World News
Jump in Profits for Scorpio Tankers
Scorpio Tankers Inc. [NYSE:STNG] (Scorpio Tankers) reports an eightfold increase in its profits year-over-year to $53.3 million for the first quarter of 2014 as it grew and modernised its fleet.
The company reported revenues of $76.7 million for the quarter, compared with $44.9 million in Q1 2013, as its fleet of owned and time chartered-in vessels grew to an average of 50.7 from 29.6.
The fleet growth was partly offset by a decline in time charter equivalent revenue per day to $15,906 from $16,597.
Earnings fell significantly for the company's Aframax/LR2 and MR vessels but rose for its Panamax/LR1s.
During the quarter, Scorpio Tankers took delivery of three MR tankers under its newbuilding program and sold three older vessels as it sought a more modern, fuel-efficient fleet.
Scorpio made dozens of orders for new vessels last year and now has 55 ships under construction.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
Popular Now More
-
Apr 29The company is looking for candidates with experience in negotiating deals and a functional understanding of vessel and bunkering operations. -
Apr 29The Singapore-based executive has worked for the company since 2003. -
Apr 29The two companies recently arranged the supply of a B100 HVO product to a seismic survey vessel at Algeciras.