Scorpio on script

New York-listed tanker owner sees second quarter loss match forecasts.
Emanuele Lauro

Emanuele Lauro

New York-listed Scorpio, which issued a profit warning before the quarter closed, booked a loss of $600,000 for the period compared with the $3.97m gain of a year ago.

Adjusted for a gain on a swap deal with hedge fund Kensico involving Dorian LPG stock, financial fees on a loan and derivatives, its numbers were in line with expectations.

Its adjusted loss of $11.2m translates to $0.06 per share, the figure Wall Street had projected.

Scorpio, which is not holding a conference call for the quarter, is running at a profit of $52.8m in the first half of 2014.

The number includes a $51.4m gain on the sale of seven VLCC newbuildings in addition to the Dorian stock trade and other one-off items.

Scorpio is paying a $0.10 per share dividend for the quarter, up by a penny on its previous payout.

The owner has paid $33.86m in first half dividend and repurchased shares worth $105.9m this year.

Scorpio has 31 owned tankers in the water and 26 on charter. It also has 29 newbuildings to come this year and next.

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