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No slowdown in profits for Scorpio Tankers

No slowdown in profits for Scorpio Tankers
Profits continue to soar in the tanker market with Scorpio Tankers booking $88.1m profit in Q3, from losses of $1.1m in the same period in 2014.

The result, which included nearly just under $3m of one-offs including $1.4m from the July sale of 10% of Dorian LPG and a write-off of $2.0m in deferred financing fees, pushed Scorpio Tankers’ nine-month profit to $184.9m from a $10.6m loss in 2014.

Rates remained buoyant in Q3 bringing the company’s charter revenue to $227.2m from what had been $81.9m in the same period in 2014.

Scorpio Tankers took delivery of six vessels during Q3 including three MRs and three LR2s, and now has 12 newbuildings on order with $2.1bn of outstanding debt as of end Q3. Opting to grow its fleet further unlike fellow tanker operator Euronav, the company signed contracts with Hyundai Mipo Dockyard during the quarter to construct eight MR product tankers for approximately $36.0m each with deliveries scheduled throughout 2017, with fixed price options for a further six MRs with 2018 deliveries.