Scorpio Tankers has reported a fourth-quarter loss of $29.7 million or a loss of 18 cents per share.
The shipping company posted revenue of $106.1 million in the period, also exceeding Street forecasts.
Scorpio Tankers sharply reduced its quarterly dividend by 92% to $0.01 from $0.125.
For the year, the company reported a loss of $24.9 million, or 15 cents per share, swinging to a loss in the period. Revenue was reported as $522.7 million.
The Company currently has nine newbuilding vessel orders (eight MRs and one LR2) with HMD and SSME, which the Company refers to as its Newbuilding Program.
It currently owns 78 product tankers (22 LR2, 14 Handymax, and 42 MR tankers) with an average age of 2.2 years and time or bareboat charters-in 17 product tankers (one LR2, one LR1, eight MR and seven Handymax tankers).