Highlights

  • Scorpio Tankers' revenue rose 90.3% from USD 704.3 million (2019) to USD 1.34 billion (2023)
  • Q3 FY24 vessel revenue increased by 15.6% YoY, reaching USD 380.7 million
  • Board declared a USD 0.40 per share dividend, payable on December 13, 2024

Scorpio Tankers Inc (NYSE:STNG) is a Monaco-based company specializing in transporting refined petroleum products. It operates in the oil and seaborne transportation sectors. It has a market cap of USD 2.53 billion.

STNG has demonstrated notable financial growth from 2020 to 2023. Revenue rose from USD 704.3 million in 2019 to USD 1,341.2 million in 2023. The company reversed its 2019 loss of USD 48.5 million, achieving a gain of USD 546.9 million by 2023. Gross margins also improved from 6.89% in 2019 to 40.78% in 2022 and 2023.

In the third quarter of FY24 (Q3 FY24), Scorpio Tankers saw a 15.6% YoY increase in vessel revenue, reaching USD 380.7 million compared to USD 329.3 million in Q3 FY23, driven by higher average daily TCE revenue. Net income available to common shareholders surged by 71.7% YoY, due to higher revenues and lower operating expenses.

Net operating cash inflows for the year-to-date grew by 23.2%, totaling USD 219.8 million, benefiting from increased income and favorable changes in net working capital. However, total cash and cash equivalents fell by 43.5% to USD 201.0 million, mainly due to cash outflows from financing activities, which were partially offset by cash inflows from operations and investments.

Recent Business Update

On October 28, 2024, STNG’s board of directors declared a quarterly cash dividend of USD 0.40 per common share. The dividend will be paid on December 13, 2024, to shareholders who are on record as of November 22, 2024.

Top 10 Shareholders

The top 10 shareholders of Scorpio Tankers hold approximately 38.14% of the total shares, indicating concentrated ownership. Scorpio Bulkers Inc. is the largest shareholder, with a 7.34% stake. Dimensional Fund Advisors, L.P. follows closely, with a stake of around 6.93%.

Price Information

The stock price of STNG has declined by around 13.81% in the past month and about 27.48% in the past three months. The stock’s 52-week range covers a low of USD 49.16 to a high of USD 84.67. As of December 06, 2024, the stock’s closing price is USD 49.55, which is below the average of its 52-week high low.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is December 06, 2024. The reference data in this report has been partly sourced from EODHD/Others.