Scorpio Tankers 1Q Loss Aided by Low Crude Demand — Energy Comment

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By Chris Wack

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Scorpio Tankers Inc. said it had a first-quarter loss of $84.4 million, or $1.52 a share, on revenue of $174 million, because demand for crude oil remained low, and it had to write down vessels held for sale, and the loss on the sale of the vessels.

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On crude demand:

“Demand for crude and refined petroleum products remained low during this period as inventories that built up during 2020 continued to be drawn, and most countries throughout the world continued to implement restrictive policies in an effort to control the spread of the virus.”

First-quarter write-offs:

“During the first quarter, the company recorded an aggregate loss on the sale of vessels or write-down of vessels held for sale of $67.7 million for the 17 vessels that were agreed to be sold. Additionally, the company wrote off, or accelerated the amortization of deferred financing fees of $1.9 million with respect to the debt or lease financings relating to these vessels during the first quarter of 2022.”

Write to Chris Wack at [email protected]

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Credit: www.marketwatch.com /

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