Analysts Eirik Haavaldsen and Jonas Advocaat Kraft
believe the owner, which has spent $800m on newbuildings over the past three
months, is poised to leave rivals trailing.
“With a solid balance sheet, a state-of-the-art fleet and
pure product exposure we believe that Scorpio will surf on top of an expected
market recovery over the next couple of year,” they said in a report today.
Scorpio, which went public with only three ships in 2010,
has grown to become one of the world’s largest tanker companies, they add.
“With a clear focus on new, fuel-efficient tonnage – 34
out of 41 owned vessels (incl. newbuilds) are eco-friendly built in 2012 and
later – Scorpio is emerging as the clear bet on modern product tankers, with a
shorter time to market than immediate peers,” the analysts said.
Scorpio has ordered 24 ships in the past three months and
will welcome 28 new eco vessels by the end of 2014.
Haavaldsen and Kraft predict Scorpio, which has posted a
loss in the past two years, will log a profit of $0.15 per share in 2013.
This will grow to $0.38 per share in 2014 and $1.14 per
share in 2015 as the newbuildings arrive and rates improve, the analysts write.
“The product tanker market is showing signs of
improvement, with MR rates in the Atlantic region being at levels we have not
seen for several years in Q1,” Haavaldsen and Kraft said.
“Due to an expected uptick in demand – as well as a
relatively modest orderbook – we believe asset values and earnings are set to
recover.”
