Maritime transportation provider for refined petroleum products Scorpio Tankers believe the global shift to a lower sulphur cap of 0.5% for marine fuels by 2020 to bring about opportunities for improved market performance.
“The market remains soft. All that I can say is that in similarity with many of you, we remain focused on the significant secular shift that the IMO 2020 legislation would provide,” said CEO Emanuele Lauro during an earnings call on Tuesday, as quoted by Seeking Alpha.
‘Much remains unclear however, this is undeniably an exciting backdrop for the world’s largest provider of seaborne ton mile to refined product markets.”
He adds, “put differently as management, we are most excited about the evolution of the market towards January 2020.”
Robert Bugbee, President of Scorpio Tankers, was optimistic that the tanker market is on a route to recovery.
“So that’s why I say we may well have seen the darkest side before a dawn, that very often happens in shipping,” he notes.
“The inventories now are low and if the world holds together, you are turning to a stronger season and you are turning to a clear defined increase in incremental demand as a result of 2020 and even if you use the low case scenario of Wood Mackenzie, you get a dramatic shift in utilization.”
Moving forward, Cameron Mackey, Chief Operating Officer of Scorpio Tankers, reiterates the company’s stand on scrubbers.
“We’ve said in the past that we continue to evaluate scrubbers and other alternatives,” he explains.
“There are a number of risks and challenges that scrubbers represent that we’re continuing to evaluate, obviously, the larger ship sizes have easier or more compelling case for scrubbers, that’s not to say the smaller ships do not.
“But, obviously, you’d see them probably lead the way because it’s a clear path and payback profile.
“As we’ve shown with ballast water treatment, we shoot when we see the whites of the eyes and scrubbers are no exception. So, we’ll update you and the market as and when we get closer to decisions regarding scrubbers, but we haven’t discounted the possibility at all.”
Related: Scorpio Bulkers: ‘We continue to evaluate scrubbers’
Published: 1 August, 2018
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