Scorpio Tankers – STNG – Results for the three and nine months ended September 30

Scorpio Tankers Inc. (NYSE: STNG) reported its results for the three and nine months ended September 30, 2012.

For the three months ended September 30, 2012, STNG had an adjusted net loss of $3.7 million (see Non-GAAP Measures section below), or $0.09 basic and diluted loss per share, excluding (i) $5.9 million, or $0.14 per share, loss from sales of STI Diamond and STI Coral and (ii) $3.0 million, or $0.07 per share, write-off of deferred financing fees attributable to the extension of the 2011 Credit Facility.

For the three months ended September 30, 2012, the Company recorded a net loss of $12.5 million, or $0.30 basic and diluted loss per share. This is compared to a net loss of $6.9 million or $0.22 basic and diluted loss per share for the three months ended September 30, 2011.

STNG – Results for the nine months ended September 30, 2012 and 2011

For the nine months ended September 30, 2012, the Company had an adjusted net loss of $8.3 million (see Non-GAAP Measures section below), or $0.21 basic and diluted loss per share, excluding (i) $10.4 million, or $0.26 per share, loss from sales of vessels (STI Conqueror, STI Matador, STI Gladiator, STI Coral, and STI Diamond) and (ii) $3.0 million, or $0.07 per share, write-off of deferred financing fees attributable to the extension of the 2011 Credit Facility.

For the nine months ended September 30, 2012, STNG recorded a net loss of $21.7 million or $0.54 basic and diluted loss per share. This is compared to a net loss of $11.0 million or $0.40 basic and diluted loss per share for the nine months ended September 30, 2011.

STNG – Summary of Recent and Third Quarter Significant Events:

• Delivery of the Company’s first five vessels under its Newbuilding program, STI Amber, STI Topaz, STI Ruby, STI Garnet, and STI Onyx.
• Closed on the sales of STI Diamond and STI Coral for $25.25 million each.
• Contracted with Hyundai Mipo Dockyard Co., Ltd. of South Korea (“HMD”) to construct the Company’s ninth and tenth newbuilding vessels.
• Signed an agreement with 2011 Credit Facility lenders to extend the availability period of the 2011 Credit Facility until January 31, 2014, giving the Company the ability to partially finance the ninth and tenth newbuilding vessels.
• Time chartered-in six vessels, a newbuilding MR, two MR’s, an LR1 and two LR2s.
• Repurchased 82,322 shares under the share buyback program at an average price per share of $5.34 during the third quarter.

About Scorpio Tankers Inc. – STNG

Scorpio Tankers Inc. (STNG) is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns one LR2 tanker, four LR1 tankers, one Handymax tanker, five MR tankers, and one post-Panamax tanker with an average age of 4.6 years, time charters-in 15 vessels (two LR2, one LR1, seven MR and five Handymax tankers), and has contracted for five newbuilding MR’s (three are expected to be delivered to the Company in the first half of 2013 and two in January 2014).

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.