Bugbee: Oil companies will weed out aging tanker vessels

New factors in the product tanker market will make it even more uplifting to sit as the head of expansive product tanker carrier Scorpio Tankers in the coming years, says president Robert Bugbee.

Photo: Presse

It was a pleased Scorpio Tankers senior management team that discussed the third quarter and projections going forward following a record result of USD 88.1 million in the third quarter 2015. President Robert Bugbee was able to point to yet another positive factor for the product tanker carrier, which has now taken delivery of most of its massive newbuilding fleet.

The many new ships in the product tanker segment have been repeatedly highlighted as the biggest threat to the strong earnings in the segment. But the future supply of vessels in the water continues to decline, and this is encouraging, noted Robert Bugbee at a teleconference. Meanwhile, another factor is also very interesting for Scorpio Tankers - a factor that, according to Bugbee, has not yet been in play for the product tanker fleet:

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