Shares in Scorpio Tankers surged and Deutsche Bank upgraded the company's rating after the shipowner cut its dividend to keep cash on its balance sheet.
Scorpio's share price jumped 12.7% to $4.03 in afternoon trading on the New York Stock Exchange, adding $78.5m to its market value based on nearly 175 million shares outstanding.
The jump came after the Emanuele Lauro-led company said it decided to chop its dividend to $0.01
