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Scorpio Tankers (NYSE:STNG) Sees 58% Jump in Q3FY24 Net Income, Driven by Lower Operating Expenses
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Highlights
Scorpio Tankers Inc. (NYSE:STNG) is a Monaco-based company specializing in the transportation of refined petroleum products. It operates within the oil and maritime shipping sectors, focusing on the seaborne delivery of refined petroleum products to global markets.
For the third quarter of financial year 2024 (Q3FY24), Scorpio Tankers reported vessel revenue of USD 268.0 million, a decrease of 8.0% YoY compared to USD 291.2 million in Q3FY23. This decline was primarily driven by a reduction in TCE revenue, which fell to USD 258.2 million from USD 289.2 million in the prior year.
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