One of the most entertaining ship-finance sagas of 2021 was the debate over whether Scorpio Tankers would need to sell stock in order to pad its cash liquidity in an extended tanker market trough.

Deutsche Bank analyst Amit Mehrotra suggested it would, while Scorpio president Robert Bugbee strongly denied it would be necessary.

As the calendar flipped to 2022, it became increasingly apparent that Bugbee would emerge correct. Scorpio sold off ships, it refinanced debt, but it would not go near an equity raise using shares trading below net asset value that would dilute its existing holders.