ShippingWatch

Scorpio Tankers sails at deficit in the third quarter

The third quarter did not favor the shipping company Scorpio Tankers, according to the company’s financial statements for the quarter, which show a net loss of USD 12.5 million.

Scorpio Tankers made a net loss of USD 12.5 million in the third quarter, which puts the total gross deficit of the first three months of 2012 at USD 21.7 million. Thus the net loss is bigger than in the same period of 2011, the third quarter of which resulted in a net loss USD 6.9 and a USD 11 million net loss for the first three quarters. Senior management, however, is optimistic about the shipping company’s market.

“Presently we see the overall supply-demand balance in product tankers to be tightening, as evidenced by steadily increasing freight rates in certain regional markets like the Mediterranean and the Far East. Our newbuildings, as well as our chartered-in tankers put us in a desirable position, as we enter what has historically been the strongest period of the year for seaborne freight,” says CEO Emmanuele Lauro.

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