Scorpio Tankers Sees $80k Daily LR2 TCE Rates, 53–54M Shares
STNG•Scorpio Tankers reported average daily second-quarter TCE rates of $80,000 for LR2 tankers (88% coverage) and $53,000 for MR tankers (90% coverage), with spot, time charter and bareboat rates detailed across its fleet. The company estimates 53–54 million diluted shares outstanding for Q2, reflecting potential conversion of 1.75% senior notes.
1. Second Quarter TCE Rate Update
Through June 18, average daily TCE for the fleet reached $80,000 for LR2 tankers (1,721 expected revenue days, 88% coverage), $53,000 for MR tankers (3,041 days, 90% coverage) and $54,000 for Handymax vessels (1,169 days, 80% coverage). Pool and spot exposures outside pools generated daily revenues of $30,300, $26,500 and $23,000 respectively, and MR bareboat charters yielded $12,986 across 90 days.
2. Revenue Days and Coverage Finalization
Expected revenue days account for total calendar days minus estimated off-hire days for repairs or drydockings, with idle days included. All rates and coverage percentages remain subject to adjustment as pool results and in-progress voyages are finalized.
3. Diluted Shares Outstanding Estimate
The company estimates fully diluted weighted average shares for Q2 2026 at 53–54 million, incorporating potential conversion of 1.75% Convertible Senior Notes due 2031 under the if-converted method and restricted shares from its equity incentive plan. This preliminary figure is subject to change based on the average stock price during the period.
4. Fleet Composition and Newbuild Program
Scorpio Tankers currently owns 81 product tankers with an average age of 10.2 years and has agreements to sell one MR and six LR2 vessels expected to close in Q2 or Q3 2026. It holds contracts for six MR newbuilds (deliveries in 2026–2030), four LR2 newbuilds (2027–2029) and two VLCC newbuilds in 2028.
