Scorpio Tankers dips into the red in Q3

Scorpio Tankers, headed by Robert Bugbee, reports a bottom line deficit in this year's third quarter. The product tanker carrier's revenue was virtually cut in half.

Product tanker carrier Scorpio Tankers, the strongest card in Robert Bugbee's portfolio, suffered a setback in the third quarter this year.

The interim report, published Monday, shows that the carrier had a revenue for this year's third quarter of USD 114.3 million, down from USD 228.1 million in the third quarter 2015. The decline in revenue is mainly attributable to a setback in time charter rates, as the rates flattened out at USD 13,737 per day, down from USD 26,777 per day in the third quarter last year.

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