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Scorpio Tankers’ (NYSE:STNG) Net Income Soars 72% to USD 227Mn in Q2 FY24
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Highlights
Scorpio Tankers Inc (NYSE:STNG) is based in Monaco. It specialises in transporting refined petroleum products. The company operates in the oil sector, focusing on seaborne transportation of these products within the tanker industry and international shipping markets. It has a market cap of USD 3.72bn.
In Q2 FY24, the company’s vessel revenue reached USD 380.7 million, a 15.6% increase from USD 329.3 million in Q2 FY23. This rise was driven by a boost in average daily time charter equivalent (TCE) revenue, which climbed to USD 38,813 per vessel, compared to USD 32,154 per vessel during the same period last year. Additionally, net income available to common shareholders soared to USD 227.3 million, reflecting a significant 71.7% increase, primarily due to higher revenues and lower total operating expenses.
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