Scorpio Tankers reported net income of $387.5 million for the second quarter ended June 30, 2026, compared with $73.5 million in the corresponding period of 2025. Vessel revenue increased to $408.7 million from $230.2 million a year earlier.
Adjusted net income totalled $243.7 million after excluding a $154.1 million gain on vessel sales and $20.2 million in debt extinguishment costs.
The company achieved an average daily time charter equivalent revenue of $52,661 per vessel during the quarter, which it attributed to trade route realignments following disruptions in the Middle East.
Scorpio Tankers also entered into three-year time charter agreements for three product tankers. STI Notting Hill and STI Westminster were fixed at $25,000 per day, while STI Bronx secured a rate of $23,900 per day.
In July, the company signed a letter of intent to acquire two product tankers from Jiangsu Hantong Ship Heavy Industry for $72.8 million per vessel. The vessels are expected to be delivered in 2029.
Scorpio Tankers also acquired an equity interest of less than 15 per cent in a joint venture constructing eight crude tankers. These vessels are scheduled for delivery between 2029 and 2030.
The company further agreed to purchase two product tankers from Jiangsu Yangzi-Mitsui Shipbuilding for $46.33 million each, with deliveries expected in 2030.
During the quarter, Scorpio Tankers raised $605 million through the issuance of convertible senior notes and prepaid $389.1 million of secured credit facility debt.
The company sold four product tankers for $285.8 million and one MR product tanker for $35 million in July, following the sale of 10 vessels during the second quarter.
Scorpio Tankers also secured a commitment from Standard Chartered Bank and DekaBank Deutsche Girozentrale for a credit facility of up to $90 million to finance four product tankers under construction at Jingjiang Nanyang Shipbuilding with deliveries scheduled in 2026 and 2027.
