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Scorpio Tankers reports narrow Q3 profit

Scorpio Tankers reports narrow Q3 profit
Rapidly expanding Scorpio Tankers reported a narrow third quarter profit of $0.7m.

Showed improved results Scorpio reported a $0.7m profit for the three months ended 30 September 2013, compared to a $12.5m loss a year earlier. Revenues for the third quarter were $57.7m compared to $28.6m in the third quarter of 2012.

The first nine months of 2013 the company made a $11.2m profit up from a $21.6m loss in the same period in 2012.

New York-listed Scorpio has continued to expand its newbuilding orderbook including contracts for 11 VLGCs at Korean yards, which it is now set to combine with Dorian LPG, in return for a 30% stake in the latter company.

"The past few months have been very exciting for us with the delivery of vessels and additional construction contracts for our newbuilding Program, as well as a successful equity raising,” said Emanuele Lauro, chief executive officer and chairman of Scorpio.