$STNG earnings report

This Form 6-K is a third-quarter operating update rather than a full earnings release. It reports preliminary TCE-rate and coverage information as of the date of the release, alongside new chartering agreements. The company did not provide revenue, profitability, EPS, cash flow, balance-sheet data, dividends, or repurchases for Q3 2026.

The preliminary rate profile is led by LR2 pool and spot-market average daily TCE revenue of $ 64,900 on 1,249 expected revenue days, representing 85 % of days. MR pool and spot-market average daily TCE revenue was $ 30,000 on 3,058 expected revenue days, representing 79 % of days. Handymax pool and spot-market average daily TCE revenue was $ 25,500 on 1,183 expected revenue days, representing 70 % of days. The release separately identifies time-charter and bareboat-charter exposure, which carries different reported daily revenue rates.

Contracted employment expanded through three new three-year time charter-out agreements. STI Gladiator and STI Jermyn are contracted at $40,188 per day and $42,500 per day, respectively, with commencement expected in September 2026. STI Pontiac is contracted at $23,900 per day with commencement expected in the fourth quarter of 2026. These agreements provide disclosed future contracted rates, while the pool and spot-market figures remain subject to revision as voyages and pool results are finalized.

Dilution is a key reporting consideration for the quarter. The company estimates fully diluted weighted average shares outstanding for the three months ended September 30, 2026 to be between 54.5 to 55.5 million shares. The release states that the calculation includes the potentially dilutive effect of the Convertible Notes and restricted shares, subject to the if-converted method and anti-dilution treatment.

Fleet expansion remains part of the disclosed forward operating profile. Scorpio Tankers currently owns 75 product tankers with an average age of 10.2 years and has agreements or letters of intent for five MR newbuildings, six LR2 newbuildings, and two VLCC newbuildings. The principal near-term items are final third-quarter pool results, commencement of the newly contracted charters, and the final diluted-share calculation.

Scorpio Tankers delivered a materially stronger second quarter under IFRS. Vessel revenue was $ 408,734 (in thousands of U.S. dollars), compared with $ 230,225 (in thousands of U.S. dollars) in the prior-year quarter. TCE revenue was $ 391,800 (in thousands of U.S. dollars), compared with $ 222,764 (in thousands of U.S. dollars), while fleet TCE per revenue day was $ 52,661 versus $ 25,569. The increase occurred despite the average number of vessels declining to 84.5 from 99.0, demonstrating that stronger tanker pricing more than offset the smaller fleet.

The underlying earnings result was strong but reported net income also benefited from asset sales. Operating income was $ 398,328 (in thousands of U.S. dollars), and net income was $ 387,536 (in thousands of U.S. dollars), versus $ 79,078 (in thousands of U.S. dollars) and $ 73,508 (in thousands of U.S. dollars), respectively, in the prior-year period. The quarter included a $ 154,149 (in thousands of U.S. dollars) gain on sales of vessels. Adjusted net income was $ 243,720 (in thousands of U.S. dollars), or $ 4.68 adjusted diluted earnings per share, and adjusted EBITDA was $ 300,500 (in thousands of U.S. dollars).

Rates strengthened across all reported vessel classes. LR2 TCE per revenue day was $ 58,959, MR TCE per revenue day was $ 49,551, and Handymax TCE per revenue day was $ 47,327. Management attributed the rate environment to Middle East disruption, altered trading patterns and longer voyage distances. However, the company also said daily spot TCE rates trended down from record highs toward the end of the quarter. Costs require monitoring: vessel operating costs per day increased to $ 8,394 from $ 7,630, and general and administrative expenses rose to $ 46,550 (in thousands of U.S. dollars) from $ 29,614 (in thousands of U.S. dollars).

Capital allocation combined fleet monetization, debt restructuring, newbuilding commitments and shareholder returns. The company generated $ 483,499 (in thousands of U.S. dollars) of operating cash flow in the six-month period and received $ 674,302 (in thousands of U.S. dollars) of net proceeds from sales of vessels. It issued $605.0 million of Convertible Notes due 2031, prepaid $389.1 million of secured debt during the quarter, and redeemed the $200 million Nordic Bonds in July. As of July 28, 2026, it reported $2.0 billion in unrestricted cash and cash equivalents, $483.2 million in undrawn revolver capacity and $ 1,307,251 (in thousands of U.S. dollars) of net cash.

The company declared a $0.45 per common share quarterly dividend and repurchased 1,994,236 common shares during the second quarter at an average price of $77.72 per share. It also expanded its forward vessel pipeline, with commitments or letters of intent for six LR2s, six MRs and two VLCCs, plus a minority interest in a joint venture constructing eight VLCCs. The filing provides third-quarter contracted rate and revenue-day data rather than consolidated revenue or earnings guidance. Those contracted rate disclosures show substantially lower pool and spot market average daily TCE revenue than the second-quarter realized class rates, alongside scheduled drydock costs and off-hire days.