Scorpio Tankers said in its third-quarter earnings release that fourth-quarter bookings to date average $181,000 a day for its LR2 product tankers. Preliminary rates for its MR and Handymax vessels were also higher.
The LR2 figure compares with a fleet average of $72,283 a day earned in the third quarter. MR bookings average $56,000 a day, against $31,183 in the quarter, and Handymax bookings average $40,000, against $24,253.
How much of the quarter is covered
The preliminary bookings cover 44 percent of expected LR2 revenue days, 47 percent of MR days and 37 percent of Handymax days. The company said the fourth-quarter figures are preliminary and depend on rates secured for the remaining days.
Scorpio reported third-quarter net income of $224.3 million, or $127.4 million on an adjusted basis. Gains from vessel sales of $152.6 million were included in the reported figure.
Shipping disruption and fleet changes
The company linked the higher rates to disruption in the Middle East and the conflict involving Iran, which is affecting traffic through the Strait of Hormuz. Longer voyages and tighter vessel supply are lifting rates.
Average daily time-charter equivalent earnings rose to $37,508 in the latest quarter from $26,231 in the third quarter of 2025. The operating fleet averaged roughly 75 vessels, down from 99.
Scorpio also has four VLCCs on order and a minority interest in a joint venture for eight VLCC newbuildings due for delivery in 2029 and 2030. Two VLCCs ordered in September from Hengli Shipbuilding were priced at $135 million each.
Cash, dividend and investments
Net income for the first nine months of 2026 reached $828.1 million. Unrestricted cash stood at $2.1 billion as of October 26.
The company said it will pay a new quarterly dividend of $0.75 a share, up from $0.45. It also invested $38.4 million in the Volare Shipping IPO in October, a 3.4 percent stake.
Source: Scorpio Tankers
