Scorpio Tankers’ long climb out of what was once an overwhelming valley of debt has finally reached a key juncture.
Call it Milepost 811, because that’s the number, in millions of dollars, that is currently listed as net debt on the product tanker giant’s balance sheet, and it’s roughly in line with the scrap value of the fleet.
That made Thursday’s quarterly earnings call something of a victory lap for the Scorpio management team as they heard a chorus of congratulations from equity analysts.
