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Profits at Scorpio foreshadow big boom in product tanker

The boom in product tanker looks stronger than expected after the interim report from Scorpio Tankers, which surprises analysts and looks promising for the upcoming reports from companies such as Hafnia Tankers, Torm and Norden's tanker pool, Norient.

Photo: Presse

With dramatically increasing earnings and a net profit of USD 40.7 million at Scorpio Tankers in the first three months of 2015, significantly above analysts' expectations as well as a solid entry into the second and third quarters, the expected boom in the market for transport of refined oil products seems to be even stronger than the product tanker market and the investors themselves had dared to hope for.

Robert Bugbee, President and director of Scorpio Tankers - listed on Nasdaq in New York with the world's largest and most talked about fleet of newly built eco-design vessels - unveiled Monday during a teleconference the time-charter rates which Scorpio Tankers is currently fixing to its vessels, especially the big Long Range Two, LR2 vessels, which Scorpio Tankers has invested heavily in along with medium-large MR vessels.

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