Daily average Time Charter Equivalent (TCE) earnings for the second quarter increased to $15,444 from $12,258 and, combined with a rise in the number of owned and chartered-in operating vessels from 17.8 to 35.9, pushed TCE revenue to $50.2m from $19.7m in the same period last year.
The second quarter saw another run at the shipyards for Scorpio, with 23-28 vessels ordered in the quarter, including five to 10 VLGCs at Hyudai Samho heavy Industries (HSHI) and Daewoo Shipbuilding and Marine Engineering (DSME), four LR2s, two each at HSHI and DSME, four MRs at SPP Shipbuilding, six ice class handymaxes at Hyundai Mipo Dockyard (HMD) and the purchase of the contract for four MR tankers at HMD from a third party, two of which were delivered in June and July of this year.
The company currently has 53 vessels on order in total, 24 MRs, 12 Handymaxes, 12 LR2s and five VLGCs with commitments to newbuilding payments stretching to the end of 2015 totalling around $1.9bn
Chairman and ceo Emanuele Lauro said, "our year-over-year performance continues to improve both as a result of stronger market fundamentals and a stronger company. The seasonal weakness which we typically experience in the second and third quarter has been particularly short-lived in the Atlantic basin this year. Burgeoning exports of refined products from the US has contributed to a significant counter-seasonal swing in MR vessel freight rates since the end of June, reaching levels in excess of $20,000 per day."
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