Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2024 and Declaration of a Dividend

/EIN News/ -- MONACO, May 09, 2024 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months ended March 31, 2024. The Company also announced that its board of directors (the "Board of Directors") has declared a quarterly cash dividend on its common shares of $0.40 per share.

Results for the three months ended March 31, 2024 and 2023

For the three months ended March 31, 2024, the Company had net income of $214.2 million, or $4.29 basic and $4.11 diluted earnings per share.

For the three months ended March 31, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $206.6 million, or $4.14 basic and $3.97 diluted earnings per share, which excludes from net income a $3.7 million, or $0.07 per basic and diluted share, write-off or acceleration of the amortization of deferred financing fees on certain lease financing obligations and related debt extinguishment costs, and a $11.3 million, or $0.23 per basic and $0.22 per diluted share, gain on the sale of a vessel.

For the three months ended March 31, 2023, the Company had net income of $193.2 million, or $3.40 basic and $3.27 diluted earnings per share.

For the three months ended March 31, 2023, the Company had adjusted net income (see Non-IFRS Measures section below) of $195.6 million, or $3.44 basic and $3.31 diluted earnings per share, which excludes from net income a $2.3 million, or $0.04 per basic and diluted share, write-off or acceleration of the amortization of deferred financing fees on certain lease financing obligations and related extinguishment costs.

Declaration of Dividend

On May 8, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date of June 28, 2024 to all shareholders of record as of June 14, 2024 (the record date). As of May 8, 2024, there were 54,575,565 common shares of the Company outstanding.

Emanuele A. Lauro, Chairman and Chief Executive Officer, commented, "Reducing our debt and lowering our cash break even rate increases cash flow in any rate environment. This allows the Company to act opportunistically to further increase shareholder returns."

Summary of First Quarter 2024 and Other Recent Significant Events

• Below is a summary of the average daily Time Charter Equivalent ("TCE") revenue (see Non-IFRS Measures section below) and duration of contracted voyages and time charters for the Company's vessels (both in the pools and outside of the pools) thus far in the second quarter of 2024 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue):

	Pool and Spot Market						Time Charters Out of the Pool
	Average Daily TCE Revenue		Expected Revenue Days(1)	% of Days			Average Daily TCE Revenue		Expected Revenue Days(1)	% of Days
LR2	$	51,700	2,600	53	%		$	30,750	900	100	%
MR	$	38,000	4,350	51	%		$	21,750	450	100	%
Handymax	$	25,000	1,225	48	%		N/A		N/A	N/A

⁽¹⁾ Expected Revenue Days are the total number of calendar days in the quarter for each vessel, less the total number of expected off-hire days during the period associated with major repairs or drydockings. Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days. The Company uses revenue days to show changes in net vessel revenues between periods.

• Below is a summary of the average daily TCE revenue earned by the Company's vessels during the first quarter of 2024:

	Average Daily TCE Revenue
Vessel class	Pool / Spot			Time Charters
LR2	$	57,250		$	30,859
MR	$	35,025		$	21,481
Handymax	$	32,427		N/A

• The Company is currently in discussions with the lenders under its 2023 $1.0 Billion Credit Facility to make an unscheduled repayment on the term portion of this credit facility in June 2024 of up to $223.6 million. This repayment is expected to be applied against the upcoming quarterly principal repayment obligations of the term loan. This repayment will not impact the availability under the revolving portion of this credit facility, which is currently $288.2 million.

• In April 2024, the Company entered into an agreement to sell its 2015 built MR product tanker, STI Manhattan, for $40.8 million. The sale of this vessel is expected to close in the second or third quarter of 2024. The Company expects that there will be no debt repayment as a result of this sale, as this vessel is currently in the process of being replaced by one of its unencumbered vessels, STI Notting Hill, as collateral on the 2023 $1.0 Billion Credit Facility.

• In April 2024, the Company closed the previously announced sale of its 2013 built MR product tanker, STI Larvotto, for a selling price of $36.15 million. This vessel was not collateralized on a debt or lease arrangement and therefore there was no debt repayment as a result of the sale.

• In March 2024, the Company entered into an agreement to sell a 2013 built MR product tanker, STI Le Rocher, for $36.15 million. The sale of this vessel is expected to close in May 2024. This vessel is not collateralized on a debt or lease arrangement and therefore there will be no debt repayment as a result of the sale.

• In March 2024, the Company closed the previously announced sale of a 2015 built MR product tanker, STI Tribeca, for a selling price of $39.1 million. There was no debt repaid as a result of this sale, as this vessel was replaced by STI Galata as collateral on the 2023 $1.0 Billion Credit Facility.

• From January 1, 2024 through the date of this press release, the Company made $277.8 million in previously announced unscheduled debt and lease repayments. The Company also has $102.4 million in previously announced unscheduled lease repayments that are expected to close in the second quarter of 2024. These repayments are summarized in the table below.
• In January 2024, the Company drew down $99.0 million from the 2023 $1.0 Billion Credit Facility (split evenly between the term and revolving portions of the loan) and placed two Handymax product tankers and four MR product tankers as collateral under the facility.

Securities Repurchase Program

From January 1, 2024 through May 8, 2024, no shares were repurchased in the open market under the 2023 Securities Repurchase Program.

There is $250.0 million available under the 2023 Securities Repurchase Program as of May 8, 2024.

Diluted Weighted Number of Shares

The computation of earnings per share is determined by taking into consideration the potentially dilutive shares arising from the Company’s equity incentive plan. These potentially dilutive shares are excluded from the computation of earnings per share to the extent they are anti-dilutive.

For the three months ended March 31, 2024, the Company’s basic weighted average number of shares outstanding were 49,905,272. For the three months ended March 31, 2024, the Company’s diluted weighted average number of shares outstanding were 52,069,380, which included the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan.

Conference Call

On Thursday, May 9, 2024, the Company plans to issue its first quarter 2024 earnings press release in the morning (Eastern Daylight Time) and host a conference call at 9:00 AM Eastern Daylight Time and 3:00 PM Central European Summer Time.

Title: Scorpio Tankers Inc. First Quarter 2024 Conference Call

Date: Thursday May 9, 2024

Time: 9:00 AM Eastern Daylight Time and 3:00 PM Central European Summer Time

The conference call will be available over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com and the webcast link:

https://edge.media-server.com/mmc/p/kd9z9abw

Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

The conference will also be available telephonically:

US/CANADA Dial-In Number: 1 833-636-1321

International Dial-In Number: 1 412-902-4260

Please ask to join the Scorpio Tankers Inc call.

Participants should dial into the call 10 minutes before the scheduled time.

Current Liquidity

As of May 8, 2024, the Company had $558.8 million in unrestricted cash and cash equivalents and $288.2 million of availability under the revolving portion of the 2023 $1.0 Billion Credit Facility.   The Company also expects the sale of STI Le Rocher to close before the end of May 2024.

Debt

The following table sets forth the unscheduled debt and lease repayments that the Company has recently completed or are committed yet pending, including those announced as of May 8, 2024.

Facility	Repayment date	Principal balance repaid or to be repaid (in millions)			Vessels
Prudential Credit Facility	Jan-24	$	33.7		STI Acton*, STI Camden* and STI Clapham
2020 SPDBFL Lease Financing	Jan-24		38.3		STI Jardins* and STI San Telmo*
2021 AVIC Lease Financing	Jan-24		77.4		STI Soho*, STI Osceola*, STI Memphis and STI Lombard
BCFL Lease Financing (MRs)	Jan-24		21.7		STI Topaz, STI Garnet and STI Onyx
2021 TSFL Lease Financing	Mar-24		45.6		STI Black Hawk, STI Pontiac and STI Notting Hill
2021 CMBFL Lease Financing	Mar-24		45.3		STI Comandante, STI Brixton, STI Pimlico and STI Finchley
Total unscheduled repayments - Q1 2024		$	262.0
2021 CMBFL Lease Financing	Apr-24		15.8		STI Westminster
Total unscheduled repayments - Q2 2024		$	15.8
2022 AVIC Lease Financing	May-24		39.6		STI Gramercy and STI Queens
2022 AVIC Lease Financing	Jun-24		62.8		STI Oxford and STI Selatar
Total unscheduled repayments - pending		$	102.4	(1)
* Vessel subsequently collateralized on the 2023 $1.0 Billion Credit Facility
(1) Summation difference with indebtedness schedule due to rounding

Set forth below is a summary of the principal balances of the Company’s outstanding indebtedness as of the dates presented:

	In thousands of U.S. Dollars	Outstanding Principal as of December 31, 2023		Outstanding Principal as of March 31, 2024		Outstanding Principal as of May 8, 2024		Pro-forma Outstanding Principal as of May 8, 2024(3)
1	Prudential Credit Facility (1)	$	33,740	$	—	$	—	$	—
2	BNPP Sinosure Credit Facility		69,667		69,667		64,213		64,213
3	2023 $225.0 Million Credit Facility		199,575		191,100		182,625		182,625
4	2023 $49.1 Million Credit Facility		45,626		44,472		44,472		44,472
5	2023 $117.4 Million Credit Facility		108,890		104,638		104,638		104,638
6	2023 $1.0 Billion Credit Facility (2)		564,907		630,838		630,838		630,838
7	2023 $94.0 Million Credit Facility		92,908		90,491		89,167		89,167
8	Ocean Yield Lease Financing		25,376		24,624		24,378		24,378
9	BCFL Lease Financing (MRs) (1)		21,653		—		—		—
10	2020 SPDBFL Lease Financing (1)		38,300		—		—		—
11	2021 AVIC Lease Financing (1)		77,383		—		—		—
12	2021 CMBFL Lease Financing (1)		61,525		15,795		—		—
13	2021 TSFL Lease Financing (1)		45,617		—		—		—
14	2021 Ocean Yield Lease Financing		58,083		56,624		56,143		56,143
15	2022 AVIC Lease Financing (1)		104,635		102,344		102,344		—
16	Unsecured Senior Notes Due 2025		70,571		70,571		70,571		70,571
	Gross debt outstanding		1,618,456		1,401,164		1,369,389		1,267,045
	Cash and cash equivalents		355,551		369,504		558,834		456,490
	Net debt	$	1,262,905	$	1,031,660	$	810,555	$	810,555

⁽¹⁾ Refer to the preceding table for a description of unscheduled payment activity that has recently occurred or is expected to occur.

⁽²⁾ In January 2024, the Company drew down an aggregate of $99.0 million from this facility (split evenly between the term loan and the revolver) and six of the Company’s vessels (STI Acton, STI Camden, STI Jardins, STI Osceola, STI Soho and STI San Telmo) were placed as collateral under the facility. There is currently $288.2 million available under the revolving portion of this facility and no further amounts are available to draw under the term portion.

The amounts drawn, and the currently available $288.2 million under the revolving portion of the facility, are currently scheduled to be repaid and/or permanently reduced in aggregate amounts of $33.1 million per quarter through June 30, 2025 and gradually decreasing from $26.4 million to $21.3 million per quarter in years three through five of the loan, with a balloon payment due at the maturity date. These amounts do not reflect the impact of any potential unscheduled prepayment on the 2023 $1.0 Billion Credit Facility discussed above.

⁽³⁾ Amounts reflect the balances as of May 8, 2024, adjusted for previously announced and committed unscheduled debt and lease repayments which are expected to occur between May 9, 2024 and June 30, 2024. These amounts do not reflect the impact of any potential unscheduled prepayment on the 2023 $1.0 Billion Credit Facility discussed above.

Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of March 31, 2024, which includes principal amounts due under the Company's secured credit facilities, lease financing arrangements and Senior Notes Due 2025 (which also include actual scheduled payments made from April 1, 2024 through May 8, 2024):

In millions of U.S. dollars		Repayments/maturities of unsecured debt		Vessel financings - announced vessel purchases and maturities in 2024 and 2025		Vessel financings - scheduled repayments, in addition to maturities in 2026 and thereafter		Total(1)
April 1, 2024 to May 8, 2024(2)		$	—	$	15.8	$	16.0	$	31.8
Remaining Q2 2024(2)			—		102.3		41.1		143.4
Q3 2024			—		—		51.6		51.6
Q4 2024			—		—		57.1		57.1
Q1 2025			—		—		51.6		51.6
Q2 2025			70.6		—		51.0		121.6
Q3 2025			—		—		41.0		41.0
Q4 2025(3)			—		55.4		37.6		93.0
2026 and thereafter			—		—		810.1		810.1
		$	70.6	$	173.5	$	1,157.1	$	1,401.2

⁽¹⁾ Amounts represent the principal payments due on the Company’s outstanding indebtedness as of March 31, 2024.

⁽²⁾ Includes the unscheduled payment activity that has recently occurred or is expected to occur as described in the preceding section describing unscheduled debt and lease repayments.

⁽³⁾ Includes the scheduled maturity payment of $55.4 million on the BNPP Sinosure Credit Facility.

Drydock Update

Set forth below is a table summarizing the drydock activity that occurred during the first quarter of 2024 and the estimated expected payments to be made, and off-hire days that are expected to be incurred, for the Company's drydocks through 2024 and 2025:

				Number of(3)
	Aggregate costs in millions of USD(1)		Aggregate off-hire days(2)	LR2s	MRs	Handymax
Q1 2024 - actual	$	10.6	204	1	6	0
Q2 2024 - estimated		18.1	207	0	7	2
Q3 2024 - estimated		20.9	320	4	8	4
Q4 2024 - estimated		19.0	300	3	6	6
FY 2025		39.6	540	11	14	2

⁽¹⁾ These costs include estimated cash payments for drydocks. These amounts may include costs incurred for previous projects for which payments may not be due until subsequent quarters, or payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual drydocks. The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks finalize.

⁽²⁾ Represents the total estimated off-hire days during the period for drydockings or major repairs, including vessels that commenced work in a previous period.

⁽³⁾ Represents the number of vessels scheduled to commence drydock. It does not include vessels that commenced work in prior periods but will be completed in the subsequent period. Additionally, the timing set forth in these tables may vary as drydock times are finalized.

Explanation of Variances on the First Quarter of 2024 Financial Results Compared to the First Quarter of 2023

For the three months ended March 31, 2024, the Company recorded net income of $214.2 million compared to net income of $193.2 million for the three months ended March 31, 2023. The following were the significant changes between the two periods:

• TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot voyages, time charters, and pool charters), and it provides useful information to investors and management. The following table sets forth TCE revenue for the three months ended March 31, 2024, and 2023:

			For the three months ended March 31,
In thousands of U.S. dollars				2024				2023
	Vessel revenue		$	391,336			$	384,431
	Voyage expenses			(1,575	)			(7,269	)
	TCE revenue		$	389,761			$	377,162

• TCE revenue for the three months ended March 31, 2024 increased by $12.6 million to $389.8 million, from $377.2 million for the three months ended March 31, 2023. Overall, the average daily TCE revenue increased to $39,660 per vessel during the three months ended March 31, 2024, from $37,500 per vessel during the three months ended March 31, 2023. The average number of vessels was 110.9 during the three months ended March 31, 2024 as compared to 113.0 during the three months ended March 31, 2023.
  • TCE revenue for the three months ended March 31, 2024 remained strong reflected by the increase in daily TCE rates when compared to the same period in the prior year. The overall supply and demand balance in the product tanker market continued to be favorable in the first quarter of 2024 as underlying consumption and export volumes remained robust against the backdrop of modest growth in the worldwide fleet. These favorable market conditions were exacerbated by the expansion of ton-mile demand that was triggered by the conditions in the southern Red Sea (discussed below), which has forced the re-routing of much of the global shipping fleet transiting to and from Europe to divert around the Cape of Good Hope. The mixture of these conditions resulted in record high average daily spot TCE rates on the Company’s LR2 vessels (which are the primary vessel class making these longer-haul voyages) during the first quarter of 2024, with the remainder of the Company’s fleet benefiting from a spill-over effect.
  • TCE revenue for the three months ended March 31, 2023 reflected the continued strength in the product tanker market that began in the first quarter of 2022 as a result of several catalysts. Initially, the easing of COVID-19 restrictions around the globe, the conflict in Ukraine, and strengthening refining margins resulted in significant increases in ton-mile demand as trade routes shifted and volumes increased. In early 2023, volumes and trade routes continued to be impacted by the easing of COVID-19 restrictions, particularly in China, and the implementation of sanctions on the export of Russian crude oil and refined petroleum products.
• Vessel operating costs for the three months ended March 31, 2024, increased by $4.5 million to $78.1 million, from $73.7 million for the three months ended March 31, 2023. Overall, the average daily vessel operating costs increased to $7,743 per vessel for the three months ended March 31, 2024 from $7,244 per vessel for the three months ended March 31, 2023. The increase was among the LR2 and MR vessel classes with the largest increases within stores and spares expenses due to the timing of purchases. Per day vessel operating costs for the three months ended March 31, 2024 decreased from $8,181 per day in the three months ended December 31, 2023, due to the $2.0 million crew bonus expense recorded at year end as well as decreases in repairs and maintenance.
• Voyage expenses for the three months ended March 31, 2024 decreased by $5.7 million from the three months ended March 31, 2023, to $1.6 million as the number of vessels operating outside of the Scorpio pools during the three months ended March 31, 2024 decreased from the prior year period.
• Depreciation expense – owned or sale leaseback vessels for the three months ended March 31, 2024, increased by $7.4 million to $47.9 million, from $40.5 million for the three months ended March 31, 2023. This increase was attributable to the exercise of purchase options on all 21 lease financed vessels throughout 2023 that were previously accounted for as IFRS 16 - Leases consisting of nine in the second quarter; six in the third quarter; and six in the fourth quarter of 2023 as reflected in the $9.5 million decrease in Depreciation expense - right of use assets for the three months ended March 31, 2024. The carrying values of these repurchased vessels were reclassified to Vessels and drydock from Right of use assets for vessels on the Company's balance sheet and depreciation expense is recorded as a part of owned vessels as of the dates of each purchase. The combined decrease in depreciation expense of $2.1 million was due to five vessels that were either classified as held for sale or sold since March 31, 2023.
• General and administrative expenses for the three months ended March 31, 2024, increased by $7.8 million to $30.1 million, from $22.3 million for the three months ended March 31, 2023. This increase was primarily due to an increase in non-cash restricted stock amortization resulting from grants made in the second quarter of 2023. A recent restricted stock grant is expected to result in an increase in general and administrative expenses by approximately $8.0 million to $9.0 million per quarter in the upcoming quarters. The stock price on the date of the grant, which has increased over 25% since March 2023, is used as the fair value for the accounting of the awards under IFRS. The awards granted to employees vest ratably in years three, four and five following the initial grant.
• Financial expenses for the three months ended March 31, 2024 decreased by $6.5 million to $37.0 million, from $43.5 million for the three months ended March 31, 2023. This decrease was primarily attributable to the overall reduction in interest expense on debt and sale leaseback arrangements due to the Company's focus on deleveraging. The Company's average indebtedness decreased to $1.5 billion during the three months ended March 31, 2024, as compared to $2.0 billion during the three months ended March 31, 2023. Additionally:
  • The Company recorded $3.7 million of debt extinguishment related costs during the three months ended March 31, 2024, as compared to $2.3 million during the three months ended March 31, 2023; and
  • The amortization of deferred financing fees increased to $3.0 million during the three months ended March 31, 2024, as compared to $1.2 million during the three months ended March 31, 2023, due to the entrance into new credit facilities during 2023.

Scorpio Tankers Inc. and Subsidiaries Condensed Consolidated Statements of Income (unaudited)
		For the three months ended March 31,
In thousands of U.S. dollars except per share and share data			2024				2023
Revenue
	Vessel revenue	$	391,336			$	384,431
Operating expenses
	Vessel operating costs		(78,125	)			(73,674	)
	Voyage expenses		(1,575	)			(7,269	)
	Depreciation - owned or sale leaseback vessels		(47,910	)			(40,491	)
	Depreciation - right of use assets		—				(9,490	)
	General and administrative expenses		(30,089	)			(22,271	)
	Gain on sales of vessels		11,330				—
	Total operating expenses		(146,369	)			(153,195	)
Operating income			244,967				231,236
Other (expenses) and income, net
	Financial expenses		(36,994	)			(43,532	)
	Financial income		4,590				4,185
	Share of income from dual fuel tanker joint venture		1,519				1,441
	Other income and (expenses), net		109				(93	)
	Total other expense, net		(30,776	)			(37,999	)
Net income		$	214,191			$	193,237
Earnings per share
	Basic	$	4.29			$	3.40
	Diluted	$	4.11			$	3.27
	Basic weighted average shares outstanding		49,905,272				56,834,813
	Diluted weighted average shares outstanding (1)		52,069,380				59,111,952

⁽¹⁾ The computation of diluted earnings per share for the three months ended March 31, 2024 and 2023, includes the effect of potentially dilutive unvested shares of restricted stock.

Scorpio Tankers Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited)
	As of
In thousands of U.S. dollars	March 31, 2024				December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	369,504			$	355,551
Accounts receivable		234,143				203,500
Prepaid expenses and other current assets		10,131				10,213
Inventories		8,186				7,816
Assets held for sale		31,395				—
Total current assets		653,359				577,080
Non-current assets
Vessels and drydock		3,484,436				3,577,935
Other assets		63,346				65,440
Goodwill		8,197				8,197
Total non-current assets		3,555,979				3,651,572
Total assets	$	4,209,338			$	4,228,652
Current liabilities
Current portion of long-term debt	$	203,312			$	220,965
Lease liability - sale and leaseback vessels		126,562				206,757
Accounts payable		14,003				10,004
Accrued expenses and other liabilities		64,595				72,678
Total current liabilities		408,472				510,404
Non-current liabilities
Long-term debt		973,285				939,188
Lease liability - sale and leaseback vessels		71,317				221,380
Other long-term liabilities		—				3,974
Total non-current liabilities		1,044,602				1,164,542
Total liabilities		1,453,074				1,674,946
Shareholders' equity
Issued, authorized and fully paid-in share capital:
Share capital		745				745
Additional paid-in capital		3,106,664				3,097,054
Treasury shares		(1,131,225	)			(1,131,225	)
Retained earnings		780,080				587,132
Total shareholders' equity		2,756,264				2,553,706
Total liabilities and shareholders' equity	$	4,209,338			$	4,228,652

Scorpio Tankers Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited)
	For the three months ended March 31,
In thousands of U.S. dollars		2024				2023
Operating activities
Net income	$	214,191			$	193,237
Depreciation - owned or sale leaseback vessels		47,910				40,491
Depreciation - right of use assets		—				9,490
Equity settled share based compensation expense		9,610				3,821
Amortization of deferred financing fees		2,978				1,160
Non-cash debt extinguishment costs		322				1,148
Net gain on sales of vessels		(11,330	)			—
Accretion of fair value measurement on debt assumed in business combinations		21				338
Share of income from dual fuel tanker joint venture		(1,519	)			(1,441	)
		262,183				248,244
Changes in assets and liabilities:
(Increase) / decrease in inventories		(370	)			7,256
(Increase) / decrease in accounts receivable		(30,644	)			43,108
Decrease in prepaid expenses and other current assets		84				8,516
Decrease in other assets		1,250				685
Increase / (decrease) in accounts payable		3,663				(3,743	)
Decrease in accrued expenses		(14,036	)			(27,589	)
		(40,053	)			28,233
Net cash inflow from operating activities		222,130				276,477
Investing activities
Net proceeds from sales of vessels		38,561				—
Distributions from dual fuel tanker joint venture		495				845
Investment in dual fuel tanker joint venture		(361	)			—
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, leased financed and bareboat-in vessels)		(10,560	)			(8,483	)
Net cash inflow / (outflow) from investing activities		28,135				(7,638	)
Financing activities
Debt repayments		(313,867	)			(138,641	)
Issuance of debt		99,000				274,088
Debt issuance costs		(202	)			(5,244	)
Principal repayments on lease liability - IFRS 16		—				(13,204	)
Dividends paid		(21,243	)			(11,873	)
Repurchase of common stock		—				(138,180	)
Net cash outflow from financing activities		(236,312	)			(33,054	)
Increase in cash and cash equivalents		13,953				235,785
Cash and cash equivalents at January 1,		355,551				376,870
Cash and cash equivalents at March 31,	$	369,504			$	612,655

        

Scorpio Tankers Inc. and Subsidiaries Other operating data for the three months ended March 31, 2024 and 2023 (unaudited)
		For the three months ended March 31,
			2024			2023
Adjusted EBITDA(1) (in thousands of U.S. dollars except Fleet Data)		$	292,785		$	286,386
Average Daily Results
Fleet
TCE per revenue day (2)		$	39,660		$	37,500
Vessel operating costs per day (3)		$	7,743		$	7,244
Average number of vessels			110.9			113.0
LR2
TCE per revenue day (2)		$	50,663		$	43,292
Vessel operating costs per day (3)		$	8,552		$	7,497
Average number of vessels			39.0			39.0
MR
TCE per revenue day (2)		$	33,934		$	33,517
Vessel operating costs per day (3)		$	7,369		$	7,109
Average number of vessels			57.9			60.0
Handymax
TCE per revenue day (2)		$	32,427		$	38,349
Vessel operating costs per day (3)		$	7,027		$	7,102
Average number of vessels			14.0			14.0
Capital Expenditures
Drydock, scrubber, ballast water treatment system and other vessel related payments (in thousands of U.S. dollars)		$	10,560		$	8,483

(1)	See Non-IFRS Measures section below.
(2)	Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days vessels are part of the fleet less the number of days vessels are off-hire for drydock and repairs.
(3)	Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to vessels that are owned, operating under a lease financing arrangement, or bareboat chartered-in, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to vessels that are owned, operating under a lease financing arrangement, or bareboat chartered-in, not time chartered-in vessels.

Fleet list as of May 8, 2024

	Vessel Name		Year Built		DWT		Ice class		Employment		Vessel type		Scrubber
	Owned and sale leaseback vessels
1	STI Brixton		2014		38,734		1A		SHTP (1)		Handymax		N/A
2	STI Comandante		2014		38,734		1A		SHTP (1)		Handymax		N/A
3	STI Pimlico		2014		38,734		1A		SHTP (1)		Handymax		N/A
4	STI Hackney		2014		38,734		1A		SHTP (1)		Handymax		N/A
5	STI Acton		2014		38,734		1A		SHTP (1)		Handymax		N/A
6	STI Fulham		2014		38,734		1A		SHTP (1)		Handymax		N/A
7	STI Camden		2014		38,734		1A		SHTP (1)		Handymax		N/A
8	STI Battersea		2014		38,734		1A		SHTP (1)		Handymax		N/A
9	STI Wembley		2014		38,734		1A		SHTP (1)		Handymax		N/A
10	STI Finchley		2014		38,734		1A		SHTP (1)		Handymax		N/A
11	STI Clapham		2014		38,734		1A		SHTP (1)		Handymax		N/A
12	STI Poplar		2014		38,734		1A		SHTP (1)		Handymax		N/A
13	STI Hammersmith		2015		38,734		1A		SHTP (1)		Handymax		N/A
14	STI Rotherhithe		2015		38,734		1A		SHTP (1)		Handymax		N/A
15	STI Topaz		2012		49,990		—		SMRP (2)		MR		Yes
16	STI Ruby		2012		49,990		—		SMRP (2)		MR		No
17	STI Garnet		2012		49,990		—		SMRP (2)		MR		Yes
18	STI Onyx		2012		49,990		—		SMRP (2)		MR		Yes
19	STI Beryl		2013		49,990		—		SMRP (2)		MR		No
20	STI Le Rocher		2013		49,990		—		SMRP (2)(7)		MR		No
21	STI Duchessa		2014		49,990		—		Time Charter (5)		MR		No
22	STI Opera		2014		49,990		—		SMRP (2)		MR		No
23	STI Texas City		2014		49,990		—		SMRP (2)		MR		Yes
24	STI Meraux		2014		49,990		—		SMRP (2)		MR		Yes
25	STI San Antonio		2014		49,990		—		SMRP (2)		MR		Yes
26	STI Venere		2014		49,990		—		SMRP (2)		MR		Yes
27	STI Virtus		2014		49,990		—		SMRP (2)		MR		Yes
28	STI Aqua		2014		49,990		—		SMRP (2)		MR		Yes
29	STI Dama		2014		49,990		—		SMRP (2)		MR		Yes
30	STI Regina		2014		49,990		—		SMRP (2)		MR		Yes
31	STI St. Charles		2014		49,990		—		SMRP (2)		MR		Yes
32	STI Mayfair		2014		49,990		—		SMRP (2)		MR		Yes
33	STI Yorkville		2014		49,990		—		SMRP (2)		MR		Yes
34	STI Milwaukee		2014		49,990		—		SMRP (2)		MR		Yes
35	STI Battery		2014		49,990		—		SMRP (2)		MR		Yes
36	STI Soho		2014		49,990		—		SMRP (2)		MR		Yes
37	STI Memphis		2014		49,990		—		Time Charter (6)		MR		Yes
38	STI Gramercy		2015		49,990		—		SMRP (2)		MR		Yes
39	STI Bronx		2015		49,990		—		SMRP (2)		MR		Yes
40	STI Pontiac		2015		49,990		—		SMRP (2)		MR		Yes
41	STI Manhattan		2015		49,990		—		SMRP (2)(7)		MR		Yes
42	STI Queens		2015		49,990		—		SMRP (2)		MR		Yes
43	STI Osceola		2015		49,990		—		SMRP (2)		MR		Yes
44	STI Notting Hill		2015		49,687		1B		SMRP (2)		MR		Yes
45	STI Seneca		2015		49,990		—		SMRP (2)		MR		Yes
46	STI Westminster		2015		49,687		1B		SMRP (2)		MR		Yes
47	STI Brooklyn		2015		49,990		—		SMRP (2)		MR		Yes
48	STI Black Hawk		2015		49,990		—		SMRP (2)		MR		Yes
49	STI Galata		2017		49,990		—		SMRP (2)		MR		Yes
50	STI Bosphorus		2017		49,990		—		SMRP (2)		MR		No
51	STI Leblon		2017		49,990		—		SMRP (2)		MR		Yes
52	STI La Boca		2017		49,990		—		SMRP (2)		MR		Yes
53	STI San Telmo		2017		49,990		1B		SMRP (2)		MR		No
54	STI Donald C Trauscht		2017		49,990		1B		SMRP (2)		MR		No
55	STI Esles II		2018		49,990		1B		SMRP (2)		MR		No
56	STI Jardins		2018		49,990		1B		SMRP (2)		MR		No
57	STI Magic		2019		50,000		—		SMRP (2)		MR		Yes
58	STI Mystery		2019		50,000		—		SMRP (2)		MR		Yes
59	STI Marvel		2019		50,000		—		SMRP (2)		MR		Yes
60	STI Magnetic		2019		50,000		—		Time Charter (8)		MR		Yes
61	STI Millennia		2019		50,000		—		SMRP (2)		MR		Yes
62	STI Magister		2019		50,000		—		SMRP (2)		MR		Yes
63	STI Mythic		2019		50,000		—		SMRP (2)		MR		Yes
64	STI Marshall		2019		50,000		—		Time Charter (9)		MR		Yes
65	STI Modest		2019		50,000		—		SMRP (2)		MR		Yes
66	STI Maverick		2019		50,000		—		SMRP (2)		MR		Yes
67	STI Miracle		2020		50,000		—		Time Charter (10)		MR		Yes
68	STI Maestro		2020		50,000		—		SMRP (2)		MR		Yes
69	STI Mighty		2020		50,000		—		SMRP (2)		MR		Yes
70	STI Maximus		2020		50,000		—		SMRP (2)		MR		Yes
71	STI Elysees		2014		109,999		—		SLR2P (3)		LR2		Yes
72	STI Madison		2014		109,999		—		SLR2P (3)		LR2		Yes
73	STI Park		2014		109,999		—		SLR2P (3)		LR2		Yes
74	STI Orchard		2014		109,999		—		SLR2P (3)		LR2		Yes
75	STI Sloane		2014		109,999		—		SLR2P (3)		LR2		Yes
76	STI Broadway		2014		109,999		—		SLR2P (3)		LR2		Yes
77	STI Condotti		2014		109,999		—		SLR2P (3)		LR2		Yes
78	STI Rose		2015		109,999		—		SLR2P (3)		LR2		Yes
79	STI Veneto		2015		109,999		—		SLR2P (3)		LR2		Yes
80	STI Alexis		2015		109,999		—		MPL (4)		LR2		Yes
81	STI Winnie		2015		109,999		—		SLR2P (3)		LR2		Yes
82	STI Oxford		2015		109,999		—		SLR2P (3)		LR2		Yes
83	STI Lauren		2015		109,999		—		SLR2P (3)		LR2		Yes
84	STI Connaught		2015		109,999		—		Time Charter (11)		LR2		Yes
85	STI Spiga		2015		109,999		—		MPL (4)		LR2		Yes
86	STI Kingsway		2015		109,999		—		SLR2P (3)		LR2		Yes
87	STI Solidarity		2015		109,999		—		SLR2P (3)		LR2		Yes
88	STI Lombard		2015		109,999		—		Time Charter (12)		LR2		Yes
89	STI Grace		2016		109,999		—		Time Charter (13)		LR2		Yes
90	STI Jermyn		2016		109,999		—		Time Charter (14)		LR2		Yes
91	STI Sanctity		2016		109,999		—		SLR2P (3)		LR2		Yes
92	STI Solace		2016		109,999		—		SLR2P (3)		LR2		Yes
93	STI Stability		2016		109,999		—		SLR2P (3)		LR2		Yes
94	STI Steadfast		2016		109,999		—		SLR2P (3)		LR2		Yes
95	STI Supreme		2016		109,999		—		SLR2P (3)		LR2		Yes
96	STI Symphony		2016		109,999		—		SLR2P (3)		LR2		Yes
97	STI Gallantry		2016		113,000		—		SLR2P (3)		LR2		Yes
98	STI Goal		2016		113,000		—		MPL (4)		LR2		Yes
99	STI Guard		2016		113,000		—		Time Charter (15)		LR2		Yes
100	STI Guide		2016		113,000		—		Time Charter (16)		LR2		Yes
101	STI Selatar		2017		109,999		—		SLR2P (3)		LR2		Yes
102	STI Rambla		2017		109,999		—		SLR2P (3)		LR2		Yes
103	STI Gauntlet		2017		113,000		—		Time Charter (17)		LR2		Yes
104	STI Gladiator		2017		113,000		—		Time Charter (16)		LR2		Yes
105	STI Gratitude		2017		113,000		—		Time Charter (18)		LR2		Yes
106	STI Lobelia		2019		110,000		—		SLR2P (3)		LR2		Yes
107	STI Lotus		2019		110,000		—		SLR2P (3)		LR2		Yes
108	STI Lily		2019		110,000		—		SLR2P (3)		LR2		Yes
109	STI Lavender		2019		110,000		—		Time Charter (19)		LR2		Yes
	Total Fleet DWT				7,652,222

(1	)	This vessel operates in the Scorpio Handymax Tanker Pool, or SHTP. SHTP is operated by Scorpio Commercial Management S.A.M. (SCM). SHTP and SCM are related parties to the Company.
(2	)	This vessel operates in the Scorpio MR Pool, or SMRP. SMRP is operated by SCM. SMRP and SCM are related parties to the Company.
(3	)	This vessel operates in the Scorpio LR2 Pool, or SLR2P. SLR2P is operated by SCM. SLR2P and SCM are related parties to the Company.
(4	)	This vessel operates in the Mercury Pool Limited, or MPL. MPL is operated by SCM. MPL and SCM are related parties to the Company.
(5	)	This vessel commenced a time charter in October 2022 for three years at an average rate of $25,000 per day.
(6	)	This vessel commenced a time charter in June 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day.
(7	)	The Company has entered into an agreement to sell this vessel which is expected to close in the second or third quarter of 2024.
(8	)	This vessel commenced a time charter in July 2022 for three years at an average rate of $23,000 per day. The daily rate is the average rate over the three-year period, which is payable in years one, two, and three at $30,000 per day, $20,000 per day, and $19,000 per day, respectively. The charterers have the option to extend the term of this agreement for an additional year at $24,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day.
(9	)	This vessel commenced a time charter in July 2022 for three years at a rate of $23,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $24,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $25,000 per day. If this second option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day.
(10	)	This vessel commenced a time charter in August 2022 for three years at a rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day.
(11	)	In April 2023, STI Connaught replaced STI Goal on a time charter which initially commenced in August 2022 for three years at a rate of $30,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $32,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $34,000 per day.
(12	)	This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The charterer has the option to extend the term of this agreement for an additional year at $34,750 per day. If this option is declared, the charterer has the option to further extend the term of this agreement for an additional year at $36,750 per day.
(13	)	This vessel commenced a time charter in December 2022 for three years at an average rate of $37,500 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $47,000 per day, the next 6 months are payable at $28,000 per day, and years two and three are payable at $37,500 per day.
(14	)	This vessel commenced a time charter in April 2023 for three years at a rate of $40,000 per day. The charterer has the option to extend the term of this agreement for an additional year at $42,500 per day.
(15	)	This vessel commenced a time charter in July 2022 for five years at a rate of $28,000 per day. The charterers have the option to convert the term of this agreement to three years at $30,000 per day, which must be declared within 30 months after the delivery date.
(16	)	This vessel commenced a time charter in July 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day.
(17	)	This vessel commenced a time charter in November 2022 for three years at an average rate of $32,750 per day.
(18	)	This vessel commenced a time charter in May 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day.
(19	)	This vessel commenced a time charter in December 2022 for three years at an average rate of $35,000 per day.

Dividend Policy

The declaration and payment of dividends is subject at all times to the discretion of the Company's Board of Directors. The timing and the amount of dividends, if any, depends on the Company's earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors.

The Company's dividends paid during 2023 and 2024 were as follows:

Date paid	Dividend per common share
March 2023	$0.20
June 2023	$0.25
September 2023	$0.25
December 2023	$0.35
March 2024	$0.40

On May 8, 2024, the Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date of June 28, 2024 to all shareholders of record as of June 14, 2024 (the record date). As of May 8, 2024, there were 54,575,565 common shares of the Company outstanding.

Conflict in Ukraine and Middle East

The ongoing military conflict in Ukraine has had a significant direct and indirect impact on the trade of refined petroleum products. This conflict has resulted in the United States, United Kingdom, and the European Union, among other countries, implementing sanctions and executive orders against citizens, entities, and activities connected to Russia. Some of these sanctions and executive orders target the Russian oil sector, including a prohibition on the import of oil and refined petroleum products from Russia to the United States, United Kingdom or the European Union, and a prohibition on a variety of specified services related to the maritime transport of Russian Federation origin crude oil and petroleum products, including trading/commodities brokering, financing, shipping, insurance (including reinsurance and protection and indemnity), flagging, and customs brokering, which took effect in December 2022 and February 2023 respectively. An exception exists to permit such services when the price of the seaborne Russian oil does not exceed the relevant price cap; but implementation of this price exception relies on a recordkeeping and attestation process that requires each party in the supply chain of seaborne Russian oil to demonstrate or confirm that oil has been purchased at or below the price cap. The Company cannot foresee what other sanctions or executive orders may arise that affect the trade of petroleum products. Furthermore, the conflict and ensuing international response has disrupted the supply of Russian oil to the global market, and as a result, the price of oil and petroleum products has experienced significant volatility. The Company cannot predict what effect the higher price of oil and petroleum products will have on demand, and while thus far the impact has been favorable, it is possible that the current conflict in Ukraine could adversely affect the Company's financial condition, results of operations, and future performance.

Additionally, since December 2023, there have been multiple drone and missile attacks on commercial vessels transiting international waters in the southern Red Sea by groups believed to be affiliated with the Yemen-based Houthi rebel group purportedly in response to the ongoing military conflict between Israel and Hamas. Recent attacks on U.S. military installations in Jordan and other locations in the middle east, the continuing military actions by the U.S. government and certain of its allies against the Houthi rebel group, which the U.S. government believes to be supported by the government of Iran and the ongoing military conflict between Israel and Hamas continue to threaten the political stability of the region and may lead to further military conflicts, including continued hostile actions towards commercial shipping in the region. We cannot predict the severity or length of the current conditions impacting international shipping in this region and the continuing disruption of the trade routes in the region of the Red Sea. While thus far the impact of these events has been favorable to the demand for our vessels, it is also possible that it could have a material and adverse impact on our results of operations in the future.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns or lease finances 109 product tankers (39 LR2 tankers, 56 MR tankers and 14 Handymax tankers) with an average age of 8.2 years. The Company has entered into agreements to sell two of its MR tankers, which are expected to close in the second or third quarter of 2024. Additional information about the Company is available at the Company's website www.scorpiotankers.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.

Non-IFRS Measures

Reconciliation of IFRS Financial Information to Non-IFRS Financial Information

This press release describes time charter equivalent revenue, or TCE revenue, adjusted net income or loss, and adjusted EBITDA, which are not measures prepared in accordance with IFRS ("Non-IFRS" measures). The Non-IFRS measures are presented in this press release as we believe that they provide investors and other users of our financial statements, such as our lenders, with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. These Non-IFRS measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with IFRS.

The Company believes that the presentation of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful to investors or other users of our financial statements, such as our lenders, because they facilitate the comparability and the evaluation of companies in the Company’s industry. In addition, the Company believes that TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful in evaluating its operating performance compared to that of other companies in the Company’s industry. The Company’s definitions of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries.

TCE revenue, on a historical basis, is reconciled above in the section entitled "Explanation of Variances on the First Quarter of 2024 Financial Results Compared to the First Quarter of 2023". The Company has not provided a reconciliation of forward-looking TCE revenue because the most directly comparable IFRS measure on a forward-looking basis is not available to the Company without unreasonable effort.

Reconciliation of Net Income to Adjusted Net Income

			For the three months ended March 31, 2024
							Per share				Per share
In thousands of U.S. dollars except per share data			Amount				basic				diluted
	Net income		$	214,191			$	4.29			$	4.11
	Adjustments:
	Write-offs of deferred financing fees and debt extinguishment costs			3,692				0.07				0.07
	Gain on sales of vessels			(11,330	)			(0.23	)			(0.22	)
	Adjusted net income		$	206,553			$	4.14	(1)		$	3.97	(1)

⁽¹⁾ Summation difference due to rounding

			For the three months ended March 31, 2023
							Per share				Per share
In thousands of U.S. dollars except per share data			Amount				basic				diluted
	Net income		$	193,237			$	3.40			$	3.27
	Adjustment:
	Write-offs of deferred financing fees and debt extinguishment costs			2,315			$	0.04			$	0.04
	Adjusted net income		$	195,552			$	3.44			$	3.31

Reconciliation of Net Income to Adjusted EBITDA

			For the three months ended March 31,
In thousands of U.S. dollars				2024				2023
	Net Income		$	214,191			$	193,237
	Financial expenses			36,994				43,532
	Financial income			(4,590	)			(4,185	)
	Depreciation - owned or lease financed vessels			47,910				40,491
	Depreciation - right of use assets			—				9,490
	Equity settled share based compensation expense			9,610				3,821
	Gain on sales of vessels			(11,330	)			—
	Adjusted EBITDA		$	292,785			$	286,386

Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "will," "would," "could" and similar expressions identify forward‐looking statements.

The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies in response to epidemics and other public health concerns including any effect on demand for petroleum products and the transportation thereof, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including the impact of the conflict in Ukraine and the developments in the Middle East, including the armed conflict between Israel and Hamas, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off‐hires, and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties.

Contact Information

Scorpio Tankers Inc.
James Doyle - Head of Corporate Development & Investor Relations
Tel: +1 646-432-1678
Email: investor.relations@scorpiotankers.com