Scorpio Tankers Inc. (NYSE: STNG) released its third-quarter 2026 time charter equivalent (TCE) rate update and announced time charter-out agreements for three product tankers, according to a company statement.

In the pool and spot market, LR2 vessels are averaging $64,900 per day with 1,249 expected revenue days at 85% coverage. MR vessels are averaging $30,000 per day with 3,058 expected revenue days at 79% coverage. Handymax vessels are averaging $25,500 per day with 1,183 expected revenue days at 70% coverage.

The company entered into three-year time charter agreements for two LR2 tankers and one MR tanker. The LR2 vessel STI Gladiator will charter at $40,188 per day and STI Jermyn at $42,500 per day, with both charters expected to commence in September 2026. The MR vessel STI Pontiac will charter at $23,900 per day, with commencement expected in the fourth quarter of 2026.

Scorpio Tankers estimates its fully diluted weighted average shares outstanding for the three months ending September 30, 2026 at between 54.5 million and 55.5 million shares. The figure includes the potentially dilutive effect of the company's 1.75% Convertible Senior Notes due 2031, issued in April and May 2026, calculated using the if-converted method.

The company currently owns 75 product tankers, consisting of 25 LR2, 36 MR, and 14 Handymax vessels, with an average age of 10.2 years.