ShippingWatch

Tanker carriers have burned through millions this year

Tanker carriers have spent millions of dollars in the first nine months of 2016. Especially Scorpio Tankers drags down the average, according to a review by ShippingWatch. A healthy cash flow is crucial during hard times for product tankers, notes one analyst.

The product tanker segment is experiencing tough times as full storage deposits and too many vessels are pulling rates down.

The segment was for a long time the only bright spot in a dire shipping market, but after a good start to the year, the freight rates began to decline in the second and third quarters.

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