SCORPIO TANKERS INC. | |
(registrant) | |
Dated: April 29, 2013 | By: /s/ Brian Lee |
Brian Lee | |
Chief Financial Officer |
·
|
Took delivery of the eighth MR tanker under the Company's Newbuilding program, STI Beryl in April 2013.
|
·
|
Initiated and declared a quarterly cash dividend on the Company's common stock of $0.025 per share beginning in June 2013.
|
·
|
Reached an agreement with an unaffiliated third party in April 2013 for the purchase of four MR tankers currently under construction at Hyundai Mipo Dockyard Co. Ltd. of South Korea ("HMD") for approximately $36.5 million each with expected deliveries between June and September 2013.
|
·
|
Reached agreements with HMD in January, February, and April 2013 for the construction of a total of eight Handymax ice class-1A tankers for approximately $31.3 million each and six MR product tankers for approximately $33.0 million each with expected deliveries in 2014.
|
·
|
Reached an agreement with Hyundai Samho Heavy Industries Co., Ltd. ("HSHI") in March 2013 for the construction of six 114,000 dwt LR2 product tankers for approximately $50 million each with expected deliveries in 2014.
|
·
|
Reached an agreement with Daewoo Shipbuilding and Marine Engineering Co., Ltd. ("DSME") in March 2013 for the construction of two 114,000 dwt LR2 product tankers for approximately $50 million each with expected deliveries in 2014.
|
·
|
Reached an agreement with SPP Shipbuilding Co., Ltd. of South Korea ("SPP") in February 2013 for the construction of four MR product tankers for approximately $32.5 million each with expected deliveries in 2014.
|
·
|
Reached agreements in April 2013 to time charter-in three vessels, one Handymax and two LR2's.
|
·
|
Closed on two registered direct placements of common shares in February and March 2013, raising aggregate net proceeds of $448.7 million.
|
·
|
Signed a commitment letter in February 2013 for a $267.0 million credit facility with Nordea Bank Finland plc, acting through its New York branch, ABN AMRO Bank N.V, Skandinaviska Enskilda Banken AB and DVB Bank SE.
|
·
|
Took delivery of the sixth and seventh MR tankers under the Company's Newbuilding program in January and March 2013.
|
·
|
A 2003 built Handymax product tanker for 24 months at a rate of $12,600 per day with delivery expected by the end of April 2013.
|
·
|
A 2006 built LR2 product tanker for 24 months at a rate of $15,400 per day with delivery expected within May 2013.
|
·
|
A 2009 built LR2 product tanker for 12 months at a rate of $16,250 per day with delivery expected by the end of May 2013.
|
2010 Revolving Credit Facility
|
$ | 17.2 |
million
|
||
2011 Credit Facility
|
67.2 |
million
|
|||
STI Spirit Credit Facility
|
23.4 |
million
|
|||
Newbuilding Credit Facility
|
88.3 |
million
|
|||
Total
|
$ | 196.1 |
million
|
Q2 2013 | $ | 130.6 |
million**
|
||||
Q3 2013 | 176.7 |
million
|
|||||
Q4 2013 | 80.4 |
million
|
|||||
Q1 2014 | 83.9 |
million
|
|||||
Q2 2014 | 308.2 |
million
|
|||||
Q3 2014 | 278.7 |
million
|
|||||
Q4 2014 | 250.1 |
million
|
|||||
Total
|
$ | 1,308.6 |
million
|
·
|
Time charter equivalent, or TCE revenues, a non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is also included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters, and pool charters), and it provides useful information to investors and management. The following table depicts TCE revenue for the three months ended March 31, 2013 and 2012:
|
For the three months ended March 31,
|
|||||||||
In thousands of U.S. dollars
|
2013
|
2012
|
|||||||
Vessel revenue
|
$ | 44,924 | $ | 29,124 | |||||
Voyage expenses
|
(1,200 | ) | (5,850 | ) | |||||
TCE revenue
|
$ | 43,724 | $ | 23,274 |
·
|
TCE revenue increased by $20.5 million to $43.7 million as a result of an increase in the average number of operating vessels (owned and time chartered-in) to 29.57 from 17.98 for the three month periods ended March 31, 2013 and 2012, respectively. Additionally, the Company experienced an increase in time charter equivalent per day to $16,597 per day from $14,385 per day for the three months ended March 31, 2013 and 2012, respectively (see the breakdown of daily TCE averages below).
|
·
|
Vessel operating costs decreased $0.8 million to $8.0 million from $8.8 million. This decrease was driven by lower overall operating costs as operating costs per day improved to $6,840 per day from $8,106 per day for the three month periods ended March 31, 2013 and 2012, respectively.
|
o
|
The Company's fleet for the three months ended March 31, 2013 included the first seven vessels under the Company's Newbuilding program for all or part of the period. Daily operating costs for these vessels were $5,852 per day. The Company's fleet for three months ended March 31, 2012 included STI Conqueror, STI Matador, STI Gladiator, STI Diamond and STI Coral, which were sold during 2012. Daily operating costs for these vessels were $8,080 per day. This decrease was offset by an increase in the average number of owned vessels to 12.75 from 11.88 for the three month periods ended March 31, 2013 and 2012, respectively which was driven by the aforementioned transactions.
|
·
|
Charterhire expense increased $13.4 million to $20.5 million as a result of an increase in the average number of time chartered-in vessels to 16.82 from 6.10 for the three months ended March 31, 2013 and 2012, respectively. See the Company's Fleet List below for the terms of these agreements.
|
·
|
Depreciation expense increased $1.1 million to $4.7 million primarily as a result of (i) an increase in the average number of owned vessels to 12.75 from 11.88 for the three months ended March 31, 2013 and 2012, and (ii) a change in the mix vessels in the Company's fleet. Both were driven by the deliveries of the first seven vessels under the Company's Newbuilding program offset by the sales of STI Conqueror, STI Matador, STI Gladiator, STI Diamond and STI Coral in 2012.
|
·
|
Loss from sale of vessels decreased $4.5 million from the three months ended March 31, 2012. The Company agreed to sell STI Conqueror, STI Matador and STI Gladiator during the three months ended March 31, 2012 and accordingly, these vessels were treated as held for sale and written down to their expected net sales proceeds during that period. The sales of these vessels closed in March, April and May 2012, respectively. The Company did not have any vessels held for sale during the three months ended March 31, 2013.
|
·
|
Financial expenses remained consistent for both the three months ended March 31, 2013 and 2012 as each period consisted of interest on bank loans ($0.8 million), commitment fees on undrawn portions of the Company's credit facilities ($0.3 million) and amortization of deferred financing fees ($0.3 million).
|
·
|
Financial income increased $0.2 million as a result of interest received on the Company's outstanding cash balance.
|
For the three months ended March 31,
|
||||||||
In thousands of U.S. dollars except per share and share data
|
2013
|
2012
|
||||||
Revenue
|
||||||||
Vessel revenue
|
$ | 44,924 | $ | 29,124 | ||||
Operating expenses:
|
||||||||
Vessel operating costs
|
(7,971 | ) | (8,818 | ) | ||||
Voyage expenses
|
(1,200 | ) | (5,850 | ) | ||||
Charterhire
|
(20,496 | ) | (7,125 | ) | ||||
Depreciation
|
(4,767 | ) | (3,646 | ) | ||||
Loss from sale of vessels
|
- | (4,494 | ) | |||||
General and administrative expenses
|
(2,759 | ) | (2,855 | ) | ||||
Total operating expenses
|
(37,193 | ) | (32,788 | ) | ||||
Operating income/(loss)
|
7,731 | (3,664 | ) | |||||
Other (expense) and income, net
|
||||||||
Financial expenses
|
(1,399 | ) | (1,426 | ) | ||||
Earnings from profit or loss sharing agreements
|
68 | - | ||||||
Unrealized gain on derivative financial instruments
|
44 | - | ||||||
Financial income
|
181 | 2 | ||||||
Other expenses, net
|
(15 | ) | (12 | ) | ||||
Total other expense, net
|
(1,121 | ) | (1,436 | ) | ||||
Net income / (loss)
|
$ | 6,610 | $ | (5,100 | ) | |||
Earnings / (loss) per share
|
||||||||
Basic and diluted
|
$ | 0.08 | $ | (0.14 | ) |
As of
|
||||||||
In thousands of U.S. dollars
|
March 31, 2013
|
December 31, 2012
|
||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 411,866 | $ | 87,165 | ||||
Accounts receivable
|
47,649 | 36,438 | ||||||
Prepaid expenses and other current assets
|
1,935 | 956 | ||||||
Inventories
|
2,888 | 2,169 | ||||||
Total current assets
|
464,338 | 126,728 | ||||||
Non-current assets
|
||||||||
Vessels and drydock
|
466,866 | 395,412 | ||||||
Vessels under construction
|
126,467 | 50,251 | ||||||
Other assets
|
1,215 | 889 | ||||||
Total non-current assets
|
594,548 | 446,552 | ||||||
Total assets
|
$ | 1,058,886 | $ | 573,280 | ||||
Current liabilities
|
||||||||
Bank loans
|
9,973 | 7,475 | ||||||
Accounts payable
|
8,003 | 11,387 | ||||||
Accrued expenses
|
3,312 | 3,057 | ||||||
Derivative financial instruments
|
892 | 844 | ||||||
Total current liabilities
|
22,180 | 22,763 | ||||||
Non-current liabilities
|
||||||||
Bank loans
|
164,919 | 134,984 | ||||||
Derivative financial instruments
|
601 | 743 | ||||||
Total non-current liabilities
|
165,520 | 135,727 | ||||||
Total liabilities
|
187,700 | 158,490 | ||||||
Shareholders' equity
|
||||||||
Issued, authorized and fully paid in share capital:
|
||||||||
Share capital
|
1,247 | 650 | ||||||
Additional paid in capital
|
968,659 | 519,493 | ||||||
Treasury shares
|
(7,938 | ) | (7,938 | ) | ||||
Hedging reserve
|
(306 | ) | (329 | ) | ||||
Accumulated deficit
|
(90,476 | ) | (97,086 | ) | ||||
Total shareholders' equity
|
871,186 | 414,790 | ||||||
Total liabilities and shareholders' equity
|
$ | 1,058,886 | $ | 573,280 |
For the three months ended March 31,
|
||||||||
In thousands of U.S. dollars
|
2013
|
2012
|
||||||
Operating activities
|
||||||||
Net income/(loss)
|
$ | 6,610 | $ | (5,100 | ) | |||
Loss from sale of vessels
|
- | 4,494 | ||||||
Depreciation
|
4,767 | 3,646 | ||||||
Amortization of restricted stock
|
500 | 814 | ||||||
Amortization of deferred financing fees
|
255 | 327 | ||||||
Straight-line adjustment for charterhire expense
|
(31 | ) | 44 | |||||
Unrealized gain on derivative financial instruments
|
(44 | ) | - | |||||
12,057 | 4,225 | |||||||
Changes in assets and liabilities:
|
||||||||
Drydock payments
|
(1,202 | ) | (119 | ) | ||||
Increase in inventories
|
(719 | ) | (1,932 | ) | ||||
Increase in accounts receivable
|
(11,211 | ) | (6,694 | ) | ||||
(Increase)/decrease in prepaid expenses and other current assets
|
(1,006 | ) | 160 | |||||
Decrease in other assets
|
- | 894 | ||||||
Increase in accounts payable
|
593 | 3,265 | ||||||
(Decrease)/increase in accrued expenses
|
(88 | ) | 1,196 | |||||
(13,633 | ) | (3,230 | ) | |||||
Net cash outflow from operating activities
|
(1,576 | ) | 995 | |||||
Investing activities
|
||||||||
Acquisition of vessels and payments for vessels under construction
|
(155,180 | ) | (23,144 | ) | ||||
Proceeds from disposal of vessels
|
- | 20,515 | ||||||
Net cash outflow from investing activities
|
(155,180 | ) | (2,629 | ) | ||||
Financing activities
|
||||||||
Bank loan repayment
|
(1,838 | ) | (15,061 | ) | ||||
Bank loan drawdown
|
34,375 | 16,000 | ||||||
Debt issuance costs
|
(343 | ) | (1,406 | ) | ||||
Net proceeds from issuance of common stock
|
449,263 | - | ||||||
Other
|
- | (26 | ) | |||||
Net cash inflow/(outflow) from financing activities
|
481,457 | (493 | ) | |||||
Increase/(decrease) in cash and cash equivalents
|
324,701 | (2,127 | ) | |||||
Cash and cash equivalents at January 1,
|
87,165 | 36,833 | ||||||
Cash and cash equivalents at March 31,
|
$ | 411,866 | $ | 34,706 | ||||
For the three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Adjusted EBITDA(1) (in thousands of U.S. dollars)
|
$ | 13,051 | $ | 5,278 | ||||
Average Daily Results
|
||||||||
Time charter equivalent per day(2)
|
$ | 16,597 | $ | 14,385 | ||||
Vessel operating costs per day(3)
|
6,840 | 8,106 | ||||||
Aframax/LR2
|
||||||||
TCE per revenue day (2)
|
$ | 19,172 | $ | 13,893 | ||||
Vessel operating costs per day(3)
|
6,960 | 8,106 | ||||||
Panamax/LR1
|
||||||||
TCE per revenue day (2)
|
$ | 12,895 | $ | 14,681 | ||||
Vessel operating costs per day(3)
|
7,982 | 8,557 | ||||||
MR
|
||||||||
TCE per revenue day - Consolidated (2)
|
$ | 18,259 | $ | 8,887 | ||||
TCE per revenue day – Time Chartered-in (2)
|
16,453 | 8,887 | ||||||
TCE per revenue day – Owned (2)
|
20,726 | - | ||||||
Vessel operating costs per day(3)
|
5,852 | 8,222 | ||||||
Handymax
|
||||||||
TCE per revenue day (2)
|
$ | 16,343 | $ | 15,688 | ||||
Vessel operating costs per day(3)
|
6,698 | 7,541 | ||||||
Fleet data
|
||||||||
Average number of owned vessels
|
12.75 | 11.88 | ||||||
Average number of time chartered-in vessels
|
16.82 | 6.10 | ||||||
(1)
|
See Non-GAAP Measure section below
|
(2)
|
Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days the vessel is owned less the number of days the vessel is off-hire for drydock and repairs.
|
(3) | Vessel operating costs per day represent vessel operating costs excluding non-recurring expenses (for example insurance deductible expenses for repairs) divided by the number of days the vessel is owned during the period. |
Vessel Name
|
Year Built
|
DWT
|
Ice class
|
Employment
|
Vessel type
|
||||||||||
Owned vessels
|
|||||||||||||||
1
|
STI Highlander
|
2007
|
37,145
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
2
|
STI Amber
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
3
|
STI Topaz
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
4
|
STI Ruby
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
5
|
STI Garnet
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
6
|
STI Onyx
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
7
|
STI Sapphire
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
8
|
STI Emerald
|
2013
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
9
|
STI Beryl
|
2013
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
10
|
Noemi
|
2004
|
72,515
|
-
|
SPTP (2)
|
LR1
|
|||||||||
11
|
Senatore
|
2004
|
72,514
|
-
|
SPTP (2)
|
LR1
|
|||||||||
12
|
STI Harmony
|
2007
|
73,919
|
1A
|
SPTP (2)
|
LR1
|
|||||||||
13
|
STI Heritage
|
2008
|
73,919
|
1A
|
SPTP (2)
|
LR1
|
|||||||||
14
|
Venice
|
2001
|
81,408
|
1C
|
SPTP (2)
|
Post-Panamax
|
|||||||||
15
|
STI Spirit
|
2008
|
113,100
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
Total owned DWT
|
940,520
|
||||||||||||||
Time Chartered-In vessels
|
Time Charter Info
|
||||||||||||||
Vessel Name
|
Year Built
|
DWT
|
Ice class
|
Employment
|
Vessel type
|
Daily Base Rate
|
Expiry (5)
|
||||||||
16
|
Freja Polaris
|
2004
|
37,217
|
1B
|
SHTP (1)
|
Handymax
|
$12,700
|
14-Apr-14
|
(6)
|
||||||
17
|
Kraslava
|
2007
|
37,258
|
1B
|
SHTP (1)
|
Handymax
|
$12,070
|
18-Jul-13
|
(7)
|
||||||
18
|
Krisjanis Valdemars
|
2007
|
37,266
|
1B
|
SHTP (1)
|
Handymax
|
$12,000
|
14-Jun-13
|
(8)
|
||||||
19
|
Jinan
|
2003
|
37,285
|
-
|
SHTP (1)
|
Handymax
|
$12,600
|
29-Apr-15
|
(9)
|
||||||
20
|
Histria Azure
|
2007
|
40,394
|
-
|
SHTP (1)
|
Handymax
|
$12,600
|
04-Apr-14
|
(10)
|
||||||
21
|
Histria Coral
|
2006
|
40,426
|
-
|
SHTP (1)
|
Handymax
|
$13,000
|
17-Jul-13
|
(11)
|
||||||
22
|
Histria Perla
|
2005
|
40,471
|
-
|
SHTP (1)
|
Handymax
|
$13,000
|
15-Jul-13
|
(11)
|
||||||
23
|
STX Ace 6
|
2007
|
46,161
|
-
|
SMRP(4)
|
MR
|
$14,150
|
17-May-14
|
(12)
|
||||||
24
|
Targale
|
2007
|
49,999
|
-
|
SMRP(4)
|
MR
|
$14,500
|
17-May-14
|
(13)
|
||||||
25
|
Ugale
|
2007
|
49,999
|
1B
|
SMRP(4)
|
MR
|
$14,000
|
15-Jan-14
|
(14)
|
||||||
26
|
Nave Orion
|
2013
|
49,999
|
-
|
Spot
|
MR
|
$14,300
|
25-Mar-15
|
(15)
|
||||||
27
|
Freja Lupus
|
2012
|
50,385
|
-
|
SMRP(4)
|
MR
|
$14,760
|
26-Apr-14
|
(16)
|
||||||
28
|
Gan-Trust
|
2013
|
51,561
|
-
|
SMRP(4)
|
MR
|
$16,250
|
06-Jan-16
|
(17)
|
||||||
29
|
Usma
|
2007
|
52,684
|
1B
|
SMRP(4)
|
MR
|
$13,500
|
03-Jan-14
|
(18)
|
||||||
30
|
SN Federica
|
2003
|
72,344
|
-
|
Spot
|
LR1
|
$11,250
|
28-Feb-15
|
(19)
|
||||||
31
|
Hellespont Promise
|
2007
|
73,669
|
-
|
SPTP (2)
|
LR1
|
$12,500
|
16-Dec-13
|
(20)
|
||||||
32
|
FPMC P Eagle
|
2009
|
73,800
|
-
|
SPTP (2)
|
LR1
|
$12,800
|
09-Sep-13
|
(21)
|
||||||
33
|
FPMC P Hero
|
2011
|
99,995
|
-
|
SLR2P (3)
|
LR2
|
$14,750
|
02-Nov-13
|
(22)
|
||||||
34
|
FPMC P Ideal
|
2012
|
99,993
|
-
|
SLR2P (3)
|
LR2
|
$14,750
|
09-Jul-13
|
(22)
|
||||||
35
|
Khawr Aladid
|
2006
|
106,003
|
-
|
SLR2P (3)
|
LR2
|
$15,400
|
02-May-15
|
(23)
|
||||||
36
|
Fair Seas
|
2008
|
115,406
|
-
|
SLR2P (3)
|
LR2
|
$16,000
|
27-Jul-13
|
(24)
|
||||||
37
|
Pink Stars
|
2010
|
115,592
|
-
|
SLR2P (3)
|
LR2
|
$16,125
|
10-Apr-14
|
|||||||
38
|
Four Wind
|
2009
|
115,727
|
-
|
SLR2P (3)
|
LR2
|
$16,250
|
27-May-14
|
(25)
|
||||||
39
|
Orange Stars
|
2011
|
115,756
|
-
|
SLR2P (3)
|
LR2
|
$16,125
|
06-Apr-14
|
|||||||
Total time chartered-in DWT
|
1,609,390
|
||||||||||||||
Newbuildings currently under construction
|
|||||||||||||||
Vessel Name
|
Yard
|
DWT
|
Ice class
|
Vessel type
|
|||||||||||
40
|
Hull 2451
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
41
|
Hull 2452
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
42
|
Hull 2453
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
43
|
Hull 2454
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
44
|
Hull 2462
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
45
|
Hull 2463
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
46
|
Hull 2464
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
47
|
Hull 2465
|
HMD
|
38,000
|
1A
|
Handymax
|
(26)
|
|||||||||
48
|
Hull 2347
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
49
|
Hull 2348
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
50
|
Hull 2349
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
51
|
Hull 2350
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
52
|
Hull 2389
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
53
|
Hull 2390
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
54
|
Hull 2391
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
55
|
Hull 2392
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
56
|
Hull 2449
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
57
|
Hull 2450
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
58
|
Hull 2458
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
59
|
Hull 2459
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
60
|
Hull 2460
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
61
|
Hull 2461
|
HMD
|
52,000
|
MR
|
(26)
|
||||||||||
62
|
Hull S1138
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
63
|
Hull S1139
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
64
|
Hull S1140
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
65
|
Hull S1141
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
66
|
Hull S1142
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
67
|
Hull S1143
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
68
|
Hull S1144
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
69
|
Hull S1145
|
SPP
|
52,000
|
MR
|
(27)
|
||||||||||
70
|
Hull S703
|
HSHI
|
114,000
|
LR2
|
(28)
|
||||||||||
71
|
Hull S704
|
HSHI
|
114,000
|
LR2
|
(28)
|
||||||||||
72
|
Hull S705
|
HSHI
|
114,000
|
LR2
|
(28)
|
||||||||||
73
|
Hull S706
|
HSHI
|
114,000
|
LR2
|
(28)
|
||||||||||
74
|
Hull S709
|
HSHI
|
114,000
|
LR2
|
(28)
|
||||||||||
75
|
Hull S710
|
HSHI
|
114,000
|
LR2
|
(28)
|
||||||||||
76
|
Hull 5394
|
DSME
|
114,000
|
LR2
|
(29)
|
||||||||||
77
|
Hull 5395
|
DSME
|
114,000
|
LR2
|
(29)
|
||||||||||
Total newbuilding DWT
|
2,360,000
|
||||||||||||||
Total DWT
|
4,909,910
|
(1)
|
This vessel operates in or is expected to operate in the Scorpio Handymax Tanker Pool (SHTP). SHTP is operated by Scorpio Commercial Management (SCM). SHTP and SCM are related parties to the Company.
|
(2)
|
This vessel operates in or is expected to operate in the Scorpio Panamax Tanker Pool (SPTP). SPTP is operated by SCM. SPTP is a related party to the Company.
|
(3)
|
This vessel operates in or is expected to operate in the Scorpio LR2 Pool (SLR2P). SLR2P is operated by SCM. SLR2P is a related party to the Company.
|
(4)
|
This vessel operates in or is expected to operate in the Scorpio MR Pool (SMRP). SMRP is operated by SCM. SMRP is a related party to the Company.
|
(5)
|
Redelivery from the charterer is plus or minus 30 days from the expiry date.
|
(6)
|
We have an option to extend the charter for an additional year at $14,000 per day.
|
(7)
|
We have an option to extend the charter for an additional year at $13,070 per day.
|
(8)
|
We have an option to extend the charter for an additional year at $13,000 per day. The agreement also contains a 50% profit and loss sharing provision whereby we split all of the vessel's profits and losses above or below the daily base rate with the vessel's owner.
|
(9)
|
This vessel is expected to be delivered by end of April 2013.
|
(10)
|
We have an option to extend the term of the charter for an additional year at $13,550 per day.
|
(11)
|
Represents the average rate for the two year duration of the agreement. The rate for the first year is $12,750 per day and the rate for the second year is $13,250 per day. We have an option to extend the charter for an additional year at $14,500 per day.
|
(12)
|
We have an option to extend the charter for an additional year at $15,150 per day.
|
(13)
|
We have options to extend the charter for up to three consecutive one year periods at $14,850 per day, $15,200 per day and $16,200 per day, respectively.
|
(14)
|
We have an option to extend the charter for an additional year at $15,000 per day.
|
(15)
|
We have an option to extend the charter for an additional year at $15,700 per day.
|
(16)
|
We have an option to extend the charter for an additional year at $16,000 per day.
|
(17)
|
The daily base rate represents the average rate for the three year duration of the agreement. The rate for the first year is $15,750 per day, the rate for the second year is $16,250 per day, and the rate for the third year is $16,750 per day. We have options to extend the charter for up to two consecutive one year periods at $17,500 per day and $18,000 per day, respectively.
|
(18)
|
We have an option to extend the charter for an additional year at $14,500 per day.
|
(19)
|
We have an option to extend the charter for an additional year at $12,500 per day. We have also entered into an agreement with the owner whereby we split all of the vessel's profits above the daily base rate.
|
(20)
|
We have an option to extend the charter for an additional six months at $14,250 per day.
|
(21)
|
We have options to extend the charter for up to two consecutive one year periods at $13,400 per day and $14,400 per day, respectively. We have also entered into an agreement with a third party whereby we split all of the vessel's profits and losses above or below the daily base rate.
|
(22)
|
We have options to extend the charters for three consecutive six month periods at $15,000 per day, $15,250 per day, and $15,500 per day respectively. FPMC P Hero is expected to be delivered in May 2013 and FPMC P Ideal was delivered in January 2013.
|
(23)
|
This vessel is expected to be delivered by May 2013.
|
(24)
|
We have options to extend the charter for three consecutive six month periods at $16,250 per day, $16,500 per day, and $16,750 per day respectively.
|
(25)
|
This vessel is expected to be delivered by end of May 2013.
|
(26)
|
These Newbuilding vessels are being constructed at HMD (Hyundai Mipo Dockyard Co. Ltd. of South Korea). Four vessels are expected to be delivered in Q2 and Q3 2013 and the remaining vessels are expected to be delivered by the end of 2014.
|
(27)
|
These Newbuilding vessels are being constructed at SPP (SPP Shipbuilding Co., Ltd. of South Korea). These eight vessels are expected to be delivered during the second, third and fourth quarters of 2014.
|
(28)
|
These Newbuilding vessels are being constructed at HSHI (Hyundai Samho Heavy Industries Co., Ltd.). These six vessels are expected to be delivered in the third and fourth quarters of 2014.
|
(29)
|
These Newbuilding vessels are being constructed at DSME (Daewoo Shipbuilding and Marine Engineering). These two vessels are expected to be delivered in the fourth quarter of 2014.
|
·
|
increasing demand for refined products;
|
·
|
increasing ton miles (distance between new refiners and areas of demand); and
|
·
|
reduced order book.
|
For the three months ended March 31
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
In thousands of U.S. dollars except per share and share data
|
Amount
|
Per share
|
Amount
|
Per share
|
||||||||||||
Net income / (loss)
|
$ | 6,610 | $ | 0.08 | $ | (5,100 | ) | $ | (0.14 | ) | ||||||
Adjustments:
|
||||||||||||||||
Loss from sale of vessels
|
- | 0.00 | 4,494 | 0.12 | ||||||||||||
Unrealized gain on derivative financial instruments
|
(44 | ) | (0.00 | ) | - | 0.00 | ||||||||||
Total adjustments
|
(44 | ) | (0.00 | ) | 4,494 | 0.12 | ||||||||||
Adjusted net income/ (loss)
|
$ | 6,566 | $ | 0.08 | $ | (606 | ) | $ | (0.02 | ) | ||||||
For the three months ended March 31,
|
||||||||
In thousands of U.S. dollars
|
2013
|
2012
|
||||||
Net income / (loss)
|
$ | 6,610 | $ | (5,100 | ) | |||
Financial expenses
|
1,399 | 1,426 | ||||||
Unrealized gain on derivative financial instruments
|
(44 | ) | - | |||||
Financial income
|
(181 | ) | (2 | ) | ||||
Depreciation
|
4,767 | 3,646 | ||||||
Amortization of restricted stock
|
500 | 814 | ||||||
Loss from sale of vessels
|
- | 4,494 | ||||||
Adjusted EBITDA
|
$ | 13,051 | $ | 5,278 |
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