> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Scorpio Tankers Exec: Asia Rates Above $70,000 A Day 'Never Been Seen Before' - URL: https://www.bullished.co/scorpio-tankers-exec-asia-rates-above-70-000-a-day-never-been-seen-before-0cbc7e75/ - Published: 2026-10-28T13:05:12.000Z - Updated: 2026-10-29T16:54:19.000Z - Description: Chief Commercial Officer Lars Dencker Nielsen says Asian and U.S. Gulf product tanker rates are unlike anything in his career, as the dividend rises 67%. - Author: Matteo Parrino - Tags: Earnings, STNG, Industry: Industrials [Scorpio Tankers](https://www.bullished.co/tag/stng/)' chief commercial officer, Lars Dencker Nielsen, said on the company's third-quarter earnings call Wednesday that he had never seen an Asian product tanker market this strong, with long-haul Asia voyages trading between [$70,000 and $80,000 a day](https://www.globenewswire.com/news-release/2026/10/28/3389990/0/en/scorpio-tankers-inc-announces-financial-results-for-the-third-quarter-of-2026-and-an-increase-to-its-quarterly-dividend.html?ref=bullished.co). Scorpio, which moves refined petroleum products by sea, also raised its quarterly dividend to 75 cents a share from 45 cents. ## Rates nobody has seen before Nielsen said U.S. Gulf rates were trading north of $80,000 a day as of October 28, while long-haul Asia round voyages were at $70,000 to $80,000\. "This has never been seen before," he said, calling it "the first time in my career that I've ever seen a market in Asia being this strong." President Robert Bugbee walked through the climb month by month. Medium-range tankers earned about $29,000 a day in July, $53,000 in October and nearly $70,000 for the first 37% of November. Large LR2 tankers went from $55,000 in July to $168,000 in October and about $215,000 a day so far in November. For the fourth quarter to date, CEO Emanuele Lauro said Scorpio has booked LR2s at about $181,000 a day, MRs at $56,000 and Handymax vessels at $40,000\. Bugbee said the seasonally strongest stretch usually runs from a week before Thanksgiving to two weeks after. ## Why it is happening Head of Corporate Development and Investor Relations James Doyle said Middle East crude exports have more than doubled since May, from 8 million barrels a day to nearly 17 million, lifting global refinery runs by 4 million barrels a day. Seaborne product exports hit 20.6 million barrels a day in September, 14% above May lows. Bugbee said more oil began moving through the Straits of Hormuz four or five weeks ago. Nielsen said about 70% of LR2s were trading dirty (carrying crude) by the end of September, and that clean LR2 rates are now "astronomical." Asked by a Deutsche Bank analyst about Russian cargoes reaching the U.S., he said, "It's going to be a sideshow. It's a flash in the pan." ## Dividend up 67%, cash above $2 billion Scorpio reported third-quarter adjusted EBITDA of $172 million and adjusted net income of $127 million, including a $153 million gain on the sale of five vessels. Its debt stands at $655 million against more than $2 billion of cash, and its cash break-even is below $11,000 a day per vessel. Chief Financial Officer Chris Avella said net cash is $1.4 billion, or $27 per share. Bugbee said management sees no urgency to add time charter coverage, which fixes a ship's rate for a set period, ahead of winter. Avella said the company can pay for its 17 newbuilding commitments and VLCC joint-venture equity, about $1.3 billion in all, without new debt. The convertible notes carry a conversion price of $99; Avella said the company cannot redeem them now and would only buy them in the open market. Scorpio, with a fleet of 90 wholly owned product tankers as of March 19, now heads into the seasonally strongest weeks around Thanksgiving with Bugbee's verdict that "the party hasn't yet begun." Learn - [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/) How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording. ### Sources - [Scorpio Tankers GAAP EPS of $4.60 beats by $2.48, net revenue of $249.04M beats by $6.22M (STNG:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4658736-scorpio-tankers-gaap-eps-of-460-beats-by-248-net-revenue-of-24904m-beats-by-622m?ref=bullished.co) — seekingalpha.com - [Wall Street splits over tanker boom - Splash247](https://splash247.com/wall-street-splits-over-tanker-boom/?ref=bullished.co) — splash247.com - [Scorpio Tankers Inc. Announces Financial Results for the](https://www.globenewswire.com/news-release/2026/10/28/3389990/0/en/scorpio-tankers-inc-announces-financial-results-for-the-third-quarter-of-2026-and-an-increase-to-its-quarterly-dividend.html?ref=bullished.co) — globenewswire.com ### More on Scorpio Tankers - [Scorpio Tankers Lifts Quarterly Dividend 67% To 75 Cents, Says 'The Party Hasn't Yet Begun'](https://www.bullished.co/scorpio-tankers-lifts-quarterly-dividend-67-to-75-cents-says-the-party-hasnt-yet-begun-37ba8c07/) [All Scorpio Tankers (STNG) coverage →](https://www.bullished.co/tag/stng/)