Latest news with #LR2
Associated Press
13-06-2025
- Business
- Associated Press
Heidmar Maritime Holdings Corp. Partners With B2i Digital as a Featured Company to Expand Investor Awareness
B2i Digital to Highlight Heidmar's 40+ Years of Maritime Excellence and Global Tanker Pool Management Platform NEW YORK, NY - June 13, 2025 ( NEWMEDIAWIRE ) - B2i Digital is pleased to announce that Heidmar Maritime Holdings Corp. (NASDAQ: HMR), a global leader in tanker pool and commercial management services, has been named a B2i Digital Featured Company. Through this partnership, B2i Digital will help expand Heidmar's investor engagement, highlighting its four-decade track record in maritime excellence, innovative digital platform, and strategic positioning in the global shipping industry. 'Heidmar represents a compelling opportunity for investors seeking exposure to the maritime transportation sector,' said David Shapiro, CEO of B2i Digital. 'With over 40 years of proven experience, a fleet of 51 vessels under management, and their innovative eFleetWatch platform, Heidmar demonstrates the kind of operational excellence and technological innovation that creates lasting value. We look forward to showcasing this established maritime leader to a broader investor audience.' 'Our partnership with B2i Digital reflects our commitment to building stronger relationships with the investment community as we continue to expand our platform,' said Pankaj Khanna, CEO of Heidmar Maritime Holdings Corp. 'Having recently completed our public listing and celebrated our 40th anniversary, we are focused on leveraging our decades of experience and industry relationships to deliver value for shareholders while serving our clients with the highest standards of safety and transparency.' Heidmar operates one of the maritime industry's most comprehensive commercial management platforms, with a managed fleet spanning VLCCs, Suezmax, Aframax/LR2, and MR class vessels. The company serves the global crude oil and refined petroleum product markets through strategically located offices in Athens, London, Singapore, Chennai, Hong Kong, and Dubai, with planned expansion into Houston. Heidmar's proprietary eFleetWatch digital platform provides real-time vessel tracking and management capabilities, offering both internal teams and external stakeholders transparent access to operational data. Under CEO Pankaj Khanna's leadership since 2019, Heidmar has experienced substantial growth, expanding from seven vessels to 51 vessels under management and 4 tankers under technical management. The company recently completed a successful business combination with MGO Global, leading to its February 2025 listing on the Nasdaq Capital Market under the ticker 'HMR.' About B2i Digital, Inc. B2i Digital, Inc. partners with leading investor conferences, public companies, and capital markets advisors through its signature programs: Featured Conference, Featured Company, and Featured Expert. Utilizing advanced digital marketing strategies, a network of 1.3 million investors, and highly targeted introductions, B2i Digital helps connect key stakeholders across the financial markets. The company was founded in 2021 by David Shapiro, who previously served as both an Investment Banker at Maxim Group and its Chief Marketing Officer. B2i Digital Contact Information: David Shapiro Chief Executive Officer B2i Digital, Inc. 212.579.4844 Office [email protected] About Heidmar Maritime Holdings Corp. Celebrating over 40 years of maritime excellence, Heidmar Maritime Holdings Corp. (NASDAQ: HMR) is a global provider of marine transportation services with five core business lines: management services for pools of vessels that share operational costs and revenues; commercial management of individual vessels; sale and purchase advisory for vessel transactions; technical management of tankers; and vessel chartering through charter-in and charter-out arrangements. As of this date, Heidmar commercially manages 39 vessels and technically manages 4 tanker vessels. Headquartered in Athens, Greece, with operations spanning London, Singapore, Chennai, Hong Kong, and Dubai, Heidmar provides comprehensive commercial management solutions for crude oil and refined petroleum product tankers. The company manages a diverse fleet of 60+ vessels, including VLCCs, Suezmax, Aframax/LR2, and MR tankers, serving leading oil companies, traders, and shipowners worldwide. Heidmar's commitment to safety, performance, relationships, and transparency is supported by its proprietary eFleetWatch digital platform, which delivers real-time vessel tracking and operational data to stakeholders. For more information, please visit . Heidmar Maritime Holdings Corp. Investor Contact Information: Nicolas Bornozis Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 212.661.7566 [email protected] View the original release on
Yahoo
23-05-2025
- Business
- Yahoo
Frontline CEO Says Tanker Industry 'Maintains Business As Usual' Amid Uncertainty
Frontline Plc (NYSE:FRO) shares are trading higher on Friday. The company reported revenue of $427.9 million, surpassing the $264.2 million consensus. Adjusted EPS declined to 18 cents from 62 cents a year ago, missing the consensus of 23 cents. The company's reported spot time charter equivalent earnings (TCEs) for VLCCs, Suezmax tankers, and LR2/Aframax tankers were $37,200 (vs. $48,100 last year), $31,200 (vs. $45,800 last year) and $22,300 (vs. $54,300 prior year) per day. At the close of the first quarter of 2025, contracted ballast days totaled 887 for VLCCs, 306 for Suezmax tankers, and 216 for LR2/Aframax of March 31, 2025, the company owned a fleet of 81 vessels, including 41 VLCCs, 22 Suezmax tankers, and 18 LR2/Aframax tankers, with a total capacity of approximately 17.8 million DWT. Net operating income for the quarter declined to $93.2 million from $251.3 million a year ago. Operating cash flow was $137.9 million in the first quarter, compared to $171.3 million in the same quarter a year ago. The company held cash and cash equivalents of $436.5 million at the end of the quarter. The Board declared a $0.18 per share dividend for the first quarter, payable on or about June 24, 2025, with a record date of June 12, 2025. Lars H. Barstad, CEO of Frontline Management AS, said, 'The first quarter of 2025 came in line with the previous quarter, somewhat muted relative to the economic and political backdrop during the period. In times of uncertainty, it's comforting to operate in an industry that maintains business as usual, transporting oil and products around the world at a steady pace.' 'Utilization on the larger ships has improved during the quarter and with continued pressure and enforcement on sanctioned trades, we have seen healthy developments in activity across the segments that Frontline deploys.' 'Fleet growth remains slow, and ordering has again stalled, continuing to support the long-term fundamental story for tankers, where Frontline is ideally positioned with its cost-focused business model and spot-exposed, modern fleet,' Barstad added. Inger M. Klemp, CFO of Frontline Management AS, said, 'Through our refinancings in 2025, we have further strengthened our strong liquidity, leaving the company with no meaningful debt maturities until 2030, and further reduced our borrowing costs and cash breakeven rates.' Frontline expects spot TCEs for the second quarter of 2025 to be lower than the spot TCEs currently contracted, primarily due to the impact of ballast days. Investors can gain exposure to the stock via SonicShares Global Shipping ETF (NYSE:BOAT). Price Action: FRO shares are trading higher by 3.90% to $17.85 at last check Friday. Read Next:Photo by Faraways via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? FRONTLINE (FRO): Free Stock Analysis Report This article Frontline CEO Says Tanker Industry 'Maintains Business As Usual' Amid Uncertainty originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
FRO – First Quarter 2025 Results
FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025 Frontline plc (the 'Company', 'Frontline,' 'we,' 'us,' or 'our'), today reported unaudited results for the three months ended March 31, 2025: Highlights Profit of $33.3 million, or $0.15 per share for the first quarter of 2025. Adjusted profit of $40.4 million, or $0.18 per share for the first quarter of 2025. Declared a cash dividend of $0.18 per share for the first quarter of 2025. Reported revenues of $427.9 million for the first quarter of 2025. Achieved average daily spot time charter equivalent earnings ("TCEs")1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the first quarter of $37,200, $31,200 and $22,300 per day, respectively. Entered into three senior secured credit facilities in February 2025 for a total amount of up to $239.0 million to refinance the outstanding debt on three VLCCs and one Suezmax tanker maturing in 2025 and, in addition, provide revolving credit capacity in a total amount of up to $91.9 million. Entered into one senior secured term loan facility in April 2025 in an amount of up to $1,286.5 million to refinance the outstanding debt on 24 VLCCs approximately three and a half years prior to maturity to reduce the margin. Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented: 'The first quarter of 2025 came in line with the previous quarter, somewhat muted relative to the economic and political backdrop during the period. In times of uncertainty, it's comforting to operate in an industry that maintains business as usual, transporting oil and products around the world at a steady pace. Utilization on the larger ships has improved during the quarter and with continued pressure and enforcement on sanctioned trades, we have seen healthy developments in activity across the segments that Frontline deploys. Fleet growth remains slow, and ordering has again stalled, continuing to support the long-term fundamental story for tankers, where Frontline is ideally positioned with its cost-focused business model and spot-exposed, modern fleet.' Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added: 'Through our refinancings in 2025, we have further strengthened our strong liquidity, leaving the Company with no meaningful debt maturities until 2030, and further reduced our borrowing costs and cash breakeven rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.' Average daily TCEs and estimated cash breakeven rates ($ per day) Spot TCE Spot TCE currently contracted % Covered Estimated average daily cash breakeven rates for the next 12 months Q1 2025 Q4 2024 2024 Q2 2025 VLCC 37,200 35,900 43,400 56,400 68% 29,700 Suezmax 31,200 33,300 41,400 44,900 69% 24,300 LR2 / Aframax 22,300 26,100 42,300 36,100 66% 23,300 We expect the spot TCEs for the full second quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the second quarter of 2025. See Appendix 1 for further details. The Board of DirectorsFrontline plcLimassol, CyprusMay 22, 2025 Ola Lorentzon - Chairman and DirectorJohn Fredriksen - Director James O'Shaughnessy - Director Steen Jakobsen - DirectorCato Stonex - DirectorØrjan Svanevik - DirectorDr. Maria Papakokkinou - Director Questions should be directed to: Lars H. Barstad: Chief Executive Officer, Frontline Management AS+47 23 11 40 00 Inger M. Klemp: Chief Financial Officer, Frontline Management AS+47 23 11 40 00 Forward-Looking Statements Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of world economies; fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and high interest rates and foreign exchange rates; the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company's floating interest rate debt instruments; general market conditions, including fluctuations in charter hire rates and vessel values; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; changes in the Company's operating expenses, including bunker prices, dry docking, crew costs and insurance costs; planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, surveys and upgrades; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned; our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market; availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements; availability of skilled crew members and other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance policies; Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery; general economic conditions and conditions in the oil industry; effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries; vessel breakdowns and instances of off-hire; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks upon our ability to operate; risks associated with potential cybersecurity or other privacy threats and data security breaches; potential conflicts of interest involving members of our Board of Directors and senior management; the failure of counter parties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; our dependence on key personnel and our ability to attract, retain and motivate key employees; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; the volatility of the price of our ordinary shares; our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States; changes in governmental rules and regulations or actions taken by regulatory authorities; government requisition of our vessels during a period of war or emergency; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the arrest of our vessels by maritime claimants; general domestic and international political conditions or events, including 'trade wars'; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international hostilities including the war between Russia and Ukraine and possible cessation of such war, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attacks in the Red Sea and the Gulf of Aden, acts by terrorists or acts of piracy on ocean-going vessels; the impact of restriction on trade, including the imposition of tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the EU on the United States, and potential further protectionist measures and/or further retaliatory actions by others, including the imposition of tariffs or penalties on vessels calling in key export and import ports such as the United States, EU and/or China; the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation of crude oil and refined products; the impact of port or canal congestion; business disruptions due to adverse weather, natural disasters or other disasters outside our control; and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission. We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 1 This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS ('non-GAAP'). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure. Attachment 1st Quarter 2025 ResultsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
FRO – First Quarter 2025 Results
FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025 Frontline plc (the 'Company', 'Frontline,' 'we,' 'us,' or 'our'), today reported unaudited results for the three months ended March 31, 2025: Highlights Profit of $33.3 million, or $0.15 per share for the first quarter of 2025. Adjusted profit of $40.4 million, or $0.18 per share for the first quarter of 2025. Declared a cash dividend of $0.18 per share for the first quarter of 2025. Reported revenues of $427.9 million for the first quarter of 2025. Achieved average daily spot time charter equivalent earnings ("TCEs")1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the first quarter of $37,200, $31,200 and $22,300 per day, respectively. Entered into three senior secured credit facilities in February 2025 for a total amount of up to $239.0 million to refinance the outstanding debt on three VLCCs and one Suezmax tanker maturing in 2025 and, in addition, provide revolving credit capacity in a total amount of up to $91.9 million. Entered into one senior secured term loan facility in April 2025 in an amount of up to $1,286.5 million to refinance the outstanding debt on 24 VLCCs approximately three and a half years prior to maturity to reduce the margin. Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented: 'The first quarter of 2025 came in line with the previous quarter, somewhat muted relative to the economic and political backdrop during the period. In times of uncertainty, it's comforting to operate in an industry that maintains business as usual, transporting oil and products around the world at a steady pace. Utilization on the larger ships has improved during the quarter and with continued pressure and enforcement on sanctioned trades, we have seen healthy developments in activity across the segments that Frontline deploys. Fleet growth remains slow, and ordering has again stalled, continuing to support the long-term fundamental story for tankers, where Frontline is ideally positioned with its cost-focused business model and spot-exposed, modern fleet.' Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added: 'Through our refinancings in 2025, we have further strengthened our strong liquidity, leaving the Company with no meaningful debt maturities until 2030, and further reduced our borrowing costs and cash breakeven rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.' Average daily TCEs and estimated cash breakeven rates ($ per day) Spot TCE Spot TCE currently contracted % Covered Estimated average daily cash breakeven rates for the next 12 months Q1 2025 Q4 2024 2024 Q2 2025 VLCC 37,200 35,900 43,400 56,400 68% 29,700 Suezmax 31,200 33,300 41,400 44,900 69% 24,300 LR2 / Aframax 22,300 26,100 42,300 36,100 66% 23,300 We expect the spot TCEs for the full second quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the second quarter of 2025. See Appendix 1 for further details. The Board of DirectorsFrontline plcLimassol, CyprusMay 22, 2025 Ola Lorentzon - Chairman and DirectorJohn Fredriksen - Director James O'Shaughnessy - Director Steen Jakobsen - DirectorCato Stonex - DirectorØrjan Svanevik - DirectorDr. Maria Papakokkinou - Director Questions should be directed to: Lars H. Barstad: Chief Executive Officer, Frontline Management AS+47 23 11 40 00 Inger M. Klemp: Chief Financial Officer, Frontline Management AS+47 23 11 40 00 Forward-Looking Statements Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include: the strength of world economies; fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and high interest rates and foreign exchange rates; the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company's floating interest rate debt instruments; general market conditions, including fluctuations in charter hire rates and vessel values; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; changes in the Company's operating expenses, including bunker prices, dry docking, crew costs and insurance costs; planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, surveys and upgrades; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned; our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market; availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements; availability of skilled crew members and other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance policies; Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery; general economic conditions and conditions in the oil industry; effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom; new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries; vessel breakdowns and instances of off-hire; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks upon our ability to operate; risks associated with potential cybersecurity or other privacy threats and data security breaches; potential conflicts of interest involving members of our Board of Directors and senior management; the failure of counter parties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; our dependence on key personnel and our ability to attract, retain and motivate key employees; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; the volatility of the price of our ordinary shares; our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States; changes in governmental rules and regulations or actions taken by regulatory authorities; government requisition of our vessels during a period of war or emergency; potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions; the arrest of our vessels by maritime claimants; general domestic and international political conditions or events, including 'trade wars'; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international hostilities including the war between Russia and Ukraine and possible cessation of such war, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attacks in the Red Sea and the Gulf of Aden, acts by terrorists or acts of piracy on ocean-going vessels; the impact of restriction on trade, including the imposition of tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the EU on the United States, and potential further protectionist measures and/or further retaliatory actions by others, including the imposition of tariffs or penalties on vessels calling in key export and import ports such as the United States, EU and/or China; the length and severity of epidemics and pandemics and their impact on the demand for seaborne transportation of crude oil and refined products; the impact of port or canal congestion; business disruptions due to adverse weather, natural disasters or other disasters outside our control; and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission. We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 1 This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS ('non-GAAP'). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure. Attachment 1st Quarter 2025 ResultsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-02-2025
- Business
- Yahoo
Scorpio Tankers Inc (STNG) Q4 2024 Earnings Call Highlights: Strong Financial Performance and ...
Adjusted EBITDA (Q4 2024): $105 million Adjusted Net Income (Q4 2024): $30 million Adjusted EBITDA (Full Year 2024): $842 million Adjusted Net Income (Full Year 2024): $513 million Debt Reduction (2024): $740 million Liquidity: $1.3 billion (comprising $531 million in cash and $788 million in undrawn revolving capacity) Shareholder Returns (2024): $419 million ($336 million in share repurchases and $84 million in dividends) Vessel Sales (2024): 12 vessels sold Net Debt (as of press release date): $537 million Revolving Credit Facility: $500 million, undrawn, with a margin of 185 basis points Senior Unsecured Notes Issuance: $200 million at a 7.5% coupon Cash Breakeven: $12,500 per day Cash Flow Potential: Up to $994 million per year at $40,000 per day rates Warning! GuruFocus has detected 2 Warning Sign with TTVSY. Release Date: February 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Scorpio Tankers Inc (NYSE:STNG) reported a strong financial performance for the fourth quarter of 2024, with $105 million in adjusted EBITDA and $30 million in adjusted net income. The company significantly strengthened its balance sheet by reducing indebtedness by $740 million and expanding its revolving debt capacity. Scorpio Tankers Inc (NYSE:STNG) has a strong liquidity position with $1.3 billion available, including $531 million in cash and $788 million in undrawn revolving capacity. The company completed the special surveys and dry docking of 54 vessels in 2024, enhancing operational efficiency and reducing the need for repositioning voyages. Scorpio Tankers Inc (NYSE:STNG) returned $419 million to shareholders in 2024 through share repurchases and dividends, demonstrating a commitment to shareholder value. The geopolitical landscape, including sanctions and tariffs, has increased uncertainty and volatility in the market, impacting trade flows and shipping rates. Despite strong financial results, the company acknowledges the potential for cyclical downturns triggered by unexpected events, such as geopolitical tensions. The market for product tankers remains volatile, with rates lower than the previous year, and the company is cautious about predicting future rate trends. Scorpio Tankers Inc (NYSE:STNG) faces challenges from an aging fleet, with more than 1,000 ships expected to be older than 20 years by 2027, potentially impacting fleet growth. The company is navigating complex regulatory environments, such as EU emissions regulations, which add operational challenges and could impact competitiveness. Q: Have you noticed any change in trade flows due to recent sanctions, particularly on the midsized Aframax and LR2 segments? A: (Emanuele Lauro, CEO) The implementation of sanctions often has a delayed effect on shipping rates. (Lars Dencker Nielsen, Chief Commercial Officer) The second round of sanctions is impacting more ships, especially in the midsize segment. We are seeing ships rerouting and an increase in storage, but the full impact on rates is yet to be seen. Q: You underwent dry dockings for 54 ships last year, more than initially planned. What drove this decision? A: (Cameron Mackey, COO) Dry docking requires significant planning, and we aim to position assets optimally. We moved some dry dockings forward based on market conditions and logistical considerations, which positions us well for the future. Q: How do you plan to further reduce cash breakevens given the current cost structure? A: (Christopher Avella, CFO) Efficiency improvements from vessels coming out of dry dock will help. Additionally, we plan to use our liquidity to pay down revolving credit, which will further reduce breakevens. Q: What are your thoughts on the investment in DHT and moving into the crude market? A: (Robert Bugbee, President) We see potential for VLCC rates to improve, and DHT is a best-in-class company with a strong management team. This investment is based on expected market dynamics and DHT's solid performance. Q: How do you view the potential impact of a peace agreement involving Russia on the tanker market? A: (Robert Bugbee, President) It's unlikely that a peace agreement would immediately return the market to pre-conflict conditions. The dark fleet serving Russia is unlikely to meet Western standards, and any changes would be gradual. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
