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Scorpio Tankers posts $40.7m Q1 profit, upbeat on outlook

Scorpio Tankers posts $40.7m Q1 profit, upbeat on outlook
Scorpio Tankers reported a net profit of $40.7m in the first quarter down from $53.3m in the same period last year, which included gains from VLCC sales.

The company’s profit in Q1 2014 included a gain of $51.4m from the sale of seven VLCCs.

Revenues more than doubled in Q1 2015 $160m compared to $76.7m in the Q1 2014 as both rates improved and the company grew its fleet. Scorpio Tankers average fleet size for the quarter was 84 vessels compared to 50.7 vessels in Q1 2014.

The company was upbeat on the outlook for the product tanker market.

“The product market continues to surprise us in its strength and diversity even though we’ve been you know pretty bullish in our actions last year and stock buybacks taking ships and on time charter and buying assets would reflect that,” Scorpio Tankers president Robert Bugbee said in a Q1 conference call transcript on Seeking Alpha.

TAGS: Europe Tankers