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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