New York-listed Scorpio, which has ordered 30 new vessels this year, logged a profit of $6.6m in the opening three months of 2013.
This overturned a loss of $5.1m a year ago, as a larger fleet led to increased revenue this time around.
Earnings per share hit the tape at $0.08, ahead of the $0.05 analysts on Wall Street had been hoping for.
Emanuele Lauro, CEO of Scorpio, said: "We are delighted to report a profitable quarter and the continued significant premium that our fuel-efficient vessels earn against their peers in the spot market.
“However, with the bulk of our orderbook yet to deliver, we don't believe these results begin to reflect the earnings potential of our company in an improving environment for product tankers.”
Scorpio is likely set for stronger earnings later this year with four newbuildings due to arrive this summer into an improving market.
A further profit bulge is moving down the pipe and its bottom line is expected to spring up from the second half of next year when the majority of the new vessels are set to hit the water.
Lauro said: "While we do not expect to escape seasonality entirely, long-term trends and short-term catalysts alike are providing substantial support to our markets, leading to continued year-over-year improvement as well as greater clarity on future earnings.
“This visibility, and our confidence in the enhanced cash flows that our growing, modern, fuel-efficient fleet is delivering, led to our recent implementation of a modest dividend.
“However, with newbuilding prices firming and the global fleet of modern product tankers continuing to consolidate into fewer, stronger hands, we have great conviction about our current position and our ability to execute on further opportunities when they arise.”
