Emanuele Lauro-led Scorpio Tankers generated USD40.7 million in net income in 1Q15 on USD106.7 million in revenues.
While net income represented a 23.6% drop from 1Q14, Scorpio’s earnings on an adjusted basis, which excludes special items, increased from USD1.9 million last year to USD39.3 million in 1Q15, the company reported on 27 April.
Time charter equivalent (TCE) revenue increased from USD85.9 million to USD158.6 million. The increase was driven by an increase in the average number of operating vessels (owned and time chartered-in) from 50.7 to 84 year on year in the quarter, the company stated. Daily TCE revenue increased by 33% to USD21,138 in the quarter compared with the same period a year ago.
Scorpio revealed that in April, under its newbuilding programme, it took delivery of two vessels from South Korean shipyards: STI Oxford, an LR2 product tanker from Hyundai Samho Heavy Industries, and STI Queens, an MR product tanker from SPP Shipbuilding.
On delivery, STI Oxford began a 50-day voyage at a daily rate of approximately USD41,000. STI Queens began a time charter for up to 120 days at a daily rate of approximately USD18,000.
Scorpio also said it had received two loan facilities for a combined USD113.2 million to help pay for four LR2 product tankers being built. Delivery is expected in 2016.