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.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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