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After initial spike in charter rates from the Iran war lower volumes through Strait of Hormuz have been offset by new longer trade routes July 31, 2026 Scorpio Tankershas now reported its second quarter earnings in a time of wide swings in actual market and, just as importantly, of volatility around market dynamics with hostilities in the Arabian Gulf and the adjacent region, which- in turn, feed the expectations of tanker market participants and financial investors. STNG’s 2026 Q2 results showed dramatic gains over Q2 2025 with a with net income of $387.5 million translating to $8.47 per share- which works back to “$8.47 basic and $7.37 diluted earnings per share”, compared to $73.5 million, or “$1.59 basic and $1.53 diluted earnings per share” in the year earlier quarter. The war in Iran has had a profound impact on Scorpio Tankers share pricing. In its earnings report, the company explained that: “Initially the disruptions stemming from the conflict caused daily spot TCE rates to spike to record levels as exports through the Strait of Hormuz ground to a halt and barrels had to be sourced from more distant markets, causing the global fleet to reposition to accommodate new trading patterns.” Scorpio Tankers shares reached their highest levels ever- just shy of $87 per share, in early May. Related:Weekly tanker and dry bulk time charter rates - 29 July But, reflecting the changing profile of the product tanker trades (amidst shifting views about the war), Scorpio continues: “As the quarter progressed, these initial disruptions gave way to an environment marked by lower export volumes and a repositioned global fleet. Consequently, daily spot TCE rates trended down from record highs towards the end of the quarter. Nevertheless, longer voyage distances from these new trade routes mitigated the impact of lower export volumes through the Strait of Hormuz, and kept daily spot TCE rates elevated as compared to the same quarter in the previous year.” The outlook continues to be strong. In summary, during Q2, Scorpio's MR fleet earned nearly $27,000 per day on timecharters, and much higher $52,000 per day on pool and spot business. Its LR2s earned $30,400 day on timecharters and a very hefty $77,700 per day on pool and spot voyages. For the current Q3, the company has booked 46% of available days on its MR tankers, at an average TCE of $29,000 per day. For its LR2s, 34 % of available days have been fixed so far, at an average TCE of $65,000 per day. The company declared a dividend of $0.45 per share for holders of shares at end Q2 compared to $0.40 share in the year earlier Q2. The equity analysts following STNG remain very bullish on its share price - around $77 per share at end July - with a market capitalisation just north of $4 billion. Both Omar Nokta, at Clarksons Securities, and Greg Lewis, at BTIG, were targeting an equity price of $100 per share. Related:US disables vessels in renewed blockade as 26th Iran tanker reaches Asia Clarksons, in its report, said: “Scorpio is well-positioned to capture ongoing high spot market rates while enjoying the benefits of its strongest ever balance sheet.” Nokta delved into reasons for strength in the LR sector- suggesting a much tighter linkage to the crude oil tankers in the Aframax sector- which continue to see stronger hires in a highly inefficient market. Lewis, in his report, commented: “Scorpio Tankers is one of the largest operators of product tankers in the world. The company operates one of the most modern and fuel-efficient product fleets in the world (average age of ~10 years, excluding newbuilds). We believe STNG is well-positioned to benefit from the ongoing cyclical recovery in the product tanker market.” BTIG explained that its base case driving the $100/share target was predicated on average hires for MRs at $37,000 per day and $54,000 per day for LR2’s. Contemplating the impacts of an upward burst in the market, which could bring about a higher share price Lewis wrote: “Our upside scenario assumes sustained MR product tanker rates of ~$45K/day and LR2 product tanker rates of ~$60K/day.” Related:Tanker rates set to soar on Houthi attack fears in Red Sea Read more about: Barry Parker New York Correspondent Barry Parker is a New York-based maritime specialist and writer, associated with Seatrade since 1980. His early work was in drybulk chartering, and in the early 1990s he moved into shipping finance where he served as a deal-maker and analyst with a leading maritime merchant bank. Since the late 1990s he has worked for a group of select clients on various maritime projects, also remaining active as a writer. Barry Parker is the author of an Eco-tanker study for CLSA and a presentation to the Baltic Exchange Freight Market User Group on the arbitrage of tanker FFAs with listed tanker equities.