Scorpio Tankers reports Q2 2026 TCE rates for LR2, MR, Handymax vessels
Scorpio Tankers Inc. disclosed its Q2 2026 TCE rates, with LR2 vessels at $80,000, MR vessels at $53,000, and Handymax vessels at $54,000 per day. The company estimates diluted shares outstanding between 53 and 54 million, reflecting the impact of recent convertible note issuances.
*this image is generated using AI for illustrative purposes only.
Scorpio Tankers Inc. announced its daily Time Charter Equivalent (TCE) rates for the second quarter of 2026 as of June 18, 2026. The update provides average daily TCE revenue and duration of contracted voyages for its LR2, MR, and Handymax vessels across pool and spot markets, time charters, and bareboat charters. The company estimates its fully diluted weighted average shares outstanding for the quarter to be between 53 and 54 million.
Second Quarter 2026 TCE Rate Update
The table below summarizes the average daily TCE revenue and expected revenue days for Scorpio Tankers' vessels in Q2 2026. The data covers vessels operating in pools and spot markets, as well as those on time charters and bareboat charters outside the pools.
| Vessel Type | Pool and Spot Market | Time Charters Out of Pool | Bareboat Charter Out of Pool | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Avg Daily TCE Revenue ($) | Expected Revenue Days | % of Days | Avg Daily TCE Revenue ($) | Expected Revenue Days | Avg Daily Revenue ($) | Expected Revenue Days | % of Days | ||
| LR2 | 80,000 | 1,721 | 88% | 30,300 | 1,082 | — | — | 100% | |
| MR | 53,000 | 3,041 | 90% | 26,500 | 317 | 12,986 | 90 | 100% | |
| Handymax | 54,000 | 1,169 | 80% | 23,000 | 90 | — | — | 100% |
TCE rates are calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount by the number of revenue days in the period. Expected Revenue Days represent the total number of calendar days in the quarter less estimated off-hire days for repairs or drydockings. Idle days, where a vessel is available but not employed, are included in revenue days.
Diluted Shares Outstanding
Scorpio Tankers estimates its fully diluted weighted average shares outstanding for the three months ended June 30, 2026, to be between 53 and 54 million shares. This estimate includes the potentially dilutive effect of the 1.75% Convertible Senior Notes due 2031, issued in April and May 2026, and restricted shares issued under the company's equity incentive plan. The dilutive impact of the Convertible Notes is determined using the if-converted method, assuming conversion at the beginning of the period or at issuance. The calculation is preliminary and subject to change based on the average price of the company's common stock during the period. Conversion will not be assumed if the effect is anti-dilutive.
The reported rates and coverage percentages are subject to change as pool results, including estimated results of voyages in progress, are finalized. Scorpio Tankers Inc. owns 81 product tankers, comprising 31 LR2 tankers, 36 MR tankers, and 14 Handymax tankers, with an average age of 10.2 years.
How might the significant spread between pool/spot TCE rates and time charter rates influence Scorpio's fleet deployment strategy for the remainder of 2026?
What impact will the recent issuance of the 1.75% Convertible Senior Notes have on Scorpio's earnings per share if the stock price remains volatile through the end of the quarter?
Given the average fleet age of 10.2 years, is the company considering accelerated scrapping or fleet renewal programs to maintain competitive efficiency?
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