Scorpio Tankers announced a strong set of first quarter results, doubling its revenue and returning to profit in the first three months of 2023.
Profit of $193.2m in the first quarter 2023 compared to an $84.4m loss in the same period last year.
Time charter equivalent (TCE) earnings at Scorpio were $377.2m in the first quarter, up by $205.1m compared to the $172.0m recorded in Q1 2022, despite a drop in the average size of the fleet from 129.3 vessel in Q1 2022 to 113.0 in Q1 2023.
First quarter average daily TCE earnings on the spot market were $47,356 for LR2 tankers, $34,616 for MRs, and $38,349 for handymaxes while time charters were $29,887 for LR2s and $21,637 for MRs.
For the second quarter so far, earnings were marginally stronger in all segments and voyage types, except for a slight softening of handymax spot/pool rates.
Commenting on the market, Scorpio said the increased earnings reflect a market improvement that began at the end of the first quarter 2022.
“Initially, the easing of COVID-19 restrictions around the globe, the conflict in Ukraine, and strengthening refining margins resulted in significant increases in ton-mile demand as trade routes shifted and volumes increased,” said Scorpio.
More recently, easing restrictions in China and increased sanctions on Russian oil have supported the market, accelerating a trend of increased demand for transport of refined oil products while the orderbook remains near record lows.
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