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Scorpio Tankers quadruples profit 2015 on strong market

Scorpio Tankers quadruples profit 2015 on strong market
Scorpio Tankers more than quadrupled net profits in 2015 on the back of a strong tanker market and an enlarged fleet of vessels.

The tanker owner reported a net profit of $217.74m in 2015, compared to $52.09m. In the fourth quarter of 2015 the company made a profit of $34.21m against $495,000 in Q4 of 2014.

Annual revenues more than double to $755.71m in 2015 compared to $342.8m. Both revenues and profits were boosted by a larger fleet of vessels and the strong tanker market.

“The vast majority of our fleet is now delivered and operating. This combined with the current market conditions allow us to deliver consistent earnings,” Emanuele Lauro, ceo of Scorpio Tankers said in an earnings call transcript published on www.seekingalpha.com

The company remains upbeat about the prospects for the product tanker market despite warnings from analysts over the large numbers of newbuildings on order.

“We do not see a building of the supply side, new building orders very constrained and I think all this is helping the product market probably to be stronger for a longer period,” commented Robert Bugbee president of Scorpio Tankers.

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