Scorpio Tankers Inc

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    Fund Managers

    How Have Hedge Funds Played Crude Oil Tankers?

    Trade activity among institutional investors with exposure to crude tankers revealed mixed activity in 2Q15. Certain crude tanker companies on average have generated returns of 38% so far in 2015.

    By Santiago Solari
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    Fund Managers

    Why Are Oil Tankers Sailing High in 2015?

    Oil tankers have outperformed shipping peers, generating in excess of 50% year-to-date on a total return, or price return plus cash returns, basis.

    By Santiago Solari
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    Earnings Report

    Very large crude carrier demand from Asia on the uptrend

    Led by economies of scale over long distances, crude is more likely to be shipped via very large crude carrier.

    By Katie Dale
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    Earnings Report

    Navios Maritime Acquisition fleet enjoys profitable charter rates

    A strong increase in tanker rates is allowing Navios Maritime Acquisition to secure attractive contract periods for its fleet of charters.

    By Katie Dale
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    Earnings Report

    Navios Maritime Acquisition: A balanced chartering strategy

    Navios Acquisition’s product tanker chartering strategy focuses on the upside potential by using profit sharing arrangements on most available days.

    By Katie Dale
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    Earnings Report

    Navios Maritime Acquisition profit sharing, cash, and dividends

    For the full-year 2015, Navios Maritime Acquisition expects to pay dividends of $15.7 million. A 4Q 2014 dividend of $0.05 per share will be paid in April.

    By Katie Dale
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    Earnings Report

    Oil price drop leads to higher very-large-crude-carrier rates

    As current fuel prices fall below log-time inflation, the adjusted average oil price leads to contango, and that drives VLCC rates higher.

    By Katie Dale
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    Earnings Report

    China’s oil consumption projected to keep fleet afloat

    Since January 2009, China’s oil imports have more than doubled, at a 16% compounded annual growth rate. It will need ~14 million barrels per day by 2035.

    By Katie Dale
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    Earnings Report

    Navios Maritime Acquisition: Earnings and fleet grow in 4Q14

    The operations of Navios Maritime Acquisition Corporation (NNA) are managed by Navios Tankers Management, a subsidiary of Navios Maritime Holdings (NM).

    By Katie Dale
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    Energy & Utilities

    Navios Maritime Midstream may enter LPG market

    The international LPG shipping market is volatile in profitability, charter rates, and vessel values, adversely affecting businesses during downturns.

    By Katie Dale
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    Energy & Utilities

    Crude oil contango and offshore storage

    The drastic drop in crude oil prices created a situation in which the price of near-term crude is cheaper than the price of long-term crude.

    By Katie Dale
  • Industrials

    Scorpio Tankers prices its public offering of unsecured notes

    Lower borrowing costs through KEXIM financing In July 2014, Scorpio Tankers Inc. (STNG) participated in the previously announced offering of $125.2 million in shipping aggregate principal amount of floating rate guaranteed notes due in 2019 (the KEXIM notes). These notes have reduced Export-Import Bank of Korea’s (or KEXIM’s) funding obligations under Scorpio Tankers’ KEXIM credit […]

    By Katie Dale
  • Industrials

    New buyback program approved by Scorpio Tankers

    On July 28, 2014, the board of directors of Scorpio Tankers (STNG) approved a new stock buyback program with authorization to purchase up to $150 million of its common stock.

    By Katie Dale
  • Industrials

    Scorpio Tankers’ shares in Dorian to be registered for resale

    Dorian will be registering for resale, under the Securities Act of 1933 as amended, all the Dorian shares that Scorpio Tankers (STNG) owns. Scorpio Tankers currently owns approximately 9.4 million shares, or 16.3%, of Dorian.

    By Katie Dale
  • Industrials

    Perfect time for Scorpio Tankers to foray the market

    Scorpio Tankers is at the beginning of what could be a strong winter season for product tankers, and the company is extremely well positioned to take advantage of it.

    By Katie Dale
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    Industrials

    What are the benefits of Scorpio Tankers’ newbuilding program?

    Scorpio Tankers’ management believes that with the newbuilding program, the company over the summer finally turned the corner of having more ships on the water than vessels under construction at shipyards.

    By Katie Dale
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    Industrials

    Scorpio Tankers adopts a shift in charter mix

    For the third quarter of 2014, the charter hire expense increased $1.1 million to $32.9 million, from $31.9 million in the year ago quarter.

    By Katie Dale
  • Industrials

    NNA’s crude tankers and VLCC market fundamentals

    Navios Maritime Acquisition’s (NNA) management commented that for 2004–2013, transportation demand—expressed in ton miles—is expected to increase by ~77%.

    By Katie Dale
  • Energy & Utilities

    Navios Acquisition has a cash flow cushion from low breakeven

    For 2014, 99.4% of NNA’s fleet is contracted. It’s expected to have a contacted daily charter-out rate of $18,549 per day. For 2015, 56.9% of the fleet is contracted out.

    By Katie Dale
  • Industrials

    Navios Acquisition has a cautious financial strategy

    NNA’s senior notes mature at the end of 2021. There aren’t any debt maturities on bank debt until 2016. NNA estimates that leverage ratios will continue to decrease.

    By Katie Dale
  • Industrials

    Why NNA’s cash flow bridged after the NAP transaction

    As of September 30, 2014, cash and cash equivalents, including NNA’s restricted cash, totaled $72.3 million—compared to $107.8 million recorded as of December 31, 2013.

    By Katie Dale
  • Industrials

    Navios Acquisition’s positive revenue and net income

    With an expanding vessel base and increasing available days, NNA recorded a significant increase in revenue. The company’s bottom line generated profits.

    By Katie Dale
  • Energy & Utilities

    Must-know: NNA’s global growth outlook

    Global growth Navios Maritime Acquisition’s (NNA) management cites the International Monetary Fund’s (or IMF) projected growth for 2014 and 2015 at 3.4%, and developing markets growth of 4.6% in 2014 and 5.2% in 2015. Meanwhile, the International Energy Association (or IEA) projects global oil demand growth to rise by 1 million barrels per day to […]

    By Katie Dale
  • Energy & Utilities

    Why the product tanker market is bright

    In the product tanker sector, demand for transportation expressed in terms of ton miles for the period 2004 to 2013 increased by almost 77%.

    By Katie Dale
  • Energy & Utilities

    Must-know: NNA’s balance sheet and management outlook

    At the end of the second quarter, Navios Maritime Acquisition’s (NNA) total assets amounted to $1.8 billion while total debt stood at $1,252 billion.

    By Katie Dale
  • Energy & Utilities

    Why NNA liquidity position supports company growth and dividends

    For the second quarter 2014, NNA’s board of directors declared a quarterly cash dividend of $0.05 per share on its common stock payable on October 2, 2014

    By Katie Dale
  • Energy & Utilities

    Must-know: NNA vessel deliveries enhance material growth

    In June 2014, NNA delivered the Nave Neutrino, a 2003-built VLCC (very large crude carrier) of 298,287 dwt (or deadweight tonage), for a purchase price of $43.5 million.

    By Katie Dale
  • Energy & Utilities

    Why NNA’s bottom line dipped due to one-time items

    In 2Q14, Navios Maritime Acquisition (NNA) increased its EBITDA (earnings before interest, tax, depreciation, and amortization) by $5.6 million.

    By Katie Dale
  • Energy & Utilities

    Must-know: Scorpio’s transformation to ECO vessels

    Scorpio’s product tankers are likely to deliver in 2014–2015, while new vessel orders would be available post 2016.

    By Katie Dale
  • Energy & Utilities

    Must-know: Scorpio Tankers Ltd

    Trading at a market cap of $1.84 billion, the company records a dividend yield of 3.71% and a beta of 1.79.

    By Katie Dale
  • uploads///vessels value
    Energy & Utilities

    Crude tankers may still do well long-term, but there will be pain

    Fundamentals are quite negative if we take a look at older vessels, which are generally more sensitive to short-to-medium-term movements in shipping rates and outlook.

    By Yanyu Mao
  • uploads///Product Tanker Missing Chart
    Energy & Utilities

    Rising orders for refined oil shipping spell higher rates ahead

    On November 8, the overall orderbook for product tankers stood at 12.43% of existing capacity measured in dwt (deadweight tonnage).

    By Xun Yao Chen
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    Energy & Utilities

    Why Capital Product Partners didn’t rally after beating estimates 400%

    Beating estimates Let’s begin with earnings since that’s often what analysts and investors look at. For the third quarter of 2013, which was released on October 31 in the morning, CPLP reported basic EPS of $0.35 per share, which was five times more than the estimate of $0.07 per share. Basic EPS of $0.35 a […]

    By Xun Yao Chen
  • uploads///Baltic Clean Tanker Index YoY    e
    Energy & Utilities

    Product tanker rates remain low, weakness among product industry

    Shipping rates: A leading indicator The single most important indicator that affects tanker companies’ performance is shipping rates. One well-established index that tracks the price of shipping refined oil across the ocean for representative routes is the Baltic Dirty Clean Index. Compiled daily by the Baltic Exchange for rates settled in the spot market on […]

    By Xun Yao Chen
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    Energy & Utilities

    Why 2nd-hand vessel prices favor Navios (NNA) and Scorpio (STNG)

    The importance of second-hand vessel price (values) In addition to new-build prices, it’s also important for investors to follow second-hand vessel prices. Like prices for newbuilds, second-hand vessel price reflect the fundamental outlook for the shipping industry. When prices are rising, they generally portray a favorable outlook for rates. When rates are stable, you can […]

    By Xun Yao Chen
  • uploads///US Crude Oil Rotary Rig Count    e
    Energy & Utilities

    Why the flat oil rig count won’t hinder product tanker demand

    US rotatory rig count: The forefront of future oil production The US Crude Oil Rotary Rig Count is a valuable indicator that shows how much drilling activity is occurring in the United States, tracking the number of rotating drills that are drilling into the Earth’s crust in search of oil or developing oil wells. The […]

    By Xun Yao Chen
  • Energy & Utilities

    Why weak September orders led to weak product tanker performance

    September was rather a weak month for product tankers. But there’s no sign yet that managers are seeing a cloud over the ocean’s horizon, and the long-term trend remains positive.

    By Xun Yao Chen
  • uploads///Baltic Clean Tanker Index    e
    Energy & Utilities

    Neutral shipping rates mean fleet expansion, driving share prices

    Shipping rates affect companies’ revenues The single most important indicator that affects tanker companies’ top-line revenue is shipping rates, which influence profitability margins, earnings, and share prices. So traders and analysts often look at shipping rates. Shipping rates generally fall because of looser supply and demand dynamics. On the other hand, shippers can achieve higher […]

    By Xun Yao Chen
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    Energy & Utilities

    Crude tanker index 25% lower, product tanker index steady

    On August 30, the Baltic Dirty Tanker Index and Baltic Clean Tanker Index stood at 622 and 604, respectively.

    By Xun Yao Chen
  • Energy & Utilities

    Weekly product tanker capacity growth rises, crude tanker falls

    While annual capacity growth still remains above 3.5% for crude tankers and even higher for product tankers, it has come down since April, which is a positive sign.

    By Xun Yao Chen
  • Energy & Utilities

    Orderbook shows divergence between product and crude tankers

    The divergence we’ve seen between orders for product tankers and crude tankers reflects in share prices.

    By Xun Yao Chen
  • uploads///Crude and Product Tanker Routes
    Industrials

    Why Navios and Scorpio have rallied more than 40%

    Scorpio Tankers Inc. (STNG) and Navios Maritime Acquisition Corp. (NNA) have performed better this year than other shipping stocks.

    By Xun Yao Chen
  • uploads///Crude Tanker Orders Ratio    e
    Energy & Utilities

    Weekly tanker digest: Have fundamentals changed? (Part 2)

    Continued from Part 1 The significance of ship orders One measure that reflects managers’ assessment of future supply and demand differences is the number of ships on order. When managers expect future demand to increase more than supply, if they also expect to generate profits with the investment, they will often place new ship orders. But […]

    By Xun Yao Chen
  • uploads///US Crude Oil Rotary Rig Count    e
    Energy & Utilities

    US oil production expected to hit record in 2013, negative for tankers

    US oil rig count is a leading indicator of US oil production and oil imports. Since 2008, a boom in US oil industry has negatively impacted demand for tankers (see Tankers will likely underperform dry bulk ships in 2013)— vessels that transport oil across ocean. Higher US oil production, due to application of technologies called […]

    By Xun Yao Chen
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