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STNG - Scorpio Tankers: Still My Favorite Product Tanker Stock
Scorpio Tankers Inc.
2024-02-20 02:34:01 ET
Summary
Scorpio Tankers delivered strong results in 2023, with expanding profit margins, reduced debt, and active share repurchases.
The product tanker market is still favorable, with limited supply due to an aging fleet and low order book, and strong demand driven by refinery output and shifting oil demand and supply.
STNG trades at 90% P/NAV. TRMD trades at 112% P/NAV and HAFNF at 98% P/NAV. I expect rising inflation in the coming months, pushing the shipping company's NAV further.