Scorpio Tankers Inc. (NYSE: STNG), a prominent operator in the tanker industry, has released its financial results for the fourth quarter and full year ending December 31, 2024. The company reported a net income of $68.6 million for Q4 2024, equating to $1.36 basic and $1.33 diluted earnings per share. This represents a decrease from the $120.9 million net income, or $2.43 basic and $2.34 diluted earnings per share, reported in the same period of 2023.
The decline in net income is primarily attributed to a reduction in Time Charter Equivalent (TCE) revenue, which decreased by $141.9 million to $192.1 million in Q4 2024 from $334.1 million in Q4 2023. This was due to a decrease in average daily TCE revenue to $21,978 per vessel from $32,949 per vessel in the prior year, and a reduction in the average number of vessels to 100.9 from 111.5.
For the full year 2024, Scorpio Tankers reported a net income of $668.8 million, or $13.24 basic and $12.87 diluted earnings per share, an increase from $546.9 million, or $10.92 basic and $10.48 diluted earnings per share, in 2023. This growth is largely due to gains on vessel sales totaling $176.5 million in 2024.
In Q4 2024, the company continued its deleveraging strategy, reducing overall indebtedness by $740 million since December 31, 2023. Additionally, Scorpio Tankers declared a quarterly cash dividend of $0.50 per common share, payable on March 15, 2025, to shareholders of record as of February 28, 2025.
As of February 15, 2025, Scorpio Tankers' stock (NYSE: STNG) is trading at $44.13, with an intraday high of $46.22 and a low of $43.32. The company's financial performance and strategic initiatives reflect its commitment to enhancing shareholder value and maintaining a strong position in the tanker industry.
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