Revenue came in at $30.1m, a year-on-year
increase of 33% while operating costs were up slightly on last year to $32m.
Scorpio’s fleet achieved a time charter
equivalent (TCE) rate of $13,392 per day versus the $11,912 per day achieved in
late 2011.
Operating costs per day were $7,348 for the
fourth quarter of 2012, an increase of $109 per day from the $7,239 seen a year
ago.
“The first quarter has been marked
by seasonal refinery turnarounds in the East and lower export volumes, yet we
have experienced firm markets so far, particularly in the Atlantic basin as a
result of increasing US Gulf exports,” said chief executive Emanuele Lauro.
“Going forward, we expect
improvement in volumes and rates as several major refineries resume production.”
“We continue to see confirmation of
our longer-term thesis, that there will be significant increases in product
tanker demand days as refining capacity inexorably shifts to more competitive
locations.”
“This shift is lengthening steaming
distances, expanding the opportunity set for commodity traders, and solidifying
the role of the product tanker as inexpensive and flexible storage as port
infrastructure is constrained.”
“Our new vessels are performing well, realizing
the fuel savings we previously announced, and we are confident that our
newbuilding program is well-timed. We see a very attractive competitive
landscape to match our profile for growth.”
Scorpio has twenty product tanker
newbuilding on order split between South Korea’s Hyundai Mipo Dockyard and SPP
Shipbuilding.
Two of the newbuildings are expected
to be delivered to the Company by April 2013 and the remaining eighteen by the
end of 2014.
The company also has fixed-price options to
construct a total of fourteen additional newbuilding product tankers at these
yards.
