Net profit in the first quarter came up to $6.61m as against a net loss of $5.1m in the same period of 2012, according to the New York-listed company.
“We are delighted to report a profitable quarter and the continued significant premium that our fuel efficient vessels earn against their peers in the spot market,” said Emanuele Lauro, ceo and chairman of the board, Scorpio Tankers.
“However, with the bulk of our orderbook yet to deliver, we don't believe these results begin to reflect the earnings potential of our company in an improving environment for product tanker,” Lauro commented.
The company currently has 38 product tanker newbuilding orders comprising of 22 MRs, eight handymaxes and eight LR2. Four of the newbuildings are expected to be delivered by September and the remaining by the end of 2014.
Revenue during the quarter improved 54.3% year-on-year to $44.92m.
“While we do not expect to escape seasonality entirely, long term trends and short term catalysts alike are providing substantial support to our markets, leading to continued year-over-year improvement as well as greater clarity on future earnings,” Lauro said.
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