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Scorpio Tankers: Big pressure on product tank rates

Proceeds from the sale of VLCC newbuildings boosted the profit at Scorpio Tankers, while the rates remain under pressure, says CEO Emanuele Lauro. TCE profits declined considerably.

Scorpio Tankers, which is listed on the New York Time Stock Exchange, finished the first quarter of the year with a net profit of USD 53.3 million, an improvement compared to the same quarter last year, where the carrier made USD 6.6 million. The result was mainly caused by Scorpio Tankers' divestment of seven VLCC newbuildings, still at yards, which gave the carrier a profit of USD 51.4 million.

At a telephone conference on Monday, Chairman and CEO of Scorpio Tankers, Emanuele Lauro, pointed out that the product tank rates have been under pressure in the first quarter, and that the second quarter does not look set to be much better. In fact, there is even more pressure on the rates in the second quarter than in the first, due to factors such as reduced volatility on commodity prices.

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