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Petroleum transporter Scorpio Tankers Inc. Announces Financial Results for 1Q 2022

Scorpio Tankers

Scorpio Tankers Inc. a leader petroleum transporter, reported that its Board of Directors declared a quarterly cash dividend of $0.10 per share on the Company’s common stock.

Financial results 1Q

Firstly, for the three months ended March 31, 2022, the Company had a net loss of $84.4 million, or $1.52 basic and diluted loss per share.

Secondly, Scorpio tankers had an adjusted net loss of $14.9 million It also announced a 

net loss of $62.4 million.

Declaration of dividend

Also, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per common share;payable on or about June 15, 2022 to all shareholders of record as of May 20, 2022 (the record date). 

As of April 27, 2022, there were 59,401,013 common shares of the Company outstanding.

Significant events for the petroleum transporter

During the quarter Scorpio Tankers entered into agreements to sell 17 vessels, consisting of two LR2s, 12 LR1s, and three MRs. Seven.

Besides, the Company entered into an agreement to sell an LR2 tanker, STI Nautilus, for $42.7 million.   

Securities Repurchase Program

In September the Board of Directors authorized a new Securities Repurchase Program; it will purchase up to an aggregate of $250 million of the Company’s securities.

COVID-19

Since the outbreak of the COVID-19 virus, it resulted in a significant reduction in global economic activity and extreme volatility in the markets.

In addition, the spread of resistant variants, and the restrictive measures by governments, does not allow a full re-opening of the global economy.

We recommend: Eos Energy Enterprises Secures $200 million Financing Commitment.

Russia and Ukraine war

On the other hand, the military conflict has a direct and indirect impact on the trade of refined petroleum products. 

The conflict resulted in the United States, United Kingdom, and the European Union, implementing sanctions and executive orders against citizens, entities, and activities connected to Russia. 

In addition, the sanctions target the Russian oil sector, including a prohibition on the import of oil from Russia to the U.S. or the United Kingdom. 

Furthermore, the conflict and ensuing international response has disrupted the supply of Russian oil to the global market.

As a result, the price of oil and petroleum products has experienced significant volatility.

Finally, Scorpio Tankers cannot foresee what other sanctions or executive orders may arise that affect the trade of petroleum products. 

It is possible that the Company’s financial condition, operations, and performance may be affect in the next months.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. It owns, lease finances or bareboat charters-in 121 product tankers.

Additional information is available at the Company’s website www.scorpiotankers.com.

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