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Scorpio Tankers sinks deeper into the red in the third quarter

Although Scorpio Tankers' deficit widened in the third quarter, the major tanker operator projects that low oil reserves and post-pandemic demand will pave the way for an upturn in the tanker market.

Photo: PR/Scorpio Tankers

Major Monaco-New York-based tanker operator Scorpio Tankers agrees with its competitors that a recovery is in the offing in the strained tanker market, which has been down for the count for the past year.

However, the third quarter is still affected by low demand and too many vessels, which has led to a weakened market. Scorpio Tankers' deficit widened to USD 73.3 million from a deficit of USD 20.2 million in the same period last year.

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