Scorpio Tankers Turns To Profit In Q4 - Quick Facts

(RTTNews) - Scorpio Tankers Inc. (STNG) said that net income for the fourth-quarter of 2013 was $5.8 million or $0.03 per share, compared to a net loss of $4.9 million, or $0.11 per share in the year ago quarter.

The Company's adjusted net loss for the latest-quarter was $14.5 million, or $0.08 basic and loss per share, which excluded (i) a $41.4 million, or $0.23 per share gain resulting from the previously announced investment in Dorian LPG Ltd. (ii) a $21.2 million, or $0.12 per share write-down resulting from the designation of certain older vessels as 'held for sale' and an unrealized gain on derivative financial instruments of $0.1 million or $0.00 per share.

The company's adjusted net loss for the prior year quarter was $3.6 million, or $0.08 loss per share, which excluded a $1.3 million, or $0.03 per share, unrealized loss on derivative financial instruments.

Vessel revenue for the quarter was $53.37 million, up from $30.10 million in the year ago quarter.

On February 21, 2014, the Company's board of directors declared a quarterly cash dividend of $0.08 per share, payable on March 26, 2014 to all shareholders as of March 11, 2014 (the record date). On December 18, 2013, the Company paid a quarterly cash dividend on its common stock of $0.07 per share to all shareholders as of December 3, 2013.

Emanuele Lauro, chief executive officer and chairman of the board commented, "Although our fourth quarter 2013 results reflect the deleterious effects of prolonged turnarounds of existing refineries and delays of commissioning the new refining assets, we remain confident in the underlying demand and supply thesis. Already in the first quarter, all of our vessel classes are experiencing higher returns than they did in the final quarter of 2013. We expect to be profitable this quarter; additionally, we have increased our quarterly dividend to $0.08 per share.