¨
|
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
SCORPIO TANKERS INC.
|
(Exact name of Registrant as specified in its charter)
|
|
(Translation of Registrant’s name into English)
|
|
Republic of the Marshall Islands
|
(Jurisdiction of incorporation or organization)
|
|
9, Boulevard Charles III Monaco 98000
|
(Address of principal executive offices)
|
|
Mr. Emanuele Lauro
|
+377-9798-5716
|
info@scorpiotankers.com
|
9, Boulevard Charles III Monaco 98000
|
(Name, Telephone, E-mail and/or Facsimile, and address of Company Contact Person)
|
Title of each class
|
|
Name of each exchange on which registered
|
Common stock, par value $0.01 per share
|
|
New York Stock Exchange
|
7.50% Senior Notes due 2017
|
|
New York Stock Exchange
|
6.75% Senior Notes due 2020
|
|
New York Stock Exchange
|
NONE
|
(Title of class)
|
NONE
|
(Title of class)
|
Yes
|
X
|
|
No
|
|
|
|
|
|
|
Yes
|
|
|
No
|
X
|
|
|
|
|
|
Yes
|
X
|
|
No
|
|
|
|
|
|
|
Yes
|
X
|
|
No
|
|
|
|
|
|
|
Large accelerated filer
x
|
|
Accelerated filer
¨
|
|
Non-accelerated filer
¨
|
|
|
U.S. GAAP
|
X
|
|
International Financial Reporting Standards as issued by the International Accounting Standards Board
|
|
|
Other
|
|
Item 17
|
|
|
Item 18
|
Yes
|
|
|
No
|
X
|
|
|
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|
|
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||
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||
|
||
|
||
|
||
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||
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||
|
•
|
the strength of world economies and currencies;
|
•
|
general market conditions, including the market for our vessels, fluctuations in spot and charter rates and vessel values;
|
•
|
availability of financing and refinancing;
|
•
|
potential liability from pending or future litigation;
|
•
|
general domestic and international political conditions;
|
•
|
potential disruption of shipping routes due to accidents or political events;
|
•
|
vessels breakdowns and instances of off-hires;
|
•
|
competition within our industry;
|
•
|
the supply of and demand for vessels comparable to ours;
|
•
|
corruption, piracy, militant activities, political instability, terrorism, ethnic unrest in locations where we may operate;
|
•
|
delays and cost overruns in construction projects;
|
•
|
our level of indebtedness;
|
•
|
our ability to obtain financing and comply with the restrictive and other covenants in our financing arrangements;
|
•
|
our need for cash to meet our debt service obligations;
|
•
|
our levels of operating and maintenance costs, including bunker prices, drydocking and insurance costs;
|
•
|
availability of skilled workers and the related labor costs;
|
•
|
compliance with governmental, tax, environmental and safety regulation;
|
•
|
any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) or other applicable regulations relating to bribery;
|
•
|
general economic conditions and conditions in the oil and natural gas industry;
|
•
|
effects of new products and new technology in our industry;
|
•
|
the failure of counterparties to fully perform their contracts with us;
|
•
|
our dependence on key personnel;
|
•
|
adequacy of insurance coverage;
|
•
|
our ability to obtain indemnities from customers;
|
•
|
changes in laws, treaties or regulations;
|
•
|
the volatility of the price of our common shares; and
|
•
|
other factors described from time to time in the report we file and furnish with the U.S. Securities and Exchange Commission, or SEC.
|
|
For the year ended December 31,
|
||||||||||||||||||
In thousands of U.S. dollars except per share and share data
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Consolidated income statement data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Vessel revenue
|
$
|
342,807
|
|
|
$
|
207,580
|
|
|
$
|
115,381
|
|
|
$
|
82,110
|
|
|
$
|
38,798
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vessel operating costs
|
(78,823
|
)
|
|
(40,204
|
)
|
|
(30,353
|
)
|
|
(31,370
|
)
|
|
(18,440
|
)
|
|||||
Voyage expenses
|
(7,533
|
)
|
|
(4,846
|
)
|
|
(21,744
|
)
|
|
(6,881
|
)
|
|
(2,542
|
)
|
|||||
Charterhire
|
(139,168
|
)
|
|
(115,543
|
)
|
|
(43,701
|
)
|
|
(22,750
|
)
|
|
(276
|
)
|
|||||
Impairment
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
(66,611
|
)
|
|
—
|
|
|||||
Depreciation
|
(42,617
|
)
|
|
(23,595
|
)
|
|
(14,818
|
)
|
|
(18,460
|
)
|
|
(10,179
|
)
|
|||||
General and administrative expenses
|
(48,129
|
)
|
|
(25,788
|
)
|
|
(11,536
|
)
|
|
(11,637
|
)
|
|
(6,200
|
)
|
|||||
Write down of vessels held for sale and loss from sales of vessels
|
(3,978
|
)
|
|
(21,187
|
)
|
|
(10,404
|
)
|
|
—
|
|
|
—
|
|
|||||
Gain on sale of VLGCs
|
—
|
|
|
41,375
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on sale of VLCCs
|
51,419
|
|
|
|
|
|
|
|
|
|
|||||||||
Gain on sale of Dorian shares
|
10,924
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Re-measurement of investment in Dorian
|
(13,895
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total operating expenses
|
(271,800
|
)
|
|
(189,788
|
)
|
|
(132,556
|
)
|
|
(157,709
|
)
|
|
(37,637
|
)
|
|||||
Operating income/(loss)
|
71,007
|
|
|
17,792
|
|
|
(17,175
|
)
|
|
(75,599
|
)
|
|
1,161
|
|
|||||
Other income and expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Financial expenses
|
(20,770
|
)
|
|
(2,705
|
)
|
|
(8,512
|
)
|
|
(7,060
|
)
|
|
(3,231
|
)
|
|||||
Realized gain / (loss) on derivative financial instruments
|
17
|
|
|
3
|
|
|
443
|
|
|
—
|
|
|
(280
|
)
|
|||||
Unrealized gain / (loss) on derivative financial instruments
|
264
|
|
|
567
|
|
|
(1,231
|
)
|
|
—
|
|
|
—
|
|
|||||
Financial income
|
203
|
|
|
1,147
|
|
|
35
|
|
|
51
|
|
|
37
|
|
|||||
Share of profit from associate
|
1,473
|
|
|
369
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other expense, net
|
(103
|
)
|
|
(158
|
)
|
|
(97
|
)
|
|
(119
|
)
|
|
(509
|
)
|
|||||
Total other income and expense
|
(18,916
|
)
|
|
(777
|
)
|
|
(9,362
|
)
|
|
(7,128
|
)
|
|
(3,983
|
)
|
|||||
Net income/(loss)
|
$
|
52,091
|
|
|
$
|
17,015
|
|
|
$
|
(26,537
|
)
|
|
$
|
(82,727
|
)
|
|
$
|
(2,822
|
)
|
Earnings/(loss) per common share:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings / (loss) per share
|
$
|
0.30
|
|
|
$
|
0.12
|
|
|
$
|
(0.64
|
)
|
|
$
|
(2.88
|
)
|
|
$
|
(0.18
|
)
|
Diluted earnings / (loss) per share
|
$
|
0.30
|
|
|
$
|
0.11
|
|
|
$
|
(0.64
|
)
|
|
$
|
(2.88
|
)
|
|
$
|
(0.18
|
)
|
Basic weighted average shares outstanding
|
171,851,061
|
|
|
146,504,055
|
|
|
41,413,339
|
|
|
28,704,876
|
|
|
15,600,813
|
|
|||||
Diluted weighted average shares outstanding
|
176,292,802
|
|
|
148,339,378
|
|
|
41,413,339
|
|
|
28,704,876
|
|
|
15,600,813
|
|
|
As of December 31,
|
||||||||||||||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Balance sheet data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
116,143
|
|
|
$
|
78,845
|
|
|
$
|
87,165
|
|
|
$
|
36,833
|
|
|
$
|
68,187
|
|
Vessels and drydock
|
1,971,878
|
|
|
530,270
|
|
|
395,412
|
|
|
322,458
|
|
|
333,425
|
|
|||||
Vessels under construction
|
404,877
|
|
|
649,526
|
|
|
50,251
|
|
|
60,333
|
|
|
—
|
|
|||||
Total assets
|
2,804,643
|
|
|
1,646,676
|
|
|
573,280
|
|
|
448,230
|
|
|
412,268
|
|
|||||
Current and non-current debt
|
1,571,522
|
|
|
167,129
|
|
|
142,459
|
|
|
145,568
|
|
|
143,188
|
|
|||||
Shareholders’ equity
|
1,162,848
|
|
|
1,450,723
|
|
|
414,790
|
|
|
286,853
|
|
|
264,783
|
|
|
For the year ended December 31,
|
||||||||||||||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Cash flow data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash inflow/(outflow)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating activities
|
$
|
93,916
|
|
|
$
|
(5,655
|
)
|
|
$
|
(1,928
|
)
|
|
$
|
(12,452
|
)
|
|
$
|
4,907
|
|
Investing activities
|
(1,158,234
|
)
|
|
(935,101
|
)
|
|
(90,155
|
)
|
|
(122,573
|
)
|
|
(245,595
|
)
|
|||||
Financing activities
|
1,101,616
|
|
|
932,436
|
|
|
142,415
|
|
|
103,671
|
|
|
308,431
|
|
(1)
|
In the year ended December 31, 2011, we recorded an impairment charge of $66.6 million for 12 owned vessels.
|
(2)
|
Basic earnings per share is calculated by dividing the net income/(loss) attributable to equity holders of the parent by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by adjusting the net income/(loss) attributable to equity holders of the parent and the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share.
|
|
For the year ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Average Daily Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter equivalent per day
(1)
|
$
|
15,935
|
|
|
$
|
14,369
|
|
|
$
|
12,960
|
|
|
$
|
12,898
|
|
|
$
|
16,213
|
|
Vessel operating costs per day
(2)
|
6,802
|
|
|
6,781
|
|
|
7,605
|
|
|
7,581
|
|
|
8,166
|
|
|||||
Aframax/LR2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
TCE per revenue day
(1)
|
18,621
|
|
|
12,718
|
|
|
10,201
|
|
|
14,951
|
|
|
12,460
|
|
|||||
Vessel operating costs per day
(2)
|
6,789
|
|
|
8,203
|
|
|
8,436
|
|
|
6,960
|
|
|
8,293
|
|
|||||
Panamax/LR1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
TCE per revenue day
(1)
|
16,857
|
|
|
12,599
|
|
|
14,264
|
|
|
14,743
|
|
|
19,413
|
|
|||||
Vessel operating costs per day
(2)
|
8,332
|
|
|
7,756
|
|
|
7,714
|
|
|
7,891
|
|
|
8,189
|
|
|||||
MR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
TCE per revenue day
(1)
|
15,297
|
|
|
16,546
|
|
|
12,289
|
|
|
12,092
|
|
|
—
|
|
|||||
Vessel operating costs per day
(2)
|
6,580
|
|
|
6,069
|
|
|
6,770
|
|
|
6,748
|
|
|
—
|
|
|||||
Handymax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
TCE per revenue day
(1)
|
14,528
|
|
|
12,862
|
|
|
13,069
|
|
|
11,343
|
|
|
9,507
|
|
|||||
Vessel operating costs per day
(2)
|
6,704
|
|
|
6,852
|
|
|
7,594
|
|
|
7,619
|
|
|
8,107
|
|
|||||
Fleet data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average number of owned vessels
(3)
|
31.60
|
|
|
15.94
|
|
|
10.81
|
|
|
11.29
|
|
|
6.19
|
|
|||||
Average number of time chartered-in vessels
(3)
|
26.30
|
|
|
22.85
|
|
|
9.18
|
|
|
4.95
|
|
|
0.06
|
|
|||||
Drydock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Expenditures for drydock (in thousands of U.S. dollars)
|
$
|
1,290
|
|
|
$
|
—
|
|
|
$
|
2,869
|
|
|
$
|
2,624
|
|
|
$
|
974
|
|
(1)
|
Freight rates are commonly measured in the shipping industry in terms of time charter equivalent, or TCE, per revenue day. Vessels in the pool and on time charter do not incur significant voyage expenses; therefore, the revenue for pool vessels and time charter vessels is the same as their TCE revenue. Please see “Item 5. Operating and Financial Review and Prospects- Important Financial and Operational Terms and Concepts” for a discussion of TCE revenue, revenue days and voyage expenses.
|
(2)
|
Vessel operating costs per day represent vessel operating costs, as such term is defined in “Item 5. Operating and Financial Review and Prospects-Important Financial and Operational Terms and Concepts,” divided by the number of days the vessel is owned during the period.
|
(3)
|
For a definition of items listed under “Fleet Data,” please see the section of this annual report entitled “Item 5. Operating and Financial Review and Prospects.”
|
•
|
supply and demand for energy resources and oil and petroleum products;
|
•
|
regional availability of refining capacity and inventories;
|
•
|
global and regional economic and political conditions, including armed conflicts, terrorist activities, and strikes;
|
•
|
the distance over which oil and oil products are to be moved by sea;
|
•
|
changes in seaborne and other transportation patterns;
|
•
|
environmental and other legal and regulatory developments;
|
•
|
weather and natural disasters;
|
•
|
competition from alternative sources of energy; and
|
•
|
international sanctions, embargoes, import and export restrictions, nationalizations and wars.
|
•
|
supply and demand for energy resources and oil and petroleum products;
|
•
|
the number of newbuilding orders and deliveries, including slippage in deliveries;
|
•
|
the number of shipyards and ability of shipyards to deliver vessels;
|
•
|
the scrapping rate of older vessels;
|
•
|
conversion of tankers to other uses;
|
•
|
the number of vessels that are out of service; namely those that are laid up, drydocked, awaiting repairs
|
•
|
environmental concerns and regulations;
|
•
|
port or canal congestion; and
|
•
|
speed of vessel operation.
|
•
|
identify suitable tankers and/or shipping companies for acquisitions at attractive prices;
|
•
|
obtain required financing for our any new operations;
|
•
|
integrate any acquired tankers or businesses successfully with our existing operations, including obtaining any approvals and qualifications necessary to operate vessels that we acquire;
|
•
|
hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet;
|
•
|
identify additional new markets;
|
•
|
enhance our customer base; and
|
•
|
improve our operating, financial and accounting systems and controls.
|
•
|
seeking to raise additional capital;
|
•
|
refinancing or restructuring our debt;
|
•
|
selling tankers; or
|
•
|
reducing or delaying capital investments.
|
•
|
\
pay dividends and make capital expenditures if we do not repay amounts drawn under our debt facilities or if there is another default under our debt facilities;
|
•
|
incur additional indebtedness, including the issuance of guarantees;
|
•
|
create liens on our assets;
|
•
|
change the flag, class or management of our vessels or terminate or materially amend the management agreement relating to each vessel;
|
•
|
sell our vessels;
|
•
|
merge or consolidate with, or transfer all or substantially all our assets to, another person; or
|
•
|
enter into a new line of business.
|
|
|
|
Month
|
|
Vessel
|
|
|
Name
|
|
Delivered
|
|
Type
|
|
1
|
|
STI Duchessa
|
|
January 2014
|
|
MR
|
2
|
|
STI Opera
|
|
January 2014
|
|
MR
|
3
|
|
STI Texas City
|
|
March 2014
|
|
MR
|
4
|
|
STI Meraux
|
|
April 2014
|
|
MR
|
5
|
|
STI San Antonio
|
|
May 2014
|
|
MR
|
6
|
|
STI Chelsea
|
|
May 2014
|
|
MR
|
7
|
|
STI Lexington
|
|
May 2014
|
|
MR
|
8
|
|
STI Comandante
|
|
May 2014
|
|
Handymax
|
9
|
|
STI Brixton
|
|
June 2014
|
|
Handymax
|
10
|
|
STI Venere
|
|
June 2014
|
|
MR
|
11
|
|
STI Virtus
|
|
June 2014
|
|
MR
|
12
|
|
STI Pimlico
|
|
July 2014
|
|
Handymax
|
13
|
|
STI Powai
|
|
July 2014
|
|
MR
|
14
|
|
STI Aqua
|
|
July 2014
|
|
MR
|
15
|
|
STI Dama
|
|
July 2014
|
|
MR
|
16
|
|
STI Elysees
|
|
July 2014
|
|
LR2
|
17
|
|
STI Hackney
|
|
August 2014
|
|
Handymax
|
18
|
|
STI Olivia
|
|
August 2014
|
|
MR
|
19
|
|
STI Mythos
|
|
August 2014
|
|
MR
|
20
|
|
STI Acton
|
|
September 2014
|
|
Handymax
|
21
|
|
STI Fulham
|
|
September 2014
|
|
Handymax
|
22
|
|
STI Camden
|
|
September 2014
|
|
Handymax
|
23
|
|
STI Benicia
|
|
September 2014
|
|
MR
|
24
|
|
STI Regina
|
|
September 2014
|
|
MR
|
25
|
|
STI St. Charles
|
|
September 2014
|
|
MR
|
26
|
|
STI Park
|
|
September 2014
|
|
LR2
|
27
|
|
STI Madison
|
|
September 2014
|
|
LR2
|
28
|
|
STI Orchard
|
|
September 2014
|
|
LR2
|
29
|
|
STI Battersea
|
|
October 2014
|
|
Handymax
|
30
|
|
STI Wembley
|
|
October 2014
|
|
Handymax
|
31
|
|
STI Mayfair
|
|
October 2014
|
|
MR
|
32
|
|
STI Yorkville
|
|
October 2014
|
|
MR
|
33
|
|
STI Finchley
|
|
November 2014
|
|
Handymax
|
34
|
|
STI Clapham
|
|
November 2014
|
|
Handymax
|
35
|
|
STI Milwaukee
|
|
November 2014
|
|
MR
|
36
|
|
STI Battery
|
|
November 2014
|
|
MR
|
37
|
|
STI Sloane
|
|
November 2014
|
|
LR2
|
38
|
|
STI Broadway
|
|
November 2014
|
|
LR2
|
39
|
|
STI Condotti
|
|
November 2014
|
|
LR2
|
40
|
|
STI Poplar
|
|
December 2014
|
|
Handymax
|
41
|
|
STI Soho
|
|
December 2014
|
|
MR
|
|
|
|
Month
|
|
Vessel
|
|
|
Name
|
|
Delivered
|
|
Type
|
|
1
|
|
STI Tribeca
|
|
January 2015
|
|
MR
|
2
|
|
STI Hammersmith
|
|
January 2015
|
|
Handymax
|
3
|
|
STI Rotherhithe
|
|
January 2015
|
|
Handymax
|
4
|
|
STI Rose
|
|
January 2015
|
|
LR2
|
5
|
|
STI Gramercy
|
|
January 2015
|
|
MR
|
6
|
|
STI Veneto
|
|
January 2015
|
|
LR2
|
7
|
|
STI Alexis
|
|
February 2015
|
|
LR2
|
8
|
|
STI Bronx
|
|
February 2015
|
|
MR
|
9
|
|
STI Pontiac
|
|
March 2015
|
|
MR
|
10
|
|
STI Manhattan
|
|
March 2015
|
|
MR
|
|
|
|
Drawdown amount
|
|
|
|
|
|
|||
|
Credit Facility
|
|
(in $ millions)
|
|
Drawdown date
|
|
Collateral
|
|
|||
1
|
|
K-Sure Credit Facility
|
|
$
|
19.9
|
|
|
January 2015
|
|
STI Gramercy
|
|
2
|
|
KEXIM Credit Facility
|
|
30.3
|
|
|
January 2015
|
|
STI Veneto
|
|
|
3
|
|
2013 Credit Facility
|
|
35.4
|
|
|
January 2015
|
|
STI Alexis
|
|
|
4
|
|
K-Sure Credit Facility
|
|
19.5
|
|
|
February 2015
|
|
STI Bronx
|
|
|
5
|
|
2013 Credit Facility
|
|
19.5
|
|
|
March 2015
|
|
STI Pontiac
|
|
|
6
|
|
K-Sure Credit Facility
|
|
19.5
|
|
|
March 2015
|
|
STI Manhattan
|
|
|
7
|
|
K-Sure Credit Facility
|
|
30.3
|
|
|
March 2015
|
|
STI Winnie
|
(1)
|
|
Vessel Name
|
|
Year Built
|
|
DWT
|
|
Ice class
|
|
Employment
|
|
Vessel type
|
|
|
|
|
||||
|
Owned vessels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
1
|
|
STI Highlander
|
|
2007
|
|
37,145
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
2
|
|
STI Brixton
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
3
|
|
STI Comandante
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
4
|
|
STI Pimlico
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
5
|
|
STI Hackney
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
6
|
|
STI Acton
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
7
|
|
STI Fulham
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
8
|
|
STI Camden
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
9
|
|
STI Battersea
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
10
|
|
STI Wembley
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
11
|
|
STI Finchley
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
12
|
|
STI Clapham
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
13
|
|
STI Poplar
|
|
2014
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
14
|
|
STI Hammersmith
|
|
2015
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
15
|
|
STI Rotherhithe
|
|
2015
|
|
38,000
|
|
|
1A
|
|
SHTP (1)
|
|
Handymax
|
|
|
|
|
||
16
|
|
STI Amber
|
|
2012
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
17
|
|
STI Topaz
|
|
2012
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
18
|
|
STI Ruby
|
|
2012
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
19
|
|
STI Garnet
|
|
2012
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
20
|
|
STI Onyx
|
|
2012
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
21
|
|
STI Sapphire
|
|
2013
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
22
|
|
STI Emerald
|
|
2013
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
23
|
|
STI Beryl
|
|
2013
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
24
|
|
STI Le Rocher
|
|
2013
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
25
|
|
STI Larvotto
|
|
2013
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
26
|
|
STI Fontvieille
|
|
2013
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
27
|
|
STI Ville
|
|
2013
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
28
|
|
STI Duchessa
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
29
|
|
STI Opera
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
30
|
|
STI Texas City
|
|
2014
|
|
52,000
|
|
|
—
|
|
Time Charter (5)
|
|
MR
|
|
|
|
|
||
31
|
|
STI Meraux
|
|
2014
|
|
52,000
|
|
|
—
|
|
Time Charter (6)
|
|
MR
|
|
|
|
|
||
32
|
|
STI Chelsea
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
33
|
|
STI Lexington
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
34
|
|
STI San Antonio
|
|
2014
|
|
52,000
|
|
|
—
|
|
Time Charter (6)
|
|
MR
|
|
|
|
|
||
35
|
|
STI Venere
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
36
|
|
STI Virtus
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
37
|
|
STI Powai
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
38
|
|
STI Aqua
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
39
|
|
STI Dama
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
40
|
|
STI Olivia
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
41
|
|
STI Mythos
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
42
|
|
STI Benicia
|
|
2014
|
|
52,000
|
|
|
—
|
|
Time Charter (6)
|
|
MR
|
|
|
|
|
||
43
|
|
STI Regina
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
44
|
|
STI St. Charles
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
45
|
|
STI Mayfair
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
46
|
|
STI Yorkville
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
47
|
|
STI Milwaukee
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
48
|
|
STI Battery
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
49
|
|
STI Soho
|
|
2014
|
|
52,000
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
|
|
|
|
||
50
|
|
STI Tribeca
|
|
2015
|
|
52,000
|
|
|
—
|
|
Spot
|
|
MR
|
|
|
|
|
||
51
|
|
STI Gramercy
|
|
2015
|
|
52,000
|
|
|
—
|
|
Spot
|
|
MR
|
|
|
|
|
||
52
|
|
STI Bronx
|
|
2015
|
|
52,000
|
|
|
—
|
|
Spot
|
|
MR
|
|
|
|
|
||
53
|
|
STI Pontiac
|
|
2015
|
|
52,000
|
|
|
—
|
|
Spot
|
|
MR
|
|
|
|
|
||
54
|
|
STI Manhattan
|
|
2015
|
|
52,000
|
|
|
—
|
|
Spot
|
|
MR
|
|
|
|
|
||
55
|
|
STI Harmony
|
|
2007
|
|
73,919
|
|
|
1A
|
|
SPTP (2)
|
|
LR1
|
|
|
|
|
||
56
|
|
STI Heritage
|
|
2008
|
|
73,919
|
|
|
1A
|
|
SPTP (2)
|
|
LR1
|
|
|
|
|
||
57
|
|
STI Elysees
|
|
2014
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
58
|
|
STI Madison
|
|
2014
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
59
|
|
STI Park
|
|
2014
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
60
|
|
STI Orchard
|
|
2014
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
61
|
|
STI Sloane
|
|
2014
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
62
|
|
STI Broadway
|
|
2014
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
63
|
|
STI Condotti
|
|
2014
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
64
|
|
STI Rose
|
|
2015
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
65
|
|
STI Veneto
|
|
2015
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
66
|
|
STI Alexis
|
|
2015
|
|
109,999
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total owned DWT
|
|
|
|
3,844,973
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Vessel Name
|
|
Year Built
|
|
DWT
|
|
Ice class
|
|
Employment
|
|
Vessel type
|
Daily Base Rate
|
|
Expiry (7)
|
|
||||
|
Time chartered-in vessels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
67
|
|
Kraslava
|
|
2007
|
|
37,258
|
|
|
1B
|
|
SHTP (1)
|
|
Handymax
|
$
|
13,650
|
|
|
18-May-15
|
|
68
|
|
Krisjanis Valdemars
|
|
2007
|
|
37,266
|
|
|
1B
|
|
SHTP (1)
|
|
Handymax
|
$
|
13,650
|
|
|
14-Apr-15
|
(8)
|
69
|
|
Jinan
|
|
2003
|
|
37,285
|
|
|
—
|
|
SHTP (1)
|
|
Handymax
|
$
|
12,600
|
|
|
28-Apr-15
|
|
70
|
|
Iver Prosperity
|
|
2007
|
|
37,412
|
|
|
—
|
|
SHTP (1)
|
|
Handymax
|
$
|
12,500
|
|
|
03-Apr-16
|
(9)
|
71
|
|
Histria Azure
|
|
2007
|
|
40,394
|
|
|
—
|
|
SHTP (1)
|
|
Handymax
|
$
|
13,550
|
|
|
04-Apr-15
|
|
72
|
|
Histria Coral
|
|
2006
|
|
40,426
|
|
|
—
|
|
SHTP (1)
|
|
Handymax
|
$
|
13,550
|
|
|
17-Jul-15
|
|
73
|
|
Histria Perla
|
|
2005
|
|
40,471
|
|
|
—
|
|
SHTP (1)
|
|
Handymax
|
$
|
13,550
|
|
|
15-Jul-15
|
|
74
|
|
Targale
|
|
2007
|
|
49,999
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
$
|
14,850
|
|
|
17-May-16
|
(10)
|
75
|
|
Nave Orion
|
|
2013
|
|
49,999
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
$
|
14,300
|
|
|
13-Apr-15
|
(11)
|
76
|
|
Gan-Trust
|
|
2013
|
|
51,561
|
|
|
—
|
|
SMRP(4)
|
|
MR
|
$
|
16,250
|
|
|
06-Jan-16
|
(12)
|
77
|
|
SN Federica
|
|
2003
|
|
72,344
|
|
|
—
|
|
SPTP (2)
|
|
LR1
|
$
|
11,250
|
|
|
15-May-15
|
(13)
|
78
|
|
SN Azzurra
|
|
2003
|
|
72,344
|
|
|
—
|
|
SPTP (2)
|
|
LR1
|
$
|
13,600
|
|
|
31-Aug-15
|
|
79
|
|
King Douglas
|
|
2008
|
|
73,666
|
|
|
—
|
|
SPTP (2)
|
|
LR1
|
$
|
15,000
|
|
|
08-Nov-15
|
|
80
|
|
Hellespont Progress
|
|
2006
|
|
73,728
|
|
|
—
|
|
SPTP (2)
|
|
LR1
|
$
|
16,250
|
|
|
18-Mar-16
|
(14)
|
81
|
|
FPMC P Eagle
|
|
2009
|
|
73,800
|
|
|
—
|
|
SPTP (2)
|
|
LR1
|
$
|
14,525
|
|
|
09-Sep-15
|
|
82
|
|
FPMC P Hero
|
|
2011
|
|
99,995
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
$
|
15,500
|
|
|
02-May-15
|
|
83
|
|
Swarna Jayanti
|
|
2010
|
|
104,895
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
$
|
16,250
|
|
|
11-Sep-15
|
(15)
|
84
|
|
Densa Crocodile
|
|
2015
|
|
105,408
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
$
|
21,050
|
|
|
07-Feb-16
|
(16)
|
85
|
|
Densa Alligator
|
|
2013
|
|
105,708
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
$
|
17,550
|
|
|
17-Sep-15
|
|
86
|
|
Khawr Aladid
|
|
2006
|
|
106,003
|
|
|
—
|
|
SLR2P (3)
|
|
LR2
|
$
|
15,400
|
|
|
11-Jul-15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total time chartered-in DWT
|
|
|
|
1,309,962
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Newbuildings currently under construction
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Vessel Name
|
|
Yard
|
|
DWT
|
|
Ice class
|
|
Vessel type
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
87
|
|
Hull 2490 - TBN STI Osceola
|
|
HMD
|
(17)
|
52,000
|
|
|
—
|
|
MR
|
|
|
|
|
|
|
||
88
|
|
Hull 2492 - TBN STI Notting Hill
|
|
HMD
|
(17)
|
52,000
|
|
|
—
|
|
MR
|
|
|
|
|
|
|
||
89
|
|
Hull 2493 - TBN STI Westminster
|
|
HMD
|
(17)
|
52,000
|
|
|
—
|
|
MR
|
|
|
|
|
|
|
||
90
|
|
Hull 2475 - TBN STI Seneca
|
|
HMD
|
(17)
|
52,000
|
|
|
—
|
|
MR
|
|
|
|
|
|
|
||
91
|
|
Hull S1170 - TBN STI Queens
|
|
SPP
|
(18)
|
52,000
|
|
|
—
|
|
MR
|
|
|
|
|
|
|
||
92
|
|
Hull S1168 - TBN STI Brooklyn
|
|
SPP
|
(18)
|
52,000
|
|
|
—
|
|
MR
|
|
|
|
|
|
|
||
93
|
|
Hull S715 - TBN STI Oxford
|
|
HSHI
|
(19)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
94
|
|
Hull S716 - TBN STI Connaught
|
|
HSHI
|
(19)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
95
|
|
Hull 5398 - TBN STI Winnie
|
|
DSME
|
(20)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
96
|
|
Hull 5399 - TBN STI Lauren
|
|
DSME
|
(20)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
97
|
|
Hull S3120 - TBN STI Selatar
|
|
SSME
|
(21)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
98
|
|
Hull S3121 - TBN STI Rambla
|
|
SSME
|
(21)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
99
|
|
Hull 5003 - TBN STI Grace
|
|
DHSC
|
(22)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
100
|
|
Hull 5004 - TBN STI Jermyn
|
|
DHSC
|
(22)
|
109,999
|
|
|
—
|
|
LR2
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total newbuilding product tankers DWT
|
|
1,191,992
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Fleet DWT
|
|
|
|
6,346,927
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This vessel operates in or is expected to operate in the Scorpio Handymax Tanker Pool (SHTP). SHTP is operated by Scorpio Commercial Management (SCM). SHTP and SCM are related parties to the Company.
|
(2)
|
This vessel operates in or is expected to operate in the Scorpio Panamax Tanker Pool (SPTP). SPTP is operated by SCM. SPTP is a related party to the Company.
|
(3)
|
This vessel operates in or is expected to operate in the Scorpio LR2 Pool (SLR2P). SLR2P is operated by SCM. SLR2P is a related party to the Company.
|
(4)
|
This vessel operates in or is expected to operate in the Scorpio MR Pool (SMRP). SMRP is operated by SCM. SMRP is a related party to the Company.
|
(5)
|
This vessel is on a time charter agreement for two years, which also contains a 50% profit sharing provision whereby we split all of the vessel's profits above the daily base rate with the charterer.
|
(6)
|
This is one of three vessels on a one-year time charter agreement that expires between May and September 2015. These agreements contain a 50% profit sharing provision whereby we split all of the vessel's profits above the daily base rate with the charterer.
|
(7)
|
Redelivery from the charterer is plus or minus 30 days from the expiry date.
|
(8)
|
The agreement also contains a 50% profit and loss sharing provision whereby we split all of the vessel's profits and losses above or below the daily base rate with the vessel’s owner.
|
(9)
|
In September 2014, we declared an option to extend the charter for an additional year at $13,500 per day effective March 3, 2015.
|
(10)
|
In March 2015, we declared an option to extend the charter for an additional year at $15,200 per day effective May 2015. We have an option to extend the charter for an additional year at $16,200 per day.
|
(11)
|
We have an option to extend the charter for an additional year at $15,700 per day.
|
(12)
|
The rate for the first year of this agreement was $15,750 per day, the rate for the second year is $16,250 per day, and the rate for the third year is $16,750 per day. We have options to extend the charter for up to two consecutive one year periods at $17,500 per day and $18,000 per day, respectively.
|
(13)
|
We have an option to extend the charter for an additional year at $12,500 per day. We have also entered into an agreement with the vessel's owner whereby we split all of the vessel's profits above the daily base rate.
|
(14)
|
In February 2015, we declared an option to extend the charter for an additional year at $16,250 per day effective March 18, 2015. We have an option to extend the charter for an additional year at $17,250 per day.
|
(15)
|
In February 2015, we declared an option to extend the charter for an additional six months at $16,250 per day effective March 11, 2015.
|
(16)
|
This vessel was delivered in February 2015. We have an option to extend the charter for an additional year at $22,600 per day.
|
(17)
|
These newbuilding vessels are being constructed at HMD (Hyundai Mipo Dockyard Co. Ltd. of South Korea). They are expected to be delivered in the second quarter of 2015.
|
(18)
|
These newbuilding vessels are being constructed at SPP (SPP Shipbuilding Co., Ltd. of South Korea). They are expected to be delivered in the second quarter of 2015.
|
(19)
|
These newbuilding vessels are being constructed at HSHI (Hyundai Samho Heavy Industries Co., Ltd). They are expected to be delivered in the second quarter of 2015.
|
(20)
|
These newbuilding vessels are being constructed at DSME (Daewoo Shipbuilding and Marine Engineering). One vessel is expected to be delivered in the first quarter and one in the second quarter of 2015.
|
(21)
|
These newbuilding vessels are being constructed at SSME (Sungdong Shipbuilding & Marine Engineering Co., Ltd). One vessel is expected to be delivered in the third quarter and one in the fourth quarters of 2016.
|
(22)
|
These newbuilding vessels are being constructed at DHSC (Daehan Shipbuilding Co. Ltd). These two vessels are expected to be delivered in the first and second quarters of 2016.
|
Vessel Type
|
Deadweight Tons
|
Number of
|
% of Fleet
|
Capacity
|
% of Fleet
|
|
(DWT)
|
Vessels
|
|
(M DWT )
|
|
Crude Tankers
|
|
|
|
|
|
VLCC
|
200,000+
|
582
|
31.2
|
178.0
|
53.5
|
Suezmax
|
120-199,999
|
482
|
25.8
|
74.7
|
22.5
|
Aframax
|
80-119,999
|
678
|
36.3
|
72.9
|
21.9
|
Panamax
|
55-79,999
|
89
|
4.8
|
6.1
|
1.8
|
Handymax
|
10-54,999
|
37
|
2.0
|
0.8
|
0.3
|
Total Crude Fleet
|
|
1,868
|
100.0
|
332.6
|
100.0
|
|
|
|
|
|
|
Product Tankers
|
|
|
|
|
|
Long Range 2 (LR2)
|
80,000+
|
219
|
17.2
|
24.3
|
32.7
|
Long Range 1 (LR1)
|
55-79,999
|
297
|
23.4
|
21.7
|
29.2
|
Medium Range 2 (MR2)
|
40-54,999
|
457
|
36.0
|
21.4
|
28.7
|
Medium Range 1 (MR1)
|
25-39,999
|
140
|
11.0
|
4.7
|
6.4
|
Handy
|
10-24,999
|
157
|
12.4
|
2.3
|
3.0
|
Total Product Fleet
|
|
1,270
|
100.0
|
74.4
|
100.0
|
|
|
|
|
|
|
Total Fleet
|
|
|
|
|
|
VLCC
|
200,000+
|
582
|
18.5
|
178.0
|
43.7
|
Suezmax
|
120-199,999
|
482
|
15.4
|
74.7
|
18.4
|
Aframax
|
80-119,999
|
897
|
28.6
|
97.3
|
23.9
|
Panamax
|
55-79,999
|
386
|
12.3
|
27.9
|
6.8
|
Handy/Handymax
|
10-54,999
|
791
|
25.2
|
29.2
|
7.2
|
Total Tanker Fleet
|
|
3,138
|
100.0
|
407.0
|
100.0
|
Vessel Type
|
Deadweight Tons
|
Number of
|
% of Fleet
|
Capacity
|
% of Fleet
|
|
(DWT)
|
Vessels
|
|
(M DWT )
|
|
|
|
|
|
|
|
Product Tankers
|
|
|
|
|
|
Long Range 2 (LR2)
|
80,000+
|
219
|
17.2
|
24.3
|
32.7
|
Long Range 1 (LR1)
|
55-79,999
|
297
|
23.4
|
21.7
|
29.2
|
Medium Range 2 (MR2)
|
40-54,999
|
457
|
36.0
|
21.4
|
28.7
|
Medium Range 1 (MR1)
|
25-39,999
|
140
|
11.0
|
4.7
|
6.4
|
Handy
|
10-24,999
|
157
|
12.4
|
2.3
|
3.0
|
Total Product Fleet
|
|
1,270
|
100.0
|
74.4
|
100.0
|
|
Deadweight
|
|
|
Scheduled Deliveries
|
|||||||||
|
Tons
|
Orderbook
|
% Fleet
|
2015
|
2016
|
2017
|
2018+
|
||||||
Vessel Type
|
(DWT)
|
No
|
M Dwt
|
No
|
Dwt
|
No
|
M Dwt
|
No
|
M Dwt
|
No
|
M Dwt
|
No
|
M Dwt
|
Product Tankers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Range 2 (LR2)
|
80,000+
|
68
|
7.8
|
31.1
|
31.9
|
38
|
4.3
|
21
|
2.4
|
9
|
1.1
|
0
|
0.0
|
Long Range 1 (LR1)
|
55-79,999
|
36
|
2.6
|
12.1
|
12.1
|
4
|
0.3
|
26
|
1.9
|
6
|
0.4
|
0
|
0.0
|
Medium Range 2 (MR2)
|
40-54,999
|
54
|
2.7
|
11.8
|
12.5
|
39
|
1.9
|
13
|
0.6
|
0
|
0.0
|
2
|
0.1
|
Medium Range 1 (MR1)
|
25-39,999
|
12
|
0.4
|
0.0
|
0.0
|
2
|
0.1
|
6
|
0.2
|
3
|
0.1
|
1
|
0.0
|
Handy
|
10-24,999
|
4
|
0.1
|
0.0
|
0.0
|
4
|
0.1
|
0
|
0.0
|
0
|
0.0
|
0
|
0.0
|
Total Product Fleet
|
|
174
|
13.6
|
13.7
|
18.2
|
87
|
6.7
|
66
|
5.1
|
18
|
1.6
|
3
|
0.1
|
Year
|
Caribs
|
NW Europe
|
West Africa
|
AG
|
|
USAC
|
NW Europe
|
Caribs/USES
|
Japan
|
|
40-70,000 DWT
|
70-100,000 DWT
|
150-160,000 DWT
|
280-300,000 DWT
|
|
|
|
|
|
2000
|
28,375
|
40,375
|
40,950
|
52,450
|
2001
|
26,300
|
35,308
|
31,992
|
36,891
|
2002
|
16,567
|
22,800
|
19,325
|
21,667
|
2003
|
28,833
|
41,883
|
37,367
|
49,342
|
2004
|
42,158
|
55,408
|
64,792
|
95,258
|
2005
|
34,933
|
57,517
|
40,883
|
59,125
|
2006
|
28,792
|
47,067
|
40,142
|
51,142
|
2007
|
30,100
|
41,975
|
35,392
|
45,475
|
2008
|
36,992
|
56,408
|
52,650
|
89,300
|
2009
|
13,450
|
19,883
|
20,242
|
29,483
|
2010
|
17,950
|
27,825
|
19,658
|
40,408
|
2011
|
11,000
|
12,283
|
8,909
|
19,933
|
2012
|
15,245
|
9,625
|
10,517
|
17,617
|
2013
|
14,783
|
12,000
|
7,500
|
16,417
|
2014
|
18,217
|
33,075
|
21,200
|
24,892
|
Feb-15
|
32,500
|
36,300
|
32,300
|
59,100
|
Year End
|
30,000
|
45,000
|
75,000
|
95,000
|
150,000
|
300,000
|
|
DWT
|
DWT
|
DWT
|
DWT
|
DWT
|
DWT
|
|
5 Yrs
|
5 Yrs
|
5 Yrs
|
5 Yrs
|
5 Yrs
|
5 Yrs
|
2000
|
25.5
|
25.5
|
28.5
|
36.5
|
44.0
|
70.0
|
2001
|
25.0
|
25.0
|
25.5
|
34.5
|
41.5
|
63.0
|
2002
|
21.5
|
21.5
|
21.0
|
29.5
|
39.0
|
55.0
|
2003
|
29.5
|
29.5
|
24.0
|
37.0
|
47.0
|
70.0
|
2004
|
42.0
|
42.0
|
38.0
|
57.0
|
73.0
|
112.0
|
2005
|
45.5
|
45.5
|
39.0
|
58.0
|
75.0
|
110.0
|
2006
|
47.5
|
47.5
|
48.0
|
63.0
|
77.0
|
115.0
|
2007
|
52.0
|
52.0
|
59.0
|
68.5
|
91.5
|
130.0
|
2008
|
42.0
|
42.0
|
46.0
|
55.0
|
77.0
|
110.0
|
2009
|
24.0
|
24.0
|
32.5
|
38.0
|
53.0
|
77.5
|
2010
|
21.5
|
24.0
|
35.0
|
42.0
|
58.0
|
85.5
|
2011
|
22.5
|
27.0
|
32.0
|
33.5
|
45.5
|
58.0
|
2012
|
20.0
|
24.0
|
25.0
|
27.5
|
40.0
|
57.0
|
2013
|
21.0
|
29.0
|
31.0
|
32.0
|
42.0
|
60.0
|
2014
|
20.2
|
27.1
|
32.4
|
38.6
|
50.0
|
73.1
|
Feb-15
|
19.0
|
25.0
|
36.0
|
45.0
|
59.0
|
81.0
|
•
|
injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;
|
•
|
injury to, or economic losses resulting from, the destruction of real and personal property;
|
•
|
net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;
|
•
|
loss of subsistence use of natural resources that are injured, destroyed or lost;
|
•
|
lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and
|
•
|
net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.
|
•
|
on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship’s identity, position, course, speed and navigational status;
|
•
|
on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore;
|
•
|
the development of vessel security plans;
|
•
|
ship identification number to be permanently marked on a vessel’s hull;
|
•
|
a continuous synopsis record kept onboard showing a vessel’s history, including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship’s identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and
|
•
|
compliance with flag state security certification requirements.
|
•
|
Annual Surveys.
For seagoing ships, annual surveys are conducted for the hull and the machinery, including the electrical plant, and where applicable for special equipment classed, within three months before or after each anniversary date of the date of commencement of the class period indicated in the certificate.
|
•
|
Intermediate Surveys.
Extended annual surveys are referred to as intermediate surveys and typically are conducted two and one-half years after commissioning and each class renewal. Intermediate surveys are to be carried out at or between the occasion of the second or third annual survey.
|
•
|
Class Renewal Surveys.
Class renewal surveys, also known as special surveys, are carried out for the ship’s hull, machinery, including the electrical plant, and for any special equipment classed, at the intervals indicated by the character of classification for the hull. At the special survey, the vessel is thoroughly examined, including audio-gauging to determine the thickness of the steel structures. Should the thickness be found to be less than class requirements, the classification society would prescribe steel renewals. The classification society may grant a one-year grace period for completion of the special survey. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear. In lieu of the special survey every four or five years, depending on whether a grace period was granted, a vessel owner has the option of arranging with the classification society for the vessel’s hull or machinery to be on a continuous survey cycle, in which every part of the vessel would be surveyed within a five-year cycle.
|
•
|
Voyage charters
, which are charters for short intervals that are priced on current, or “spot,” market rates.
|
•
|
Time charters
, which are chartered to customers for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates.
|
•
|
Commercial Pools
, whereby we participate with other shipowners to operate a large number of vessels as an integrated transportation system, which offers customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Pools negotiate charters primarily in the spot market. The size and scope of these pools enable them to enhance utilization rates for pool vessels by securing backhaul voyages and COAs (described below), thus generating higher effective TCE revenues than otherwise might be obtainable in the spot market.
|
•
|
For all types of vessels in contractual relationships, we are responsible for crewing and other vessel operating costs for our owned vessels and the charterhire expense for vessels that we time charter-in.
|
|
Voyage Charter
|
|
Time Charter
|
|
Commercial Pool
|
Typical contract length
|
Single voyage
|
|
One year or more
|
|
Varies
|
Hire rate basis
(1)
|
Varies
|
|
Daily
|
|
Varies
|
Voyage expenses
(2)
|
We pay
|
|
Customer pays
|
|
Pool pays
|
Vessel operating costs for owned vessels
(3)
|
We pay
|
|
We pay
|
|
We pay
|
Charterhire expense for vessels chartered-in
(3)
|
We pay
|
|
We pay
|
|
We pay
|
Off-hire
(4)
|
Customer does not pay
|
|
Customer does not pay
|
|
Pool does not pay
|
(1)
|
“Hire rate”
refers to the basic payment from the charterer for the use of the vessel.
|
(2)
|
“Voyage expenses”
refers to expenses incurred due to a vessel’s traveling from a loading port to a discharging port, such as fuel (bunker) cost, port expenses, agent’s fees, canal dues and extra war risk insurance, as well as commissions.
|
(3)
|
“Vessel operating costs”
is
defined below under “—Important Financial and Operational Terms and Concepts.”
|
(4)
|
“Off-hire”
refers to the time a vessel is not available for service due primarily to scheduled and unscheduled repairs or drydockings. For time chartered-in vessels, we do not pay the charterhire expense when the vessel is off-hire.
|
•
|
charges related to the depreciation of the historical cost of our owned vessels (less an estimated residual value) over the estimated useful lives of the vessels; and
|
•
|
charges related to the amortization of drydocking expenditures over the estimated number of years to the next scheduled drydocking.
|
•
|
global and regional economic and political conditions;
|
•
|
increases and decreases in production of and demand for crude oil and petroleum products;
|
•
|
increases and decreases in OPEC oil production quotas;
|
•
|
the distance crude oil and petroleum products need to be transported by sea; and
|
•
|
developments in international trade and changes in seaborne and other transportation patterns.
|
•
|
Three
vessels were designated as held for sale and, in accordance with our accounting policy for vessels held for sale, were written down to their fair value less costs to sell.
|
•
|
36
vessels had fair values less costs to sell in excess of their carrying amount.
|
•
|
18
vessels had fair values less costs to sell less than their carrying amount which served as indicators of impairment. We prepared a value in use calculation for each these vessels which resulted in no impairment being recognized.
|
•
|
Four vessels were designated as held for sale and, in accordance with our accounting policy for vessels held for sale, were written down to their fair value less costs to sell.
|
•
|
Eight vessels had fair values less costs to sell in excess of their carrying amount.
|
•
|
Seven vessels had fair values less costs to sell less than their carrying amount. We prepared a value in use calculation for each these vessels which resulted in no impairment being recognized.
|
•
|
Two vessels under construction (that were delivered in January 2014) had fair values less costs to sell exceeding their carrying amount.
|
•
|
reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values;
|
•
|
news and industry reports of similar vessel sales;
|
•
|
news and industry reports of sales of vessels that are not similar to our vessels where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates;
|
•
|
approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;
|
•
|
offers that we may have received from potential purchasers of our vessels; and
|
•
|
vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers.
|
|
In millions of U.S. dollars
|
|
Carrying value as at,
|
|
|||||||||
|
Vessel Name
|
|
Year Built
|
|
December 31, 2014
|
|
December 31, 2013
|
|
|||||
1
|
|
STI Highlander
|
|
2007
|
|
$
|
20.7
|
|
(1)
|
$
|
21.8
|
|
|
2
|
|
Noemi
|
|
2004
|
|
N/A
|
|
(2)
|
21.2
|
|
|
||
3
|
|
Senatore
|
|
2004
|
|
N/A
|
|
(2)
|
21.2
|
|
|
||
4
|
|
STI Harmony
|
|
2007
|
|
28.8
|
|
(3)
|
32.0
|
|
|
||
5
|
|
STI Heritage
|
|
2008
|
|
30.2
|
|
(3)
|
34.1
|
|
|
||
6
|
|
Venice
|
|
2001
|
|
11.9
|
|
(3)
|
10.7
|
|
(3)
|
||
7
|
|
STI Spirit
|
|
2008
|
|
N/A
|
|
(2)
|
29.5
|
|
|
||
8
|
|
STI Amber
|
|
2012
|
|
35.5
|
|
(1)
|
37.1
|
|
|
||
9
|
|
STI Topaz
|
|
2012
|
|
35.7
|
|
(1)
|
37.2
|
|
|
||
10
|
|
STI Ruby
|
|
2012
|
|
35.7
|
|
(1)
|
37.2
|
|
|
||
11
|
|
STI Garnet
|
|
2012
|
|
35.8
|
|
(1)
|
37.3
|
|
|
||
12
|
|
STI Onyx
|
|
2012
|
|
35.8
|
|
(1)
|
37.3
|
|
|
||
13
|
|
STI Sapphire
|
|
2013
|
|
35.6
|
|
(1)
|
37.1
|
|
|
||
14
|
|
STI Emerald
|
|
2013
|
|
35.4
|
|
(1)
|
36.9
|
|
|
||
15
|
|
STI Beryl
|
|
2013
|
|
34.6
|
|
(4)
|
36.0
|
|
|
||
16
|
|
STI Le Rocher
|
|
2013
|
|
35.1
|
|
(1)
|
36.6
|
|
|
||
17
|
|
STI Larvotto
|
|
2013
|
|
35.1
|
|
(1)
|
36.6
|
|
|
||
18
|
|
STI Fontvieille
|
|
2013
|
|
35.1
|
|
(1)
|
36.6
|
|
|
||
19
|
|
STI Ville
|
|
2013
|
|
35.5
|
|
(1)
|
36.8
|
|
|
||
20
|
|
STI Duchessa
|
|
2014
|
|
33.5
|
|
(4)
|
N/A
|
|
(5)
|
||
21
|
|
STI Wembley
|
|
2014
|
|
32.7
|
|
(4)
|
N/A
|
|
(5)
|
||
22
|
|
STI Opera
|
|
2014
|
|
33.3
|
|
(4)
|
N/A
|
|
(5)
|
||
23
|
|
STI Texas City
|
|
2014
|
|
37.9
|
|
(1)
|
N/A
|
|
(5)
|
||
24
|
|
STI Meraux
|
|
2014
|
|
38.3
|
|
(1)
|
N/A
|
|
(5)
|
||
25
|
|
STI San Antonio
|
|
2014
|
|
38.4
|
|
(1)
|
N/A
|
|
(5)
|
||
26
|
|
STI Venere
|
|
2014
|
|
33.3
|
|
(4)
|
N/A
|
|
(5)
|
||
27
|
|
STI Virtus
|
|
2014
|
|
33.4
|
|
(4)
|
N/A
|
|
(5)
|
||
28
|
|
STI Aqua
|
|
2014
|
|
33.6
|
|
(4)
|
N/A
|
|
(5)
|
||
29
|
|
STI Dama
|
|
2014
|
|
33.6
|
|
(4)
|
N/A
|
|
(5)
|
||
30
|
|
STI Mythos
|
|
2014
|
|
33.5
|
|
(4)
|
N/A
|
|
(5)
|
||
31
|
|
STI Benicia
|
|
2014
|
|
39.2
|
|
(1)
|
N/A
|
|
(5)
|
||
32
|
|
STI Regina
|
|
2014
|
|
33.8
|
|
(4)
|
N/A
|
|
(5)
|
||
33
|
|
STI St. Charles
|
|
2014
|
|
37.7
|
|
(1)
|
N/A
|
|
(5)
|
||
34
|
|
STI Yorkville
|
|
2014
|
|
34.2
|
|
(4)
|
N/A
|
|
(5)
|
||
35
|
|
STI Milwaukee
|
|
2014
|
|
40.3
|
|
(1)
|
N/A
|
|
(5)
|
||
36
|
|
STI Battery
|
|
2014
|
|
34.3
|
|
(4)
|
N/A
|
|
(5)
|
||
37
|
|
STI Brixton
|
|
2014
|
|
32.2
|
|
(4)
|
N/A
|
|
(5)
|
||
38
|
|
STI Comandante
|
|
2014
|
|
32.0
|
|
(4)
|
N/A
|
|
(5)
|
||
39
|
|
STI Pimlico
|
|
2014
|
|
32.4
|
|
(4)
|
N/A
|
|
(5)
|
||
40
|
|
STI Hackney
|
|
2014
|
|
32.3
|
|
(4)
|
N/A
|
|
(5)
|
||
41
|
|
STI Acton
|
|
2014
|
|
32.7
|
|
(4)
|
N/A
|
|
(5)
|
||
42
|
|
STI Fulham
|
|
2014
|
|
32.5
|
|
(4)
|
N/A
|
|
(5)
|
||
43
|
|
STI Camden
|
|
2014
|
|
32.5
|
|
(4)
|
N/A
|
|
(5)
|
||
44
|
|
STI Finchley
|
|
2014
|
|
32.6
|
|
(4)
|
N/A
|
|
(5)
|
||
45
|
|
STI Clapham
|
|
2014
|
|
32.7
|
|
(4)
|
N/A
|
|
(5)
|
||
46
|
|
STI Poplar
|
|
2014
|
|
32.7
|
|
(4)
|
N/A
|
|
(5)
|
||
47
|
|
STI Elysees
|
|
2014
|
|
52.0
|
|
(4)
|
N/A
|
|
(5)
|
48
|
|
STI Madison
|
|
2014
|
|
52.3
|
|
(4)
|
N/A
|
|
(5)
|
||
49
|
|
STI Park
|
|
2014
|
|
52.3
|
|
(4)
|
N/A
|
|
(5)
|
||
50
|
|
STI Orchard
|
|
2014
|
|
51.8
|
|
(4)
|
N/A
|
|
(5)
|
||
51
|
|
STI Sloane
|
|
2014
|
|
52.6
|
|
(4)
|
N/A
|
|
(5)
|
||
52
|
|
STI Broadway
|
|
2014
|
|
51.7
|
|
(4)
|
N/A
|
|
(5)
|
||
53
|
|
STI Condotti
|
|
2014
|
|
52.8
|
|
(4)
|
N/A
|
|
(5)
|
||
54
|
|
STI Battersea
|
|
2014
|
|
32.4
|
|
(4)
|
N/A
|
|
(5)
|
||
55
|
|
STI Chelsea
|
|
2014
|
|
33.6
|
|
(4)
|
N/A
|
|
(5)
|
||
56
|
|
STI Lexington
|
|
2014
|
|
33.5
|
|
(4)
|
N/A
|
|
(5)
|
||
57
|
|
STI Powai
|
|
2014
|
|
33.5
|
|
(4)
|
N/A
|
|
(5)
|
||
58
|
|
STI Mayfair
|
|
2014
|
|
34.6
|
|
(4)
|
N/A
|
|
(5)
|
||
59
|
|
STI Soho
|
|
2014
|
|
33.9
|
|
(4)
|
N/A
|
|
(5)
|
||
60
|
|
STI Olivia
|
|
2014
|
|
33.7
|
|
(4)
|
N/A
|
|
(5)
|
||
|
|
|
|
|
|
|
|
|
|||||
|
Total
|
|
|
|
$
|
2,042.8
|
|
|
$
|
613.2
|
|
|
|
|
For the year ended December 31,
|
|
|
|
Percentage
|
|||||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Vessel revenue
|
|
$
|
342,807
|
|
|
$
|
207,580
|
|
|
$
|
135,227
|
|
|
65
|
%
|
Vessel operating costs
|
|
(78,823
|
)
|
|
(40,204
|
)
|
|
(38,619
|
)
|
|
(96
|
)%
|
|||
Voyage expenses
|
|
(7,533
|
)
|
|
(4,846
|
)
|
|
(2,687
|
)
|
|
(55
|
)%
|
|||
Charterhire
|
|
(139,168
|
)
|
|
(115,543
|
)
|
|
(23,625
|
)
|
|
(20
|
)%
|
|||
Depreciation
|
|
(42,617
|
)
|
|
(23,595
|
)
|
|
(19,022
|
)
|
|
(81
|
)%
|
|||
General and administrative expenses
|
|
(48,129
|
)
|
|
(25,788
|
)
|
|
(22,341
|
)
|
|
(87
|
)%
|
|||
Write down of vessels held for sale and loss from sales of vessels
|
|
(3,978
|
)
|
|
(21,187
|
)
|
|
17,209
|
|
|
81
|
%
|
|||
Gain on sale of VLGCs
|
|
—
|
|
|
41,375
|
|
|
(41,375
|
)
|
|
(100
|
)%
|
|||
Gain on sale of VLCCs
|
|
51,419
|
|
|
—
|
|
|
51,419
|
|
|
N/A
|
|
|||
Gain on sale of Dorian shares
|
|
10,924
|
|
|
—
|
|
|
10,924
|
|
|
N/A
|
|
|||
Re-measurement of investment in Dorian
|
|
(13,895
|
)
|
|
—
|
|
|
(13,895
|
)
|
|
N/A
|
|
|||
Financial expenses
|
|
(20,770
|
)
|
|
(2,705
|
)
|
|
(18,065
|
)
|
|
(668
|
)%
|
|||
Realized gain on derivative financial instruments
|
|
17
|
|
|
3
|
|
|
14
|
|
|
467
|
%
|
|||
Unrealized gain on derivative financial instruments
|
|
264
|
|
|
567
|
|
|
(303
|
)
|
|
(53
|
)%
|
|||
Financial income
|
|
203
|
|
|
1,147
|
|
|
(944
|
)
|
|
(82
|
)%
|
|||
Share of profit from associate
|
|
1,473
|
|
|
369
|
|
|
1,104
|
|
|
299
|
%
|
|||
Other expenses, net
|
|
(103
|
)
|
|
(158
|
)
|
|
55
|
|
|
35
|
%
|
|||
Net income
|
|
$
|
52,091
|
|
|
$
|
17,015
|
|
|
$
|
35,076
|
|
|
206
|
%
|
|
|
For the year
|
|
|
|
|
|||||||||
|
|
ended December 31,
|
|
|
|
Percentage
|
|||||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Pool revenue
|
|
$
|
280,857
|
|
|
$
|
190,017
|
|
|
$
|
90,840
|
|
|
48
|
%
|
Time charter-out revenue
|
|
13,538
|
|
|
—
|
|
|
13,538
|
|
|
N/A
|
|
|||
Voyage revenue (spot market)
|
|
48,112
|
|
|
17,563
|
|
|
30,549
|
|
|
174
|
%
|
|||
Other revenue
|
|
300
|
|
|
—
|
|
|
300
|
|
|
N/A
|
|
|||
Gross revenue
|
|
342,807
|
|
|
207,580
|
|
|
135,227
|
|
|
65
|
%
|
|||
Voyage expenses
|
|
(7,533
|
)
|
|
(4,846
|
)
|
|
(2,687
|
)
|
|
55
|
%
|
|||
TCE revenue
(1)
|
|
335,274
|
|
|
202,734
|
|
|
132,540
|
|
|
65
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
TCE Revenue per day:
(1)
|
|
|
|
|
|
|
|
|
|||||||
Pool
|
|
$
|
15,837
|
|
|
$
|
14,246
|
|
|
$
|
1,591
|
|
|
11
|
%
|
Time charter-out
|
|
15,194
|
|
|
—
|
|
|
15,194
|
|
|
N/A
|
|
|||
Voyage
|
|
16,798
|
|
|
16,499
|
|
|
299
|
|
|
2
|
%
|
|||
Consolidated TCE revenue per day
|
|
15,935
|
|
|
14,369
|
|
|
1,566
|
|
|
11
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Revenue days:
|
|
|
|
|
|
|
|
|
|||||||
Pool - owned vessels
|
|
8,183
|
|
|
5,323
|
|
|
2,860
|
|
|
54
|
%
|
|||
Pool - time chartered-in vessels
|
|
9,551
|
|
|
8,015
|
|
|
1,536
|
|
|
19
|
%
|
|||
Time-charter out - owned vessels
|
852
|
|
|
—
|
|
|
852
|
|
|
N/A
|
|
||||
Voyage - owned vessels
|
|
2,401
|
|
|
445
|
|
|
1,956
|
|
|
440
|
%
|
|||
Voyage - time chartered-in vessels
|
50
|
|
|
326
|
|
|
(276
|
)
|
|
(85
|
)%
|
||||
Total revenue days
|
|
21,037
|
|
|
14,109
|
|
|
6,928
|
|
|
49
|
%
|
•
|
Short term time charters: We consider short-term time charters (less than one year) as spot market voyages. Vessels delivered under our Newbuilding Program were employed on short-term time charters (up to120 days) for a total of 2,177 days during the year ended December 31, 2014. Vessels delivered under our Newbuilding Program during 2013 were employed on similar short-term time charters for a total of 445 days during the year ended December 31, 2013.
|
•
|
Spot market voyages:
Noemi
,
Senatore
,
Venice
and
SN Azzurra
operated in the spot market for a total of 274 days during the year ended December 31, 2014.
Gan-Trust, SN Federica, King Douglas
, and
Nave Orion
operated in the spot voyage for 321 days during the year ended December 31, 2013.
|
|
|
For the year
|
|
|
|
|
|||||||||
LR2 segment
|
|
ended December 31,
|
|
|
|
Percentage
|
|||||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Vessel revenue
|
|
$
|
67,124
|
|
|
$
|
28,204
|
|
|
$
|
38,920
|
|
|
138
|
%
|
Vessel operating costs
|
|
(4,830
|
)
|
|
(3,211
|
)
|
|
(1,619
|
)
|
|
(50
|
)%
|
|||
Voyage expenses
|
|
(73
|
)
|
|
—
|
|
|
(73
|
)
|
|
N/A
|
|
|||
Charterhire
|
|
(45,756
|
)
|
|
(29,341
|
)
|
|
(16,415
|
)
|
|
(56
|
)%
|
|||
Depreciation
|
|
(3,067
|
)
|
|
(1,750
|
)
|
|
(1,317
|
)
|
|
(75
|
)%
|
|||
General and administrative expenses
|
|
(237
|
)
|
|
(154
|
)
|
|
(83
|
)
|
|
(54
|
)%
|
|||
Write down of vessel held for sale
|
|
—
|
|
|
(6,185
|
)
|
|
6,185
|
|
|
100
|
%
|
|||
Financial expenses
|
|
(509
|
)
|
|
(847
|
)
|
|
338
|
|
|
40
|
%
|
|||
Financial income
|
|
1
|
|
|
—
|
|
|
1
|
|
|
N/A
|
|
|||
Other expenses, net
|
|
—
|
|
|
(10
|
)
|
|
10
|
|
|
100
|
%
|
|||
Segment profit / (loss)
|
|
$
|
12,653
|
|
|
$
|
(13,294
|
)
|
|
$
|
25,947
|
|
|
195
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
|
$
|
18,621
|
|
|
$
|
12,718
|
|
|
$
|
5,903
|
|
|
46
|
%
|
Owned vessel operating costs per day
|
|
6,789
|
|
|
8,203
|
|
|
1,414
|
|
|
17
|
%
|
|||
Revenue days - owned vessels
|
|
707
|
|
|
345
|
|
|
362
|
|
|
105
|
%
|
|||
Revenue days - time chartered-in vessels
|
|
2,894
|
|
|
1,873
|
|
|
1,021
|
|
|
55
|
%
|
|||
Owned vessel operating days
|
|
707
|
|
|
365
|
|
|
342
|
|
|
94
|
%
|
|||
Average number of owned vessels
|
|
1.9
|
|
|
1.0
|
|
|
0.9
|
|
|
90
|
%
|
|||
Average number of time chartered-in vessels
|
|
7.9
|
|
|
5.1
|
|
|
2.8
|
|
|
55
|
%
|
|
|
For the year
|
|
|
|
|
|||||||||
Panamax/LR1 segment
|
|
ended December 31,
|
|
|
|
Percentage
|
|||||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Vessel revenue
|
|
$
|
57,901
|
|
|
$
|
41,683
|
|
|
$
|
16,218
|
|
|
39
|
%
|
Vessel operating costs
|
|
(10,530
|
)
|
|
(14,276
|
)
|
|
3,746
|
|
|
26
|
%
|
|||
Voyage expenses
|
|
(4,826
|
)
|
|
(3,858
|
)
|
|
(968
|
)
|
|
(25
|
)%
|
|||
Charterhire
|
|
(27,250
|
)
|
|
(14,363
|
)
|
|
(12,887
|
)
|
|
(90
|
)%
|
|||
Depreciation
|
|
(3,194
|
)
|
|
(7,275
|
)
|
|
4,081
|
|
|
56
|
%
|
|||
General and administrative expenses
|
|
(409
|
)
|
|
(536
|
)
|
|
127
|
|
|
24
|
%
|
|||
Write down of vessels held for sale
|
|
(3,978
|
)
|
|
(15,002
|
)
|
|
11,024
|
|
|
73
|
%
|
|||
Realized gain on derivative financial instruments
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
(100
|
)%
|
|||
Unrealized gain on derivative financial instruments
|
—
|
|
|
186
|
|
|
(186
|
)
|
|
(100
|
)%
|
||||
Segment profit / (loss)
|
|
$
|
7,714
|
|
|
$
|
(13,438
|
)
|
|
$
|
21,152
|
|
|
157
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
|
$
|
16,857
|
|
|
$
|
12,599
|
|
|
$
|
4,258
|
|
|
34
|
%
|
Owned vessel operating costs per day
|
|
8,332
|
|
|
7,756
|
|
|
(576
|
)
|
|
(7
|
)%
|
|||
Revenue days - owned vessels
|
|
1,230
|
|
|
1,825
|
|
|
(595
|
)
|
|
(33
|
)%
|
|||
Revenue days - time chartered-in vessels
|
|
1,936
|
|
|
1,180
|
|
|
756
|
|
|
64
|
%
|
|||
Owned vessel operating days
|
|
1,264
|
|
|
1,825
|
|
|
(561
|
)
|
|
(31
|
)%
|
|||
Average number of owned vessels
|
|
3.5
|
|
|
5.0
|
|
|
(1.5
|
)
|
|
(30
|
)%
|
|||
Average number of time chartered-in vessels
|
|
5.3
|
|
|
3.2
|
|
|
2.1
|
|
|
66
|
%
|
|
|
For the year
|
|
|
|
|
|||||||||
MR segment
|
|
ended December 31,
|
|
|
|
Percentage
|
|||||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Vessel revenue
|
|
$
|
151,716
|
|
|
$
|
101,488
|
|
|
$
|
50,228
|
|
|
49
|
%
|
Vessel operating costs
|
|
(52,561
|
)
|
|
(20,069
|
)
|
|
(32,492
|
)
|
|
(162
|
)%
|
|||
Voyage expenses
|
|
(1,963
|
)
|
|
(977
|
)
|
|
(986
|
)
|
|
(101
|
)%
|
|||
Charterhire
|
|
(27,772
|
)
|
|
(40,753
|
)
|
|
12,981
|
|
|
32
|
%
|
|||
Depreciation
|
|
(30,920
|
)
|
|
(13,278
|
)
|
|
(17,642
|
)
|
|
(133
|
)%
|
|||
General and administrative expenses
|
|
(2,315
|
)
|
|
(1,030
|
)
|
|
(1,285
|
)
|
|
(125
|
)%
|
|||
Financial income
|
|
8
|
|
|
4
|
|
|
4
|
|
|
100
|
%
|
|||
Other expenses, net
|
|
(51
|
)
|
|
(21
|
)
|
|
(30
|
)
|
|
(143
|
)%
|
|||
Segment profit
|
|
$
|
36,142
|
|
|
$
|
25,364
|
|
|
$
|
10,778
|
|
|
42
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
|
$
|
15,297
|
|
|
$
|
16,546
|
|
|
$
|
(1,249
|
)
|
|
(8
|
)%
|
Owned vessel operating costs per day
|
|
6,580
|
|
|
6,069
|
|
|
(511
|
)
|
|
(8
|
)%
|
|||
Revenue days - owned vessels
|
|
7,906
|
|
|
3,233
|
|
|
4,673
|
|
|
145
|
%
|
|||
Revenue days - time chartered-in vessels
|
|
1,884
|
|
|
2,839
|
|
|
(955
|
)
|
|
(34
|
)%
|
|||
Owned vessel operating days
|
|
7,957
|
|
|
3,265
|
|
|
4,692
|
|
|
144
|
%
|
|||
Average number of owned vessels
|
|
21.8
|
|
|
8.9
|
|
|
12.9
|
|
|
145
|
%
|
|||
Average number of time chartered-in vessels
|
|
5.2
|
|
|
7.8
|
|
|
(2.6
|
)
|
|
(33
|
)%
|
|
Vessel
|
Delivery Date
|
|
1
|
|
STI Duchessa
|
January 2014
|
2
|
|
STI Opera
|
January 2014
|
3
|
|
STI Texas City
|
March 2014
|
4
|
|
STI Meraux
|
April 2014
|
5
|
|
STI Chelsea
|
May 2014
|
6
|
|
STI San Antonio
|
May 2014
|
7
|
|
STI Lexington
|
May 2014
|
8
|
|
STI Venere
|
June 2014
|
9
|
|
STI Virtus
|
June 2014
|
10
|
|
STI Powai
|
July 2014
|
11
|
|
STI Aqua
|
July 2014
|
12
|
|
STI Dama
|
July 2014
|
13
|
|
STI Olivia
|
August 2014
|
14
|
|
STI Mythos
|
August 2014
|
15
|
|
STI Regina
|
September 2014
|
16
|
|
STI Benicia
|
September 2014
|
17
|
|
STI St. Charles
|
September 2014
|
18
|
|
STI Mayfair
|
October 2014
|
19
|
|
STI Yorkville
|
October 2014
|
20
|
|
STI Milwaukee
|
November 2014
|
21
|
|
STI Battery
|
December 2014
|
22
|
|
STI Soho
|
December 2014
|
|
|
For the year
|
|
|
|
|
|||||||||
Handymax segment
|
|
ended December 31,
|
|
|
|
Percentage
|
|||||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
Vessel revenue
|
|
$
|
65,766
|
|
|
$
|
36,205
|
|
|
$
|
29,561
|
|
|
82
|
%
|
Vessel operating costs
|
|
(10,902
|
)
|
|
(2,648
|
)
|
|
(8,254
|
)
|
|
(312
|
)%
|
|||
Voyage expenses
|
|
(671
|
)
|
|
(11
|
)
|
|
(660
|
)
|
|
(6,000
|
)%
|
|||
Charterhire
|
|
(38,390
|
)
|
|
(31,086
|
)
|
|
(7,304
|
)
|
|
(23
|
)%
|
|||
Depreciation
|
|
(5,436
|
)
|
|
(1,292
|
)
|
|
(4,144
|
)
|
|
(321
|
)%
|
|||
General and administrative expenses
|
|
(450
|
)
|
|
(118
|
)
|
|
(332
|
)
|
|
(281
|
)%
|
|||
Financial income
|
|
2
|
|
|
—
|
|
|
2
|
|
|
N/A
|
|
|||
Segment profit
|
|
$
|
9,919
|
|
|
$
|
1,050
|
|
|
$
|
8,869
|
|
|
845
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
|
$
|
14,528
|
|
|
$
|
12,862
|
|
|
$
|
1,666
|
|
|
13
|
%
|
Owned vessel operating costs per day
|
|
6,704
|
|
|
6,852
|
|
|
148
|
|
|
2
|
%
|
|||
Revenue days - owned vessels
|
|
1,593
|
|
|
365
|
|
|
1,228
|
|
|
336
|
%
|
|||
Revenue days - time chartered-in vessels
|
|
2,887
|
|
|
2,450
|
|
|
437
|
|
|
18
|
%
|
|||
Owned vessel operating days
|
|
1,620
|
|
|
365
|
|
|
1,255
|
|
|
344
|
%
|
|||
Average number of owned vessels
|
|
4.4
|
|
|
1.0
|
|
|
3.4
|
|
|
340
|
%
|
|||
Average number of time chartered-in vessels
|
|
7.9
|
|
|
6.7
|
|
|
1.2
|
|
|
18
|
%
|
|
For the year ended December 31,
|
|
|
|
|
|||||||||
In thousands of US dollars
|
2013
|
|
2012
|
|
Change
|
|
Percentage Change
|
|||||||
Vessel revenue
|
$
|
207,580
|
|
|
$
|
115,381
|
|
|
$
|
92,199
|
|
|
80
|
%
|
Vessel operating costs
|
(40,204
|
)
|
|
(30,353
|
)
|
|
(9,851
|
)
|
|
(32
|
)%
|
|||
Voyage expenses
|
(4,846
|
)
|
|
(21,744
|
)
|
|
16,898
|
|
|
78
|
%
|
|||
Charterhire
|
(115,543
|
)
|
|
(43,701
|
)
|
|
(71,842
|
)
|
|
(164
|
)%
|
|||
Depreciation
|
(23,595
|
)
|
|
(14,818
|
)
|
|
(8,777
|
)
|
|
(59
|
)%
|
|||
General and administrative expenses
|
(25,788
|
)
|
|
(11,536
|
)
|
|
(14,252
|
)
|
|
(124
|
)%
|
|||
Write down of vessels held for sale and loss from sales of vessels
|
(21,187
|
)
|
|
(10,404
|
)
|
|
(10,783
|
)
|
|
(104
|
)%
|
|||
Gain on sale of VLGCs
|
41,375
|
|
|
—
|
|
|
41,375
|
|
|
N/A
|
|
|||
Financial expenses
|
(2,705
|
)
|
|
(8,512
|
)
|
|
5,807
|
|
|
68
|
%
|
|||
Realized gain on derivative financial instruments
|
3
|
|
|
443
|
|
|
(440
|
)
|
|
(99
|
)%
|
|||
Unrealized gain / (loss) on derivative financial instruments
|
567
|
|
|
(1,231
|
)
|
|
1,798
|
|
|
146
|
%
|
|||
Financial income
|
1,147
|
|
|
35
|
|
|
1,112
|
|
|
3,177
|
%
|
|||
Share of profit from associate
|
369
|
|
|
—
|
|
|
369
|
|
|
N/A
|
|
|||
Other expenses, net
|
(158
|
)
|
|
(97
|
)
|
|
(61
|
)
|
|
(63
|
)%
|
|||
Net income / (loss)
|
$
|
17,015
|
|
|
$
|
(26,537
|
)
|
|
$
|
43,552
|
|
|
164
|
%
|
|
|
For the year
|
|
|
|
|
|||||||||
|
|
ended December 31,
|
|
|
|
Percentage
|
|||||||||
In thousands of U.S. dollars
|
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|||||||
Pool revenue
|
|
$
|
190,017
|
|
|
$
|
72,262
|
|
|
$
|
117,755
|
|
|
163
|
%
|
Voyage revenue (spot market)
|
|
17,563
|
|
|
43,119
|
|
|
(25,556
|
)
|
|
(59
|
)%
|
|||
Gross revenue
|
|
207,580
|
|
|
115,381
|
|
|
92,199
|
|
|
80
|
%
|
|||
Voyage expenses
|
|
(4,846
|
)
|
|
(21,744
|
)
|
|
16,898
|
|
|
(78
|
)%
|
|||
TCE revenue
(1)
|
|
202,734
|
|
|
93,637
|
|
|
109,097
|
|
|
117
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
TCE Revenue per day:
(1)
|
|
|
|
|
|
|
|
|
|||||||
Pool
|
|
$
|
14,246
|
|
|
$
|
13,098
|
|
|
$
|
1,148
|
|
|
9
|
%
|
Voyage
|
|
16,499
|
|
|
12,516
|
|
|
3,983
|
|
|
32
|
%
|
|||
Consolidated TCE revenue per day
|
|
14,369
|
|
|
12,960
|
|
|
1,409
|
|
|
11
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Revenue days:
|
|
|
|
|
|
|
|
|
|||||||
Pool - owned vessels
|
|
5,323
|
|
|
2,851
|
|
|
2,472
|
|
|
87
|
%
|
|||
Pool - time chartered-in vessels
|
|
8,015
|
|
|
2,662
|
|
|
5,353
|
|
|
201
|
%
|
|||
Voyage - owned vessels
|
|
445
|
|
|
1,015
|
|
|
(570
|
)
|
|
(56
|
)%
|
|||
Voyage - time charter-in vessels
|
|
326
|
|
|
698
|
|
|
(372
|
)
|
|
(53
|
)%
|
|||
Total revenue days
|
|
14,109
|
|
|
7,226
|
|
|
6,883
|
|
|
95
|
%
|
•
|
During 2013, our owned vessels that were delivered under our Newbuilding Program,
STI Sapphire, STI Emerald, STI Beryl,
STI Le Rocher, STI Larvotto, STI Fontvieille
and
STI Ville
, were employed on short-term time charters that commenced upon delivery from the shipyards for a total of 445 days. These short-term time charters were agreed to at fixed TCE rates where only nominal voyage expenses were incurred for items such as bunker costs (to the first port of loading) and tank cleaning costs prior to each vessel's entrance into the Scorpio Group Pools. In addition, our time chartered-in vessels
Gan-Trust, Nave Orion,
King Douglas, Pacific Duchess
and
SN Federica
operated in the spot market for a total of 326 days during that same period.
|
•
|
During 2012, our owned vessels that were delivered under our Newbuilding Program,
STI Amber, STI Topaz, STI Ruby, STI Garnet
and
STI Onyx
were employed on short-term time charters upon delivery from the shipyards for a total of 414 days. These short term time charters were agreed to at fixed TCE rates where only nominal voyage expenses were incurred for items such as bunker costs (to the first port of loading) and tank cleaning costs prior to each vessel's entrance into the Scorpio Group Pools. Additionally during 2012, our owned vessels,
STI Conqueror, STI Matador, STI Gladiator, STI Coral
and
STI Diamond
, operated in the spot market for a total of 601 days prior to their sales and our time chartered-in vessels,
FPMC P Eagle, Pacific Duchess, Targale, STX Ace 6, Freja Lupus, Endeavour
and
Valle Bianca
, operated in the spot market for a total of 698 days.
|
•
|
During 2013 and 2012, the rates on our short-term time charters were higher than rates achieved directly in the spot market, primarily due to the premiums earned on vessels delivered under our Newbuilding Program. These premiums drove the increase in voyage TCE revenue per day between the two periods.
|
|
For the year ended
|
|
|
|
|
|||||||||
LR2 segment
|
December 31,
|
|
|
|
|
|||||||||
In thousands of U.S. dollars
|
2013
|
|
2012
|
|
Change
|
|
Percentage Change
|
|||||||
Vessel revenue
|
$
|
28,204
|
|
|
$
|
4,541
|
|
|
$
|
23,663
|
|
|
521
|
%
|
Vessel operating costs
|
(3,211
|
)
|
|
(3,304
|
)
|
|
93
|
|
|
3
|
%
|
|||
Voyage expenses
|
—
|
|
|
(25
|
)
|
|
25
|
|
|
100
|
%
|
|||
Charterhire
|
(29,341
|
)
|
|
(1,287
|
)
|
|
(28,054
|
)
|
|
(2,180
|
)%
|
|||
Depreciation
|
(1,750
|
)
|
|
(1,735
|
)
|
|
(15
|
)
|
|
(1
|
)%
|
|||
General and administrative expenses
|
(154
|
)
|
|
(100
|
)
|
|
(54
|
)
|
|
(54
|
)%
|
|||
Write down of vessels held for sale
|
(6,185
|
)
|
|
—
|
|
|
(6,185
|
)
|
|
N/A
|
|
|||
Financial expenses
|
(847
|
)
|
|
(1,086
|
)
|
|
239
|
|
|
22
|
%
|
|||
Other expenses, net
|
(10
|
)
|
|
(11
|
)
|
|
1
|
|
|
9
|
%
|
|||
Segment loss
|
$
|
(13,294
|
)
|
|
$
|
(3,007
|
)
|
|
$
|
(10,287
|
)
|
|
(342
|
)%
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
$
|
12,718
|
|
|
$
|
10,201
|
|
|
$
|
2,517
|
|
|
25
|
%
|
Owned vessel operating costs per day
|
8,203
|
|
|
8,436
|
|
|
233
|
|
|
3
|
%
|
|||
Revenue days - owned vessels
|
345
|
|
|
336
|
|
|
9
|
|
|
3
|
%
|
|||
Revenue days - time chartered-in vessels
|
1,873
|
|
|
107
|
|
|
1,766
|
|
|
1,650
|
%
|
|||
Owned vessel operating days
|
365
|
|
|
366
|
|
|
(1
|
)
|
|
0
|
%
|
|||
Average number of owned vessels
|
1.0
|
|
|
1.0
|
|
|
—
|
|
|
0
|
%
|
|||
Average number of time chartered-in vessels
|
5.1
|
|
|
0.3
|
|
|
4.8
|
|
|
1,600
|
%
|
|
For the year ended
|
|
|
|
|
|||||||||
Panamax/LR1 segment
|
December 31,
|
|
|
|
|
|||||||||
In thousands of U.S. dollars
|
2013
|
|
2012
|
|
Change
|
|
Percentage Change
|
|||||||
Vessel revenue
|
$
|
41,683
|
|
|
$
|
28,602
|
|
|
$
|
13,081
|
|
|
46
|
%
|
Vessel operating costs
|
(14,276
|
)
|
|
(14,137
|
)
|
|
(139
|
)
|
|
(1
|
)%
|
|||
Voyage expenses
|
(3,858
|
)
|
|
(999
|
)
|
|
(2,859
|
)
|
|
(286
|
)%
|
|||
Charterhire
|
(14,363
|
)
|
|
(1,629
|
)
|
|
(12,734
|
)
|
|
(782
|
)%
|
|||
Depreciation
|
(7,275
|
)
|
|
(7,352
|
)
|
|
77
|
|
|
1
|
%
|
|||
General and administrative expenses
|
(536
|
)
|
|
(495
|
)
|
|
(41
|
)
|
|
(8
|
)%
|
|||
Write down of vessels held for sale
|
(15,002
|
)
|
|
—
|
|
|
(15,002
|
)
|
|
N/A
|
|
|||
Realized gain on derivative financial instruments
|
3
|
|
|
443
|
|
|
(440
|
)
|
|
(99
|
)%
|
|||
Unrealized gain on derivative financial instruments
|
186
|
|
|
(184
|
)
|
|
370
|
|
|
201
|
%
|
|||
Segment profit
|
$
|
(13,438
|
)
|
|
$
|
4,249
|
|
|
$
|
(17,687
|
)
|
|
(416
|
)%
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
$
|
12,599
|
|
|
$
|
14,264
|
|
|
$
|
(1,665
|
)
|
|
(12
|
)%
|
Owned vessel operating costs per day
|
7,756
|
|
|
7,714
|
|
|
(42
|
)
|
|
(1
|
)%
|
|||
Revenue days - owned vessels
|
1,825
|
|
|
1,807
|
|
|
18
|
|
|
1
|
%
|
|||
Revenue days - time chartered-in vessels
|
1,180
|
|
|
129
|
|
|
1,051
|
|
|
815
|
%
|
|||
Owned vessel operating days
|
1,825
|
|
|
1,830
|
|
|
(5
|
)
|
|
0
|
%
|
|||
Average number of owned vessels
|
5.0
|
|
|
5.0
|
|
|
—
|
|
|
0
|
%
|
|||
Average number of time chartered-in vessels
|
3.2
|
|
|
0.4
|
|
|
2.8
|
|
|
700
|
%
|
|
For the year ended
|
|
|
|
|
|||||||||
MR segment
|
December 31,
|
|
|
|
|
|||||||||
In thousands of U.S. dollars
|
2013
|
|
2012
|
|
Change
|
|
Percentage Change
|
|||||||
Vessel revenue
|
$
|
101,488
|
|
|
$
|
46,857
|
|
|
$
|
54,631
|
|
|
117
|
%
|
Vessel operating costs
|
(20,069
|
)
|
|
(7,484
|
)
|
|
(12,585
|
)
|
|
(168
|
)%
|
|||
Voyage expenses
|
(977
|
)
|
|
(17,979
|
)
|
|
17,002
|
|
|
95
|
%
|
|||
Charterhire
|
(40,753
|
)
|
|
(17,593
|
)
|
|
(23,160
|
)
|
|
(132
|
)%
|
|||
Depreciation
|
(13,278
|
)
|
|
(4,015
|
)
|
|
(9,263
|
)
|
|
(231
|
)%
|
|||
Loss from sale of vessels
|
—
|
|
|
(5,879
|
)
|
|
5,879
|
|
|
100
|
%
|
|||
General and administrative expenses
|
(1,030
|
)
|
|
(398
|
)
|
|
(632
|
)
|
|
(159
|
)%
|
|||
Financial income
|
4
|
|
|
6
|
|
|
(2
|
)
|
|
(33
|
)%
|
|||
Other expenses, net
|
(21
|
)
|
|
(51
|
)
|
|
30
|
|
|
59
|
%
|
|||
Segment profit / (loss)
|
$
|
25,364
|
|
|
$
|
(6,536
|
)
|
|
$
|
31,900
|
|
|
488
|
%
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
$
|
16,546
|
|
|
$
|
12,289
|
|
|
$
|
4,257
|
|
|
35
|
%
|
Owned vessel operating costs per day
|
6,069
|
|
|
6,770
|
|
|
701
|
|
|
10
|
%
|
|||
Revenue days - owned vessels
|
3,233
|
|
|
1,067
|
|
|
2,166
|
|
|
203
|
%
|
|||
Revenue days - time charter-in vessels
|
2,839
|
|
|
1,283
|
|
|
1,556
|
|
|
121
|
%
|
|||
Owned vessel operating days
|
3,265
|
|
|
1,089
|
|
|
2,176
|
|
|
200
|
%
|
|||
Average number of owned vessels
|
8.9
|
|
|
3.0
|
|
|
5.9
|
|
|
197
|
%
|
|||
Average number of time chartered-in vessels
|
7.8
|
|
|
3.5
|
|
|
4.3
|
|
|
123
|
%
|
Handymax segment
|
For the year ended December 31,
|
|
|
|
|
|||||||||
In thousands of U.S. dollars
|
2013
|
|
2012
|
|
Change
|
|
Percentage Change
|
|||||||
Vessel revenue
|
$
|
36,205
|
|
|
$
|
35,381
|
|
|
$
|
824
|
|
|
2
|
%
|
Vessel operating costs
|
(2,648
|
)
|
|
(5,428
|
)
|
|
2,780
|
|
|
51
|
%
|
|||
Voyage expenses
|
(11
|
)
|
|
(2,741
|
)
|
|
2,730
|
|
|
100
|
%
|
|||
Charterhire
|
(31,086
|
)
|
|
(23,192
|
)
|
|
(7,894
|
)
|
|
(34
|
)%
|
|||
Depreciation
|
(1,292
|
)
|
|
(1,716
|
)
|
|
424
|
|
|
25
|
%
|
|||
Loss from sale of vessels
|
—
|
|
|
(4,525
|
)
|
|
4,525
|
|
|
100
|
%
|
|||
General and administrative expenses
|
(118
|
)
|
|
(195
|
)
|
|
77
|
|
|
39
|
%
|
|||
Segment profit / (loss)
|
$
|
1,050
|
|
|
$
|
(2,416
|
)
|
|
$
|
3,466
|
|
|
143
|
%
|
|
|
|
|
|
|
|
|
|||||||
TCE per revenue day
|
$
|
12,862
|
|
|
$
|
13,069
|
|
|
(207
|
)
|
|
(2
|
)%
|
|
Owned vessel operating costs per day
|
6,852
|
|
|
7,594
|
|
|
742
|
|
|
10
|
%
|
|||
Revenue days - owned vessels
|
365
|
|
|
657
|
|
|
(292
|
)
|
|
(44
|
)%
|
|||
Revenue days - time chartered-in vessels
|
2,450
|
|
|
1,841
|
|
|
609
|
|
|
33
|
%
|
|||
Owned vessel operating days
|
365
|
|
|
673
|
|
|
(308
|
)
|
|
(46
|
)%
|
|||
Average number of owned vessels
|
1.0
|
|
|
1.8
|
|
|
(0.8
|
)
|
|
(44
|
)%
|
|||
Average number of time chartered-in vessels
|
6.7
|
|
|
5.0
|
|
|
1.7
|
|
|
34
|
%
|
|
|
|
Drawdown amount
|
|
|
|
|
|
|||
|
Credit Facility
|
|
(in millions of U.S. Dollars)
|
|
Drawdown date
|
|
Collateral
|
|
|||
1
|
|
K-Sure Credit Facility
|
|
$
|
19.9
|
|
|
January 2015
|
|
STI Gramercy
|
|
2
|
|
KEXIM Credit Facility
|
|
30.3
|
|
|
January 2015
|
|
STI Veneto
|
|
|
3
|
|
2013 Credit Facility
|
|
35.4
|
|
|
January 2015
|
|
STI Alexis
|
|
|
4
|
|
K-Sure Credit Facility
|
|
19.5
|
|
|
February 2015
|
|
STI Bronx
|
|
|
5
|
|
2013 Credit Facility
|
|
19.5
|
|
|
March 2015
|
|
STI Pontiac
|
|
|
6
|
|
K-Sure Credit Facility
|
|
19.5
|
|
|
March 2015
|
|
STI Manhattan
|
|
|
7
|
|
K-Sure Credit Facility
|
|
30.3
|
|
|
March 2015
|
|
STI Winnie
|
(1)
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Cash flow data
|
|
|
|
|
|
|
|
|
|||
Net cash inflow/(outflow)
|
|
|
|
|
|
|
|
|
|||
Operating activities
|
$
|
93,916
|
|
|
$
|
(5,655
|
)
|
|
$
|
(1,928
|
)
|
Investing activities
|
(1,158,234
|
)
|
|
(935,101
|
)
|
|
(90,155
|
)
|
|||
Financing activities
|
1,101,616
|
|
|
932,436
|
|
|
142,415
|
|
|
|
For the year ended December 31,
|
|
|
|
Percentage
|
|
|||||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|
|||||||
Vessel revenue
|
|
$
|
342,807
|
|
|
$
|
207,580
|
|
|
$
|
135,227
|
|
|
65
|
%
|
(1)
|
Vessel operating costs
|
|
(78,823
|
)
|
|
(40,204
|
)
|
|
(38,619
|
)
|
|
(96
|
)%
|
(1)
|
|||
Voyage expenses
|
|
(7,533
|
)
|
|
(4,846
|
)
|
|
(2,687
|
)
|
|
(55
|
)%
|
(1)
|
|||
Charterhire
|
|
(139,168
|
)
|
|
(115,543
|
)
|
|
(23,625
|
)
|
|
(20
|
)%
|
(1)
|
|||
General and administrative expenses - cash
|
|
(18,403
|
)
|
|
(12,646
|
)
|
|
(5,757
|
)
|
|
(46
|
)%
|
(1) (2)
|
|||
Financial expenses - cash
|
|
(10,606
|
)
|
|
(2,373
|
)
|
|
(8,233
|
)
|
|
(347
|
)%
|
(1) (3)
|
|||
Drydock payments
|
|
(1,290
|
)
|
|
(1,469
|
)
|
|
179
|
|
|
12
|
%
|
|
|||
Change in working capital
|
|
6,334
|
|
|
(37,199
|
)
|
|
43,533
|
|
|
117
|
%
|
(4)
|
|||
Other
|
|
598
|
|
|
1,045
|
|
|
(447
|
)
|
|
43
|
%
|
|
|||
Operating cash flow
|
|
$
|
93,916
|
|
|
$
|
(5,655
|
)
|
|
$
|
99,571
|
|
|
1,761
|
%
|
|
|
|
For the year ended December 31,
|
|
|
|
Percentage
|
|
|||||||||
In thousands of U.S. dollars
|
|
2013
|
|
2012
|
|
Change
|
|
Change
|
|
|||||||
Vessel revenue
|
|
$
|
207,580
|
|
|
$
|
115,381
|
|
|
$
|
92,199
|
|
|
80
|
%
|
(1)
|
Vessel operating costs
|
|
(40,204
|
)
|
|
(30,353
|
)
|
|
(9,851
|
)
|
|
(32
|
)%
|
(1)
|
|||
Voyage expenses
|
|
(4,846
|
)
|
|
(21,744
|
)
|
|
16,898
|
|
|
78
|
%
|
(1)
|
|||
Charterhire
|
|
(115,543
|
)
|
|
(43,701
|
)
|
|
(71,842
|
)
|
|
(164
|
)%
|
(1)
|
|||
General and administrative expenses - cash
|
|
(12,646
|
)
|
|
(8,046
|
)
|
|
(4,600
|
)
|
|
(57
|
)%
|
(1) (2)
|
|||
Financial expenses - cash
|
|
(2,373
|
)
|
|
(4,419
|
)
|
|
2,046
|
|
|
46
|
%
|
(1) (3)
|
|||
Drydock payments
|
|
(1,469
|
)
|
|
(1,702
|
)
|
|
233
|
|
|
14
|
%
|
|
|||
Change in working capital
|
|
(37,199
|
)
|
|
(7,766
|
)
|
|
(29,433
|
)
|
|
(379
|
)%
|
(4)
|
|||
Other
|
|
1,045
|
|
|
422
|
|
|
623
|
|
|
148
|
%
|
|
|||
Operating cash flow
|
|
$
|
(5,655
|
)
|
|
$
|
(1,928
|
)
|
|
$
|
(3,727
|
)
|
|
(193
|
)%
|
|
•
|
$1,404.6 million of vessel installment payments and other costs for vessels under our Newbuilding Program, consisting of:
|
◦
|
$1,097.8 million of final delivery installments and other costs for 41 vessels that were delivered during 2014 and four vessels that were delivered in early January 2015.
|
◦
|
$306.8 million of scheduled installment payments and other costs for vessels under construction.
|
•
|
$141.7 million receipt of net proceeds on the sale of our seven VLCCs under construction.
|
•
|
$72.0 million receipt of aggregate net proceeds on the sales of
Noemi, Senatore
and
STI Spirit
.
|
•
|
$31.3 million deposit received pursuant to the agreement to purchase four LR2 tankers from Scorpio Bulkers. We received this deposit as a security deposit for the scheduled installment payments on these vessels that are expected to occur prior to the closing date of the sale.
|
•
|
$767.4 million of vessel installment payments and other costs for vessels under our Newbuilding Program consisting of:
|
◦
|
$139.3 million of final installment payments and other costs for seven vessels delivered during 2013.
|
◦
|
$611.5 million of scheduled installment payments and other costs for vessels under construction.
|
•
|
$167.6 million of payments relating to our investment in Dorian which includes:
|
◦
|
$83.1 million of installment payments to the shipyards for the 11 VLGC contracts.
|
◦
|
$7.7 million in legal and advisory fees (including commissions paid to SSH as described below in Item 7. Major Shareholders and Related Party Transactions).
|
◦
|
$2.3 million cash contribution and other capitalized costs.
|
◦
|
$75.0 million investment in Dorian's November 2013 follow-on offering.
|
•
|
$191.5 million of vessel installment payments and other costs for vessels under our Newbuilding Program consisting of:
|
◦
|
$111.9 million of final installment payments and other costs.
|
◦
|
$79.6million of scheduled installment payments and other costs for vessels under construction.
|
•
|
$101.3 million receipt of net proceeds for the sales of
STI Conqueror
,
STI Matador
,
STI Gladiator
,
STI Coral
and
STI Diamond.
|
•
|
$1,114.3 million of drawdowns from our secured credit facilities which consisted of:
|
◦
|
$72.4 million from our 2010 Revolving Credit Facility.
|
◦
|
$52.0 million from our 2011 Credit Facility.
|
◦
|
$393.4 million from our 2013 Credit Facility.
|
◦
|
$197.2 million from our K-Sure Credit Facility.
|
◦
|
$399.3 million from our KEXIM Credit Facility.
|
•
|
$53.8 million receipt of gross proceeds from the issuance of our Senior Notes Due 2020 in May 2014.*
|
•
|
$349.0 million receipt of net proceeds from the issuance of our Convertible Notes in June 2014.*
|
•
|
$51.8 million receipt of gross proceeds from the issuance of our Senior Notes Due 2017 in November 2014.*
|
•
|
$74.7 million of loan repayments, which consisted of:
|
◦
|
$22.5 million repayment into our 2010 Revolving Credit Facility as a result of the sales of
Noemi
and
Senatore.
|
◦
|
$21.4 million repayment into the STI Spirit Credit Facility as a result of the sale of
STI Spirit.
|
◦
|
$30.8 million of scheduled principal payments of:
|
◦
|
$8.4 million into our 2010 Revolving Credit Facility.
|
◦
|
$7.1 million into our 2011 Credit Facility.
|
◦
|
$0.4 million into our STI Spirit Credit Facility.
|
◦
|
$6.0 million into our Newbuilding Credit Facility.
|
◦
|
$8.9 million into our 2013 Credit Facility.
|
•
|
$276.3 million of common stock repurchases which includes the purchase of 19,951,536 common shares in the open market at an average price of $9.09 per share and the purchase of 10,127,600 common shares at $9.38 per share using a portion of the proceeds of our Convertible Notes (as defined below).
|
•
|
$45.7 million of debt issuance costs, which includes costs relating to our secured credit facilities and our Senior Unsecured Notes due 2020 and 2017 (as defined below).
|
•
|
$70.5 million of dividend payments.
|
•
|
$947.8 million of aggregate net proceeds from our registered direct placements of common shares in February, March and May 2013 and an underwritten offering of common shares in August 2013.
|
•
|
$52.1 million of drawdowns under our 2011 Credit Facility to partially finance the deliveries of
STI Sapphire
,
STI Emerald
and
STI Beryl.
|
•
|
$28.4 million of scheduled principal payments of:
|
◦
|
$17.2 million into our 2010 Revolving Credit Facility.
|
◦
|
$6.0 million into our Newbuilding Credit Facility.
|
◦
|
$3.5 million into our 2011 Credit Facility.
|
◦
|
$1.7 million into our STI Spirit Credit Facility.
|
•
|
$24.4 million of dividend payments.
|
•
|
$14.7 million of debt issuance costs.
|
•
|
$153.1 million receipt of net proceeds from two registered direct placements of common shares in April and December 2012.
|
•
|
$92.0 million of drawdowns under our Newbuilding Credit Facility.
|
•
|
$32.2 million of drawdowns under our 2010 Revolving Credit Facility.
|
•
|
$129.1 million of principal payments of:
|
◦
|
$106.0 million into our 2010 Revolving Credit Facility.
|
◦
|
$18.2 million into our 2011 Credit Facility.
|
◦
|
$2.8 million into our STI Spirit Credit Facility.
|
◦
|
$2.1 million into our Newbuilding Credit Facility.
|
•
|
$3.3 million payment of debt issuance costs.
|
•
|
$2.4 million of common stock repurchases at an average price of $5.45 per share.
|
In thousands of U.S. dollars
|
Amount Outstanding at December 31, 2014
|
|
Amount outstanding as of March 30, 2015
|
|
Availability as of March 30, 2015
|
|
||||||
2010 Revolving Credit Facility
|
$
|
41,456
|
|
|
$
|
35,395
|
|
|
—
|
|
(1)
|
|
2011 Credit Facility
|
108,911
|
|
|
108,911
|
|
|
—
|
|
|
|||
Newbuilding Credit Facility
|
77,841
|
|
|
77,841
|
|
|
—
|
|
|
|||
2013 Credit Facility
|
384,523
|
|
|
439,423
|
|
|
74,600
|
|
(2)
|
|||
K-Sure Credit Facility
|
197,160
|
|
|
286,360
|
|
|
171,900
|
|
(3)
|
|||
KEXIM Credit Facility
|
399,300
|
|
|
429,600
|
|
|
—
|
|
|
|||
Nomura Term Margin Facility
|
—
|
|
|
30,000
|
|
|
—
|
|
(4)
|
|||
Senior Unsecured Notes
|
105,500
|
|
|
105,500
|
|
|
—
|
|
|
|||
Convertible Notes
|
360,000
|
|
|
360,000
|
|
|
—
|
|
(5)
|
|||
Total
|
$
|
1,674,691
|
|
|
$
|
1,873,030
|
|
|
$
|
246,500
|
|
|
•
|
The ratio of net debt to capitalization shall be no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth (i.e. total shareholders’ equity) shall be no less than $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter from July 1, 2010 going forward and 50% of the value of any new equity issues from July 1, 2010 going forward.
|
•
|
The ratio of EBITDA to interest expense shall be no less than 1.25 to 1.00 commencing with the fourth fiscal quarter of 2011 until the fourth quarter of 2012, at which point it increased to 1.50 to 1.00 for the first quarter of 2013, 1.75 to 1.00 for the second quarter of 2013 and 2.00 to 1.00 at all times thereafter. Such ratio shall be calculated quarterly on a trailing four quarter basis. In addition, we are restricted from paying dividends until our EBITDA to interest expense ratio is 2.00 to 1.00 or greater. EBITDA, as defined in the loan agreement, excludes non-cash charges such as impairment.
|
•
|
Consolidated liquidity (cash, cash equivalents, and availability under the 2010 Revolving Credit Facility) needs to be not less than $25.0 million, of which unrestricted cash and cash equivalents shall be not less than $15.0 million, until we own, directly or indirectly, more than 15 vessels, at which time the amount increases by $750,000 per each additional vessel.
|
•
|
The aggregate fair market value of the collateral vessels shall at all times be no less than 150% of the then aggregate outstanding principal amount of loans under the credit facility.
|
•
|
The ratio of net debt to capitalization shall be no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth (i.e. shareholders’ equity) shall be no less than $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter from July 1, 2010 going forward and 50% of the value of any new equity issues from July 1, 2010 going forward.
|
•
|
The ratio of EBITDA to interest expense shall be no less than 1.25 to 1.00 commencing with the fourth fiscal quarter of 2011 until the fourth quarter of 2012, at which point it increased to 1.50 to 1.00 for the first quarter of 2013, 1.75 to 1.00 for the second quarter of 2013 and 2.00 to 1.00 at all times thereafter. Such ratio shall be calculated quarterly on a trailing four quarter basis. In addition, we are restricted from paying dividends until our EBITDA to interest expense ratio is 2.00 to 1.00 or greater. EBITDA, as defined in the loan agreement, excludes non-cash charges such as impairment.
|
•
|
Consolidated liquidity (cash, cash equivalents, and availability under the 2010 Revolving Credit Facility) needs to be not less than $25 million, of which unrestricted cash and cash equivalents shall be not less than $15.0 million, until we own, directly or indirectly, more than 15 vessels, at which time the amount increases by $750,000 per each additional vessel.
|
•
|
The aggregate fair market value of the collateral vessels shall at all times be no less than 150% of the then aggregate outstanding principal amount of loans under the credit facility.
|
•
|
The ratio of net debt to capitalization shall be no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth (i.e. shareholders equity) shall be no less than $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter from July 1, 2010 going forward and 50% of the value of any new equity issues from July 2, 2010 going forward.
|
•
|
The ratio of EBITDA to interest expense shall be no less than 2.00 to 1.00 commencing with the third fiscal quarter of 2011 until the fourth quarter of 2012, and 2.50 to 1.00 for all times thereafter. Such ratio shall be calculated quarterly on a trailing four quarter basis. EBITDA, as defined in the loan agreement, excludes non-cash charges such as impairment.
|
•
|
Unrestricted cash and cash equivalents shall at all times be no less than $15.0 million, until we own, directly or indirectly, more than 15 vessels, at which time the amount increases by $750,000 per each additional vessel.
|
•
|
The aggregate fair market value of the collateral vessels shall at all times be no less than 140% (120% if the vessel is subject to acceptable long term employment) of the aggregate principal amount outstanding plus a pro rata amount of any allocable swap exposure for the credit facility.
|
•
|
The ratio of net debt to total capitalization no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth no less than (i) $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter beginning on July 1, 2010 and (ii) 50% of the value of any new equity issues from July 1, 2010 going forward.
|
•
|
The ratio of EBITDA to net interest expense greater than 2.00 to 1.00 through December 31, 2013 and 2.50 to 1.00 thereafter.
|
•
|
Minimum liquidity of not less than the greater of $25.0 million or 5% of total indebtedness.
|
•
|
The aggregate fair market value of the Collateral Vessels shall at all times be no less than 140% of the then aggregate outstanding principal amount of loans under the credit facility.
|
Drawdown amount
|
|
|
|
|
|
||
(In millions of U.S. Dollars)
|
|
Drawdown date
|
|
Collateral
|
|
||
$
|
20.5
|
|
|
February 2014
|
|
STI Opera
|
|
21.8
|
|
|
February 2014
|
|
STI Fontvieille
|
|
|
21.8
|
|
|
February 2014
|
|
STI Ville
|
|
|
20.5
|
|
|
March 2014
|
|
STI Texas City
|
|
|
19.3
|
|
|
May 2014
|
|
STI Meraux
|
|
|
19.3
|
|
|
June 2014
|
|
STI San Antonio
|
|
|
19.8
|
|
|
June 2014
|
|
STI Virtus
|
|
|
19.5
|
|
|
June 2014
|
|
STI Venere
|
|
|
19.8
|
|
|
July 2014
|
|
STI Aqua
|
|
|
19.8
|
|
|
August 2014
|
|
STI Dama
|
|
|
19.5
|
|
|
August 2014
|
|
STI Mythos
|
|
|
19.5
|
|
|
August 2014
|
|
STI Benicia
|
|
|
19.8
|
|
|
September 2014
|
|
STI Regina
|
|
|
19.5
|
|
|
September 2014
|
|
STI St. Charles
|
|
|
19.5
|
|
|
October 2014
|
|
STI Yorkville
|
|
|
18.0
|
|
|
October 2014
|
|
STI Wembley
|
|
|
20.5
|
|
|
November 2014
|
|
STI Milwaukee
|
|
|
19.5
|
|
|
December 2014
|
|
STI Battery
|
|
|
35.4
|
|
|
December 2014
|
|
STI Rose
|
(1)
|
|
35.4
|
|
|
January 2015
|
|
STI Alexis
|
|
|
19.5
|
|
|
March 2015
|
|
STI Pontiac
|
|
(1)
|
Delivered in January 2015.
|
•
|
The ratio of net debt to total capitalization no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth no less than $677.3 million plus (i) 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after October 1, 2013 and (ii) 50% of the value of any new equity issues occurring on or after October 1, 2013.
|
•
|
The ratio of EBITDA to net interest expense greater than 2.50 to 1.00 calculated on a trailing four quarter basis.
|
•
|
Minimum liquidity of not less than the greater of $25.0 million or 5% of total indebtedness.
|
•
|
The aggregate fair market value of the vessels provided as collateral under the facility shall at all times be no less than 135% of the then aggregate outstanding principal amount of loans under the credit facility.
|
Drawdown amount
|
|
|
|
|
|
||
(In millions of U.S. Dollars)
|
|
Drawdown date
|
|
Collateral
|
|
||
$
|
19.8
|
|
|
June 2014
|
|
STI Lexington
|
|
19.8
|
|
|
June 2014
|
|
STI Chelsea
|
|
|
19.8
|
|
|
July 2014
|
|
STI Powai
|
|
|
19.8
|
|
|
August 2014
|
|
STI Olivia
|
|
|
20.4
|
|
|
October 2014
|
|
STI Mayfair
|
|
|
18.9
|
|
|
October 2014
|
|
STI Battersea
|
|
|
19.9
|
|
|
December 2014
|
|
STI Soho
|
|
|
20.4
|
|
|
December 2014
|
|
STI Tribeca
|
(1)
|
|
19.2
|
|
|
December 2014
|
|
STI Hammersmith
|
(1)
|
|
19.2
|
|
|
December 2014
|
|
STI Rotherhithe
|
(1)
|
|
19.9
|
|
|
January 2015
|
|
STI Gramercy
|
|
|
19.5
|
|
|
February 2015
|
|
STI Bronx
|
|
|
19.5
|
|
|
March 2015
|
|
STI Manhattan
|
|
|
30.3
|
|
|
March 2015
|
|
STI Winnie
|
(2)
|
(1)
|
Delivered in January 2015.
|
(2)
|
Amount drawn on March 26, 2015 to finance the delivery of
STI Winnie
, which is scheduled to be delivered on March 31, 2015.
|
•
|
The ratio of net debt to total capitalization no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth no less than $677.3 million plus (i) 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after October 1, 2013 and (ii) 50% of the value of any new equity issues occurring on or after October 1, 2013.
|
•
|
The ratio of EBITDA to net interest expense greater than 2.50 to 1.00 calculated on a trailing four quarter basis.
|
•
|
Minimum liquidity of not less than the greater of $25.0 million or 5% of total indebtedness.
|
•
|
The aggregate fair market value of the vessels provided as collateral under the facility shall at all times be no less than 135% of the then aggregate outstanding principal amount of loans under the credit facility.
|
Drawdown amount
|
|
|
|
|
|
(In millions of U.S. Dollars)
|
|
Drawdown date
|
|
Collateral
|
|
18.8
|
|
|
June 2014
|
|
STI Comandante
|
18.8
|
|
|
June 2014
|
|
STI Brixton
|
18.8
|
|
|
July 2014
|
|
STI Pimlico
|
30.3
|
|
|
July 2014
|
|
STI Elysees
|
30.3
|
|
|
August 2014
|
|
STI Madison
|
18.8
|
|
|
September 2014
|
|
STI Hackney
|
19.0
|
|
|
September 2014
|
|
STI Acton
|
18.8
|
|
|
September 2014
|
|
STI Fulham
|
30.3
|
|
|
September 2014
|
|
STI Park
|
29.7
|
|
|
September 2014
|
|
STI Orchard
|
18.8
|
|
|
September 2014
|
|
STI Camden
|
30.3
|
|
|
November 2014
|
|
STI Sloane
|
29.7
|
|
|
November 2014
|
|
STI Broadway
|
19.0
|
|
|
November 2014
|
|
STI Finchley
|
30.3
|
|
|
November 2014
|
|
STI Condotti
|
19.0
|
|
|
November 2014
|
|
STI Clapham
|
19.0
|
|
|
November 2014
|
|
STI Poplar
|
30.3
|
|
|
January 2015
|
|
STI Veneto
|
•
|
Net borrowings shall not equal or exceed 70% of total assets.
|
•
|
Net worth shall always exceed $650.0 million.
|
•
|
during any calendar quarter commencing after the calendar quarter ending on September 30, 2014 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 15 trading days (whether or not consecutive) during a period of 25 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
|
•
|
during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;
|
•
|
if the Company calls any or all of the Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or
|
•
|
upon the occurrence of specified corporate events.
|
|
|
Dividends
|
|
Adjusted conversion
|
|
Date
|
|
per share
|
|
rate
(1)
|
|
August 22, 2014
|
|
$0.10
|
|
82.8556
|
|
November 25, 2014
|
|
$0.12
|
|
84.0184
|
|
March 13, 2015
|
|
$0.12
|
|
85.2216
|
|
(1)
|
Per $1,000 principal amount of the Convertible Notes.
|
•
|
Net borrowings shall not equal or exceed 70% of total assets.
|
•
|
Net worth shall always exceed $650.0 million.
|
•
|
In September 2012, in conjunction with the sales of
STI Coral
and
STI Diamond
, we reduced the notional amount on the interest rate swaps relating to the 2011 Credit facility to $15.0 million from $24.0 million.
|
•
|
In December 2012, we de-designated the hedge relationship of the interest rate swaps related to the 2010 Revolving Credit Facility prospectively and reclassified all amounts accumulated in other comprehensive income ($1.0 million) to the statement of profit or loss for the year ended December 31, 2012 as a component of Financial Expenses.
|
•
|
In January 2014, we agreed to sell
Noemi
and
Senatore
. As part of these sales and related debt repayments into our 2010 Revolving Credit Facility, we reduced the notional amount of the swaps relating to the 2010 Revolving Credit Facility from $51.0 million to $30.0 million.
|
•
|
In March 2015, we sold
Venice
and
the sales of
STI Harmony
and
STI Heritage
are scheduled to close in April 2015. As part of these sales and related debt repayments into our 2010 Revolving Credit Facility, we terminated the swaps relating to the 2010 Revolving Credit Facility and recorded a realized loss of $0.1 million.
|
|
|
|
Month
|
|
|
|
|
Name
|
|
Delivered
|
|
Type
|
|
1
|
|
STI Duchessa
|
|
January 2014
|
|
MR
|
2
|
|
STI Opera
|
|
January 2014
|
|
MR
|
3
|
|
STI Texas City
|
|
March 2014
|
|
MR
|
4
|
|
STI Meraux
|
|
April 2014
|
|
MR
|
5
|
|
STI San Antonio
|
|
May 2014
|
|
MR
|
6
|
|
STI Chelsea
|
|
May 2014
|
|
MR
|
7
|
|
STI Lexington
|
|
May 2014
|
|
MR
|
8
|
|
STI Comandante
|
|
May 2014
|
|
Handymax
|
9
|
|
STI Brixton
|
|
June 2014
|
|
Handymax
|
10
|
|
STI Venere
|
|
June 2014
|
|
MR
|
11
|
|
STI Virtus
|
|
June 2014
|
|
MR
|
12
|
|
STI Pimlico
|
|
July 2014
|
|
Handymax
|
13
|
|
STI Powai
|
|
July 2014
|
|
MR
|
14
|
|
STI Aqua
|
|
July 2014
|
|
MR
|
15
|
|
STI Dama
|
|
July 2014
|
|
MR
|
16
|
|
STI Elysees
|
|
July 2014
|
|
LR2
|
17
|
|
STI Hackney
|
|
August 2014
|
|
Handymax
|
18
|
|
STI Olivia
|
|
August 2014
|
|
MR
|
19
|
|
STI Mythos
|
|
August 2014
|
|
MR
|
20
|
|
STI Acton
|
|
September 2014
|
|
Handymax
|
21
|
|
STI Fulham
|
|
September 2014
|
|
Handymax
|
22
|
|
STI Camden
|
|
September 2014
|
|
Handymax
|
23
|
|
STI Benicia
|
|
September 2014
|
|
MR
|
24
|
|
STI Regina
|
|
September 2014
|
|
MR
|
25
|
|
STI St. Charles
|
|
September 2014
|
|
MR
|
26
|
|
STI Park
|
|
September 2014
|
|
LR2
|
27
|
|
STI Madison
|
|
September 2014
|
|
LR2
|
28
|
|
STI Orchard
|
|
September 2014
|
|
LR2
|
29
|
|
STI Battersea
|
|
October 2014
|
|
Handymax
|
30
|
|
STI Wembley
|
|
October 2014
|
|
Handymax
|
31
|
|
STI Mayfair
|
|
October 2014
|
|
MR
|
32
|
|
STI Yorkville
|
|
October 2014
|
|
MR
|
33
|
|
STI Finchley
|
|
November 2014
|
|
Handymax
|
34
|
|
STI Clapham
|
|
November 2014
|
|
Handymax
|
35
|
|
STI Milwaukee
|
|
November 2014
|
|
MR
|
36
|
|
STI Battery
|
|
November 2014
|
|
MR
|
37
|
|
STI Sloane
|
|
November 2014
|
|
LR2
|
38
|
|
STI Broadway
|
|
November 2014
|
|
LR2
|
39
|
|
STI Condotti
|
|
November 2014
|
|
LR2
|
40
|
|
STI Poplar
|
|
December 2014
|
|
Handymax
|
41
|
|
STI Soho
|
|
December 2014
|
|
MR
|
|
|
|
Month
|
|
|
|
|
Name
|
|
Delivered
|
|
Type
|
|
42
|
|
STI Tribeca
|
|
January 2015
|
|
MR
|
43
|
|
STI Hammersmith
|
|
January 2015
|
|
Handymax
|
44
|
|
STI Rotherhithe
|
|
January 2015
|
|
Handymax
|
45
|
|
STI Rose
|
|
January 2015
|
|
LR2
|
46
|
|
STI Gramercy
|
|
January 2015
|
|
MR
|
47
|
|
STI Veneto
|
|
January 2015
|
|
LR2
|
48
|
|
STI Alexis
|
|
February 2015
|
|
LR2
|
49
|
|
STI Bronx
|
|
February 2015
|
|
MR
|
50
|
|
STI Pontiac
|
|
March 2015
|
|
MR
|
51
|
|
STI Manhattan
|
|
March 2015
|
|
MR
|
|
In millions of U.S. Dollars
|
|
|
|
|
Q1 2015 - installment payments made
|
$
|
167.2
|
|
|
**
|
Q1 2015 - remaining installment payment for delivery of
STI Winnie
|
30.3
|
|
|
|
|
Q2 2015
|
258.9
|
|
|
|
|
Q3 2015
|
27.5
|
|
|
|
|
Q4 2015
|
24.8
|
|
|
|
|
Q1 2016
|
40.5
|
|
|
|
|
Q2 2016
|
26.0
|
|
|
|
|
Q3 2016
|
29.6
|
|
|
|
|
Q4 2016
|
29.6
|
|
|
|
|
Total
|
$
|
634.4
|
|
|
|
Dividends
|
|
Date
|
per share
|
|
Paid
|
$0.025
|
|
June 25, 2013
|
$0.035
|
|
September 25, 2013
|
$0.07
|
|
December 18, 2013
|
$0.08
|
|
March 26, 2014
|
$0.09
|
|
June 12, 2014
|
$0.10
|
|
September 10, 2014
|
$0.12
|
|
December 12, 2014
|
$0.12
|
|
March 30, 2015
|
|
Less than
|
|
1 to 3
|
|
3 to 5
|
|
More than
|
||||||||
In thousands of U.S. dollars
|
1 year
|
|
years
|
|
years
|
|
5 years
|
||||||||
Bank loans
(1)
|
$
|
122,633
|
|
|
$
|
263,172
|
|
|
$
|
462,852
|
|
|
$
|
360,535
|
|
Estimated interest payments on bank loans
(2)
|
42,524
|
|
|
93,222
|
|
|
75,592
|
|
|
19,250
|
|
||||
Interest rate swap derivative contracts
(3)
|
206
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Bank loans - commitment fees
(4)
|
3,139
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Time charter-in commitments
(5)
|
57,878
|
|
|
2,169
|
|
|
—
|
|
|
—
|
|
||||
Technical management fees
(6)
|
20,250
|
|
|
20,250
|
|
|
—
|
|
|
—
|
|
||||
Commercial management fees
(7)
|
8,888
|
|
|
8,888
|
|
|
—
|
|
|
—
|
|
||||
Newbuilding installments
(8)
|
508,658
|
|
|
125,718
|
|
|
—
|
|
|
—
|
|
||||
Convertible notes
(9)
|
—
|
|
|
—
|
|
|
360,000
|
|
|
—
|
|
||||
Convertible notes - estimated interest payments
(10)
|
12,849
|
|
|
17,100
|
|
|
12,801
|
|
|
—
|
|
||||
Senior unsecured notes
(11)
|
—
|
|
|
51,750
|
|
|
—
|
|
|
53,750
|
|
||||
Senior unsecured notes - estimated interest payments
(12)
|
8,631
|
|
|
14,199
|
|
|
7,256
|
|
|
1,330
|
|
||||
Total
|
$
|
785,656
|
|
|
$
|
596,468
|
|
|
$
|
918,501
|
|
|
$
|
434,865
|
|
(1)
|
Represents principal payments due on our 2010 Revolving Credit Facility, 2011 Credit Facility, Newbuilding Credit Facility, 2013 Credit Facility, KEXIM Credit Facility and K-Sure Credit Facility based on our outstanding borrowings as of December 31, 2014.
|
(2)
|
Represents estimated interest payments on our credit facilities. These payments were estimated by taking into consideration (i) the margin on each credit facility, (ii) the amount of interest that is fixed based on our interest rate swap agreements and (iii) the forward curve calculated from the term structure of interest swap rates as published by the US Federal Reserve as of December 31, 2014.
|
Year 1
|
0.44
|
%
|
|
Year 2
|
1.34
|
%
|
|
Year 3
|
2.09
|
%
|
|
Year 4
|
2.45
|
%
|
|
Year 5
|
2.63
|
%
|
|
Year 6
|
2.60
|
%
|
(1)
|
Year 7
|
2.87
|
%
|
|
(1)
|
The US Federal Reserve does not publish six year swap rates. As such, we interpolated the year six forward rate using an average of the five and seven year US Federal Reserve published swap rates.
|
Facility
|
Margin
|
|
2010 Revolving Credit Facility
|
3.25%
|
|
2011 Credit Facility
|
3.25%
|
|
Newbuilding Credit Facility
|
2.70%
|
|
2013 Credit Facility
|
3.50%
|
|
KEXIM
|
3.25%
|
|
KEXIM Commercial Tranche
|
3.25%
|
(a)
|
KEXIM Notes
|
1.70%
|
|
K-Sure
|
2.25%
|
|
K-Sure Commercial Tranche
|
3.25%
|
(b)
|
(3)
|
Represents estimated payments due under our interest rate swaps:
|
•
|
The three swaps relating to the 2010 Revolving Credit Facility with a total notional amount of $30.0 million carry an average fixed interest rate of 1.27% during the time period the swap is outstanding (January 1, 2015 through June 2, 2015). The payments due were estimated by offsetting the fixed payments against the estimated interest received using the forward swap curve at December 31, 2014 for each of the swaps. These swaps were repaid in March 2015.
|
•
|
The three swaps relating to the 2011 Credit Facility with a total notional amount of $15.0 million carry an average fixed interest rate of 1.30% during the time period the swap is outstanding (January 1, 2015 through June 30, 2015). The payments due were estimated by offsetting the fixed payments against the estimated interest received using the forward swap curve at December 31, 2014 for each of the swaps.
|
(4)
|
As of December 31, 2014, a commitment fee equal to 40% of the applicable margin is payable on the unused daily portion of our 2013 Credit Facility and the commercial tranches of our KEXIM Credit Facility and K-Sure Credit Facility. The 2010 Revolving Credit Facility, 2011 Credit Facility and Newbuilding Credit Facility were fully drawn as of December 31, 2014.
|
(5)
|
Represents amounts due under our time charter-in agreements as of December 31, 2014.
|
(6)
|
We pay our technical manager, SSM, $685 per day per owned vessel, which are the same fees that SSM charges to third parties.
|
(7)
|
We pay our commercial manager, SCM, $250 per vessel per day for LR2 vessels, $300 per vessel per day for LR1 vessels, $325 per vessel per day for MR and Handymax vessels plus 1.50% of gross revenue for vessels that are in one of the Scorpio Group Pools. When the vessels are not in the pools, SCM charges fees of $250 per vessel per day for the LR1 and LR2 vessels, $300 per vessel per day for the Handymax and MR vessels plus 1.25% of gross revenue.
|
(8)
|
Represents obligations under our agreements with HMD, SPP, HSHI, DSME, DHSC and SSME for the construction of 24 newbuilding vessels under our Newbuilding Program as of December 31, 2014.
|
(9)
|
Represents the principal due at maturity on our Convertible Notes as of December 31, 2014.
|
(10)
|
Represents estimated interest payments on our Convertible Notes. The Convertible Notes bear interest at a coupon rate of 2.375% per annum and mature in July 2019.
|
(11)
|
Represents the principal due at maturity on our Senior Unsecured Notes Due 2020 and our Senior Unsecured Notes Due 2017 as of December 31, 2014.
|
(12)
|
Represents estimated interest payments on our Senior Unsecured Notes Due 2020 and our Senior Unsecured Notes Due 2017 as of December 31, 2014. These notes bear interest at coupon rates of 6.75% and 7.50%, respectively.
|
Name
|
|
Age
|
|
Position
|
Emanuele A. Lauro
|
|
36
|
|
Chairman, Class I Director, and Chief Executive Officer
|
Robert Bugbee
|
|
54
|
|
President and Class II Director
|
Brian Lee
|
|
48
|
|
Chief Financial Officer
|
Cameron Mackey
|
|
46
|
|
Chief Operating Officer and Class III Director
|
Luca Forgione
|
|
38
|
|
General Counsel
|
Sergio Gianfranchi
|
|
70
|
|
Vice President, Vessel Operations
|
Anoushka Kachelo
|
|
35
|
|
Secretary
|
Alexandre Albertini
|
|
38
|
|
Class III Director
|
Ademaro Lanzara
|
|
72
|
|
Class I Director
|
Donald C. Trauscht
|
|
81
|
|
Class II Director
|
Marianne Økland
|
|
52
|
|
Class III Director
|
Jose Tarruella
|
|
43
|
|
Class II Director
|
|
For the period ended December 31,
|
||||||||||
In thousands of US dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Short-term employee benefits (salaries)
|
$
|
7,454
|
|
|
$
|
5,433
|
|
|
$
|
2,896
|
|
Share-based compensation
(1)
|
23,553
|
|
|
10,274
|
|
|
3,368
|
|
|||
Total
|
$
|
31,007
|
|
|
$
|
15,707
|
|
|
$
|
6,264
|
|
(1)
|
Represents the amortization of restricted stock issued under our equity incentive plans. See Note 14 to our consolidated financial statements for further description.
|
Name
|
|
No. of Shares
|
|
% Owned
(5)
|
||
Emanuele A. Lauro
(1)
|
|
3,715,101
|
|
|
2.27
|
%
|
Robert Bugbee
(2)
|
|
3,622,914
|
|
|
2.21
|
%
|
Cameron Mackey
(3)
|
|
2,353,489
|
|
|
1.44
|
%
|
Brian M. Lee
(4)
|
|
1,713,142
|
|
|
1.05
|
%
|
All other officers and directors individually
|
|
*
|
|
|
*
|
|
(1)
|
Includes 3,073,428 shares of restricted stock from the 2010 Equity Incentive Plan and the 2013 Equity Incentive Plan.
|
(2)
|
Includes 3,073,428 shares of restricted stock from the 2010 Equity Incentive Plan and the 2013 Equity Incentive Plan.
|
(3)
|
Includes 2,076,445 shares of restricted stock from the 2010 Equity Incentive Plan and the 2013 Equity Incentive Plan.
|
(4)
|
Includes 1,559,574 shares of restricted stock from the 2010 Equity Incentive Plan and the 2013 Equity Incentive Plan.
|
(5)
|
Based on 163,827,903 common shares outstanding as of March 30, 2015.
|
Name
|
|
No. of Shares
|
|
% Owned
(4)
|
|
Wellington Management Group LLP
*
|
|
15,947,162
|
|
(1)
|
9.8%
|
York Capital Management Global Advisors, LLC
*
|
|
15,148,603
|
|
(2)
|
9.3%
|
FMR LLC
*
|
|
12,407,317
|
|
(3)
|
6.9%
|
|
|
For the year ended December 31,
|
||||||||||
In thousands of US dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
Pool revenue
(1)
|
|
|
|
|
|
|
|
|
||||
Scorpio MR Pool Limited
|
|
$
|
112,826
|
|
|
$
|
89,597
|
|
|
$
|
9,558
|
|
Scorpio Handymax Tanker Pool Limited
|
|
54,052
|
|
|
36,199
|
|
|
31,280
|
|
|||
Scorpio Panamax Tanker Pool Limited
|
|
46,925
|
|
|
36,018
|
|
|
26,884
|
|
|||
Scorpio LR2 Pool Limited
|
|
67,054
|
|
|
28,203
|
|
|
4,540
|
|
|||
Vessel operating costs
(2)
|
|
(7,947
|
)
|
|
(3,703
|
)
|
|
(2,280
|
)
|
|||
Commissions
(3)
|
|
(771
|
)
|
|
(218
|
)
|
|
(532
|
)
|
|||
Administrative expenses
(4)
|
|
(4,823
|
)
|
|
(1,944
|
)
|
|
(1,862
|
)
|
(1)
|
These transactions relate to revenue earned in the Scorpio LR2, Scorpio Panamax, Scorpio MR, and Scorpio Handymax Tanker Pools (the Pools), which are owned by Scorpio LR2 Pool Limited, Scorpio Panamax Tanker Pool Limited, Scorpio MR Pool Limited and Scorpio Handymax Tanker Pool Limited, respectively. The Pools are related party affiliates.
|
(2)
|
These transactions represent technical management fees charged by SSM, a related party affiliate, which are included in the vessel operating costs in the consolidated statement of income or loss. We believe our technical management fees for the years ended December 31, 2014, 2013 and 2012 were at arms-length rates as they were based on contracted rates that were the same as those charged to other vessels managed by SSM at the time the management agreements were entered into. In June 2013, this fee was increased to $685 per vessel per day from $548 per vessel per day for technical management.
|
(3)
|
These transactions represent the expense due to SCM for commissions related to the commercial management services provided by SCM under the Commercial Management Agreement (see description below). Each vessel pays a commission of 1.25% of their gross revenue when not in the Pools. When our vessels are in the Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to our Panamax/LR1 vessels, $250 per vessel per day with respect to our LR2 vessels, and $325 per vessel per day with respect to each of our Handymax and MR vessels, plus 1.50% commission on gross revenues per charter fixture. These are the same fees that SCM charges other vessels in these pools, including third party owned vessels, and they are and were included in voyage expenses in the consolidated statement of income or loss.
|
(4)
|
We have an Administrative Services Agreement with SSH for the provision of administrative staff and office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH is a related party to us. We reimburse SSH for the reasonable direct or indirect expenses it incurs in providing us with the administrative services described above. SSH also arranges vessel sales and purchases for us. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio Group.
|
•
|
The expense for the year ended December 31, 2014 of $
4.8 million
included (i) the flat fee of $
1.3 million
charged by SCM, which was included in voyage expenses on the consolidated statement of income or loss (ii) administrative fees of $
3.1 million
charged by SSH which was included in general and administrative expenses in the consolidated statement of income or loss (iii) restricted stock amortization of $
0.3 million
, which relates to the issuance of an aggregate of 218,000 shares of restricted stock to SSH employees for no cash consideration in May 2014 (see Note 14 to our consolidated financial statements, included herein, for further description of these issuances and their vesting conditions) and (iv) reimbursement expenses of $
0.1 million
that were included in general and administrative expenses in the consolidated statement of income or loss.
|
•
|
The expense for the year ended December 31, 2013 of $1.9 million included the flat fee of $0.3 million charged by SCM and administrative fees of $1.6 million charged by SSH and were included in voyage expenses and general and administrative expenses in the consolidated statement of income or loss.
|
•
|
The expense for the year ended December 31, 2012 of $1.9 million included the flat fee of $0.7 charged by SCM, and administrative fees of $1.2 million charged by SSH and were both included in voyage expenses and general and administrative expenses in the consolidated statement of income or loss.
|
|
As of December 31,
|
||||||
In thousands of US dollars
|
2014
|
|
2013
|
||||
Assets:
|
|
|
|
|
|||
Accounts receivable (due from the Pools)
|
$
|
74,125
|
|
|
$
|
68,512
|
|
Accounts receivable (SSM)
|
121
|
|
|
—
|
|
||
Accounts receivable (SCM)
|
1
|
|
|
8
|
|
||
Liabilities:
|
|
|
|
|
|||
Accounts payable (owed to the Pools)
|
$
|
3,894
|
|
|
$
|
95
|
|
Accounts payable and accrued expenses (SSM)
|
276
|
|
|
1
|
|
||
Accounts payable and accrued expenses (SCM)
|
774
|
|
|
—
|
|
||
Accounts payable and accrued expenses (SSH)
(1)
|
3,160
|
|
|
—
|
|
||
Deposit from Scorpio Bulkers
(2)
|
31,277
|
|
|
—
|
|
•
|
During the year ended December 31, 2014, we paid SSH an aggregate fee of $
26.1 million
, which consisted of $
11.7 million
related to the purchase and delivery of 33 newbuilding vessels, $
14.0 million
relating to the purchase and sale of our seven VLCCs under construction and
$0.4 million
relating to the sales of
Noemi
and
Senatore.
|
•
|
During the year ended December 31, 2013, we paid SSH an aggregate fee of $9.1 million, which consisted of $2.5 million related to the purchase and delivery of seven newbuilding vessels in 2013 and $6.6 million on the purchase and subsequent sale of our VLGC business to Dorian.
|
•
|
During the year ended December 31, 2012, we paid SSH an aggregate fee of $2.4 million, which consisted of $0.5 million on the sales of three Handymax vessels and $1.9 million on the purchase and delivery of our first five newbuilding vessels.
|
Payment Date
|
Amount per Share
|
||
June 25, 2013
|
$
|
0.025
|
|
September 25, 2013
|
0.035
|
|
|
December 18, 2013
|
0.07
|
|
|
March 26, 2014
|
0.08
|
|
|
June 12, 2014
|
0.09
|
|
|
September 10, 2014
|
0.10
|
|
|
December 12, 2014
|
0.12
|
|
|
March 30, 2015
|
0.12
|
|
For the Year Ended:
|
|
High
|
|
Low
|
||||
December 31, 2010*
|
|
$
|
13.01
|
|
|
$
|
9.50
|
|
December 31, 2011
|
|
12.18
|
|
|
4.28
|
|
||
December 31, 2012
|
|
7.50
|
|
|
4.93
|
|
||
December 31, 2013
|
|
12.48
|
|
|
6.92
|
|
||
December 31, 2014
|
|
11.91
|
|
|
6.48
|
|
||
* For the period beginning March 31, 2010
|
|
|
|
|
|
|
For the Quarter Ended:
|
|
High
|
|
Low
|
||||
March 31, 2013
|
|
$
|
8.94
|
|
|
$
|
6.92
|
|
June 30, 2013
|
|
9.60
|
|
|
7.55
|
|
||
September 30, 2013
|
|
10.51
|
|
|
8.87
|
|
||
December 31, 2013
|
|
12.48
|
|
|
9.37
|
|
||
March 31, 2014
|
|
11.91
|
|
|
9.01
|
|
||
June 30, 2014
|
|
10.21
|
|
|
9.99
|
|
||
September 30, 2014
|
|
10.19
|
|
|
8.21
|
|
||
December 31, 2014
|
|
9.09
|
|
|
6.48
|
|
||
March 31, 2015 (through and including March 30, 2015)
|
|
9.64
|
|
|
7.64
|
|
Most Recent Six Months:
|
|
High
|
|
Low
|
||||
September 2014
|
|
$
|
9.64
|
|
|
$
|
8.21
|
|
October 2014
|
|
9.04
|
|
|
6.48
|
|
||
November 2014
|
|
9.09
|
|
|
8.17
|
|
||
December 2014
|
|
8.98
|
|
|
7.83
|
|
||
January 2015
|
|
9.64
|
|
|
7.64
|
|
||
February 2015
|
|
8.86
|
|
|
7.65
|
|
||
March 2015 (through and including March 30, 2015)
|
|
9.58
|
|
|
8.39
|
|
•
|
we have, or are considered to have, a fixed place of business in the United States involved in the earning of United States source shipping income; and
|
•
|
substantially all of our United States source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.
|
•
|
at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or
|
•
|
at least 50% of the average value of our assets during such taxable year produce, or are held for the production of, passive income.
|
•
|
the excess distribution or gain would be allocated ratably over the Non-Electing Holder’s aggregate holding period for the common shares;
|
•
|
the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be taxed as ordinary income and would not be “qualified dividend income”; and
|
•
|
the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.
|
•
|
the gain is effectively connected with the Non-United States Holder’s conduct of a trade or business in the United States (and, if the Non-United States Holder is entitled to the benefits of a United States income tax treaty with respect to that gain, that gain is attributable to a permanent establishment maintained by the Non-United States Holder in the United States); or
|
•
|
the Non-United States Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.
|
•
|
fail to provide an accurate taxpayer identification number;
|
•
|
are notified by the IRS that you have failed to report all interest or dividends required to be shown on your United States federal income tax returns; or
|
•
|
in certain circumstances, fail to comply with applicable certification requirements.
|
|
|
As of December 31,
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
In thousands of U.S. dollars
|
|
2015
|
|
2016 -2017
|
|
2018-2019
|
|
Thereafter
|
||||||||
Principal payments floating rate debt
|
|
$
|
90,547
|
|
|
$
|
263,172
|
|
|
$
|
462,852
|
|
|
$
|
360,535
|
|
Principal payments fixed rate debt
|
|
32,086
|
|
|
51,750
|
|
|
360,000
|
|
|
53,750
|
|
||||
Total principal payments on outstanding debt
|
|
$
|
122,633
|
|
|
$
|
314,922
|
|
|
$
|
822,852
|
|
|
$
|
414,285
|
|
Exhibit
Number
|
Description
|
1.1
|
Amended and Restated Articles of Incorporation of the Company (1)
|
1.2
|
Amended and Restated Bylaws of the Company (3)
|
1.3
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of the Company
|
2.1
|
Form of Stock Certificate (1)
|
2.3
|
Form of Senior Debt Securities Indenture (5)
|
2.4
|
Form of Subordinated Debt Securities Indenture (5)
|
2.5
|
Base Indenture, dated May 12, 2014, by and between the Company and Deutsche Bank Trust Company (9)
|
2.6
|
Supplemental Indenture to the Base Indenture, dated May 12, 2014, by and between the Company and Deutsche Bank Trust Company Americas, as trustee, relating to the Company’s 6.75% Senior Notes due 2020 (9)
|
2.7
|
Indenture, dated June 30, 2014, by and between the Company and Deutsche Bank Trust Company Americas, as trustee, relating to the Company’s 2.375% Convertible Notes due 2019
|
2.8
|
Second Supplemental Indenture to the Base Indenture, dated October 31, 2014, by and between the Company and Deutsche Bank Trust Company Americas, as trustee, relating to the Company’s 7.50% Senior Notes due 2017 (10)
|
4.1
|
Amended and Restated Loan Agreement for $150 Million Revolving Credit Facility, dated July 12, 2011 (6)
|
4.2
|
Letter Agreement to July 12, 2011 Amended and Restated Loan Agreement, dated September 22, 2011 (6)
|
4.3
|
First Amendatory Agreement to July 12, 2011 Amended and Restated Loan Agreement, dated December 22, 2011 (6)
|
4.4
|
2010 Equity Incentive Plan (3)
|
4.5
|
2013 Amended and Restated Equity Incentive Plan (8)
|
4.6
|
Administrative Services Agreement between the Company and Liberty Holding Company Ltd. (2)
|
4.7
|
Master Agreement between the Company, SSM and SCM dated January 24, 2013 (7)
|
4.8
|
STI Spirit Credit Facility, dated March 9, 2011 (4)
|
4.9
|
Letter Agreement to STI Spirit Credit Facility, dated September 28, 2011 (6)
|
4.10
|
First Amendatory Agreement to STI Spirit Credit Facility, dated December 30, 2011 (6)
|
4.11
|
2011 Credit Facility, dated May 3, 2011 (6)
|
4.12
|
Letter Agreement to 2011 Credit Facility, dated September 22, 2011 (6)
|
4.13
|
First Amendatory Agreement to 2011 Credit Facility, dated June 27, 2011 (6)
|
4.14
|
Second Amendatory Agreement to 2011 Credit Facility, dated December 22, 2011 (6)
|
4.15
|
Newbuilding Credit Facility, dated December 21, 2011 (6)
|
4.16
|
2013 Credit Facility, dated July 2, 2013 (8)
|
4.17
|
KEXIM Credit Facility, dated February 28, 2014 (8)
|
4.18
|
K-Sure Credit Facility, dated February 24, 2014 (8)
|
8.1
|
Subsidiaries of the Company
|
11.1
|
Code of Ethics (7)
|
11.2
|
Whistleblower Policy (8)
|
11.3
|
Whistleblower Policy - Environmental (8)
|
12.1
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
|
12.2
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
|
13.1
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
13.2
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
15.1
|
Consent of Independent Registered Public Accounting Firm, PricewaterhouseCoopers Audit
|
15.2
|
Consent of Independent Registered Public Accounting Firm, Deloitte LLP
|
15.3
|
Consent of Drewry Shipping Consultants, Ltd.
|
(1)
|
Filed as an Exhibit to the Company’s Amended Registration Statement on Form F-1/A (Amendment No. 1) (File No. 333-164940) on March 10, 2010, and incorporated by reference herein.
|
(2)
|
Filed as an Exhibit to the Company’s Amended Registration Statement on Form F-1/A (Amendment No. 2) (File No. 333-164940) on March 18, 2010, and incorporated by reference herein.
|
(3)
|
Filed as an Exhibit to the Company’s Annual Report filed on Form 20-F on June 29, 2010, and incorporated by reference herein.
|
(4)
|
Filed as an Exhibit to the Company’s Annual Report filed on Form 20-F on April 21, 2011, and incorporated by reference herein.
|
(5)
|
Filed as an Exhibit to the Company’s Registration Statement on Form F-3 (File No. 333-173929) on May 4, 2011, and incorporated by reference herein.
|
(6)
|
Filed as an Exhibit to the Company’s Annual Report on Form 20-F on April 13, 2012, as amended, and incorporated by reference herein.
|
(7)
|
Filed as an Exhibit to the Company’s Annual Report on Form 20-F on March 29, 2013, and incorporated by reference herein.
|
(8)
|
Filed as an Exhibit to the Company's Annual Report on Form 20-F on March 31, 2014, and incorporated by reference herein.
|
(9)
|
Filed as an Exhibit to the Company’s Report on Form 6-K on May 13, 2014, and incorporated by reference herein.
|
(10)
|
Filed as an Exhibit to the Company’s Report on Form 6-K on October 31, 2014, and incorporated by reference herein.
|
Scorpio Tankers Inc.
|
(Registrant)
|
|
/s/ Emanuele Lauro
|
Emanuele Lauro
|
Chief Executive Officer
|
|
Page
|
|
|
|
As of
|
||||||
In thousands of U.S. dollars
|
Notes
|
|
December 31, 2014
|
|
December 31, 2013
|
||||
Assets
|
|
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
2
|
|
$
|
116,143
|
|
|
$
|
78,845
|
|
Accounts receivable
|
3
|
|
78,201
|
|
|
72,542
|
|
||
Prepaid expenses and other current assets
|
|
|
2,420
|
|
|
2,277
|
|
||
Inventories
|
|
|
6,075
|
|
|
2,857
|
|
||
Vessels held for sale
|
4
|
|
70,865
|
|
|
82,649
|
|
||
Total current assets
|
|
|
273,704
|
|
|
239,170
|
|
||
Non-current assets
|
|
|
|
|
|
|
|
||
Vessels and drydock
|
4
|
|
1,971,878
|
|
|
530,270
|
|
||
Vessels under construction
|
5
|
|
404,877
|
|
|
649,526
|
|
||
Other assets
|
7
|
|
23,728
|
|
|
17,907
|
|
||
Investment in associate
|
8
|
|
—
|
|
|
209,803
|
|
||
Available for sale investment
|
8
|
|
130,456
|
|
|
—
|
|
||
Total non-current assets
|
|
|
2,530,939
|
|
|
1,407,506
|
|
||
Total assets
|
|
|
$
|
2,804,643
|
|
|
$
|
1,646,676
|
|
Current liabilities
|
|
|
|
|
|
|
|
||
Current portion of long term debt
|
11
|
|
87,163
|
|
|
10,453
|
|
||
Debt related to vessels held for sale
|
11
|
|
32,932
|
|
|
21,397
|
|
||
Accounts payable
|
9
|
|
14,929
|
|
|
20,696
|
|
||
Accrued expenses
|
10
|
|
55,139
|
|
|
7,251
|
|
||
Derivative financial instruments
|
12
|
|
205
|
|
|
689
|
|
||
Total current liabilities
|
|
|
190,368
|
|
|
60,486
|
|
||
Non-current liabilities
|
|
|
|
|
|
|
|
||
Long term debt
|
11
|
|
1,451,427
|
|
|
135,279
|
|
||
Derivative financial instruments
|
12
|
|
—
|
|
|
188
|
|
||
Total non-current liabilities
|
|
|
1,451,427
|
|
|
135,467
|
|
||
Total liabilities
|
|
|
1,641,795
|
|
|
195,953
|
|
||
Shareholders’ equity
|
|
|
|
|
|
|
|
||
Issued, authorized and fully paid in share capital:
|
|
|
|
|
|
|
|
||
Share capital
|
14
|
|
2,033
|
|
|
1,999
|
|
||
Additional paid in capital
|
14
|
|
1,550,956
|
|
|
1,536,945
|
|
||
Treasury shares
|
|
|
(351,283
|
)
|
|
(7,938
|
)
|
||
Accumulated other comprehensive loss
|
|
|
(10,878
|
)
|
|
(212
|
)
|
||
Accumulated deficit
|
|
|
(27,980
|
)
|
|
(80,071
|
)
|
||
Total shareholders’ equity
|
|
|
1,162,848
|
|
|
1,450,723
|
|
||
Total liabilities and shareholders’ equity
|
|
|
$
|
2,804,643
|
|
|
$
|
1,646,676
|
|
|
|
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars except per share and share data
|
|
Notes
|
|
2014
|
|
2013
|
|
2012
|
||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|||
Vessel revenue
|
|
16
|
|
$
|
342,807
|
|
|
$
|
207,580
|
|
|
$
|
115,381
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|||
Vessel operating costs
|
|
|
|
(78,823
|
)
|
|
(40,204
|
)
|
|
(30,353
|
)
|
|||
Voyage expenses
|
|
|
|
(7,533
|
)
|
|
(4,846
|
)
|
|
(21,744
|
)
|
|||
Charterhire
|
|
17
|
|
(139,168
|
)
|
|
(115,543
|
)
|
|
(43,701
|
)
|
|||
Depreciation
|
|
4
|
|
(42,617
|
)
|
|
(23,595
|
)
|
|
(14,818
|
)
|
|||
General and administrative expenses
|
|
18
|
|
(48,129
|
)
|
|
(25,788
|
)
|
|
(11,536
|
)
|
|||
Write down of vessels held for sale and loss from sales of vessels
|
|
4
|
|
(3,978
|
)
|
|
(21,187
|
)
|
|
(10,404
|
)
|
|||
Gain on sale of VLGCs
|
|
8
|
|
—
|
|
|
41,375
|
|
|
—
|
|
|||
Gain on sale of VLCCs
|
|
5
|
|
51,419
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of Dorian shares
|
|
8
|
|
10,924
|
|
|
—
|
|
|
—
|
|
|||
Re-measurement of investment in Dorian
|
|
8
|
|
(13,895
|
)
|
|
—
|
|
|
—
|
|
|||
Total operating expenses
|
|
|
|
(271,800
|
)
|
|
(189,788
|
)
|
|
(132,556
|
)
|
|||
Operating income / (loss)
|
|
|
|
71,007
|
|
|
17,792
|
|
|
(17,175
|
)
|
|||
Other (expense) and income, net
|
|
|
|
|
|
|
|
|
|
|
|
|||
Financial expenses
|
|
19
|
|
(20,770
|
)
|
|
(2,705
|
)
|
|
(8,512
|
)
|
|||
Realized gain on derivative financial instruments
|
|
12
|
|
17
|
|
|
3
|
|
|
443
|
|
|||
Unrealized gain / (loss) on derivative financial instruments
|
|
12
|
|
264
|
|
|
567
|
|
|
(1,231
|
)
|
|||
Financial income
|
|
|
|
203
|
|
|
1,147
|
|
|
35
|
|
|||
Share of income from associate
|
|
8
|
|
1,473
|
|
|
369
|
|
|
—
|
|
|||
Other expenses, net
|
|
|
|
(103
|
)
|
|
(158
|
)
|
|
(97
|
)
|
|||
Total other expense, net
|
|
|
|
(18,916
|
)
|
|
(777
|
)
|
|
(9,362
|
)
|
|||
Net income / (loss)
|
|
|
|
52,091
|
|
|
17,015
|
|
|
(26,537
|
)
|
|||
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Equity holders of the parent
|
|
|
|
$
|
52,091
|
|
|
$
|
17,015
|
|
|
$
|
(26,537
|
)
|
Earnings / (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
21
|
|
$
|
0.30
|
|
|
$
|
0.12
|
|
|
$
|
(0.64
|
)
|
Diluted
|
|
21
|
|
$
|
0.30
|
|
|
$
|
0.11
|
|
|
$
|
(0.64
|
)
|
Basic weighted average shares outstanding
|
|
21
|
|
171,851,061
|
|
|
146,504,055
|
|
|
41,413,339
|
|
|||
Diluted weighted average shares outstanding
|
|
21
|
|
176,292,802
|
|
|
148,339,378
|
|
|
41,413,339
|
|
|
|
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars
|
|
Notes
|
|
2014
|
|
2013
|
|
2012
|
||||||
Net income / (loss)
|
|
|
|
$
|
52,091
|
|
|
$
|
17,015
|
|
|
$
|
(26,537
|
)
|
Other comprehensive income / (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|||
Items that may be reclassified subsequently to income or loss
|
|
|
|
|
|
|
|
|
|
|
|
|||
Change in value of available for sale investment
|
|
|
|
(10,801
|
)
|
|
—
|
|
|
—
|
|
|||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unrealized gain/(loss) on derivative financial instruments
|
|
12
|
|
135
|
|
|
117
|
|
|
(904
|
)
|
|||
Reclassification adjustment for derivative financial instruments included in net loss
|
|
12
|
|
—
|
|
|
—
|
|
|
1,276
|
|
|||
Other comprehensive (loss) / income
|
|
|
|
(10,666
|
)
|
|
117
|
|
|
372
|
|
|||
Total comprehensive income / (loss)
|
|
|
|
$
|
41,425
|
|
|
$
|
17,132
|
|
|
$
|
(26,165
|
)
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Equity holders of the parent
|
|
|
|
$
|
41,425
|
|
|
$
|
17,132
|
|
|
$
|
(26,165
|
)
|
In thousands of U.S. dollars except share data
|
Number of shares outstanding
|
|
Share capital
|
|
Additional paid-in capital
|
|
Treasury shares
|
|
Accumulated deficit
|
|
Accumulated other comprehensive income/(loss)
|
|
Total
|
|||||||||||||
Balance as of January 1, 2012
|
38,345,394
|
|
|
$
|
391
|
|
|
$
|
363,210
|
|
|
(5,498
|
)
|
|
$
|
(70,549
|
)
|
|
$
|
(701
|
)
|
|
$
|
286,853
|
|
|
Net loss for the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,537
|
)
|
|
—
|
|
|
(26,537
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
372
|
|
|
372
|
|
||||||
Net proceeds from follow on offerings
|
25,639,774
|
|
|
256
|
|
|
152,796
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
153,052
|
|
||||||
Issuance of restricted stock
|
290,000
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of restricted stock
|
—
|
|
|
—
|
|
|
3,490
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,490
|
|
||||||
Purchase of treasury shares
|
(447,322
|
)
|
|
—
|
|
|
—
|
|
|
(2,440
|
)
|
|
—
|
|
|
—
|
|
|
(2,440
|
)
|
||||||
Balance as of December 31, 2012
|
63,827,846
|
|
|
$
|
650
|
|
|
$
|
519,493
|
|
|
$
|
(7,938
|
)
|
|
$
|
(97,086
|
)
|
|
$
|
(329
|
)
|
|
$
|
414,790
|
|
Balance as of January 1, 2013
|
63,827,846
|
|
|
$
|
650
|
|
|
$
|
519,493
|
|
|
$
|
(7,938
|
)
|
|
$
|
(97,086
|
)
|
|
$
|
(329
|
)
|
|
$
|
414,790
|
|
Net income for the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,015
|
|
|
—
|
|
|
17,015
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117
|
|
|
117
|
|
||||||
Net proceeds from follow on offerings
|
118,828,578
|
|
|
1,188
|
|
|
946,774
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
947,962
|
|
||||||
Issuance of restricted stock
|
8,999,998
|
|
|
90
|
|
|
(90
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of restricted stock
|
—
|
|
|
—
|
|
|
13,142
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,142
|
|
||||||
Dividends paid
|
—
|
|
|
—
|
|
|
(24,353
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,353
|
)
|
||||||
Shares issued for acquisition of vessels (see Note 5)
|
7,135,080
|
|
|
71
|
|
|
81,979
|
|
|
—
|
|
|
—
|
|
|
|
|
|
82,050
|
|
||||||
Balance as of December 31, 2013
|
198,791,502
|
|
|
$
|
1,999
|
|
|
$
|
1,536,945
|
|
|
$
|
(7,938
|
)
|
|
$
|
(80,071
|
)
|
|
$
|
(212
|
)
|
|
$
|
1,450,723
|
|
Balance as of January 1, 2014
|
198,791,502
|
|
|
$
|
1,999
|
|
|
$
|
1,536,945
|
|
|
$
|
(7,938
|
)
|
|
$
|
(80,071
|
)
|
|
$
|
(212
|
)
|
|
$
|
1,450,723
|
|
Net income for the period
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,091
|
|
|
—
|
|
|
52,091
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,666
|
)
|
|
(10,666
|
)
|
||||||
Issuance of restricted stock
|
3,362,176
|
|
|
34
|
|
|
(34
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of restricted stock
|
—
|
|
|
—
|
|
|
29,726
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,726
|
|
||||||
Dividends paid
|
—
|
|
|
—
|
|
|
(70,495
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(70,495
|
)
|
||||||
Purchase of treasury shares
|
(37,579,136
|
)
|
|
—
|
|
|
—
|
|
|
(343,345
|
)
|
|
—
|
|
|
—
|
|
|
(343,345
|
)
|
||||||
Equity component of Convertible Notes, net of issuance costs (See Note 11)
|
—
|
|
|
—
|
|
|
59,464
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,464
|
|
||||||
Shares issued for acquisition of vessels (see Note 5)
|
—
|
|
|
—
|
|
|
(4,650
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,650
|
)
|
||||||
Balance as of December 31, 2014
|
164,574,542
|
|
|
$
|
2,033
|
|
|
$
|
1,550,956
|
|
|
$
|
(351,283
|
)
|
|
$
|
(27,980
|
)
|
|
$
|
(10,878
|
)
|
|
$
|
1,162,848
|
|
|
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars
|
Notes
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|||
Net income / (loss)
|
|
|
$
|
52,091
|
|
|
$
|
17,015
|
|
|
$
|
(26,537
|
)
|
Gain on sale of VLGCs
|
8
|
|
—
|
|
|
(41,375
|
)
|
|
—
|
|
|||
Gain on sale of VLCCs
|
5
|
|
(51,419
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on sale of Dorian shares
|
8
|
|
(10,924
|
)
|
|
—
|
|
|
—
|
|
|||
Re-measurement of investment in Dorian
|
8
|
|
13,895
|
|
|
—
|
|
|
—
|
|
|||
Write down of vessels held for sale and loss from sales of vessels
|
4
|
|
3,978
|
|
|
21,187
|
|
|
10,404
|
|
|||
Depreciation
|
4
|
|
42,617
|
|
|
23,595
|
|
|
14,818
|
|
|||
Amortization of restricted stock
|
14
|
|
29,726
|
|
|
13,142
|
|
|
3,490
|
|
|||
Amortization of deferred financing fees
|
|
|
4,834
|
|
|
332
|
|
|
4,093
|
|
|||
Straight-line adjustment for charterhire expense
|
|
|
3
|
|
|
53
|
|
|
41
|
|
|||
Share of profit from associate
|
8
|
|
(1,473
|
)
|
|
(369
|
)
|
|
—
|
|
|||
Unrealized gain on derivative financial instruments
|
12
|
|
(264
|
)
|
|
(567
|
)
|
|
1,231
|
|
|||
Amortization of acquired time charter contracts
|
|
|
478
|
|
|
—
|
|
|
—
|
|
|||
Accretion of Convertible Notes
|
11
|
|
5,330
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
88,872
|
|
|
33,013
|
|
|
7,540
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
||||||
Drydock payments
|
|
|
(1,290
|
)
|
|
(1,469
|
)
|
|
(1,702
|
)
|
|||
(Increase)/decrease in inventories
|
|
|
(3,218
|
)
|
|
(687
|
)
|
|
526
|
|
|||
Increase in accounts receivable
|
|
|
(5,660
|
)
|
|
(36,104
|
)
|
|
(16,052
|
)
|
|||
(Increase)/decrease in prepaid expenses and other current assets
|
|
|
(154
|
)
|
|
(823
|
)
|
|
547
|
|
|||
(Increase)/decrease in other assets
|
|
|
(2,901
|
)
|
|
(1,849
|
)
|
|
2,443
|
|
|||
Increase/(decrease) in accounts payable
|
|
|
6,471
|
|
|
(2,021
|
)
|
|
3,966
|
|
|||
Increase in accrued expenses
|
|
|
12,070
|
|
|
4,285
|
|
|
804
|
|
|||
Interest rate swap termination payment
|
|
|
(274
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
5,044
|
|
|
(38,668
|
)
|
|
(9,468
|
)
|
|||
Net cash inflow/(outflow) from operating activities
|
|
|
93,916
|
|
|
(5,655
|
)
|
|
(1,928
|
)
|
|||
Investing activities
|
|
|
|
|
|
|
|
||||||
Acquisition of vessels and payments for vessels under construction
|
|
|
(1,403,181
|
)
|
|
(767,448
|
)
|
|
(191,490
|
)
|
|||
Proceeds from disposal of vessels
|
|
|
213,670
|
|
|
—
|
|
|
101,335
|
|
|||
VLGC installment payments
|
|
|
—
|
|
|
(83,070
|
)
|
|
—
|
|
|||
Investment in associate
|
|
|
—
|
|
|
(84,583
|
)
|
|
—
|
|
|||
Deposit received for vessel purchases
|
|
|
31,277
|
|
|
—
|
|
|
—
|
|
|||
Net cash outflow from investing activities
|
|
|
(1,158,234
|
)
|
|
(935,101
|
)
|
|
(90,155
|
)
|
|||
Financing activities
|
|
|
|
|
|
|
|
||||||
Debt repayments
|
|
|
(74,674
|
)
|
|
(28,410
|
)
|
|
(129,076
|
)
|
|||
Issuance of debt
|
|
|
1,219,784
|
|
|
52,050
|
|
|
124,172
|
|
|||
Debt issuance costs
|
|
|
(45,670
|
)
|
|
(14,693
|
)
|
|
(3,293
|
)
|
|||
Proceeds from issuance of Convertible Notes
|
|
|
360,000
|
|
|
—
|
|
|
—
|
|
|||
Convertible Notes issuance costs
|
|
|
(10,993
|
)
|
|
—
|
|
|
—
|
|
Gross proceeds from issuance of common stock
|
|
|
—
|
|
|
983,537
|
|
|
159,002
|
|
|||
Equity issuance costs
|
|
|
(42
|
)
|
|
(35,695
|
)
|
|
(5,950
|
)
|
|||
Dividends paid
|
|
|
(70,495
|
)
|
|
(24,353
|
)
|
|
—
|
|
|||
Repurchase of common stock
|
|
|
(276,294
|
)
|
|
—
|
|
|
(2,440
|
)
|
|||
Net cash inflow from financing activities
|
|
|
1,101,616
|
|
|
932,436
|
|
|
142,415
|
|
|||
Increase/(decrease) in cash and cash equivalents
|
|
|
37,298
|
|
|
(8,320
|
)
|
|
50,332
|
|
|||
Cash and cash equivalents at January 1,
|
|
|
78,845
|
|
|
87,165
|
|
|
36,833
|
|
|||
Cash and cash equivalents at December 31,
|
|
|
$
|
116,143
|
|
|
$
|
78,845
|
|
|
$
|
87,165
|
|
Supplemental information:
|
|
|
|
|
|
|
|
||||||
Interest paid
|
|
|
$
|
24,507
|
|
|
$
|
6,497
|
|
|
$
|
6,618
|
|
1.
|
General information and significant accounting policies
|
(1)
|
Time charter revenue is recognized as services are performed based on the daily rates specified in the time charter contract.
|
(2)
|
Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate. Revenue from voyage charter agreements is recognized as voyage revenue on a pro-rata basis over the duration of the voyage on a discharge to discharge basis. In the application of this policy, we do not begin recognizing revenue until (i) the amount of revenue can be measured reliably, (ii) it is probable that the economic benefits associated with the transaction will flow to the entity, (iii) the transactions stage of completion at the balance sheet date can be measured reliably and (iv) the costs incurred and the costs to complete the transaction can be measured reliably.
|
(3)
|
Pool revenue for each vessel is determined in accordance with the profit sharing terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on:
|
•
|
the pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and construction characteristics are taken into consideration); and
|
•
|
the number of days the vessel participated in the pool in the period
.
We recognize pool revenue on a monthly basis, when the vessel has participated in a pool during the period and the amount of pool revenue for the month can be estimated reliably. We receive estimated vessel earnings based on the known number of days the vessel has participated in the pool, the contract terms, and the estimated monthly pool revenue. On a quarterly basis, we receive a report from the pool which identifies the number of days the vessel participated in the pool, the total pool points for the period, the total pool revenue for the period, and the calculated share of pool revenue for the vessel. We review the quarterly report for consistency with each vessel’s pool agreement and vessel management records. The estimated pool revenue is reconciled quarterly, coinciding with our external reporting periods, to the actual pool revenue earned, per the pool report. Consequently, in our financial statements, reported revenues represent actual pooled revenues. While differences do arise in the performance of these quarterly reconciliations, such differences are not material to total reported revenues.
|
•
|
it has been acquired principally for the purpose of selling in the near future; or
|
•
|
it is a part of an identified portfolio of financial instruments that we manage together and has a recent actual pattern of short-term profit-taking; or
|
•
|
it is a derivative that is not designated and effective as a hedging instrument.
|
•
|
significant financial difficulty of the issuer or counterparty; or
|
•
|
default or delinquency in interest or principal payments; or
|
•
|
it becomes probable that the borrower will enter bankruptcy or financial re-organization.
|
•
|
Three
vessels were held for sale and written down to their fair value less costs to sell (see Note 4).
|
•
|
36
vessels had fair values less costs to sell in excess of their carrying amount.
|
•
|
18
vessels had fair values less costs to sell less than their carrying amount. We prepared a value in use calculation for each these vessels which resulted in no impairment being recognized.
|
•
|
We did not obtain independent broker valuations for our
24
vessels under construction. To assess their carrying values, we prepared value in use calculations which resulted in no impairment being recognized.
|
•
|
Amendment to IAS 32 - Financial instruments: Recognition and measurement
|
•
|
Amendments to IFRS 10, IFRS 12 and IAS 27 - Investment entities
|
•
|
Amendment to IAS 36 - Impairment of assets - Recoverable amount disclosures for non-financial assets
|
•
|
Amendment to IAS 39 - Financial instruments: Recognition and measurement - Novation of derivatives and continuation of hedge accounting
|
•
|
IFRIC 21 - Levies
|
•
|
Amendment to IAS 16 & IAS 38 - Clarification of acceptable methods of depreciation and amortization
|
•
|
Amendments to IAS 19 - Employee benefits: Employee contributions
|
•
|
Amendments to IFRS 11 - Joint arrangements
|
•
|
Annual improvements to IFRSs 2010-2012
|
•
|
Annual improvements to IFRSs 2011-2013
|
•
|
Annual improvements to IFRSs 2012-2014
|
•
|
IFRS 9 - Financial Instruments
|
•
|
IFRS 14 - Regulatory deferral accounts
|
•
|
IFRS 15 - Revenue from contracts with customers
|
•
|
Amendments to IAS 16 and IAS 41 - Agriculture: Bearer plants
|
•
|
Amendments to IAS 27 Separate financial statements - Equity method in separate financial statements
|
•
|
Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associates or joint venture
|
2.
|
Cash and cash equivalents
|
|
At December 31,
|
||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
||||
Cash at banks
|
$
|
115,695
|
|
|
$
|
53,652
|
|
Deposits
(1)
|
—
|
|
|
25,035
|
|
||
Cash on vessels
|
448
|
|
|
158
|
|
||
|
$
|
116,143
|
|
|
$
|
78,845
|
|
(1)
|
Represents bank deposits with original maturities of three months or less.
|
3.
|
Accounts receivable
|
|
At December 31,
|
||||||
In thousands of US dollars
|
2014
|
|
2013
|
||||
Scorpio MR Pool Limited
|
$
|
28,289
|
|
|
$
|
28,282
|
|
Scorpio LR2 Pool Limited
|
22,326
|
|
|
21,110
|
|
||
Scorpio Panamax Tanker Pool Limited
|
11,846
|
|
|
12,578
|
|
||
Scorpio Handymax Tanker Pool Limited
|
11,664
|
|
|
6,542
|
|
||
Receivables related to vessels under construction
|
1,647
|
|
|
—
|
|
||
Freight receivables
|
724
|
|
|
1,212
|
|
||
Insurance receivables
|
245
|
|
|
345
|
|
||
Other receivables
|
1,460
|
|
|
2,473
|
|
||
|
$
|
78,201
|
|
|
$
|
72,542
|
|
4.
|
Vessels
|
In thousands of U.S. dollars
|
|
Vessels
|
|
Drydock
|
|
Total
|
||||||
Cost
|
|
|
|
|
|
|
|
|
|
|||
As of January 1, 2014
|
|
$
|
566,583
|
|
|
$
|
12,102
|
|
|
$
|
578,685
|
|
Additions
(1)
|
|
1,515,888
|
|
|
31,200
|
|
|
1,547,088
|
|
|||
Transfer to vessels held for sale
(2)
|
|
(90,242
|
)
|
|
(2,290
|
)
|
|
(92,532
|
)
|
|||
As of December 31, 2014
|
|
1,992,229
|
|
|
41,012
|
|
|
2,033,241
|
|
|||
Accumulated depreciation and impairment
|
|
|
|
|
|
|
|
|
|
|||
As of January 1, 2014
|
|
(45,021
|
)
|
|
(3,394
|
)
|
|
(48,415
|
)
|
|||
Charge for the period
|
|
(37,880
|
)
|
|
(4,737
|
)
|
|
(42,617
|
)
|
|||
Write-offs of vessels held for sale
(3)
|
|
(3,276
|
)
|
|
(702
|
)
|
|
(3,978
|
)
|
|||
Transfer to vessels held for sale
(2)
|
|
31,249
|
|
|
2,398
|
|
|
33,647
|
|
|||
As of December 31, 2014
|
|
(54,928
|
)
|
|
(6,435
|
)
|
|
(61,363
|
)
|
|||
Net book value
|
|
|
|
|
|
|
|
|
|
|||
As of December 31, 2014
|
|
$
|
1,937,301
|
|
|
$
|
34,577
|
|
|
$
|
1,971,878
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|||
As of January 1, 2013
|
|
500,696
|
|
|
10,924
|
|
|
511,620
|
|
|||
Additions
(4)
|
|
256,858
|
|
|
5,433
|
|
|
262,291
|
|
|||
Transfer to vessels held for sale
(5)
|
|
(190,971
|
)
|
|
(4,255
|
)
|
|
(195,226
|
)
|
|||
As of December 31, 2013
|
|
566,583
|
|
|
12,102
|
|
|
578,685
|
|
|||
Accumulated depreciation and impairment
|
|
|
|
|
|
|
|
|
|
|||
As of January 1, 2013
|
|
(112,575
|
)
|
|
(3,634
|
)
|
|
(116,209
|
)
|
|||
Charge for the period
|
|
(20,401
|
)
|
|
(3,194
|
)
|
|
(23,595
|
)
|
|||
Write-offs of vessels held for sale
(6)
|
|
(20,367
|
)
|
|
(821
|
)
|
|
(21,188
|
)
|
|||
Transfer to vessels held for sale
(5)
|
|
108,322
|
|
|
4,255
|
|
|
112,577
|
|
|||
As of December 31, 2013
|
|
(45,021
|
)
|
|
(3,394
|
)
|
|
(48,415
|
)
|
|||
Net book value
|
|
|
|
|
|
|
|
|
|
|||
As of December 31, 2013
|
|
$
|
521,562
|
|
|
$
|
8,708
|
|
|
$
|
530,270
|
|
(1)
|
Additions in 2014 primarily relate to the deliveries of 41 newbuilding vessels and corresponding calculations of notional drydock on these vessels.
|
(2)
|
Represents the reclassification of the net book value of
STI Heritage
and
STI Harmony
from “Vessels” to “Vessels Held for Sale” in December 2014.
|
(3)
|
Represents the write-off to remeasure
STI Heritage,
STI Harmony
and
Venice
at the lower of their carrying amount and fair value less costs to sell at December 31, 2014.
|
(4)
|
Additions in 2013 primarily relate to the deliveries of seven newbuilding vessels and corresponding calculations of notional drydock on these vessels.
|
(5)
|
Represents the reclassification of the net book value of
Noemi, Senatore, Venice
and
STI Spirit
from “Vessels” to “Vessels Held for Sale” at December 31, 2013.
|
(6)
|
Represents the write-off to remeasure
Noemi, Senatore, Venice
and
STI Spirit
at the lower of their carrying amount and fair value less costs to sell at December 31, 2013.
|
|
|
|
Month
|
|
Vessel
|
|
Name
|
|
Delivered
|
|
Type
|
1
|
STI Duchessa
|
|
January 2014
|
|
MR
|
2
|
STI Opera
|
|
January 2014
|
|
MR
|
3
|
STI Texas City
|
|
March 2014
|
|
MR
|
4
|
STI Meraux
|
|
April 2014
|
|
MR
|
5
|
STI San Antonio
|
|
May 2014
|
|
MR
|
6
|
STI Chelsea
|
|
May 2014
|
|
MR
|
7
|
STI Lexington
|
|
May 2014
|
|
MR
|
8
|
STI Comandante
|
|
May 2014
|
|
Handymax
|
9
|
STI Brixton
|
|
June 2014
|
|
Handymax
|
10
|
STI Venere
|
|
June 2014
|
|
MR
|
11
|
STI Virtus
|
|
June 2014
|
|
MR
|
12
|
STI Pimlico
|
|
July 2014
|
|
Handymax
|
13
|
STI Powai
|
|
July 2014
|
|
MR
|
14
|
STI Aqua
|
|
July 2014
|
|
MR
|
15
|
STI Dama
|
|
July 2014
|
|
MR
|
16
|
STI Elysees
|
|
July 2014
|
|
LR2
|
17
|
STI Hackney
|
|
August 2014
|
|
Handymax
|
18
|
STI Olivia
|
|
August 2014
|
|
MR
|
19
|
STI Mythos
|
|
August 2014
|
|
MR
|
20
|
STI Acton
|
|
September 2014
|
|
Handymax
|
21
|
STI Fulham
|
|
September 2014
|
|
Handymax
|
22
|
STI Camden
|
|
September 2014
|
|
Handymax
|
23
|
STI Benicia
|
|
September 2014
|
|
MR
|
24
|
STI Regina
|
|
September 2014
|
|
MR
|
25
|
STI St. Charles
|
|
September 2014
|
|
MR
|
26
|
STI Park
|
|
September 2014
|
|
LR2
|
27
|
STI Madison
|
|
September 2014
|
|
LR2
|
28
|
STI Orchard
|
|
October 2014
|
|
LR2
|
29
|
STI Battersea
|
|
October 2014
|
|
Handymax
|
30
|
STI Wembley
|
|
October 2014
|
|
Handymax
|
31
|
STI Mayfair
|
|
October 2014
|
|
MR
|
32
|
STI Yorkville
|
|
October 2014
|
|
MR
|
33
|
STI Finchley
|
|
November 2014
|
|
Handymax
|
34
|
STI Clapham
|
|
November 2014
|
|
Handymax
|
35
|
STI Milwaukee
|
|
November 2014
|
|
MR
|
36
|
STI Battery
|
|
December 2014
|
|
MR
|
37
|
STI Sloane
|
|
November 2014
|
|
LR2
|
38
|
STI Broadway
|
|
November 2014
|
|
LR2
|
39
|
STI Condotti
|
|
November 2014
|
|
LR2
|
40
|
STI Poplar
|
|
December 2014
|
|
Handymax
|
41
|
STI Soho
|
|
December 2014
|
|
MR
|
Credit Facility
|
|
Vessel Name
|
|
Net Book Value
(In millions of U.S. Dollars) |
|
2010 Revolving Credit Facility
|
|
STI Highlander
|
|
20.7
|
|
2010 Revolving Credit Facility
|
|
STI Heritage
|
|
30.2
|
|
2010 Revolving Credit Facility
|
|
STI Harmony
|
|
28.8
|
|
2010 Revolving Credit Facility
|
|
Venice
|
|
11.9
|
|
2011 Credit Facility
|
|
STI Onyx
|
|
35.8
|
|
2011 Credit Facility
|
|
STI Sapphire
|
|
35.6
|
|
2011 Credit Facility
|
|
STI Emerald
|
|
35.4
|
|
2011 Credit Facility
|
|
STI Beryl
|
|
34.6
|
|
2011 Credit Facility
|
|
STI Le Rocher
|
|
35.1
|
|
2011 Credit Facility
|
|
STI Larvotto
|
|
35.1
|
|
2011 Credit Facility
|
|
STI Duchessa
|
|
33.5
|
|
Newbuilding Credit Facility
|
|
STI Amber
|
|
35.5
|
|
Newbuilding Credit Facility
|
|
STI Topaz
|
|
35.7
|
|
Newbuilding Credit Facility
|
|
STI Ruby
|
|
35.7
|
|
Newbuilding Credit Facility
|
|
STI Garnet
|
|
35.8
|
|
2013 Credit Facility
|
|
STI Fontvieille
|
|
35.1
|
|
2013 Credit Facility
|
|
STI Ville
|
|
35.5
|
|
2013 Credit Facility
|
|
STI Wembley
|
|
32.7
|
|
2013 Credit Facility
|
|
STI Opera
|
|
33.3
|
|
2013 Credit Facility
|
|
STI Texas City
|
|
37.9
|
|
2013 Credit Facility
|
|
STI Meraux
|
|
38.3
|
|
2013 Credit Facility
|
|
STI San Antonio
|
|
38.4
|
|
2013 Credit Facility
|
|
STI Venere
|
|
33.3
|
|
2013 Credit Facility
|
|
STI Virtus
|
|
33.4
|
|
2013 Credit Facility
|
|
STI Aqua
|
|
33.6
|
|
2013 Credit Facility
|
|
STI Dama
|
|
33.6
|
|
2013 Credit Facility
|
|
STI Mythos
|
|
33.5
|
|
2013 Credit Facility
|
|
STI Benicia
|
|
39.2
|
|
2013 Credit Facility
|
|
STI Regina
|
|
33.8
|
|
2013 Credit Facility
|
|
STI St. Charles
|
|
37.7
|
|
2013 Credit Facility
|
|
STI Yorkville
|
|
34.2
|
|
2013 Credit Facility
|
|
STI Milwaukee
|
|
40.3
|
|
2013 Credit Facility
|
|
STI Battery
|
|
34.3
|
|
KEXIM Credit Facility
|
|
STI Brixton
|
|
32.2
|
|
KEXIM Credit Facility
|
|
STI Comandante
|
|
32.0
|
|
KEXIM Credit Facility
|
|
STI Pimlico
|
|
32.4
|
|
KEXIM Credit Facility
|
|
STI Hackney
|
|
32.3
|
|
KEXIM Credit Facility
|
|
STI Acton
|
|
32.7
|
|
KEXIM Credit Facility
|
|
STI Fulham
|
|
32.5
|
|
KEXIM Credit Facility
|
|
STI Camden
|
|
32.5
|
|
KEXIM Credit Facility
|
|
STI Finchley
|
|
32.6
|
|
KEXIM Credit Facility
|
|
STI Clapham
|
|
32.7
|
|
KEXIM Credit Facility
|
|
STI Poplar
|
|
32.7
|
|
KEXIM Credit Facility
|
|
STI Elysees
|
|
52.0
|
|
KEXIM Credit Facility
|
|
STI Madison
|
|
52.3
|
|
KEXIM Credit Facility
|
|
STI Park
|
|
52.3
|
|
KEXIM Credit Facility
|
|
STI Orchard
|
|
51.8
|
|
KEXIM Credit Facility
|
|
STI Sloane
|
|
52.6
|
|
KEXIM Credit Facility
|
|
STI Broadway
|
|
51.7
|
|
KEXIM Credit Facility
|
|
STI Condotti
|
|
52.8
|
|
K-Sure Credit Facility
|
|
STI Battersea
|
|
32.4
|
|
K-Sure Credit Facility
|
|
STI Chelsea
|
|
33.6
|
|
K-Sure Credit Facility
|
|
STI Lexington
|
|
33.5
|
|
K-Sure Credit Facility
|
|
STI Powai
|
|
33.5
|
|
K-Sure Credit Facility
|
|
STI Mayfair
|
|
34.6
|
|
K-Sure Credit Facility
|
|
STI Soho
|
|
33.9
|
|
K-Sure Credit Facility
|
|
STI Olivia
|
|
33.7
|
|
5.
|
Vessels under construction
|
In thousands of US dollars
|
|
|
|
Balance as of January 1, 2013
|
$
|
50,251
|
|
Installment payments and other capitalized expenses
|
856,959
|
|
|
Sale of VLGC business
(1)
|
(83,070
|
)
|
|
Value of common shares issued for vessel purchases
(2)
|
81,114
|
|
|
Capitalized interest
|
6,379
|
|
|
Transferred to operating vessels and drydock
|
(262,107
|
)
|
|
Balance as of December 31, 2013
|
$
|
649,526
|
|
|
|
|
|
Installment payments and other capitalized expenses
|
1,370,565
|
|
|
Sale of VLCCs
(3)
|
(90,293
|
)
|
|
Capitalized interest
|
17,500
|
|
|
Transferred to operating vessels and drydock
|
(1,542,421
|
)
|
|
Balance as of December 31, 2014
|
$
|
404,877
|
|
(1)
|
Represents installment payments on the 11 VLGC newbuilding contracts which were part of the transaction to sell our VLGC business to Dorian in exchange for newly issued shares representing 30% of the Dorian’s outstanding shares immediately following the transaction in November 2013. See Note 8 for further description.
|
(2)
|
Represents the consideration of newly issued common shares of (i) approximately 28% of the purchase price for four MRs under construction which were delivered in 2014; and (ii) approximately 26% of the purchase price for four MRs under construction one of which was delivered in 2014 and the remaining are scheduled for delivery in Q2 2015. These shares were issued in the fourth quarter of 2013.
|
|
In millions of U.S. Dollars
|
||
Q1 2015 - installment payments made
|
$
|
167.2
|
|
Q1 2015 - remaining installment payment for delivery of
STI Winnie
|
30.3
|
|
|
Q2 2015
|
258.9
|
|
|
Q3 2015
|
27.5
|
|
|
Q4 2015
|
24.8
|
|
|
Q1 2016
|
40.5
|
|
|
Q2 2016
|
26.0
|
|
|
Q3 2016
|
29.6
|
|
|
Q4 2016
|
29.6
|
|
|
Total
|
$
|
634.4
|
|
6.
|
Carrying values of vessels and vessels under construction
|
•
|
Three
vessels were held for sale and written down to their fair value less estimated costs to sell
|
•
|
36
vessels had fair values less costs to sell in excess of their carrying amount.
|
•
|
18
vessels had fair values less costs to sell less than their carrying amount. We prepared a value in use calculation for each these vessels which resulted in no impairment being recognized.
|
•
|
We did not obtain independent broker valuations for the remaining
24
vessels under construction. To assess their carrying values, we prepared value in use calculations which resulted in no impairment being recognized.
|
•
|
Four vessels were held for sale and written down to their fair value less costs to sell
|
•
|
Eight vessels had fair values less costs to sell in excess of their carrying amount.
|
•
|
Seven vessels had fair values less costs to sell less than their carrying amount. We prepared a value in use calculation for each these vessels which resulted in no impairment being recognized.
|
•
|
Two vessels under construction (that were delivered in January 2014) had fair values less costs to sell exceeding their carrying amount.
|
•
|
We did not obtain independent broker valuations for the remaining 63 vessels under construction. To assess their carrying values, we prepared value in use calculations which resulted in no impairment being recognized.
|
7.
|
Other non-current assets
|
|
At December 31,
|
||||||
In thousands of US dollars
|
2014
|
|
2013
|
||||
Capitalized loan fees
(1)
|
$
|
19,548
|
|
|
$
|
16,168
|
|
Scorpio Handymax Tanker Pool Ltd. pool working capital contributions
(2)
|
4,115
|
|
|
1,207
|
|
||
Non-current portion of acquired time charter contracts
(3)
|
65
|
|
|
532
|
|
||
|
$
|
23,728
|
|
|
$
|
17,907
|
|
8.
|
Investment in Dorian LPG Ltd.
|
In thousands of US dollars
|
Rollforward of carrying value of investment in Dorian
|
|
||
Value of initial shares received at closing
|
$
|
134,435
|
|
(1)
|
Investment in private placement
|
75,000
|
|
(2)
|
|
Our share of net income for the period ended December 31, 2013
|
368
|
|
|
|
Carrying value at December 31, 2013
|
$
|
209,803
|
|
|
Disposal of shares
|
(56,124
|
)
|
(3)
|
|
Our share of net income through October 29, 2014
|
1,473
|
|
|
|
Loss recognized upon change in accounting method
|
(13,895
|
)
|
(4)
|
|
Carrying value at October 29, 2014
|
141,257
|
|
|
|
Other comprehensive loss
|
(10,801
|
)
|
(5)
|
|
Carrying value at December 31, 2014
|
$
|
130,456
|
|
|
(1)
|
At the time of our initial investment, Dorian was listed on the Norwegian Over the Counter Exchange ("NOTC"). The value of our initial investment was determined based on the closing price of Dorian on the NOTC at November 26, 2013 of NOK 20.5, using an NOK/USD exchange rate of 6.0923 NOK/USD at that date.
|
(2)
|
We purchased 24,121,621 new shares of Dorian’s common stock as part of a private placement of shares for total consideration of $75.0 million in November 2013.
|
(3)
|
In May 2014, we acquired 7,500,000 of our common shares from an existing shareholder in exchange for the sale to said shareholder of 3,422,665 common shares in Dorian in a privately negotiated transaction. As a result, we recognized a gain of $
10.9 million
. Accordingly, our ownership percentage in Dorian reduced to 16.3% from 25.7% after giving effect to this transaction.
|
(4)
|
Calculated based on the difference between the carrying value as of October 28, 2014 and the opening share price on October 29, 2014.
|
(5)
|
Amount recorded within equity, through other comprehensive income. Calculated based on the difference between the carrying value as of October 29, 2014 and closing share price on December 31, 2014.
|
|
|
|
|
Adjustments
|
|
|
||||||
In thousands of US dollars
|
|
Dorian LPG Ltd. for the calendar year ended December 31, 2014
(1)
|
|
Impact of conversion to IFRS
(2)
|
|
Adjusted Dorian LPG Ltd. for the calendar year ended December 31, 2014
|
||||||
Revenue
|
|
$
|
78,575
|
|
|
—
|
|
|
$
|
78,575
|
|
|
Operating income
|
|
20,712
|
|
|
(614
|
)
|
|
20,098
|
|
|||
Net income
|
|
15,459
|
|
|
(614
|
)
|
|
14,845
|
|
|||
|
|
|
|
|
|
|
||||||
Our share of net income
(3)
|
|
$
|
1,604
|
|
|
$
|
(131
|
)
|
|
$
|
1,473
|
|
(1)
|
Prepared in accordance with US GAAP using Dorian's unaudited financial statements for the three months ended March 31, 2014 and the nine months ended December 31, 2014.
|
(2)
|
This represents the (i) excess depreciation calculated as a result of our stepped up basis recorded upon our initial investment and (ii) our conversion of depreciation expense from US GAAP to IFRS.
|
(3)
|
Our share of net income captures Dorian's financial results from January 1, 2014 through October 29, 2014, the date we ceased equity method accounting.
|
|
|
|
|
Adjustments
|
|
|
|
||||||
In thousands of US dollars
|
|
Dorian LPG Ltd. for the three months ended December 31, 2013
(1)
|
|
Impact of revaluation and conversion to IFRS
(4)
|
|
Adjusted Dorian LPG Ltd. for the three months ended December 31, 2013
|
|
||||||
Revenue
|
|
$
|
13,800
|
|
|
—
|
|
|
$
|
13,800
|
|
|
|
Operating income
|
|
3,700
|
|
|
(48
|
)
|
|
3,652
|
|
|
|||
Net income
|
|
5,243
|
|
|
(48
|
)
|
|
5,195
|
|
|
|||
|
|
|
|
|
|
|
|
||||||
Our share of net income
|
|
$
|
383
|
|
|
$
|
(14
|
)
|
|
$
|
369
|
|
(2)
|
|
|
|
|
Adjustments
|
|
|
|
||||||||||
In thousands of US dollars
|
|
Dorian LPG Ltd. as of December 31, 2013
(1)
|
|
Revaluation of initial interest to fair value
(3)
|
|
Impact of revaluation and conversion to IFRS
(4)
|
|
Adjusted Dorian LPG Ltd. as of December 31, 2013
|
|
||||||||
Current assets
|
|
337,026
|
|
|
—
|
|
|
—
|
|
|
337,026
|
|
|
||||
Non-current assets
|
|
413,054
|
|
|
103,391
|
|
|
(48
|
)
|
|
516,397
|
|
|
||||
Total assets
|
|
750,080
|
|
|
103,391
|
|
|
(48
|
)
|
|
853,423
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
|
22,166
|
|
|
—
|
|
|
—
|
|
|
22,166
|
|
|
||||
Non-current liabilities
|
|
131,911
|
|
|
—
|
|
|
—
|
|
|
131,911
|
|
|
||||
Total liabilities
|
|
154,077
|
|
|
—
|
|
|
—
|
|
|
154,077
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
Net assets
|
|
596,003
|
|
|
103,391
|
|
|
(48
|
)
|
|
699,346
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
STI's share of net assets
|
|
$
|
178,801
|
|
|
$
|
31,017
|
|
|
$
|
(14
|
)
|
|
$
|
209,803
|
|
(5)
|
9.
|
Accounts payable
|
|
At December 31,
|
||||||
In thousands of US dollars
|
2014
|
|
2013
|
||||
Progress payments due for vessels under construction
|
$
|
—
|
|
|
$
|
14,969
|
|
Suppliers
|
10,004
|
|
|
5,631
|
|
||
Scorpio MR Pool Ltd
|
1,790
|
|
|
63
|
|
||
Scorpio Handymax Tanker Pool Ltd
|
737
|
|
|
32
|
|
||
Scorpio Panamax Tanker Pool Ltd
|
661
|
|
|
—
|
|
||
Scorpio LR2 Pool Ltd
|
706
|
|
|
—
|
|
||
Accounts payable to SCM
|
759
|
|
|
—
|
|
||
Accounts payable to SSM
|
241
|
|
|
1
|
|
||
Accounts payable to SSH
|
31
|
|
|
—
|
|
||
|
|
|
|
|
|
||
|
$
|
14,929
|
|
|
$
|
20,696
|
|
|
At December 31,
|
||||||
In thousands of US dollars
|
2014
|
|
2013
|
||||
Deposit from Scorpio Bulkers
(1)
|
$
|
31,277
|
|
|
$
|
—
|
|
Accrued interest
|
7,751
|
|
|
1,015
|
|
||
Suppliers
|
6,542
|
|
|
2,552
|
|
||
Accrued short term employee benefits
|
5,226
|
|
|
3,256
|
|
||
Accrued vessel purchase commissions
(2)
|
3,115
|
|
|
—
|
|
||
Accrued expenses to SSM
|
35
|
|
|
—
|
|
||
Accrued expenses to SCM
|
15
|
|
|
—
|
|
||
Accrued expenses to SSH
|
13
|
|
|
—
|
|
||
Other accrued expenses
|
1,165
|
|
|
428
|
|
||
|
|
|
|
||||
|
$
|
55,139
|
|
|
$
|
7,251
|
|
11.
|
Current and long term debt
|
|
As of December 31,
|
||||||
In thousands of US dollars
|
2014
|
|
2013
|
||||
Current portion
(1)
|
$
|
87,163
|
|
|
$
|
10,453
|
|
Debt related to vessels held for sale
(2)
|
32,932
|
|
|
21,397
|
|
||
Current portion of long term debt
|
120,095
|
|
|
31,850
|
|
||
|
|
|
|
||||
Non-current portion
(3)
|
1,451,477
|
|
|
135,279
|
|
||
|
$
|
1,571,572
|
|
|
$
|
167,129
|
|
(1)
|
The current portion at December 31, 2014 was net of unamortized deferred financing fees of $2.5 million. The current portion at December 31, 2013 was net of unamortized deferred financing fees of $0.2 million.
|
(2)
|
This relates to amounts due relating to three vessels held for sale under our 2010 Revolving Credit Facility at December 31, 2014 and is shown net of unamortized deferred financing fees of $0.1 million.
STI Harmony
and
STI Heritage
were designated as held for sale at December 31, 2014.
Venice
was designated as held for sale as of December 31, 2013. Accordingly, all assets and liabilities related to these vessels have been classified as current.
|
(3)
|
The non-current portion at December 31, 2014 was net of unamortized deferred financing fees of $44.6 million. The non-current portion at December 31, 2013 was net of unamortized deferred financing fees of $2.0 million.
|
•
|
The ratio of net debt to capitalization shall be no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth (i.e. total shareholders’ equity) shall be no less than $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter from July 1, 2010 going forward and 50% of the value of any new equity issues from July 1, 2010 going forward.
|
•
|
The ratio of EBITDA to interest expense shall be no less than 1.25 to 1.00 commencing with the fourth fiscal quarter of 2011 until the fourth quarter of 2012, at which point it increased to 1.50 to 1.00 for the first quarter of 2013, 1.75 to 1.00 for the second quarter of 2013 and 2.00 to 1.00 at all times thereafter. Such ratio shall be calculated quarterly on a trailing four quarter basis. In addition, we are restricted from paying dividends until our EBITDA to interest expense ratio is 2.00 to 1.00 or greater. EBITDA, as defined in the loan agreement, excludes non-cash charges such as impairment.
|
•
|
Consolidated liquidity (cash, cash equivalents, and availability under the 2010 Revolving Credit Facility) needs to be not less than $25.0 million, of which unrestricted cash and cash equivalents shall be not less than $15.0 million, until we own, directly or indirectly, more than 15 vessels, at which time the amount increases by $750,000 per each additional vessel.
|
•
|
The aggregate fair market value of the collateral vessels shall at all times be no less than 150% of the then aggregate outstanding principal amount of loans under the credit facility.
|
•
|
The ratio of net debt to capitalization shall be no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth (i.e. shareholders’ equity) shall be no less than $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter from July 1, 2010 going forward and 50% of the value of any new equity issues from July 1, 2010 going forward.
|
•
|
The ratio of EBITDA to interest expense shall be no less than 1.25 to 1.00 commencing with the fourth fiscal quarter of 2011 until the fourth quarter of 2012, at which point it increased to 1.50 to 1.00 for the first quarter of 2013, 1.75 to 1.00 for the second quarter of 2013 and 2.00 to 1.00 at all times thereafter. Such ratio shall be calculated quarterly on a trailing four quarter basis. In addition, we are restricted from paying dividends until our EBITDA to interest expense ratio is 2.00 to 1.00 or greater. EBITDA, as defined in the loan agreement, excludes non-cash charges such as impairment.
|
•
|
Consolidated liquidity (cash, cash equivalents, and availability under the 2010 Revolving Credit Facility) needs to be not less than $25 million, of which unrestricted cash and cash equivalents shall be not less than $15.0 million, until we own, directly or indirectly, more than 15 vessels, at which time the amount increases by $750,000 per each additional vessel.
|
•
|
The aggregate fair market value of the collateral vessels shall at all times be no less than 150% of the then aggregate outstanding principal amount of loans under the credit facility.
|
•
|
The ratio of net debt to capitalization shall be no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth (i.e. shareholders equity) shall be no less than $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter from July 1, 2010 going forward and 50% of the value of any new equity issues from July 2, 2010 going forward.
|
•
|
The ratio of EBITDA to interest expense shall be no less than 2.00 to 1.00 commencing with the third fiscal quarter of 2011 until the fourth quarter of 2012, and 2.50 to 1.00 for all times thereafter. Such ratio shall be calculated quarterly on a trailing four quarter basis. EBITDA, as defined in the loan agreement, excludes non-cash charges such as impairment.
|
•
|
Unrestricted cash and cash equivalents shall at all times be no less than $15.0 million, until we own, directly or indirectly, more than 15 vessels, at which time the amount increases by $750,000 per each additional vessel.
|
•
|
The aggregate fair market value of the collateral vessels shall at all times be no less than 140% (120% if the vessel is subject to acceptable long term employment) of the aggregate principal amount outstanding plus a pro rata amount of any allocable swap exposure for the credit facility.
|
•
|
The ratio of net debt to total capitalization no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth no less than (i) $150.0 million plus 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter beginning on July 1, 2010 and (ii) 50% of the value of any new equity issues from July 1, 2010 going forward.
|
•
|
The ratio of EBITDA to net interest expense greater than 2.00 to 1.00 through December 31, 2013 and 2.50 to 1.00 thereafter.
|
•
|
Minimum liquidity of not less than the greater of $25.0 million or 5% of total indebtedness.
|
•
|
The aggregate fair market value of the Collateral Vessels shall at all times be no less than 140% of the then aggregate outstanding principal amount of loans under the credit facility.
|
Drawdown amount
|
|
|
|
|
|
||
(In millions of U.S. Dollars)
|
|
Drawdown date
|
|
Collateral
|
|
||
$
|
20.5
|
|
|
February 2014
|
|
STI Opera
|
|
21.8
|
|
|
February 2014
|
|
STI Fontvieille
|
|
|
21.8
|
|
|
February 2014
|
|
STI Ville
|
|
|
20.5
|
|
|
March 2014
|
|
STI Texas City
|
|
|
19.3
|
|
|
May 2014
|
|
STI Meraux
|
|
|
19.3
|
|
|
June 2014
|
|
STI San Antonio
|
|
|
19.8
|
|
|
June 2014
|
|
STI Virtus
|
|
|
19.5
|
|
|
June 2014
|
|
STI Venere
|
|
|
19.8
|
|
|
July 2014
|
|
STI Aqua
|
|
|
19.8
|
|
|
August 2014
|
|
STI Dama
|
|
|
19.5
|
|
|
August 2014
|
|
STI Mythos
|
|
|
19.5
|
|
|
August 2014
|
|
STI Benicia
|
|
|
19.8
|
|
|
September 2014
|
|
STI Regina
|
|
|
19.5
|
|
|
September 2014
|
|
STI St. Charles
|
|
|
19.5
|
|
|
October 2014
|
|
STI Yorkville
|
|
|
18.0
|
|
|
October 2014
|
|
STI Wembley
|
|
|
20.5
|
|
|
November 2014
|
|
STI Milwaukee
|
|
|
19.5
|
|
|
December 2014
|
|
STI Battery
|
|
|
35.4
|
|
|
December 2014
|
|
STI Rose
|
(1)
|
(1)
|
Delivered in January 2015.
|
•
|
The ratio of net debt to total capitalization no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth no less than $677.3 million plus (i) 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after October 1, 2013 and (ii) 50% of the value of any new equity issues occurring on or after October 1, 2013.
|
•
|
The ratio of EBITDA to net interest expense greater than 2.50 to 1.00 calculated on a trailing four quarter basis.
|
•
|
Minimum liquidity of not less than the greater of $25.0 million or 5% of total indebtedness.
|
•
|
The aggregate fair market value of the vessels provided as collateral under the facility shall at all times be no less than 135% of the then aggregate outstanding principal amount of loans under the credit facility.
|
(1)
|
Delivered in January 2015.
|
•
|
The ratio of net debt to total capitalization no greater than 0.60 to 1.00.
|
•
|
Consolidated tangible net worth no less than $677.3 million plus (i) 25% of cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after October 1, 2013 and (ii) 50% of the value of any new equity issues occurring on or after October 1, 2013.
|
•
|
The ratio of EBITDA to net interest expense greater than 2.50 to 1.00 calculated on a trailing four quarter basis.
|
•
|
Minimum liquidity of not less than the greater of $25.0 million or 5% of total indebtedness.
|
•
|
The aggregate fair market value of the vessels provided as collateral under the facility shall at all times be no less than 135% of the then aggregate outstanding principal amount of loans under the credit facility.
|
Drawdown amount
|
|
|
|
|
|
(In millions of U.S. Dollars)
|
|
Drawdown date
|
|
Collateral
|
|
18.8
|
|
|
June 2014
|
|
STI Comandante
|
18.8
|
|
|
June 2014
|
|
STI Brixton
|
18.8
|
|
|
July 2014
|
|
STI Pimlico
|
30.3
|
|
|
July 2014
|
|
STI Elysees
|
30.3
|
|
|
August 2014
|
|
STI Madison
|
18.8
|
|
|
September 2014
|
|
STI Hackney
|
19.0
|
|
|
September 2014
|
|
STI Acton
|
18.8
|
|
|
September 2014
|
|
STI Fulham
|
30.3
|
|
|
September 2014
|
|
STI Park
|
29.7
|
|
|
September 2014
|
|
STI Orchard
|
18.8
|
|
|
September 2014
|
|
STI Camden
|
30.3
|
|
|
November 2014
|
|
STI Sloane
|
29.7
|
|
|
November 2014
|
|
STI Broadway
|
19.0
|
|
|
November 2014
|
|
STI Finchley
|
30.3
|
|
|
November 2014
|
|
STI Condotti
|
19.0
|
|
|
November 2014
|
|
STI Clapham
|
19.0
|
|
|
November 2014
|
|
STI Poplar
|
•
|
Net borrowings shall not equal or exceed 70% of total assets.
|
•
|
Net worth shall always exceed $650.0 million.
|
•
|
during any calendar quarter commencing after the calendar quarter ending on September 30, 2014 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 15 trading days (whether or not consecutive) during a period of 25 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
|
•
|
during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day;
|
•
|
if the Company calls any or all of the Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or
|
•
|
upon the occurrence of specified corporate events.
|
|
|
Dividends
|
|
Adjusted conversion
|
|
Date
|
|
per share
|
|
rate
(1)
|
|
August 22, 2014
|
|
$0.10
|
|
82.8556
|
|
November 25, 2014
|
|
$0.12
|
|
84.0184
|
|
March 13, 2015
|
|
$0.12
|
|
85.2216
|
|
(1)
|
Per $1,000 principal amount of the Convertible Notes.
|
•
|
Net borrowings shall not equal or exceed 70% of total assets.
|
•
|
Net worth shall always exceed $650.0 million.
|
12.
|
Derivative financial instruments
|
Hedged item
|
|
Notional amount
|
|
Start Date
|
|
Expiration date
|
|
Fixed interest rate
|
|
Floating interest rate
|
|
2010 Revolving Credit Facility
|
|
$30 million
|
|
July 2, 2012
|
|
June 2, 2015
|
|
1.27
|
%
|
|
3 mo. LIBOR
|
2011 Credit Facility
|
|
$15 million
|
|
July 2, 2012
|
|
June 30, 2015
|
|
1.30
|
%
|
|
3 mo. LIBOR
|
|
|
At December 31,
|
||||||
In thousands of U.S. dollars
|
|
2014
|
|
2013
|
||||
Derivative financial instrument (interest rate swap - current)
|
|
$
|
(205
|
)
|
|
$
|
(689
|
)
|
Derivative financial instrument (interest rate swap - non-current)
|
|
—
|
|
|
(188
|
)
|
||
Total
|
|
$
|
(205
|
)
|
|
$
|
(877
|
)
|
|
Fair value adjustments
|
|||||||||||
|
Statement of income or loss
|
|
|
|||||||||
In thousands of U.S. dollars
|
Realized gain/ (loss)
|
|
Unrealized gain/(loss)
|
|
Recognized in equity
|
|||||||
Interest rate swap
|
17
|
|
|
|
264
|
|
|
135
|
|
|||
|
|
|
|
|
|
|
||||||
Total period ended December 31, 2014
|
$
|
17
|
|
|
|
$
|
264
|
|
|
$
|
135
|
|
|
|
|
|
|
|
|
||||||
Profit and loss agreements
|
$
|
3
|
|
|
|
$
|
185
|
|
|
$
|
—
|
|
Interest rate swap
|
—
|
|
|
|
382
|
|
|
117
|
|
|||
Total period ended December 31, 2013
|
$
|
3
|
|
|
|
$
|
567
|
|
|
$
|
117
|
|
|
|
|
|
|
|
|
||||||
Profit and loss agreements
|
$
|
443
|
|
|
|
$
|
(184
|
)
|
|
$
|
—
|
|
Interest rate swap
|
(229
|
)
|
(1)
|
|
(1,047
|
)
|
|
(904
|
)
|
|||
Total period ended December 31, 2012
|
$
|
214
|
|
|
|
$
|
(1,231
|
)
|
|
$
|
(904
|
)
|
(1)
|
The realized loss on our interest rate swap in 2012 was recorded as a component of the loss from sale of vessels on the consolidated statement of income or loss.
|
13.
|
Segment reporting
|
In thousands of U.S. dollars
|
Panamax/LR1
|
|
Handymax
|
|
Aframax/LR2
|
|
MR
|
|
Reportable segments subtotal
|
|
Corporate and eliminations
|
|
Total
|
||||||||||||||
Vessel revenue
|
$
|
57,901
|
|
|
$
|
65,766
|
|
|
$
|
67,124
|
|
|
$
|
151,716
|
|
|
$
|
342,507
|
|
|
$
|
300
|
|
|
$
|
342,807
|
|
Vessel operating costs
|
(10,530
|
)
|
|
(10,902
|
)
|
|
(4,830
|
)
|
|
(52,561
|
)
|
|
(78,823
|
)
|
|
—
|
|
|
(78,823
|
)
|
|||||||
Voyage expenses
|
(4,826
|
)
|
|
(671
|
)
|
|
(73
|
)
|
|
(1,963
|
)
|
|
(7,533
|
)
|
|
—
|
|
|
(7,533
|
)
|
|||||||
Charterhire
|
(27,250
|
)
|
|
(38,390
|
)
|
|
(45,756
|
)
|
|
(27,772
|
)
|
|
(139,168
|
)
|
|
—
|
|
|
(139,168
|
)
|
|||||||
Depreciation
|
(3,194
|
)
|
|
(5,436
|
)
|
|
(3,067
|
)
|
|
(30,920
|
)
|
|
(42,617
|
)
|
|
—
|
|
|
(42,617
|
)
|
|||||||
General and administrative expenses
|
(409
|
)
|
|
(450
|
)
|
|
(237
|
)
|
|
(2,315
|
)
|
|
(3,411
|
)
|
|
(44,718
|
)
|
|
(48,129
|
)
|
|||||||
Write down of vessels held for sale
|
(3,978
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,978
|
)
|
|
—
|
|
|
(3,978
|
)
|
|||||||
Gain on sale of VLCCs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,419
|
|
|
51,419
|
|
|||||||
Gain on sale of Dorian shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,924
|
|
|
10,924
|
|
|||||||
Re-measurement of investment in Dorian
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,895
|
)
|
|
(13,895
|
)
|
|||||||
Financial expenses
|
—
|
|
|
—
|
|
|
(509
|
)
|
|
—
|
|
|
(509
|
)
|
|
(20,261
|
)
|
|
(20,770
|
)
|
|||||||
Realized gain on derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|||||||
Unrealized gain on derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
264
|
|
|
264
|
|
|||||||
Financial income
|
—
|
|
|
2
|
|
|
1
|
|
|
8
|
|
|
11
|
|
|
192
|
|
|
203
|
|
|||||||
Share of income from associate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,473
|
|
|
1,473
|
|
|||||||
Other expenses, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(51
|
)
|
|
(52
|
)
|
|
(103
|
)
|
|||||||
Segment income or loss
|
$
|
7,714
|
|
|
$
|
9,919
|
|
|
$
|
12,653
|
|
|
$
|
36,142
|
|
|
$
|
66,428
|
|
|
$
|
(14,337
|
)
|
|
$
|
52,091
|
|
In thousands of U.S. dollars
|
Panamax/LR1
|
|
Handymax
|
|
Aframax/LR2
|
|
MR
|
|
Reportable segments subtotal
|
|
Corporate and eliminations
|
|
Total
|
||||||||||||||
Vessel revenue
|
$
|
41,683
|
|
|
$
|
36,205
|
|
|
$
|
28,204
|
|
|
$
|
101,488
|
|
|
$
|
207,580
|
|
|
$
|
—
|
|
|
$
|
207,580
|
|
Vessel operating costs
|
(14,276
|
)
|
|
(2,648
|
)
|
|
(3,211
|
)
|
|
(20,069
|
)
|
|
(40,204
|
)
|
|
—
|
|
|
(40,204
|
)
|
|||||||
Voyage expenses
|
(3,858
|
)
|
|
(11
|
)
|
|
—
|
|
|
(977
|
)
|
|
(4,846
|
)
|
|
—
|
|
|
(4,846
|
)
|
|||||||
Charterhire
|
(14,363
|
)
|
|
(31,086
|
)
|
|
(29,341
|
)
|
|
(40,753
|
)
|
|
(115,543
|
)
|
|
—
|
|
|
(115,543
|
)
|
|||||||
Depreciation
|
(7,275
|
)
|
|
(1,292
|
)
|
|
(1,750
|
)
|
|
(13,278
|
)
|
|
(23,595
|
)
|
|
—
|
|
|
(23,595
|
)
|
|||||||
General and administrative expenses
|
(536
|
)
|
|
(118
|
)
|
|
(154
|
)
|
|
(1,030
|
)
|
|
(1,838
|
)
|
|
(23,950
|
)
|
|
(25,788
|
)
|
|||||||
Write down of vessels held for sale
|
(15,002
|
)
|
|
—
|
|
|
(6,185
|
)
|
|
—
|
|
|
(21,187
|
)
|
|
—
|
|
|
(21,187
|
)
|
|||||||
Gain on sale of VLGCs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,375
|
|
|
41,375
|
|
|||||||
Financial expenses
|
—
|
|
|
—
|
|
|
(847
|
)
|
|
—
|
|
|
(847
|
)
|
|
(1,858
|
)
|
|
(2,705
|
)
|
|||||||
Realized gain on derivative financial instruments
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||||
Unrealized gain on derivative financial instruments
|
186
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|
381
|
|
|
567
|
|
|||||||
Financial income
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
1,143
|
|
|
1,147
|
|
|||||||
Share of income from associate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
369
|
|
|
369
|
|
|||||||
Other expenses, net
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(21
|
)
|
|
(31
|
)
|
|
(127
|
)
|
|
(158
|
)
|
|||||||
Segment income or loss
|
$
|
(13,438
|
)
|
|
$
|
1,050
|
|
|
$
|
(13,294
|
)
|
|
$
|
25,364
|
|
|
$
|
(318
|
)
|
|
$
|
17,333
|
|
|
$
|
17,015
|
|
In thousands of U.S. dollars
|
Panamax/LR1
|
|
Handymax
|
|
Aframax/LR2
|
|
MR
|
|
Reportable segments subtotal
|
|
Corporate and eliminations
|
|
Total
|
||||||||||||||
Vessel revenue
|
$
|
28,602
|
|
|
$
|
35,381
|
|
|
$
|
4,541
|
|
|
$
|
46,857
|
|
|
$
|
115,381
|
|
|
$
|
—
|
|
|
$
|
115,381
|
|
Vessel operating costs
|
(14,137
|
)
|
|
(5,428
|
)
|
|
(3,304
|
)
|
|
(7,484
|
)
|
|
(30,353
|
)
|
|
—
|
|
|
(30,353
|
)
|
|||||||
Voyage expenses
|
(999
|
)
|
|
(2,741
|
)
|
|
(25
|
)
|
|
(17,979
|
)
|
|
(21,744
|
)
|
|
—
|
|
|
(21,744
|
)
|
|||||||
Charterhire
|
(1,629
|
)
|
|
(23,192
|
)
|
|
(1,287
|
)
|
|
(17,593
|
)
|
|
(43,701
|
)
|
|
—
|
|
|
(43,701
|
)
|
|||||||
Depreciation
|
(7,352
|
)
|
|
(1,716
|
)
|
|
(1,735
|
)
|
|
(4,015
|
)
|
|
(14,818
|
)
|
|
—
|
|
|
(14,818
|
)
|
|||||||
General and administrative expenses
|
(495
|
)
|
|
(195
|
)
|
|
(100
|
)
|
|
(398
|
)
|
|
(1,188
|
)
|
|
(10,348
|
)
|
|
(11,536
|
)
|
|||||||
Loss from sales of vessels
|
—
|
|
|
(4,525
|
)
|
|
—
|
|
|
(5,879
|
)
|
|
(10,404
|
)
|
|
—
|
|
|
(10,404
|
)
|
|||||||
Financial expenses
|
—
|
|
|
—
|
|
|
(1,086
|
)
|
|
—
|
|
|
(1,086
|
)
|
|
(7,426
|
)
|
|
(8,512
|
)
|
|||||||
Realized gain on derivative financial instruments
|
443
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
443
|
|
|
—
|
|
|
443
|
|
|||||||
Unrealized loss on derivative financial instruments
|
(184
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(184
|
)
|
|
(1,047
|
)
|
|
(1,231
|
)
|
|||||||
Financial income
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
29
|
|
|
35
|
|
|||||||
Other expense, net
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(51
|
)
|
|
(62
|
)
|
|
(35
|
)
|
|
(97
|
)
|
|||||||
Segment income or loss
|
$
|
4,249
|
|
|
$
|
(2,416
|
)
|
|
$
|
(3,007
|
)
|
|
$
|
(6,536
|
)
|
|
$
|
(7,710
|
)
|
|
$
|
(18,827
|
)
|
|
$
|
(26,537
|
)
|
Amounts in thousands of US dollars
|
|
|
|
For the year ended December 31,
|
||||||||||
Segment
|
|
Customer
|
|
2014
|
|
2013
|
|
2012
|
||||||
MR
|
|
Scorpio MR Pool Ltd
(1)
|
|
$
|
112,826
|
|
|
$
|
89,597
|
|
|
$
|
9,558
|
|
Handymax
|
|
Scorpio Handymax Tanker Pool Ltd
(1)
|
|
54,052
|
|
|
36,199
|
|
|
31,280
|
|
|||
Panamax/LR1
|
|
Scorpio Panamax Tanker Pool Ltd
(1)
|
|
46,925
|
|
|
36,018
|
|
|
26,884
|
|
|||
LR2
|
|
Scorpio LR2 Pool Ltd
(1)
|
|
67,054
|
|
|
28,203
|
|
|
4,540
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
$
|
280,857
|
|
|
$
|
190,017
|
|
|
$
|
72,262
|
|
(1)
|
These customers are related parties (see note 15)
|
14.
|
Common shares
|
In thousands of U.S. dollars
|
|
Employees
|
|
Directors
|
|
Total
|
||||||
For the year ending December 31, 2015
|
|
28,217
|
|
|
1,814
|
|
|
30,031
|
|
|||
For the year ending December 31, 2016
|
|
23,444
|
|
|
259
|
|
|
23,703
|
|
|||
For the year ending December 31, 2017
|
|
13,700
|
|
|
21
|
|
|
13,721
|
|
|||
For the year ending December 31, 2018
|
|
5,190
|
|
|
—
|
|
|
5,190
|
|
|||
For the year ending December 31, 2019
|
|
669
|
|
|
—
|
|
|
669
|
|
|||
|
|
$
|
71,220
|
|
|
$
|
2,094
|
|
|
$
|
73,314
|
|
Dividends
|
|
Date
|
per share
|
|
Paid
|
$0.025
|
|
June 25, 2013
|
$0.035
|
|
September 25, 2013
|
$0.07
|
|
December 18, 2013
|
$0.08
|
|
March 26, 2014
|
$0.09
|
|
June 12, 2014
|
$0.10
|
|
September 10, 2014
|
$0.12
|
|
December 12, 2014
|
15.
|
Related party transactions
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Pool revenue
(1)
|
|
|
|
|
|
|
|
|
|||
Scorpio MR Pool Ltd
|
$
|
112,826
|
|
|
$
|
89,597
|
|
|
$
|
9,558
|
|
Scorpio Handymax Tanker Pool Ltd
|
54,052
|
|
|
36,199
|
|
|
31,280
|
|
|||
Scorpio Panamax Tanker Pool Ltd
|
46,925
|
|
|
36,018
|
|
|
26,884
|
|
|||
Scorpio LR2 Pool Ltd
|
67,054
|
|
|
28,203
|
|
|
4,540
|
|
|||
Vessel operating costs
(2)
|
(7,947
|
)
|
|
(3,703
|
)
|
|
(2,280
|
)
|
|||
Commissions
(3)
|
(771
|
)
|
|
(218
|
)
|
|
(532
|
)
|
|||
Administrative expenses
(4)
|
(4,823
|
)
|
|
(1,944
|
)
|
|
(1,862
|
)
|
(1)
|
These transactions relate to revenue earned in the Scorpio LR2, Scorpio Panamax, Scorpio MR, and Scorpio Handymax Tanker Pools (the Pools), which are owned by Scorpio LR2 Pool Limited, Scorpio Panamax Tanker Pool Limited, Scorpio MR Pool Limited, and Scorpio Handymax Tanker Pool Limited, respectively. The Pools are related party affiliates.
|
(2)
|
These transactions represent technical management fees charged by SSM, a related party affiliate, which are included in vessel operating costs in the consolidated statement of income or loss. We believe our technical management fees for the years ended December 31, 2014, 2013 and 2012 were at arms-length rates as they were based on contracted rates that were the same as those charged to other vessels managed by SSM at the time the management agreements were entered into. In June 2013, this fee was increased to $685 per vessel per day from $548 per vessel per day for technical management.
|
(3)
|
These transactions represent the expense due to SCM for commissions related to the commercial management services provided by SCM under the Commercial Management Agreement (see description below). Each vessel pays a commission of 1.25% of their gross revenue when not in the Pools. These expenses are included in voyage expenses in the consolidated statement of income or loss.
|
(4)
|
We have an Administrative Services Agreement with Scorpio Services Holding Limited, or SSH, for the provision of administrative staff and office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH is a related party to us. We reimburse SSH for the reasonable direct or indirect expenses it incurs in providing us with the administrative services described above. SSH also arranges vessel sales and purchases for us. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio Group.
|
•
|
The expense for the year ended December 31, 2014 of $
4.8 million
included (i) the flat fee of $
1.3 million
charged by SCM, which was included in voyage expenses on the consolidated statement of income or loss (ii) administrative fees of $
3.1 million
charged by SSH which was included in general and administrative expenses in the consolidated statement of income or loss (iii) restricted stock amortization of $
0.3 million
, which relates to the issuance of an aggregate 218,000 shares of restricted stock to SSH employees for no cash consideration in May 2014 (see Note 14 for further description of these issuances and their vesting conditions) and (iv) reimbursement expenses of $
0.1 million
that were included in general and administrative expenses in the consolidated statement of income or loss.
|
•
|
The expense for the year ended December 31, 2013 of $1.9 million included the flat fee of $0.3 million charged by SCM and administrative fees of $1.6 million charged by SSH and were included in voyage expenses and general and administrative expenses in the consolidated statement of income or loss.
|
•
|
The expense for the year ended December 31, 2012 of $1.9 million included the flat fee of $0.7 charged by SCM, and administrative fees of $1.2 million charged by SSH and were both included in voyage expenses and general and administrative expenses in the consolidated statement of income or loss.
|
|
As of December 31,
|
||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
||||
Assets:
|
|
|
|
|
|
||
Accounts receivable (due from the Pools)
|
$
|
74,125
|
|
|
$
|
68,512
|
|
Accounts receivable (SSM)
|
121
|
|
|
—
|
|
||
Accounts receivable (SCM)
|
1
|
|
|
8
|
|
||
Liabilities:
|
|
|
|
|
|
||
Accounts payable (owed to the Pools)
|
$
|
3,894
|
|
|
$
|
95
|
|
Accounts payable and accrued expenses (SSM)
|
276
|
|
|
1
|
|
||
Accounts payable and accrued expenses (SCM)
|
774
|
|
|
—
|
|
||
Accounts payable and accrued expenses (SSH)
(1)
|
3,160
|
|
|
—
|
|
||
Deposit from Scorpio Bulkers
(2)
|
31,277
|
|
|
—
|
|
•
|
During the year ended December 31, 2014, we paid SSH an aggregate fee of $
26.1 million
, which consisted of $
11.7 million
related to the purchase and delivery of 33 newbuilding vessels, $
14.0 million
relating to the purchase and sale of our seven VLCCs under construction, and
$0.4 million
relating to the sales of
Noemi
and
Senatore.
|
•
|
During the year ended December 31, 2013, we paid SSH an aggregate fee of $9.1 million, which consisted of $2.5 million related to the purchase and delivery of seven newbuilding vessels in 2013 and $6.6 million on the purchase and subsequent sale of our VLGC business to Dorian in November 2013.
|
•
|
During the year ended December 31, 2012, we paid SSH an aggregate fee of $2.4 million, which consisted of $0.5 million on the sales of three Handymax vessels and $1.9 million on the purchase and delivery of our first five newbuilding vessels.
|
|
For the period ended December 31,
|
||||||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Short-term employee benefits (salaries)
|
$
|
7,454
|
|
|
$
|
5,433
|
|
|
$
|
2,896
|
|
Share-based compensation
(1)
|
23,553
|
|
|
10,274
|
|
|
3,368
|
|
|||
Total
|
$
|
31,007
|
|
|
$
|
15,707
|
|
|
$
|
6,264
|
|
(1)
|
Represents the amortization of restricted stock issued under our equity incentive plans as described in note 14.
|
16.
|
Vessel revenue
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Pool revenue
|
$
|
280,857
|
|
|
$
|
190,017
|
|
|
$
|
72,262
|
|
Voyage revenue (spot market)
|
48,112
|
|
|
17,563
|
|
|
43,119
|
|
|||
Time charter revenue
|
13,538
|
|
|
—
|
|
|
—
|
|
|||
Other revenue
|
300
|
|
|
—
|
|
|
—
|
|
|||
|
$
|
342,807
|
|
|
$
|
207,580
|
|
|
$
|
115,381
|
|
17.
|
Charterhire
|
|
Name
|
|
Year built
|
|
Type
|
|
Delivery
(1)
|
|
Charter Expiration
|
|
Rate ($/ day)
|
|
|
Active as of December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||
1
|
|
Kraslava
|
|
2007
|
|
Handymax
|
|
January-11
|
|
May-15
|
|
13,650
|
|
2
|
|
Krisjanis Valdemars
|
|
2007
|
|
Handymax
|
|
February-11
|
|
April-15
|
|
13,650
|
(2)
|
3
|
|
Jinan
|
|
2003
|
|
Handymax
|
|
April-13
|
|
April-15
|
|
12,600
|
|
4
|
|
Iver Prosperity
|
|
2007
|
|
Handymax
|
|
September-13
|
|
April-16
|
|
12,500
|
(3)
|
5
|
|
Histria Azure
|
|
2007
|
|
Handymax
|
|
April-12
|
|
April-15
|
|
13,550
|
|
6
|
|
Histria Coral
|
|
2006
|
|
Handymax
|
|
July-11
|
|
July-15
|
|
13,550
|
|
7
|
|
Histria Perla
|
|
2005
|
|
Handymax
|
|
July-11
|
|
July-15
|
|
13,550
|
|
8
|
|
Targale
|
|
2007
|
|
MR
|
|
May-12
|
|
May-15
|
|
14,850
|
(4)
|
9
|
|
Nave Orion
|
|
2013
|
|
MR
|
|
March-13
|
|
April-15
|
|
14,300
|
(5)
|
10
|
|
Gan-Trust
|
|
2013
|
|
MR
|
|
January-13
|
|
January-16
|
|
16,250
|
(6)
|
11
|
|
USMA
|
|
2007
|
|
MR
|
|
January-13
|
|
January-15
|
|
14,500
|
|
12
|
|
SN Federica
|
|
2003
|
|
LR1
|
|
February-13
|
|
May-15
|
|
11,250
|
(7)
|
13
|
|
SN Azzurra
|
|
2003
|
|
LR1
|
|
December-13
|
|
August-15
|
|
13,600
|
|
14
|
|
King Douglas
|
|
2008
|
|
LR1
|
|
August-13
|
|
November-15
|
|
15,000
|
|
15
|
|
Hellespont Progress
|
|
2006
|
|
LR1
|
|
March-14
|
|
March-15
|
|
15,000
|
(8)
|
16
|
|
FPMC P Eagle
|
|
2009
|
|
LR1
|
|
September-12
|
|
September-15
|
|
14,525
|
|
17
|
|
FPMC P Hero
|
|
2011
|
|
LR2
|
|
April-13
|
|
May-15
|
|
15,500
|
|
18
|
|
FPMC P Ideal
|
|
2012
|
|
LR2
|
|
January-13
|
|
January-15
|
|
15,500
|
|
19
|
|
Swarna Jayanti
|
|
2010
|
|
LR2
|
|
March-14
|
|
March-15
|
|
15,000
|
(9)
|
20
|
|
Densa Alligator
|
|
2013
|
|
LR2
|
|
September-13
|
|
September-15
|
|
17,550
|
|
21
|
|
Densa Crocodile
|
|
2015
|
|
LR2
|
|
February-15
|
|
February-16
|
|
21,050
|
(10)
|
22
|
|
Khawr Aladid
|
|
2006
|
|
LR2
|
|
July-13
|
|
July-15
|
|
15,400
|
|
23
|
|
Fair Seas
|
|
2008
|
|
LR2
|
|
January-13
|
|
March-15
|
|
17,500
|
|
24
|
|
Southport
|
|
2008
|
|
LR2
|
|
December-13
|
|
February-15
|
|
15,700
|
|
Time Charters That Expired In 2014
|
|
|
|
|
|
||||||||
1
|
|
Freja Polaris
|
|
2004
|
|
Handymax
|
|
April-13
|
|
April-14
|
|
12,700
|
|
2
|
|
Iver Progress
|
|
2007
|
|
Handymax
|
|
October-13
|
|
September-14
|
|
12,500
|
|
3
|
|
Ugale
|
|
2007
|
|
MR
|
|
January-13
|
|
January-14
|
|
14,000
|
|
4
|
|
STX Ace 6
|
|
2007
|
|
MR
|
|
May-12
|
|
May-14
|
|
14,150
|
|
5
|
|
Gan-Triumph
|
|
2010
|
|
MR
|
|
May-13
|
|
June-14
|
|
14,150
|
|
6
|
|
Hafnia Lupus
|
|
2012
|
|
MR
|
|
April-12
|
|
April-14
|
|
14,760
|
|
7
|
|
Hellespont Promise
|
|
2007
|
|
LR1
|
|
December-12
|
|
August-14
|
|
14,250
|
|
8
|
|
Orange Stars
|
|
2011
|
|
LR2
|
|
April-13
|
|
April-14
|
|
16,125
|
|
9
|
|
Pink Stars
|
|
2010
|
|
LR2
|
|
April-13
|
|
April-14
|
|
16,125
|
|
10
|
|
Four Sky
|
|
2010
|
|
LR2
|
|
September-13
|
|
September-14
|
|
16,250
|
|
|
As of December 31,
|
||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
||||
Less than 1 year
|
$
|
57,878
|
|
|
$
|
96,103
|
|
1 - 5 years
|
2,169
|
|
|
17,854
|
|
||
Total
|
$
|
60,047
|
|
|
$
|
113,957
|
|
18.
|
General and administrative expenses
|
|
For the year ended December 31,
|
||||||||||
In thousands of US dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Short term employee benefits (salaries)
|
$
|
9,268
|
|
|
$
|
6,673
|
|
|
$
|
4,066
|
|
Share based compensation (see note 14)
|
29,726
|
|
|
13,142
|
|
|
3,490
|
|
|||
|
$
|
38,994
|
|
|
$
|
19,815
|
|
|
$
|
7,556
|
|
19.
|
Financial expenses
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
|
2012
|
||||||
Interest payable on debt
(1)
|
$
|
15,888
|
|
|
$
|
982
|
|
|
$
|
3,421
|
|
Amortization of deferred financing fees
(2)
|
4,834
|
|
|
332
|
|
|
4,093
|
|
|||
Commitment fees on undrawn portions of debt
|
48
|
|
|
1,391
|
|
|
998
|
|
|||
Total financial expenses
|
$
|
20,770
|
|
|
$
|
2,705
|
|
|
$
|
8,512
|
|
20.
|
Tax
|
21.
|
Earnings/loss per share
|
|
For the year ended December 31,
|
||||||||||
In thousands of U.S. dollars except for share data
|
2014
|
|
2013
|
|
2012
|
||||||
Net income / (loss) attributable to equity holders of the parent
|
$
|
52,091
|
|
|
$
|
17,015
|
|
|
$
|
(26,537
|
)
|
Basic weighted average number of shares
|
171,851,061
|
|
|
146,504,055
|
|
|
41,413,339
|
|
|||
Effect of dilutive potential basic shares:
|
|
|
|
|
|
|
|
||||
Restricted stock
|
4,441,741
|
|
|
1,835,323
|
|
|
—
|
|
|||
Diluted weighted average number of shares
|
176,292,802
|
|
|
148,339,378
|
|
|
41,413,339
|
|
22.
|
Financial instruments
|
|
|
As of December 31, 2014
|
|
As of December 31, 2013
|
||||||||||
In thousands of U.S. dollars
|
|
Fair Value
|
Carrying Value
|
|
Fair Value
|
Carrying Value
|
||||||||
Financial assets
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
(1)
|
|
$
|
116,143
|
|
$
|
116,143
|
|
|
$
|
78,845
|
|
$
|
78,845
|
|
Loans and receivables
(2)
|
|
78,201
|
|
78,201
|
|
|
72,542
|
|
72,542
|
|
||||
Available for sale investment
(3)
|
|
130,456
|
|
130,456
|
|
|
—
|
|
—
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
(4)
|
|
$
|
14,929
|
|
$
|
14,929
|
|
|
$
|
20,696
|
|
$
|
20,696
|
|
Accrued expenses
(4)
|
|
55,139
|
|
55,139
|
|
|
7,251
|
|
7,251
|
|
||||
Derivatives designated in a cash flow hedge
(5)
|
|
77
|
|
77
|
|
|
212
|
|
212
|
|
||||
Derivatives at fair value through profit or loss
(5)
|
|
128
|
|
128
|
|
|
665
|
|
665
|
|
||||
Secured bank loans
(6)
|
|
1,173,672
|
|
1,173,672
|
|
|
167,129
|
|
167,129
|
|
||||
Unsecured Senior Notes Due 2020
(7)
|
|
46,591
|
|
53,750
|
|
|
N/A
|
|
N/A
|
|
||||
Unsecured Senior Notes Due 2017
(7)
|
|
49,577
|
|
51,750
|
|
|
N/A
|
|
N/A
|
|
||||
Convertible Notes
(8)
|
|
347,292
|
|
360,000
|
|
|
N/A
|
|
N/A
|
|
|
As of December 31,
|
||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
||||
Less than 1 month
|
$
|
5,001
|
|
|
$
|
—
|
|
1-3 months
|
45,932
|
|
|
5,137
|
|
||
3 months to 1 year
|
135,909
|
|
|
15,309
|
|
||
1-5 years
|
1,357,945
|
|
|
124,919
|
|
||
5+ years
|
434,865
|
|
|
55,135
|
|
||
Total
|
$
|
1,979,652
|
|
|
$
|
200,500
|
|
|
As of December 31,
|
||||||
In thousands of U.S. dollars
|
2014
|
|
2013
|
||||
Less than 1 month
|
$
|
—
|
|
|
$
|
—
|
|
1 - 3 months
|
125
|
|
|
207
|
|
||
3 months to 1 year
|
81
|
|
|
484
|
|
||
1 - 5 years
|
—
|
|
|
190
|
|
||
Total
|
$
|
206
|
|
|
$
|
881
|
|
23.
|
Replacement of Auditor
|
24.
|
Subsequent events
|
|
|
|
Month
|
|
|
Name
|
|
Delivered
|
Type
|
|
STI Tribeca
|
|
January 2015
|
MR
|
|
STI Hammersmith
|
|
January 2015
|
Handymax
|
|
STI Rotherhithe
|
|
January 2015
|
Handymax
|
|
STI Rose
|
|
January 2015
|
LR2
|
|
STI Gramercy
|
|
January 2015
|
MR
|
|
STI Veneto
|
|
January 2015
|
LR2
|
|
STI Alexis
|
|
February 2015
|
LR2
|
|
STI Bronx
|
|
February 2015
|
MR
|
|
STI Pontiac
|
|
March 2015
|
MR
|
|
STI Manhattan
|
|
March 2015
|
MR
|
|
Drawdown amount
|
|
|
|
||
Credit facility
|
(in millions of U.S. dollars)
|
Drawdown date
|
Collateral
|
|
||
K-Sure Credit Facility
|
$
|
19.9
|
|
January 2015
|
STI Gramercy
|
|
KEXIM Credit Facility
|
30.3
|
|
January 2015
|
STI Veneto
|
|
|
2013 Credit Facility
|
35.4
|
|
January 2015
|
STI Alexis
|
|
|
K-Sure Credit Facility
|
19.5
|
|
February 2015
|
STI Bronx
|
|
|
2013 Credit Facility
|
19.5
|
|
March 2015
|
STI Pontiac
|
|
|
K-Sure Credit Facility
|
19.5
|
|
March 2015
|
STI Manhattan
|
|
|
K-Sure Credit Facility
|
30.3
|
|
March 2015
|
STI Winnie
|
(1)
|
Date: March 31, 2015
|
|
/s/ Emanuele Lauro
|
|
Emanuele Lauro
|
Chief Executive Officer (Principal Executive Officer)
|
Date: March 31, 2015
|
|
/s/ Brian Lee
|
Brian Lee
|
Chief Financial Officer (Principal Financial Officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: March 31, 2015
|
|
/s/ Emanuele Lauro
|
Emanuele Lauro
|
Chief Executive Officer (Principal Executive Officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: March 31, 2015
|
|
/s/ Brian Lee
|
Brian Lee
|
Chief Financial Officer (Principal Financial Officer)
|
/s/ PricewaterhouseCoopers Audit
|
|
PricewaterhouseCoopers Audit
Monaco, Principality of Monaco
March 31, 2015
|
/s/ Deloitte LLP
|
|
Deloitte LLP
London, United Kingdom
March 31, 2015
|