Scandinavian investment bank Carnegie has lowered its rating on Scorpio Tankers after revising its rate expectations for the products tanker market.
Analysts Marius Furuly and Ola Ekern Rugsveen cut the New York-listed owner from buy to hold today.
The pair explained the downgrade came amid its new forecasts suggesting the owner will lower its dividend to $0.20 per share.
“With the length of gasoline in the US and middle distillates in Europe more severe than we anticipated, we have cut our MR spot freight estimates considerably,” they wrote in a report today.
“Adding
