US-listed Scorpio Tankers’ young fleet means talk of newbuildings will not be on the agenda for some time, according to president Robert Bugbee.

The tanker executive told a Fearnley Securities webinar that in the product tanker sector “you’re kind of trapped where a product tanker cannot trade as long as a crude tanker can in its market”.

“So therefore, you can’t just look at the direct sort of comparison of what’s an order on the crude fleet and what’s an order on the product.