Why Scorpio Tankers Stock Dropped Today
Yahoo Finance ·
Scorpio Tankers ( STNG -2.64% ) stock is on a roll. Shares of the oil tanker operator, which owns 90 tankers of various shapes and sizes, gained as much as 11% in the first two weeks of September. It's giving back some of those gains today -- down 2.6% through 10 a.m. ET. But why was Scorpio up in the first place? Tanker rates are the reason. As StreetInsider.com reports, the cost of chartering a Very Large Crude Carrier (VLCC) supertanker passed $1 million per day yesterday. That's up 5 times from what chartering a supertanker cost before the Iran war began Feb. 28.
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