LONDON, UK / ACCESSWIRE / October 3, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Scorpio Tankers Inc. (NYSE: STNG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=STNG, following the Company's release of its financial results on September 18, 2017, for the second quarter of the fiscal year 2017 (Q2 FY17). The Monaco-based Company also announced the closure of a merger deal with Navig8 Product Tankers. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the three months ended June 30, 2017, Scorpio Tankers' vessel revenues were $118.42 million, which came in lower than the revenues of $137.21 million reported in the prior year's comparable quarter. The revenue figures also missed analysts' forecasts, who were expecting the Company to report revenues of at least $135.8 million. The Company's Time Charter Equivalent (TCE) revenue declined to $117.51 million during Q2 FY17 from $136.74 million in Q2 FY16. The decline in TCE revenues was due to falling TCE revenue per day across all operating segments.

The shipping Company posted net income of $68.25 million, or $0.38 loss per diluted share, in Q2 FY17 versus net income of $3.85 million, or $0.02 per diluted share, in Q2 FY16. The Company reported adjusted net loss of $16.98 million, or $0.09 per diluted share, in Q2 FY17 compared to adjusted net income of $6.57 million, or $0.04 per diluted share, in Q2 FY16. Meanwhile, Wall Street had expected the Company to report an adjusted net loss of $0.05 per diluted share.

Operational Metrics

In Q2 FY17, Scorpio Tankers' voyage operating costs increased to $49.84 million from $46.24 million in Q2 FY16. The Company spent $0.91 million in voyage expenses during Q2 FY17 versus $0.47 million in Q2 FY16. TCE rate per day also fell to $13,227 in Q2 FY17 from $16,903 in Q2 FY16. The company attributed the fall in TCE revenue per day to unfavorable market along with delivery of new buildings, high product inventories, low refining margins, and a lack of arbitrage opportunities. Meanwhile, vessel operating costs per day came in at $6,233 during Q2 FY17, lower than the $6,585 incurred in Q2 FY16.

The Company's general and administrative expenses came in at $11.69 million for the reported quarter compared to $13.09 million in Q2 FY16. This decrease was primarily driven by a reduction in restricted stock amortization. Furthermore, the Company's total operating expenses stood at $163.42 million for Q2 FY17 versus $108.23 million in Q2 FY16.

During the reported quarter, the Company posted an operating loss of $45.00 million, versus an operating income of $28.99 million in the prior year's comparable quarter. Additionally, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) fell to $43.17 million in Q2 FY17 from $65.87 million in Q2 FY16.

Scorpio Tankers' average number of owned vessels were 78.6 in Q2 FY17 compared to 77.2 in the year-ago corresponding period. The Company reported an average number of time chartered-in vessels of 10.4 in Q2 FY17 versus 11.7 in Q2 FY16. Additionally, the Company had 9.3 counts of average bareboat chartered-in vessels in Q2 FY17.

Cash Flow and Balance Sheet

Scorpio Tankers' net cash inflow from operating activities was $59.52 million in the six months ended June 30, 2017, compared to $126.61 million in the year-ago same period. The Company reported a cash and cash equivalents balance of $280.41 million as on June 30, 2017, compared to $99.89 million as on December 31, 2016. Furthermore, the Company had long-term debts amounting to $1.84 billion in its books of accounts as on June 30, 2017, compared to $1.53 billion as on December 31, 2016.

Dividend

In a separate press release on September 13, 2017, Scorpio Tankers' Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about September 29, 2017, to all shareholders of record as of September 25, 2017.

Merger

On September 01, 2017, the Company announced the closure of its previously announced merger with Navig8 Product Tankers Inc. (NPTI). As per the terms of merger, Scorpio Tankers issued 55 million shares of its common stock to the holders of NPTI's common shares.

Stock Performance

On Monday, October 02, 2017, Scorpio Tankers' stock closed the trading session at $3.59, rising 4.66% from its previous closing price of $3.43. A total volume of 4.74 million shares were exchanged during the session, which was above the 3-month average volume of 3.25 million shares. Shares of the Company have a dividend yield of 1.11% and currently have a market cap of $1.02 billion.

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