SCORPIO TANKERS INC.
(registrant)
|
|
Dated: April 27, 2015 | |
By: /s/ Brian Lee | |
Brian Lee | |
Chief Financial Officer |
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·
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Below is a summary of the voyages fixed thus far in the second quarter of 2015:
|
|
o
|
For the LR2s: approximately $29,000 per day for 48% of the days
|
|
o
|
For the LR1s: approximately $24,000 per day for 48% of the days
|
|
o
|
For the MRs: approximately $23,000 per day for 35% of the days
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|
o
|
For the Handymaxes: approximately $20,000 per day for 37% of the days
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·
|
Recently took delivery of two vessels under the Company’s Newbuilding Program, one LR2, STI Oxford and one MR, STI Queens.
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·
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Took delivery of 11 vessels under the Company’s Newbuilding Program (four LR2, five MR, and two ice-class 1A Handymax) during the first quarter of 2015.
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·
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Received commitments from two leading European financial institutions for two separate loan facilities of up to $113.2 million in aggregate to partially finance the purchase of four LR2 product tankers that was announced in December 2014.
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·
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Paid a quarterly cash dividend on the Company's common stock of $0.12 per share in March 2015.
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·
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STI Oxford, an LR2 product tanker, was delivered from Hyundai Samho Heavy Industries Co. Ltd. (“HSHI”). Upon delivery, this vessel began a voyage for 50 days at approximately $41,000 per day.
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·
|
STI Queens, an MR product tanker, was delivered from SPP Shipbuilding Co., Ltd. of South Korea (“SPP”). Upon delivery, this vessel began a time charter for up to 120 days at approximately $18,000 per day.
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Month
|
|||||
Name
|
Delivered
|
Type
|
Shipyard
|
||
1
|
STI Tribeca
|
January 2015
|
MR
|
SPP
|
|
2
|
STI Hammersmith
|
January 2015
|
Handymax
|
HMD
|
|
3
|
STI Rotherhithe
|
January 2015
|
Handymax
|
HMD
|
|
4
|
STI Rose
|
January 2015
|
LR2
|
DHSC
|
|
5
|
STI Gramercy
|
January 2015
|
MR
|
SPP
|
|
6
|
STI Veneto
|
January 2015
|
LR2
|
HSHI
|
|
7
|
STI Alexis
|
February 2015
|
LR2
|
DHSC
|
|
8
|
STI Bronx
|
February 2015
|
MR
|
SPP
|
|
9
|
STI Pontiac
|
March 2015
|
MR
|
HMD
|
|
10
|
STI Manhattan
|
March 2015
|
MR
|
SPP
|
|
11
|
STI Winnie
|
March 2015
|
LR2
|
DSME
|
|
12
|
STI Oxford
|
April 2015
|
LR2
|
HSHI
|
|
13
|
STI Queens
|
April 2015
|
MR
|
SPP
|
Drawdown amount
|
|||||
Credit facility
|
(in $ millions)
|
Drawdown date
|
Collateral
|
||
1
|
K-Sure Credit Facility
|
$19.9
|
January 2015
|
STI Gramercy
|
|
2
|
KEXIM Credit Facility
|
$30.3
|
January 2015
|
STI Veneto
|
|
3
|
2013 Credit Facility
|
$35.4
|
January 2015
|
STI Alexis
|
|
4
|
K-Sure Credit Facility
|
$19.5
|
February 2015
|
STI Bronx
|
|
5
|
2013 Credit Facility
|
$19.5
|
March 2015
|
STI Pontiac
|
|
6
|
K-Sure Credit Facility
|
$19.5
|
March 2015
|
STI Manhattan
|
|
7
|
K-Sure Credit Facility
|
$30.3
|
March 2015
|
STI Winnie
|
|
8
|
K-Sure Credit Facility
|
$30.3
|
April 2015
|
STI Oxford
|
|
9
|
K-Sure Credit Facility
|
$19.5
|
April 2015
|
STI Queens
|
|
10
|
2013 Credit Facility
|
$19.3
|
April 2015
|
STI Osceola
|
In thousands of U.S. dollars
|
Amount outstanding at March 31, 2015
|
Amount Outstanding as of the date of this report
|
Availability as of the date of this report
|
|||||
2010 Revolving Credit Facility
|
$33,597
|
$8,014
|
-
|
(1)
|
||||
2011 Credit Facility
|
106,927
|
106,927
|
-
|
|||||
Newbuilding Credit Facility
|
76,341
|
76,341
|
-
|
|||||
2013 Credit Facility
|
432,837
|
452,087
|
55,350
|
(2)
|
||||
K-Sure Credit Facility
|
286,360
|
336,160
|
122,100
|
(3)
|
||||
KEXIM Credit Facility
|
417,075
|
417,075
|
-
|
|||||
Nomura Term Margin Facility
|
30,000
|
30,000
|
-
|
(4)
|
||||
Senior Unsecured Notes
|
105,500
|
105,500
|
-
|
|
||||
Convertible Senior Notes |
360,000
|
360,000
|
- | (5) | ||||
Total
|
$1,848,637
|
$1,892,104
|
$177,450
|
$ in millions
|
|||||
Q2 2015 - installment payments made | $ | 61.9 | |||
Q2 2015 - remaining installment payments | 195.9 | ||||
Q3 2015 | 27.5 | ||||
Q4 2015 | 24.8 | ||||
Q1 2016 | 40.5 | ||||
Q2 2016 | 26.0 | ||||
Q3 2016 | 29.6 | ||||
Q4 2016 | 29.6 | ||||
Total
|
$ | 435.8 | |||
|
·
|
Time charter equivalent, or TCE revenue, a non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is 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, 2015 and 2014:
|
For the three months ended March 31,
|
||||||||
2015
|
2014
|
|||||||
In thousands of U.S. dollars
|
||||||||
Vessel revenue
|
$ | 160,706 | $ | 76,734 | ||||
Voyage expenses
|
(2,094 | ) | (3,974 | ) | ||||
TCE revenue
|
$ | 158,612 | $ | 72,760 |
|
·
|
TCE revenue increased $85.9 million to $158.6 million. This increase was driven by an increase in the average number of operating vessels (owned and time chartered-in) to 84.0 from 50.7 for the three months ended March 31, 2015 and 2014, respectively, along with an increase in time charter equivalent revenue per day to $21,138 per day from $15,906 per day for the three months ended March 31, 2015 and 2014, respectively (see the breakdown of daily TCE averages below). Spot rates across all operating segments improved during the first quarter as fundamentals in the product tanker market remained strong. These fundamentals were driven by increased refining capacity in the Middle East and India along with improved refining margins worldwide which have had a resultant, positive impact on the demand for our vessels. Furthermore, we have benefited from the collapse in crude oil prices through the consequent decline in bunker costs, positively impacting our TCE revenue.
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|
·
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Vessel operating costs increased $24.4 million to $37.5 million from $13.1 million for the three months ended March 31, 2015 and 2014, respectively. This increase was primarily driven by an increase in the Company’s owned fleet to an average of 63.0 vessels from 20.2 vessels for the three months ended March 31, 2015 and 2014, respectively. The increase was offset by an overall decrease in vessel operating costs per day to $6,583 per day from $7,185 per day for the three months ended March 31, 2015 and 2014, respectively (see the breakdown of daily TCE averages below). Vessel operating costs per day improved across all operating segments as the Company’s fleet transitioned to a modern, more cost-efficient fleet with the delivery of 52 vessels under our newbuilding program since January 2014 and the disposal of four of our older vessels during that same time period.
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·
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Charterhire expense decreased $11.5 million to $28.7 million from $40.2 million for the three months ended March 31, 2015 and 2014, respectively. This difference was driven by a decrease in the Company’s time chartered-in fleet to an average of 21.0 vessels from 30.5 vessels for the three months ended March 31, 2015 and 2014, respectively.
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·
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Depreciation expense increased $15.4 million to $21.4 million from $6.0 million for the three months ended March 31, 2015 and 2014, respectively. This change was the result of an increase in the average number of owned vessels to 63.0 from 20.2 for the three months ended March 31, 2015 and 2014, respectively.
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·
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General and administrative expenses increased $2.7 million to $13.7 million from $11.0 million for the three months ended March 31, 2015 and 2014, respectively. This increase was driven by a $0.7 million increase in the amortization of restricted stock (non-cash) and an overall increase in other general and administrative expenses due to the significant growth in the Company’s fleet.
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|
·
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Gain on sale of vessels of $2.0 million for the three months ended March 31, 2015 relates to the sales of Venice, STI Harmony and STI Heritage, which closed in March, April and April, respectively. This gain relates to lower than expected closing costs incurred relating to the closing of the sales of each vessel.
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|
·
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Gain on sale of VLCCs of $51.4 million for the three months ended March 31, 2014 relates to the gain recorded as a result of our sale of seven VLCCs under construction.
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|
·
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Financial expenses increased $17.7 million to $18.1 million from $0.4 million primarily as a result of an increase in the Company’s debt balance for the three months ended March 31, 2015 and 2014, respectively. Total debt outstanding, net of deferred financing fees, was $1.7 billion at March 31, 2015 compared to $344.6 million at March 31, 2014.
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|
·
|
Unrealized loss on derivative financial instruments of $0.6 million for the three months ended March 31, 2015 relates to the mark-to-market value on a profit or loss sharing agreement with a third party relating to one of our time chartered-in vessels.
|
For the three months ended March 31,
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||||||||
In thousands of U.S. dollars except per share and share data
|
2015
|
2014
|
||||||
Revenue
|
||||||||
Vessel revenue
|
$ | 160,706 | $ | 76,734 | ||||
Operating expenses
|
||||||||
Vessel operating costs
|
(37,475 | ) | (13,070 | ) | ||||
Voyage expenses
|
(2,094 | ) | (3,974 | ) | ||||
Charterhire
|
(28,731 | ) | (40,173 | ) | ||||
Depreciation
|
(21,408 | ) | (5,953 | ) | ||||
General and administrative expenses
|
(13,702 | ) | (10,966 | ) | ||||
Gain on sale of VLCCs
|
- | 51,419 | ||||||
Gain on sale of vessels
|
2,008 | - | ||||||
Total operating expenses
|
(101,402 | ) | (22,717 | ) | ||||
Operating income
|
59,304 | 54,017 | ||||||
Other (expense) and income, net
|
||||||||
Financial expenses
|
(18,058 | ) | (399 | ) | ||||
Realized gain on derivative financial instruments
|
40 | 17 | ||||||
Unrealized gain / (loss) on derivative financial instruments
|
(606 | ) | 47 | |||||
Financial income
|
25 | 27 | ||||||
Share of loss from associate
|
- | (324 | ) | |||||
Other expenses, net
|
(10 | ) | (47 | ) | ||||
Total other expense, net
|
(18,609 | ) | (679 | ) | ||||
Net income
|
$ | 40,695 | $ | 53,338 | ||||
Earnings per share
|
||||||||
Basic
|
$ | 0.27 | $ | 0.28 | ||||
Diluted*
|
$ | 0.25 | $ | 0.28 | ||||
Basic weighted average shares outstanding
|
151,838,124 | 189,290,673 | ||||||
Diluted weighted average shares outstanding*
|
186,916,874 | 192,430,865 |
As of
|
||||||||
In thousands of U.S. dollars
|
March 31, 2015
|
December 31, 2014
|
||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 135,694 | $ | 116,143 | ||||
Accounts receivable
|
76,098 | 78,201 | ||||||
Prepaid expenses and other current assets
|
11,608 | 2,420 | ||||||
Inventories
|
6,181 | 6,075 | ||||||
Vessels held for sale
|
60,270 | 70,865 | ||||||
Total current assets
|
289,851 | 273,704 | ||||||
Non-current assets
|
||||||||
Vessels and drydock
|
2,372,883 | 1,971,878 | ||||||
Vessels under construction
|
199,666 | 404,877 | ||||||
Other assets
|
19,820 | 23,728 | ||||||
Available for sale investment
|
122,379 | 130,456 | ||||||
Total non-current assets
|
2,714,748 | 2,530,939 | ||||||
Total assets
|
$ | 3,004,599 | $ | 2,804,643 | ||||
Current liabilities
|
||||||||
Current portion of long term debt
|
132,817 | 87,163 | ||||||
Debt related to vessels held for sale
|
25,562 | 32,932 | ||||||
Accounts payable
|
36,361 | 14,929 | ||||||
Accrued expenses
|
47,213 | 55,139 | ||||||
Derivative financial instruments
|
661 | 205 | ||||||
Total current liabilities
|
242,614 | 190,368 | ||||||
Non-current liabilities
|
||||||||
Long term debt
|
1,584,370 | 1,451,427 | ||||||
Total non-current liabilities
|
1,584,370 | 1,451,427 | ||||||
Total liabilities
|
1,826,984 | 1,641,795 | ||||||
Shareholders' equity
|
||||||||
Issued, authorized and fully paid in share capital:
|
||||||||
Share capital
|
2,033 | 2,033 | ||||||
Additional paid in capital
|
1,551,688 | 1,550,956 | ||||||
Treasury shares
|
(357,189 | ) | (351,283 | ) | ||||
Accumulated other comprehensive loss
|
(18,917 | ) | (10,878 | ) | ||||
Retained earnings / (accumulated deficit)
|
- | (27,980 | ) | |||||
Total shareholders' equity
|
1,177,615 | 1,162,848 | ||||||
Total liabilities and shareholders' equity
|
$ | 3,004,599 | $ | 2,804,643 |
For the three months ended March 31,
|
||||||||
In thousands of U.S. dollars
|
2015
|
2014
|
||||||
Operating activities
|
||||||||
Net income
|
$ | 40,695 | $ | 53,338 | ||||
Gain on sale of VLCCs
|
- | (51,419 | ) | |||||
Gain on sale of vessels
|
(2,008 | ) | - | |||||
Depreciation
|
21,408 | 5,953 | ||||||
Amortization of restricted stock
|
7,676 | 6,955 | ||||||
Amortization of deferred financing fees
|
3,124 | 155 | ||||||
Straight-line adjustment for charterhire expense
|
- | 3 | ||||||
Share of loss from associate
|
- | 324 | ||||||
Unrealized (gain) / loss on derivative financial instruments
|
606 | (47 | ) | |||||
Amortization of acquired time charter contracts
|
195 | - | ||||||
Accretion of convertible senior notes
|
2,735 | - | ||||||
74,431 | 15,262 | |||||||
Changes in assets and liabilities:
|
||||||||
(Increase)/decrease in inventories
|
825 | (1,700 | ) | |||||
(Increase)/decrease in accounts receivable
|
2,104 | (11,906 | ) | |||||
Increase in prepaid expenses and other current assets
|
(9,318 | ) | (935 | ) | ||||
Increase in other assets
|
(2,365 | ) | (47 | ) | ||||
Increase in accounts payable
|
10,722 | 3,125 | ||||||
Increase/(decrease) in accrued expenses
|
(11,847 | ) | 1,759 | |||||
Interest rate swap termination payment
|
(113 | ) | (274 | ) | ||||
(9,992 | ) | (9,978 | ) | |||||
Net cash inflow from operating activities
|
64,439 | 5,284 | ||||||
Investing activities
|
||||||||
Acquisition of vessels and payments for vessels under construction
|
(203,501 | ) | (199,055 | ) | ||||
Proceeds from disposal of vessels
|
12,602 | 162,950 | ||||||
Net cash outflow from investing activities
|
(190,899 | ) | (36,105 | ) | ||||
Financing activities
|
||||||||
Debt repayments
|
(30,453 | ) | (27,674 | ) | ||||
Issuance of debt
|
204,400 | 209,100 | ||||||
Debt issuance costs
|
(2,370 | ) | (18,345 | ) | ||||
Equity issuance costs
|
- | (42 | ) | |||||
Dividends paid
|
(19,659 | ) | (16,076 | ) | ||||
Repurchase of common stock
|
(5,907 | ) | - | |||||
Net cash inflow from financing activities
|
146,011 | 146,963 | ||||||
Increase in cash and cash equivalents
|
19,551 | 116,142 | ||||||
Cash and cash equivalents at January 1,
|
116,143 | 78,845 | ||||||
Cash and cash equivalents at March 31,
|
$ | 135,694 | $ | 194,987 |
For the three months ended March 31,
|
||||||||
2015
|
2014
|
|||||||
Adjusted EBITDA(1) (in thousands of U.S. dollars)
|
$ | 86,410 | $ | 15,896 | ||||
Average Daily Results
|
||||||||
Time charter equivalent per day(2)
|
$ | 21,138 | $ | 15,906 | ||||
Vessel operating costs per day(3)
|
6,583 | 7,185 | ||||||
Aframax/LR2
|
||||||||
TCE per revenue day (2)
|
25,231 | 14,342 | ||||||
Vessel operating costs per day(3)
|
6,858 | 7,386 | ||||||
Panamax/LR1
|
||||||||
TCE per revenue day (2)
|
21,943 | 20,063 | ||||||
Vessel operating costs per day(3)
|
7,216 | 8,372 | ||||||
MR
|
||||||||
TCE per revenue day (2)
|
20,061 | 14,262 | ||||||
Vessel operating costs per day(3)
|
6,400 | 6,466 | ||||||
Handymax
|
||||||||
TCE per revenue day (2)
|
20,006 | 16,736 | ||||||
Vessel operating costs per day(3)
|
6,754 | 10,814 | ||||||
Fleet data
|
||||||||
Average number of owned vessels
|
63.0 | 20.2 | ||||||
Average number of time chartered-in vessels
|
21.0 | 30.5 | ||||||
Drydock
|
||||||||
Expenditures for drydock (in thousands of U.S. dollars)
|
- | - |
(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 Brixton
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
3
|
STI Comandante
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
4
|
STI Pimlico
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
5
|
STI Hackney
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
6
|
STI Acton
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
7
|
STI Fulham
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
8
|
STI Camden
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
9
|
STI Battersea
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
10
|
STI Wembley
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
11
|
STI Finchley
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
12
|
STI Clapham
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
13
|
STI Poplar
|
2014
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
14
|
STI Hammersmith
|
2015
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
15
|
STI Rotherhithe
|
2015
|
38,000
|
1A
|
SHTP (1)
|
Handymax
|
|||||||||
16
|
STI Amber
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
17
|
STI Topaz
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
18
|
STI Ruby
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
19
|
STI Garnet
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
20
|
STI Onyx
|
2012
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
21
|
STI Sapphire
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
22
|
STI Emerald
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
23
|
STI Beryl
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
24
|
STI Le Rocher
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
25
|
STI Larvotto
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
26
|
STI Fontvieille
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
27
|
STI Ville
|
2013
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
28
|
STI Duchessa
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
29
|
STI Opera
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
30
|
STI Texas City
|
2014
|
52,000
|
-
|
Time Charter (5)
|
MR
|
|||||||||
31
|
STI Meraux
|
2014
|
52,000
|
-
|
Time Charter (6)
|
MR
|
|||||||||
32
|
STI Chelsea
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
33
|
STI Lexington
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
34
|
STI San Antonio
|
2014
|
52,000
|
-
|
Time Charter (6)
|
MR
|
|||||||||
35
|
STI Venere
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
36
|
STI Virtus
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
37
|
STI Powai
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
38
|
STI Aqua
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
39
|
STI Dama
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
40
|
STI Olivia
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
41
|
STI Mythos
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
42
|
STI Benicia
|
2014
|
52,000
|
-
|
Time Charter (6)
|
MR
|
|||||||||
43
|
STI Regina
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
44
|
STI St. Charles
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
45
|
STI Mayfair
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
46
|
STI Yorkville
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
47
|
STI Milwaukee
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
48
|
STI Battery
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
49
|
STI Soho
|
2014
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
50
|
STI Tribeca
|
2015
|
52,000
|
-
|
SMRP(4)
|
MR
|
|||||||||
51
|
STI Gramercy
|
2015
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
52
|
STI Bronx
|
2015
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
53
|
STI Pontiac
|
2015
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
54
|
STI Manhattan
|
2015
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
55
|
STI Queens
|
2015
|
52,000
|
-
|
Spot
|
MR
|
|||||||||
56
|
STI Elysees
|
2014
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
57
|
STI Madison
|
2014
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
58
|
STI Park
|
2014
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
59
|
STI Orchard
|
2014
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
60
|
STI Sloane
|
2014
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
61
|
STI Broadway
|
2014
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
62
|
STI Condotti
|
2014
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
63
|
STI Rose
|
2015
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
64
|
STI Veneto
|
2015
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
65
|
STI Alexis
|
2015
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
66
|
STI Winnie
|
2015
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
67
|
STI Oxford
|
2015
|
109,999
|
-
|
SLR2P (3)
|
LR2
|
|||||||||
Total owned DWT
|
3,969,133
|
Vessel Name
|
Year Built
|
DWT
|
Ice class
|
Employment
|
Vessel type
|
Daily Base Rate
|
Expiry (7)
|
|||||||||||||||||||||||||
Time chartered-in vessels
|
||||||||||||||||||||||||||||||||
68
|
Kraslava
|
2007
|
37,258
|
1B
|
SHTP (1)
|
Handymax
|
$13,650
|
18-May-15
|
||||||||||||||||||||||||
69
|
Krisjanis Valdemars
|
2007
|
37,266
|
1B
|
SHTP (1)
|
Handymax
|
$13,650
|
01-May-15
|
(8)
|
|||||||||||||||||||||||
70
|
Jinan
|
2003
|
37,285
|
-
|
SHTP (1)
|
Handymax
|
$12,600
|
15-May-15
|
||||||||||||||||||||||||
71
|
Iver Prosperity
|
2007
|
37,412
|
-
|
SHTP (1)
|
Handymax
|
$13,500
|
03-Apr-16
|
(9)
|
|||||||||||||||||||||||
72
|
Histria Azure
|
2007
|
40,394
|
-
|
SHTP (1)
|
Handymax
|
$13,550
|
01-May-15
|
||||||||||||||||||||||||
73
|
Histria Coral
|
2006
|
40,426
|
-
|
SHTP (1)
|
Handymax
|
$13,550
|
17-Jul-15
|
||||||||||||||||||||||||
74
|
Histria Perla
|
2005
|
40,471
|
-
|
SHTP (1)
|
Handymax
|
$13,550
|
15-Jul-15
|
||||||||||||||||||||||||
75
|
Miss Mariarosaria
|
2011
|
47,499
|
-
|
SMRP(4)
|
MR
|
$15,250
|
15-Oct-15
|
(10)
|
|||||||||||||||||||||||
76
|
Vukovar
|
2015
|
49,990
|
-
|
SMRP(4)
|
MR
|
$17,034
|
02-May-18
|
(11)
|
|||||||||||||||||||||||
77
|
Targale
|
2007
|
49,999
|
-
|
SMRP(4)
|
MR
|
$14,850
|
17-May-16
|
(12)
|
|||||||||||||||||||||||
78
|
Gan-Trust
|
2013
|
51,561
|
-
|
SMRP(4)
|
MR
|
$16,250
|
06-Jan-16
|
(13)
|
|||||||||||||||||||||||
79
|
SN Federica
|
2003
|
72,344
|
-
|
SPTP (2)
|
LR1
|
$11,250
|
15-May-15
|
(14)
|
|||||||||||||||||||||||
80
|
SN Azzura
|
2003
|
72,344
|
-
|
SPTP (2)
|
LR1
|
$13,600
|
13-May-15
|
||||||||||||||||||||||||
81
|
King Douglas
|
2008
|
73,666
|
-
|
SPTP (2)
|
LR1
|
$15,000
|
08-Nov-15
|
||||||||||||||||||||||||
82
|
Hellespont Progress
|
2006
|
73,728
|
-
|
SPTP (2)
|
LR1
|
$16,250
|
18-Mar-16
|
(15)
|
|||||||||||||||||||||||
83
|
FPMC P Eagle
|
2009
|
73,800
|
-
|
SPTP (2)
|
LR1
|
$14,525
|
09-Sep-15
|
||||||||||||||||||||||||
84
|
FPMC P Hero
|
2011
|
99,995
|
-
|
SLR2P (3)
|
LR2
|
$15,500
|
02-May-15
|
||||||||||||||||||||||||
85
|
Swarna Jayanti
|
2010
|
104,895
|
-
|
SLR2P (3)
|
LR2
|
$16,250
|
11-Sep-15
|
(16)
|
|||||||||||||||||||||||
86
|
Densa Crocodile
|
2015
|
105,408
|
-
|
SLR2P (3)
|
LR2
|
$21,050
|
07-Feb-16
|
(17)
|
|||||||||||||||||||||||
87
|
Densa Alligator
|
2013
|
105,708
|
-
|
SLR2P (3)
|
LR2
|
$17,550
|
17-Sep-16
|
(18)
|
|||||||||||||||||||||||
88
|
Khawr Aladid
|
2006
|
106,003
|
-
|
SLR2P (3)
|
LR2
|
$15,400
|
11-Jul-15
|
||||||||||||||||||||||||
Total time chartered-in DWT
|
1,357,452
|
|||||||||||||||||||||||||||||||
Newbuildings currently under construction
|
||||||||||||||||||||||||||||||||
Vessel Name
|
Yard
|
DWT
|
Ice class
|
Vessel type
|
||||||||||||||||||||||||||||
89
|
Hull 2490 - TBN STI Osceola
|
HMD
|
(19)
|
52,000
|
-
|
MR
|
||||||||||||||||||||||||||
90
|
Hull 2492 - TBN STI Notting Hill
|
HMD
|
(19)
|
52,000
|
-
|
MR
|
||||||||||||||||||||||||||
91
|
Hull 2493 - TBN STI Westminster
|
HMD
|
(19)
|
52,000
|
-
|
MR
|
||||||||||||||||||||||||||
92
|
Hull 2475 - TBN STI Seneca
|
HMD
|
(19)
|
52,000
|
-
|
MR
|
||||||||||||||||||||||||||
93
|
Hull S1168 - TBN STI Brooklyn
|
SPP
|
(20)
|
52,000
|
-
|
MR
|
||||||||||||||||||||||||||
94
|
Hull S716 - TBN STI Connaught
|
HSHI
|
(21)
|
109,999
|
-
|
LR2
|
||||||||||||||||||||||||||
95
|
Hull 5399 - TBN STI Lauren
|
DSME
|
(22)
|
109,999
|
-
|
LR2
|
||||||||||||||||||||||||||
96
|
Hull S3120 - TBN STI Selatar
|
SSME
|
(23)
|
109,999
|
-
|
LR2
|
||||||||||||||||||||||||||
97
|
Hull S3121 - TBN STI Rambla
|
SSME
|
(23)
|
109,999
|
-
|
LR2
|
||||||||||||||||||||||||||
98
|
Hull 5003 - TBN STI Grace
|
DHSC
|
(24)
|
109,999
|
-
|
LR2
|
||||||||||||||||||||||||||
99
|
Hull 5004 - TBN STI Jermyn
|
DHSC
|
(24)
|
109,999
|
-
|
LR2
|
||||||||||||||||||||||||||
Total newbuilding product tankers DWT
|
919,994
|
|||||||||||||||||||||||||||||||
Total Fleet DWT
|
6,246,579
|
(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)
|
This vessel is on a time charter agreement for two years expiring in March 2016, which also contains a 50% profit sharing provision whereby we split all of the vessel's profits above the daily base rate with the charterer.
|
(6)
|
This is one of three vessels on a one-year time charter agreement that expire between May and September 2015. These agreements contain a 50% profit sharing provision whereby we split all of the vessel's profits above the daily base rate with the charterer.
|
(7)
|
Redelivery from the charterer is plus or minus 30 days from the expiry date.
|
(8)
|
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)
|
In September 2014, we declared an option to extend the charter for an additional year at $13,500 per day effective April 2015.
|
(10)
|
We have two consecutive options to extend the charter for an additional six month and one year periods at $15,250 per day and $16,350 per day, respectively.
|
(11)
|
This vessel is currently under construction and is scheduled to be delivered in early May 2015.
|
(12)
|
In March 2015, we declared an option to extend the charter for an additional year at $15,200 per day effective May 2015. We have an option to extend the charter for an additional year at $16,200 per day.
|
(13)
|
The rate for the first year of this agreement was $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.
|
(14)
|
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 vessel's owner whereby we split all of the vessel's profits above the daily base rate.
|
(15)
|
In February 2015, we declared an option to extend the charter for an additional year at $16,250 per day effective March 18, 2015. We have an option to extend the charter for an additional year at $17,250 per day.
|
(16)
|
In February 2015, we declared an option to extend the charter for an additional six months at $16,250 per day effective March 11, 2015.
|
(17)
|
This vessel was delivered in February 2015. We have 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. We also have an option to extend the charter for an additional year at $22,600 per day.
|
(18)
|
In April 2015, we extended the charter for an additional year at $24,875 per day effective September 2015. We also have an option to extend the charter for an additional year at $26,925 per day.
|
(19)
|
These newbuilding vessels are being constructed at HMD (Hyundai Mipo Dockyard Co. Ltd. of South Korea). Four vessels are expected to be delivered in the second quarter of 2015.
|
(20)
|
This newbuilding vessel is being constructed at SPP (SPP Shipbuilding Co., Ltd. of South Korea). This vessel is expected be delivered in the second quarter of 2015.
|
(21)
|
This newbuilding vessel is being constructed at HSHI (Hyundai Samho Heavy Industries Co., Ltd). This vessel is expected to be delivered in the second quarter of 2015.
|
(22)
|
This newbuilding vessel is being constructed at DSME (Daewoo Shipbuilding and Marine Engineering). This vessel is expected to be delivered in the second quarter of 2015.
|
(23)
|
These newbuilding vessels are being constructed at SSME (Sungdong Shipbuilding & Marine Engineering Co., Ltd). One vessel is expected to be delivered in the third quarter and one in fourth quarter of 2016.
|
(24)
|
These newbuilding vessels are being constructed at DHSC (Daehan Shipbuilding Co. Ltd). These two vessels are expected to be delivered in the first and second quarter of 2016.
|
|
·
|
increasing demand for refined products.
|
|
·
|
increasing ton miles (distance between production and areas of demand), and
|
|
·
|
reduced order book.
|
Date paid
|
Dividends per share
|
June 2013
|
$0.025
|
September 2013
|
$0.035
|
December 2013
|
$0.070
|
March 2013
|
$0.080
|
June 2014
|
$0.090
|
September 2014
|
$0.100
|
December 2014
|
$0.120
|
March 2015
|
$0.120
|
For the three months ended March 31, 2015
|
||||||||||||
In thousands of U.S. dollars except per share and share data
|
Amount
|
Per share basic
|
Per share diluted
|
|||||||||
Net income
|
$ | 40,695 | $ | 0.27 | $ | 0.25 | ||||||
Adjustments:
|
||||||||||||
Unrealized loss on derivative financial instruments
|
606 | 0.00 | 0.00 | |||||||||
Gain on sale of vessels
|
(2,008 | ) | (0.01 | ) | (0.01 | ) | ||||||
Total adjustments
|
(1,402 | ) | (0.01 | ) | (0.01 | ) | ||||||
Adjusted net income
|
$ | 39,293 | $ | 0.26 | $ | 0.24 | ||||||
For the three months ended March 31, 2014
|
||||||||||||
In thousands of U.S. dollars except per share and share data
|
Amount
|
Per share basic
|
Per share diluted
|
|||||||||
Net income
|
$ | 53,338 | $ | 0.28 | $ | 0.28 | ||||||
Adjustments:
|
||||||||||||
Unrealized gain on derivative financial instruments
|
(47 | ) | (0.00 | ) | (0.00 | ) | ||||||
Gain on sale of VLCCs
|
(51,419 | ) | (0.27 | ) | (0.27 | ) | ||||||
Total adjustments
|
(51,466 | ) | (0.27 | ) | (0.27 | ) | ||||||
Adjusted net income
|
$ | 1,872 | $ | 0.01 | $ | 0.01 |
For the three months ended March 31,
|
||||||||
In thousands of U.S. dollars
|
2015
|
2014
|
||||||
Net income
|
$ | 40,695 | $ | 53,338 | ||||
Financial expenses
|
18,058 | 399 | ||||||
Unrealized (gain) / loss on derivative financial instruments
|
606 | (47 | ) | |||||
Financial income
|
(25 | ) | (27 | ) | ||||
Depreciation
|
21,408 | 5,953 | ||||||
Depreciation component of our net profit from associate
|
- | 744 | ||||||
Amortization of restricted stock
|
7,676 | 6,955 | ||||||
Gain on sale of VLCCs
|
- | (51,419 | ) | |||||
Gain on sale of vessels
|
(2,008 | ) | - | |||||
Adjusted EBITDA
|
$ | 86,410 | $ | 15,896 |
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