Scorpio Tankers reports $11.9m net loss in 2012

26 February 2013 09:12  [Source: ICIS news]

SINGAPORE (ICIS)--Ship operator Scorpio Tankers announced in a statement late on Monday an adjusted net loss of $11.9m (€9.0m) for the full year of 2012.

The tanker operator had an adjusted net loss of $16.1m for the full year of 2011.

For the three months ended 31 December 2012, the company recorded an adjusted net loss of $3.6m, compared to an adjusted net loss of $5.1m in the same period of the previous year. 

However, the company remains bullish on its medium- to long-term prospects.

“Going forward, we expect improvement in volumes and rates as several major refineries resume production. We continue to see confirmation of our longer-term thesis, that there will be significant increases in product tanker demand days as refining capacity inexorably shifts to more competitive locations,” said CEO Emanuele Lauro.

The operator distributes downstream products such as gasoline and fuel oil from refineries to end-users.

Scorpio Tankers is incorporated in the Marshall Islands, with principal executive offices in Monaco and New York.

($1 = €0.76)


By: Muhamad Fadhil
+65 6780 4356



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