Full inventories result in losses at Scorpio Tankers
Product tanker company Scorpio Tankers booked lower rates for several of its vessels in the third quarter, in which global oil inventories were already full due to spring's low prices. The company lost USD 20.2 million in the period.
After a record-breaking second quarter, in which oil prices plummeted and in turn lead to a surge in demand for floating storage that caused rates to boom, Scorpio Tankers observed a drop in rates in the third quarter, informs the company in its interim report.
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