New York-listed Eneti is all about energy future with its focus on wind-turbine installation vessels (WTIVs), but its books are being padded by an investment in an old-fashioned tanker company.

Eneti notched a book gain of $18.5m in the last quarter from a holding of 2.16m shares in Scorpio Tankers, the New York-listed product tanker giant whose shares have been on the rise in 2022. The windfall equates to $1.47 per share.

Both companies are backed by the private Scorpio Group of Monaco and led by chief executive Emanuele Lauro.

Eneti also received a cash dividend of $200,000 from its Scorpio holding.

Scorpio Tankers began the year at $13.11 but the stock has essentially doubled amid a rebound in the clean product tanker trade, hovering around $26 on Thursday. When the quarter closed on 31 March it was at $21.38.

Eneti shares haven't fared as well. From a starting point of $7.80 to start the year they've slid to a price of $5.20 on Thursday.

Aside from the Scorpio Tankers unrealised gain, Eneti on Thursday reported a first-quarter adjusted loss of $0.37 per share.

Stifel analyst Ben Nolan said the result was worse than his prediction of a $0.32 loss and the consensus analyst estimate of a $0.36 loss.

Net time charter equivalent revenue of $22.4m was better than the Stifel estimate of $17.8m and the street figure of $18.5m. But this was somewhat offset by vessel operating expenses of $15.5m that topped the Stifel prediction of $12.2m.

Eneti also disclosed a number of developments surrounding its 9,700-gt WTIV Seajacks Zaratan (built 2012). The company has gained $18.5m as a result of delays in a project by developers of the Akita and Noshiro offshore wind farm.

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The 96-day contract is now expected to begin in July and provide $36.6m in revenue, plus the $18.5m penalty. It will run through the end of November.

Eneti this month also signed a contract with Siemens Gamesa Renewable Energy to serve the Yunlin Offshore Wind Farm in Taiwan.

The contract begins in the second quarter of 2023 and runs between 153 and 184 days, generating between $32m and $36.3m in revenue.