Scorpio Tankers secures fresh liquidity after new large deficit

Scorpio Tankers finished the first quarter of the year with a significantly bigger deficit, and the heavily indebted tanker shipping company has once again raised fresh capital through banks and by selling ships.

Scorpio Tankers' bottom line dipped even further in the first three months of the year during a period characterized by excessive vessel capacity and low rates in the product tanker market.

The New York-listed shipping company, headed by President Robert Bugbee, reports a net deficit of USD 31.7 million for the first quarter against a net loss of USD 11.5 million in the same period last year, according to the company's interim report, published Wednesday.

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