Petroleum transportation leader Scorpio Tankers Inc. reported its results; for the three months and year ended on December 31, 2021. The Company also announced that its Board of Directors had declared a quarterly cash dividend of $0.10 per share on the Company’s common stock.
Petroleum transportation leader financial results
Firstly for the three months ended on December 31 2021, the Company had a net loss of $46.0 million; or $0.83 basic and diluted per share. And for the three months ended December 31, 2020, the Company had a net loss of $76.3 million; or $1.41 basic and diluted loss per share.
On the other side, for the year ended December 31, 2021, the Company had a net loss of $234.4 million; or $4.28 basic and diluted loss per share. And for the year ended December 31, 2020, the Company had a net income of $94.1 million; or $1.72 basic, and $1.67 diluted earnings per share.
Declaration of Dividend
On February 11, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per common share. This dividend is payable about March 15, 2022, to all shareholders of record as of March 2, 2022. As of February 11, 2022, there were 58,369,516 common shares of the Company outstanding.
Finally, in January 2022, the Company entered into agreements to sell two MRs (2013 built STI Fontvieille and 2019 built STI Majestic) and 12 LR1s
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Reduction in the economic activity
Initially, the COVID-19 pandemic in March 2020 resulted in a sharp reduction in economic activity and a corresponding decrease in the global demand for oil and refined petroleum products.
As a result this period was marked by an extreme volatility in the oil markets and the development of a steep contango in the oil prices and the refined petroleum products.
In June 2020, the oil markets stabilized, and the global economies began to recover; the excess inventories built up during this period; they began to slowly unwind, causing demand for the seaborne transportation of refined petroleum products to decline.
Actually, the Company expects that the COVID-19 virus will continue to cause volatility in the commodities markets. The scale and duration of these circumstances are unknowable but could continue to have a material impact on the Company’s earnings, the cash flow, and the financial condition.
About Scorpio Tankers, petroleum transporter
Scorpio Tankers is a leading international provider in the transportation of refined petroleum products. The Company’s fleet consists of 131 wholly-owned, finance leased, or bareboat chartered-in tankers.
Scorpio Tankers was incorporated in the Republic of the Marshall Islands on July 1, 2009. The Company’s principal executive office is in Monaco; it has a base in New York, NY.
For more information: https://www.scorpiotankers.com/
