Scorpio Tankers recorded a net income of $216.3 million for the three months ended March 31, 2026. This result represented a significant increase from the $58.2 million profit recorded during the same period in 2025.
Agreements were reached to sell three LR2 product tankers, STI Park, STI Sloane, and STI Madison, for a total of $195 million.
Scorpio also received a commitment from Bank of America for a credit facility of up to $50 million to refinance two vessels. This facility will be used for the 2015-built STI Rose and STI Alexis.
The company expects both the vessel sales and the refinancing facility to conclude by the end of June.
Eight additional vessels were sold in March 2026, including the LR2 tanker STI Solidarity for $60 million. The company also entered agreements to sell four MR tankers for $140 million and three others for $105 million.
Options were exercised to purchase two LR2 newbuilding product tankers from Dalian Shipbuilding Industry in China for $68.5 million each. Deliveries for these vessels are scheduled in the third and fourth quarters of 2029.
Time charter-out agreements for the tankers STI Lombard and STI Rambla commenced in March. STI Lombard was fixed for five years at $33,000 per day, whereas STI Rambla was chartered for eight years at a rate of $30,500 per day.
Average daily revenue for LR2 vessels in the pool and spot market reached $50,830 during the first quarter. In the same period, MR vessels averaged $33,633 per day while Handymax tankers earned $35,740.
Scorpio noted that spot market rates for the second quarter as of May 5 have increased significantly. Current bookings for LR2 vessels reached $96,000 per day, while MR and Handymax vessels achieved $66,000 and $61,000 respectively.
