Scorpio Tankers Raises Dividend to US$0.75 After Tripling Q3 2026 Profit

Scorpio Tankers Inc. reported net income of 224.3 million dollars for the third quarter of 2026, compared with 84.5 million dollars in the same period of 2025, an increase of approximately 165% according to the calculation by one of the outlets that covered the report. The company's board also declared a quarterly cash dividend of 0.75 dollars per share, payable on December 4, 2026 to shareholders of record as of November 13, 2026.

Basic earnings per share came in at 4.91 dollars and diluted earnings per share at 4.60 dollars, while adjusted net income reached 127.4 million dollars, equivalent to 2.79 dollars basic and 2.49 dollars diluted per share, excluding a gain of 152.6 million dollars from vessel sales and a loss on the change in fair value of financial liabilities of 55.6 million dollars. In the first nine months of 2026, cumulative net income reached 828.1 million dollars, compared with 216.2 million dollars in the same period of 2025.

The surge in profits came amid a sharp rise in freight rates attributed to the disruption of oil trade caused by the war in the Middle East, which lengthened voyages and reduced vessel availability. The company's LR2 tankers have booked freight rates averaging 181,000 dollars per day so far in the fourth quarter, a jump of close to 150% compared with the 72,283 dollars per day earned in the third quarter. MR tankers rose from 31,183 to 56,000 dollars per day, and Handymax tankers from 24,253 to 40,000 dollars per day over the same comparisons, although these fourth-quarter figures are preliminary and cover between 37% and 47% of expected revenue days depending on vessel class.

The company's average operating fleet shrank from 99 vessels in the third quarter of 2025 to around 75 in the same period of 2026, following the sale of LR2 and MR tankers. Despite this reduction, average daily time charter equivalent (TCE) revenue per vessel rose from 26,231 to 37,508 dollars. As of October 26, 2026, the company held approximately 2.1 billion dollars in unrestricted cash.

Scorpio Tankers also expanded its exposure to the crude oil tanker segment: it has four VLCCs under construction, including two ordered in September at the Chinese shipyard Hengli Shipbuilding for 135 million dollars each, in addition to a minority stake in a joint venture building another eight VLCCs with deliveries scheduled between 2029 and 2030. In October, the company invested 38.4 million dollars in the initial public offering of Volare Shipping, acquiring a 3.4% stake in that crude oil shipping company.