Scorpio Tankers (STNG) Prelim. Q4 EPS Outlook Lags Views

Scorpio Tankers (NYSE: STNG) announced earnings guidance for the three months ended December 31, 2014 and that it has taken delivery of five newbuilding vessels.

Fourth quarter 2014 earnings guidance

The Company expects fourth quarter 2014 earnings per share to be within a range of $0.10 to $0.14 per share. (The Street is currently at $0.17.) This range does not include the following items:

• An aggregate write-down of $17.6 million, or $0.12 per share, relating to (i) the discontinuation of equity method accounting for our investment in Dorian LPG Ltd. ("Dorian") as of October 29, 2014 and (ii) the designation of STI Harmony and STI Heritage as held for sale at December 31, 2014.
• An estimate of the Company's share of profit (equity in earnings) from Dorian for the period through October 29, 2014.

Newbuilding vessel deliveries

The Company recently took delivery of the following vessels:

• STI Rose, an LR2 product tanker, was delivered from Daehan Shipbuilding Co. Ltd. Upon delivery, this vessel began a voyage for 14 days at approximately $30,000 per day.
• STI Tribeca and STI Gramercy, MR product tankers, were delivered from SPP Shipbuilding Co., Ltd. of South Korea. Upon delivery, each vessel began a time charter for up to 120 days at approximately $18,000 per day.
• STI Hammersmith and STI Rotherhithe, Handymax product tankers, were delivered from Hyundai Mipo Dockyard of South Korea. Upon delivery, each vessel began a time charter for up to 120 days at approximately $14,000 per day.

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