Debt ReductionScorpio Tankers sold three of its 99 vessel fleet for $164 million, effectively reducing its pro-forma net debt position to a relatively minor $131 million.
Earnings PotentialSeaborne oil flows are expected to be meaningfully higher, benefiting Scorpio Tankers' future earnings potential.
Market ConditionsProduct tanker rates have demonstrated counter-seasonal strength due to increased sanctions on Russian trade, reduced competition from crude tankers for clean cargoes, and an increase in long-haul trades from shifting refinery capacity.