Scorpio Tankers reports higher quarterly earnings and raises dividend
Scorpio Tankers reported a substantial increase in third-quarter earnings for 2026, supported by stronger product tanker market conditions and gains from vessel sales, while announcing an increase in its quarterly cash dividend.
The company recorded net income of US$224.3 million for the three months ended 30 September 2026, compared with US$84.5 million in the corresponding period of 2025. Diluted earnings per share increased to US$4.60 from US$1.73.
Adjusted net income, which excludes certain vessel sale gains and financial valuation effects, rose to US$127.4 million from US$72.7 million a year earlier. Adjusted diluted earnings per share increased to US$2.49 from US$1.49.
The reported third-quarter result included a US$152.6 million gain from vessel sales and a US$55.6 million fair value loss on financial liabilities.
Vessel revenue increased to US$266.5 million from US$241.4 million, while time charter equivalent (TCE) revenue reached US$249.1 million, compared with US$232.9 million in the previous year.
Average daily TCE earnings across the fleet increased to US$37,508 per vessel from US$26,231, despite a reduction in the average number of vessels operating during the quarter.
The company attributed the improvement in tanker earnings to stronger market conditions, including longer refined product voyages and changes in vessel availability associated with disruptions in the Middle East.
Dividend increase and market outlook
Scorpio Tankers’ board declared a quarterly cash dividend of US$0.75 per common share, compared with the previous quarterly payment of US$0.45.
The dividend is scheduled for payment on 4 December 2026 to shareholders of record as of 13 November 2026.
For the first nine months of 2026, Scorpio Tankers reported net income of US$828.1 million, compared with US$216.2 million during the same period of 2025. Adjusted net income increased to US$521.9 million from US$189.5 million.
The company’s third-quarter fleet performance reflected higher earnings across its product tanker operations. LR2 vessels operating in the pool and spot markets generated average daily TCE revenue of US$72,283, while MR and Handymax vessels recorded US$31,183 and US$24,253, respectively.
As of the announcement date, Scorpio Tankers reported average daily TCE revenue of US$181,000 for contracted LR2 pool and spot employment covering 44% of expected fourth-quarter revenue days in that category. Corresponding figures stood at US$56,000 for MR vessels covering 47% of expected days and US$40,000 for Handymax vessels covering 37%.
The company also disclosed that it acquired approximately 3.4% of Volare Shipping’s outstanding common shares in October through a US$38.4 million investment made as part of Volare’s initial public offering.
Scorpio Tankers continues to manage its fleet portfolio through vessel sales, newbuilding commitments and charter agreements. The company reported that US$445 million remained available under its existing securities repurchase programme as of 28 October 2026.
