Analysts: Did Scorpio miss out on product tanker rebound?

A profit warning from Scorpio Tankers gets a lukewarm welcome from analysts Fearnley. The tanker carrier warns of lower earnings in the 4th quarter, a period that was very positive for other companies in the product tanker market with soaring spot rates.

US-based product tanker carrier Scorpio Tankers expects a lower result in the 4th quarter 2014 than otherwise projected by the capital market.

The company has published a profit warning to the stock exchange in New York for expected earnings per share (EPS) in the interval USD 0.10 to USD 0.14. But this is followed by an impairment of USD 17.6 million, or USD 0.12 per share, related to the investment in gas carrier Dorian LPG. This impairment is attributed to a change in the pricing of the Dorian LPG investment.

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