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Scorpio: Doubled rates in Handy and Panamax

The Handymax and Panamax vessels in Scorpio Tankers' fleet are currently earning solid money for the coming annual report, but for the rest of the year the carrier's profit will come from the MR fleet in particular, says president Robert Bugbee.

Rapidly expanding tank carrier Scorpio Tankers has been looking at the history books, and has thus been betting on the oil export out of the Gulf of Mexico over the winter. Rates in the spot market have increased significantly in the current quarter for the two segments where Scorpio Tankers operates, with 99 percent of the carriers business coming from fuel oil an dirty tank transports.

"We'd rather not name the exact numbers, but we are looking at at least a doubling of TC rates for Handymax and Panamax between Q4 and Q1 (...) The decision to switch from clean to dirty tank in these segments really paid off," says Scopio Tankers president Robert Bugbee at a teleconference from New York.

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