt repayments on the vessels. Scorpio has reported seasonal weakening of time charter equivalent figures across its three vessel classes in the current quarter compared with earnings in the past three months. LR2s are averaging $44,000 per day with 43% of days fixed against $52,807 in the second quarter. MRs are returning $34,000 per day with 35% of days committed compared with $37.019 in the previous three months. Handymaxes have averaged $25,000 per day compared with $28,011 in the quarter past. But as a result of aggressive debt repayments, Scorpio has continued to bring down its fleet-wide operating costs to a previously cited goal of $12,500 per day, with an even lower target in sight. “The company’s balance sheet and cash flow generation potential continue to improve. In the second quarter, we repaid $399 million of debt and reduced our daily cash breakevens to $12,500,” chief executive Lauro said in the earnings statement. Scorpio brought its net debt down to $758m from $1bn at the end of the quarter. It had a cash position of $279.5m at 29 June with $288.2m available under its revolving credit facility. “Additionally, we’ve agreed to convert our 2023 $225m credit facility to a revolving credit facility and committed to prepaying our $64m credit facility with BNP Paribas and Sinosure. These initiatives could potentially reduce our daily cash breakeven rates by over $1,000.” Scorpio shares shot up more than 2% to $76 in trading before the open of markets in New York. Copyright:Simply the best!
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