Scorpio Tankers released its results for Q1 2022, ending 31 March 2022, and reported net losses of US$84M and sales of part of its fleet
For the period ending 31 March 2022, the operator, which has a 121-vessel fleet, recorded a net loss of US$84M after a US$68M writedown on sales. The corresponding figures for Q1 2021 were a net loss of US$62M.
On 27 April, the company’s board of directors declared a quarterly cash dividend of US$0.10 per common share.
In Q1 2022, Scorpio entered into agreements to sell 17 vessels including two LR2s, 12 LR1s, and three MRs. Seven of these sales, six LR1s and one MR, closed within Q1 2022 brining in US$92M in new liquidity after the repayment of debt and selling costs, three of these sales closed in April 2022 (two LR1s and one MR), raising US$40M in aggregate new liquidity after the repayment of debt and selling costs, and the remaining seven vessels are expected to close before the end of Q3 2022.
These remaining vessels are expected to raise US$113M in aggregate new liquidity after the repayment of debt and estimated selling costs.
In Q1 2022, Scorpio’s LR2s earned US$24,300 per day with 44% of days booked, and MR and Handymax stood at US$30,000 per day with 42% of MR days and 33% of Handysize days booked.
Thus far in Q2, the company’s fleet earned an average of US$28,000 a day and the company has agreed to sell LR2 tanker STI Nautilus for US$43M with this sale expected to fetch another US$22M in liquidity.
