Scorpio Tankers (NYSE:STNG) shares have gained 76.4% over the past 12 months. It’s been an exceptionally good start to the year for Scorpio and the tanker industry. The company has been in a prime position to benefit from a supply and demand imbalance within the tanker industry, sending spot rates for its young and fuel-efficient fleet upwards. With several factors continuing to exacerbate the market imbalance, plus the stock’s attractive valuation, I remain bullish on Scorpio.
Scorpio Tankers Impresses in Q1
Scorpio Tankers stock pushed higher after its Q1 earnings on May 9. The tanker stock reported non-GAAP earnings per share (EPS) of $3.97, beating estimates by $0.34. Revenue came in at $391.3 million, beating estimates by $10.3 million. Scorpio’s average daily time charter equivalent revenue — the effective leasing costs of its vessels — increased to $39,660 per vessel from $37,500 per vessel in the prior-year…
