Scorpio Tankers grows by 12 ships and stays steady

The company's operating fleet earned a lower time charter equivalent rate than in the same period last year, down from $15,444 per day to $12,733. Total vessel revenues in the quarter rose $6.7m to $56.8m however, as the fleet grew between the two periods. Charter hire expenses were up by $9.5m to $36.2m.

Scorpio made a $10.9m gain on a swap deal involving 3,422,665 shares of Dorian LPG for 7,500,000 of its own common shares. So far this year the company has made a profit of $52.8m, boosted by a $51.4m gain on the sale of seven VLCCs in late April.

The company took delivery of 12 product tankers during the quarter from Hyundai Mipo Dockyard, SPP Shipyard and Hyundai Samho Heavy Industries.

Scorpio made $235.1m of payments on the 43 newbuilding orders it has outstanding during the quarter. Total instalments due over the next 12 months to Q2 2015 stack up to $1bn.

At the end of June the company announced a $150m stock buyback plan after a successful offering of $360m of convertible senior notes..