On October 28 local time, Scorpio Tankers released its unaudited financial results for the third quarter of 2026. At the same time, the Board of Directors of Scorpio Tankers has declared a quarterly cash dividend of $0.75 per share on its common stock.

Robert Bugbee, President of Scorpio Tankers, is optimistic about the product tanker market, with the LR2 fleet’s average daily TCE reaching an all-time high.

He noted, “Scorpio Tankers is entering the fourth quarter of 2026 with an even stronger start. With a modern fleet and considerable flexibility, we are well positioned to navigate future cycles.”

He said, “Although crude tankers led the upturn in 2026, product tankers are beginning to follow.”

He emphasized, “Combined with limited vessel supply, these dynamics are creating favorable conditions for product tankers and have the potential to push freight rates higher.”

Specifically, in Q3 2026, Scorpio Tankers reported revenues of $270 million, up 10.4% year on year; operating profit reached $270 million, up 225.6% year on year; adjusted EBITDA reached $170 million, up 16.3% year on year; and net income reached $220 million, up 165.6% year on year.

In Q3, the fleet’s average daily TCE reached $37,508, up 43.0% year on year; average daily management cost per vessel was $8,678, up 6.3% year on year. Among them, the LR2 fleet’s average daily TCE reached $55,184, up 75.3% year on year; the MR fleet’s average daily TCE reached $31,073, up 29.7% year on year; and the Handymax fleet’s average daily TCE reached $24,157, up 22.1% year on year.

In the first nine months of 2026, Scorpio Tankers reported revenues of $990 million, up 44.1% year on year; operating profit reached $890 million, up 299.3% year on year; adjusted EBITDA reached $690 million, up 65.0% year on year; and net income reached $830 million, up 283.1% year on year.

In the first nine months, the fleet’s average daily TCE reached $42,689, up 68.9% year on year; average daily management cost per vessel was $8,463, up 7.0% year on year. Among them, the LR2 fleet’s average daily TCE reached $52,390, up 66.1% year on year; the MR fleet’s average daily TCE reached $37,877, up 73.4% year on year; and the Handymax fleet’s average daily TCE reached $35,395, up 75.0% year on year.

For Q4 2026, Scorpio Tankers expects the LR2 fleet’s spot market daily rate to reach $181,000, with 44% of operating-day revenue already locked in; the MR fleet’s spot market daily rate to reach $56,000, with 47% of operating-day revenue already locked in; and the Handymax fleet’s spot market daily rate to reach $40,000, with 37% of operating-day revenue already locked in.

In addition, data show that as of now, Scorpio Tankers’ average daily breakeven point is about $11,000.

Fleet Update

In August and September 2026, Scorpio Tankers signed agreements to purchase a total of four scrubber-fitted LR2 product tanker newbuildings at $72.8 million per vessel. The series will be built by Jiangsu Hantong Ship Heavy Industry, with one vessel expected to be delivered in each of Q2 and Q3 2029 and two in Q4 2029.

In September 2026, it ordered two scrubber-fitted VLCCs at Hengli Heavy Industries for $135 million per vessel, expected to be delivered in September and October 2028.

In September 2026, Scorpio Tankers sold the 2014-built MR product tanker STI Dama for $37.5 million, the 2014-built LR2 product tanker STI Elysees for $70 million, and the 2015-built LR2 product tanker STI Veneto for $73 million.

In July 2026, it completed the sale of four LR2 product tankers, selling two 2014-built LR2 product tankers, STI Broadway and STI Condotti, and two 2015-built LR2 product tankers, STI Winnie and STI Lauren, for a total of $285.8 million.

In August 2026, Scorpio Tankers locked in long-term charters for two LR2 and one MR product tanker. The two LR2 product tankers STI Gladiator and STI Jermyn were fixed on three-year time charters at daily rates of $40,188 and $42,500, respectively, expected to commence in September 2026. The MR product tanker STI Pontiac was fixed on a three-year time charter at a daily rate of $23,900, expected to commence in Q4 2026.

Stake in Volare Shipping

In October 2026, Scorpio Tankers spent $38.4 million to purchase 2.4 million common shares of Volare Shipping (ticker “VLCC” on Euronext Oslo). Volare Shipping is a newly established company of Trafigura. It currently operates six VLCCs and has eight additional VLCCs under construction, scheduled for delivery between May 2027 and October 2028. Scorpio Tankers currently holds a minority stake of approximately 3.4% of Volare Shipping’s issued common shares.

Stake in Eight VLCC Newbuildings

Previously, in July 2026, Scorpio Tankers signed an agreement to acquire a minority stake (less than 15%) in a joint venture that has signed shipbuilding contracts for eight scrubber-fitted VLCCs, scheduled for delivery from Q3 2029 to Q2 2030.

As of now, Scorpio Tankers controls 74 product tankers, including 25 LR2 tankers, 35 MR tankers and 14 Handymax tankers, with an average age of 10.2 years. In addition, Scorpio Tankers holds newbuilding orders for 17 vessels, including five MR tankers, four VLCCs and eight LR2 product tankers.