Scorpio TankersNYSE: STNG

Scorpio Tankers Inc. (NYSE:STNG ) Q3 2024 Earnings Conference Call October 29, 2024 9:00 AM ET Corporate Participants James Doyle - Head of Corporate Development and IR Emanuele Lauro - Chief Executive Officer Robert Bugbee - President Chris Avella - Chief Financial Officer Lars Dencker Nielsen - Chief Commercial Officer Conference Call Participants Omar Nokta - Jefferies Jon Chappell - Evercore ISI Greg Lewis - BTIG Ken Hoexter - Bank of America Chris Robertson - Deutsche Bank Frode Mørkedal - Clarkson Securities Liam Burke - B. Riley FBR Ben Nolan - Stifle Operator Hello and welcome to the Scorpio Tankers Third Quarter 2024 Conference Call.

Scorpio Tankers (STNG) came out with quarterly earnings of $1.75 per share, beating the Zacks Consensus Estimate of $1.61 per share. This compares to earnings of $1.91 per share a year ago.

Scorpio Tankers reported a strong 2Q24 with an 81.5% YoY EPS increase and significant debt reduction. Despite short-term headwinds in the CPP market, long-term fundamentals and macro tailwinds support a bullish outlook for product tankers. STNG trades at a 38% discount to NAV, offering an attractive buying opportunity with a top-quality fleet and low leverage. I keep Scorpio's rating a Strong Buy.

MONACO, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG ) ("Scorpio Tankers," or the "Company") announced today that on Tuesday, October 29, 2024, the Company plans to issue its third quarter 2024 earnings press release in the morning (Eastern Daylight Time) and host a conference call at 9:00 AM Eastern Daylight Time and 2:00 PM Central European Time.

MONACO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced today that it has entered into an agreement to sell its 2019 built LR2 product tanker, STI Lily. The sale price is $73.5 million and the sale is expected to close within the fourth quarter of 2024.

MONACO, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announced that the President of the Company, Robert Bugbee, has purchased call options on an aggregate of 234,300 common shares (or 2,343 call option contracts) of the Company for total consideration of $1.5 million. The call option contracts have a strike price of $67.50 and an expiration of January 2025.

Scorpio Tankers' thesis remains at play, with elevated product rates due to increased ton-mile demand from various global events. TCE revenue declined sequentially, but was up 14% (Y/Y). STNG has been deleveraging its balance sheet, reducing the cash break-even level to $12,500 per day. We think the Dangote refinery coming online has increased the ton-mile demand. However, this could be counterproductive once the refinery starts to ramp up gasoline production, reducing imports from Europe.

Q2-2024 results: Revenues up 16% year-on-year, net income up 48% year-on-year. Demand for oil tankers is currently higher than supply, leading to pressure on vessel day rates. Vessel day rates remain at historically high levels.

Scorpio Tankers (STNG) came out with quarterly earnings of $3.60 per share, beating the Zacks Consensus Estimate of $3.52 per share. This compares to earnings of $2.41 per share a year ago.