STOCK TITAN

Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2022 and Declaration of a Quarterly Dividend

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Negative)
Tags
dividends earnings
Rhea-AI Summary

Scorpio Tankers (STNG) reported a net loss of $84.4 million for Q1 2022, equating to a loss of $1.52 per share, compared to a net loss of $62.4 million in Q1 2021. The adjusted net loss was $14.9 million, excluding $67.7 million in vessel write-downs. However, the company declared a quarterly cash dividend of $0.10 per share, payable on June 15, 2022. TCE revenue increased to $172.0 million, up from $132.8 million year-over-year, reflecting improved market conditions. Scorpio sold 17 vessels, raising $91.6 million in Q1, with additional sales expected to enhance liquidity further.

Positive
  • TCE revenue increased by $39.2 million to $172 million, highlighting improved market conditions.
  • Quarterly cash dividend declared at $0.10 per share, indicating a return to shareholder value.
  • Raised $91.6 million from vessel sales in Q1 2022, enhancing liquidity.
Negative
  • Net loss widened to $84.4 million, a $22 million increase compared to Q1 2021.
  • Recorded a significant write-down of $67.7 million on vessels held for sale.

MONACO, April 28, 2022 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months ended March 31, 2022. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on the Company’s common stock.

Results for the three months ended March 31, 2022 and 2021        

For the three months ended March 31, 2022, the Company had a net loss of $84.4 million, or $1.52 basic and diluted loss per share.

For the three months ended March 31, 2022, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $14.9 million, or $0.27 basic and diluted loss per share, which excludes from the net loss (i) a $67.7 million, or $1.22 per basic and diluted share, aggregate write-down of vessels held for sale and loss on the sale of vessels, and (ii) $1.9 million, or $0.03 per basic and diluted share, write-off or acceleration of the amortization of deferred financing fees on the debt or lease financing obligations relating to these vessel sales and related debt extinguishment costs.

For the three months ended March 31, 2021, the Company had a net loss of $62.4 million, or $1.15 basic and diluted loss per share.

For the three months ended March 31, 2021, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $57.3 million, or $1.05 basic and diluted loss per share, which excludes from the net loss $3.9 million, or $0.07 per basic and diluted share, of losses recorded on the transaction to exchange $62.1 million in aggregate principal amount of its existing Convertible Notes due 2022 for $62.1 million in aggregate principal amount of new Convertible Notes due 2025, and $1.3 million, or $0.02 per basic and diluted share, of write-offs of deferred financing fees related to the refinancing of certain credit facilities.

Declaration of Dividend

On April 27, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about June 15, 2022 to all shareholders of record as of May 20, 2022 (the record date). As of April 27, 2022, there were 59,401,013 common shares of the Company outstanding.

Summary of First Quarter 2022 and Other Recent Significant Events

  • During the first quarter of 2022, the Company entered into agreements to sell 17 vessels, consisting of two LR2s, 12 LR1s, and three MRs. Seven of these sales closed within the first quarter of 2022 (six LR1s and one MR), raising $91.6 million in aggregate new liquidity after the repayment of debt and selling costs, three of these sales have closed within April 2022 (two LR1s and one MR), raising $39.8 million in aggregate new liquidity after the repayment of debt and selling costs, and the remaining seven vessels are expected to close before the end of the third quarter 2022. These remaining vessels are expected to raise $112.7 million in aggregate new liquidity after the repayment of debt and estimated selling costs.
  • In April 2022, the Company entered into an agreement to sell an LR2 tanker, STI Nautilus, for $42.7 million.   This sale is expected to raise approximately $22.0 million in aggregate new liquidity after the repayment of debt and estimated selling costs, and it is expected to close before the end of the third quarter of 2022.  
  • 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 directly in the spot market) thus far in the second quarter of 2022 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue):

 Total
Vessel classAverage daily TCE revenue% of Days
LR2$24,30044%
MR$30,00042%
Handymax$30,00033%
  • Below is a summary of the average daily TCE revenue earned by the Company's vessels (both in the pools and directly in the spot market) during the first quarter of 2022:
Vessel classAverage daily TCE revenue
LR2$14,475
LR1$12,320
MR$16,305
Handymax$15,949
  • The Company has $38.3 million of additional liquidity available from previously announced financings or refinancings that have been committed. These drawdowns are expected to occur at varying points in the future as certain of these financings are tied to scrubber installations on the Company’s vessels.

Sales of Vessels

During the first quarter of 2022, the Company entered into agreements to sell 17 vessels, consisting of two LR2s, 12 LR1s, and three MRs. The sales prices of the two LR2s (STI Savile Row and STI Carnaby) are $43.0 million per vessel, the 12 LR1s (STI Excelsior, STI Executive, STI Excellence, STI Pride, STI Providence, STI Prestige, STI Experience, STI Express, STI Exceed, STI Excel, STI Expedite, and STI Precision) are $413.8 million in aggregate, and each of the three MRs (STI Fontvieille, STI Benicia, and STI Majestic) are $23.5 million, $26.5 million, and $34.9 million, respectively.

Seven of these sales closed within the first quarter of 2022 (six LR1s and one MR), raising $91.6 million in aggregate new liquidity after the repayment of debt and selling costs, three of these sales have closed within April 2022 (two LR1s and one MR), raising $39.8 million in aggregate new liquidity after the repayment of debt and selling costs, and the remaining seven vessels are expected to close before the end of the third quarter 2022. These remaining vessels are expected to raise approximately $112.7 million in aggregate new liquidity after the repayment of debt and selling costs.

During the first quarter, the Company recorded an aggregate loss on the sale of vessels or write-down of vessels held for sale of $67.7 million for the 17 vessels that were agreed to be sold. Additionally, the Company wrote-off, or accelerated the amortization of deferred financing fees of $1.9 million with respect to the debt or lease financings relating to these vessels during the first quarter of 2022.

Additionally, in April 2022, the Company entered into an agreement to sell an LR2 tanker, STI Nautilus, for $42.7 million. This sale is expected to raise approximately $22.0 million in aggregate new liquidity, after the repayment of debt and estimated selling costs. This sale is expected to result in a gain of approximately $2.5 million in the second quarter of 2022, and it is expected to close before the end of the third quarter of 2022.

Diluted Weighted Number of Shares

The computation of earnings or loss per share is determined by taking into consideration the potentially dilutive shares arising from (i) the Company’s equity incentive plan, and (ii) the Company’s Convertible Notes due 2022 and Convertible Notes due 2025. These potentially dilutive shares are excluded from the computation of earnings or loss per share to the extent they are anti-dilutive.

The impact of the Convertible Notes due 2022 and Convertible Notes due 2025 on earnings or loss per share is computed using the if-converted method. Under this method, the Company first includes the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan, and then assumes that its Convertible Notes due 2022 and Convertible Notes due 2025, which were issued in March and June 2021 were converted into common shares at the beginning of each period. The if-converted method also assumes that the interest and non-cash amortization expense associated with these notes of $6.4 million during the three months ended March 31, 2022 were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.

For the three months ended March 31, 2022, the Company’s basic weighted average number of shares outstanding were 55,409,131. There were 57,130,119 weighted average shares outstanding including the potentially dilutive impact of restricted shares issued under the Company's equity incentive plan for the three months ended March 31, 2022. There were 64,467,902 weighted average shares outstanding for the three months ended March 31, 2022 under the if-converted method. Since the Company was in a net loss position in both periods, the potentially dilutive shares arising from both restricted shares issued under the Company's equity incentive plan and under the if-converted method were anti-dilutive for purposes of calculating the loss per share. Accordingly, basic weighted average shares outstanding were used to calculate both basic and diluted loss per share for this period.

Conference Call

The Company has scheduled a conference call on April 28, 2022 at 11:00 AM Eastern Daylight Time and 5:00 PM Central European Summer Time. The dial-in information is as follows:

US Dial-In Number: 1 (855) 861-2416
International Dial-In Number: 1 (703) 736-7422
Conference ID: 3295797

Participants should dial into the call 10 minutes before the scheduled time. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.

There will also be a simultaneous live webcast over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Webcast URL: https://edge.media-server.com/mmc/p/u6omf566

Current Liquidity

As of April 27, 2022, the Company had $280.5 million in unrestricted cash and cash equivalents. In the next few days, the Company is expected to receive $33.8 million from the sale of one LR1 tanker (after estimated selling costs). The debt for this vessel was repaid prior to April 27, 2022. Our pro-forma cash balance, including the net proceeds from the sale of this vessel, was $314.3 million as of April 27, 2022.

Drydock, Scrubber and Ballast Water Treatment Update

Set forth below is a table summarizing the drydock, scrubber, and ballast water treatment system activity that occurred during the first quarter of 2022 and that is in progress as of April 1, 2022.

 Number of VesselsDrydock Ballast Water Treatment SystemsScrubbersAggregate Costs (in millions of U.S. Dollars) (1)Aggregate Off-hire Days in Q1 2022
Completed in the first quarter of 2022      
LR233$4.493
LR1227.365
MR
Handymax
 532$11.7158
       
In progress as of April 1, 2022      
LR211$2.511
LR13311.0104
MR222.024
Handymax
 624$15.5139

(1)   Aggregate costs for vessels completed in the quarter represent the total costs incurred, some of which may have been incurred in prior periods.

Set forth below are the estimated expected payments to be made for the Company's drydocks, ballast water treatment system installations, and scrubber installations through 2023 (which also include actual payments made during the second quarter of 2022 and through April 27, 2022): 

In millions of U.S. dollarsAs of March 31, 2022 (1) (2)
  
Q2 2022 - payments made through April 27, 2022$3.4
Q2 2022 - remaining payments 14.1
Q3 2022 10.5
Q4 2022 7.5
FY 2023 16.8

(1)   Includes estimated cash payments for drydocks, ballast water treatment system installations and scrubber installations.  These amounts include installment payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual installation. In addition to these installment payments, these amounts also include estimates of the installation costs of such systems.  The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks and installations finalize. 

(2)   Based upon the commitments received to date, which include the remaining availability under certain financing transactions that have been previously announced, the Company expects to raise approximately $11.3 million of aggregate additional liquidity to finance the purchase and installations of scrubbers once all of the agreements are closed and drawn.  These drawdowns are expected to occur at varying points in the future as these financings are tied to scrubber installations on the Company’s vessels.

Set forth below are the estimated expected number of vessels and estimated expected off-hire days for the Company's drydocks, ballast water treatment system installations, and scrubber installations (1):

 Q2 2022 
 Vessels Scheduled for (2):Off-hire
 DrydockBallast Water Treatment SystemsScrubbersDays (3)
LR2270
LR181
MR146
Handymax
     
Total Q2 202221197
     
 Q3 2022 
 Vessels Scheduled for(2):Off-hire
 DrydockBallast Water Treatment SystemsScrubbersDays(3)
LR2
LR1
MR641140
Handymax
     
Total Q3 2022641140
     
 Q4 2022 
 Vessels Scheduled for(2):Off-hire
 DrydockBallast Water Treatment SystemsScrubbersDays(3)
LR2
LR1
MR312100
Handymax
     
Total Q4 2022312100
     
 FY 2023 
 Vessels Scheduled for(2):Off-hire
 DrydockBallast Water Treatment SystemsScrubbersDays(3)
LR2
LR1
MR66240
Handymax
     
Total FY 202366240

(1)   The number of vessels in these tables may reflect a certain amount of overlap where certain vessels are expected to be drydocked and have ballast water treatment systems and/or scrubbers installed simultaneously.  Additionally, the timing set forth in these tables may vary as drydock, ballast water treatment system installation and scrubber installation times are finalized.
(2)   Represents the number of vessels scheduled to commence drydock, ballast water treatment system, and/or scrubber installations during the period. It does not include vessels that commenced work in prior periods but will be completed in the subsequent period.
(3)   Represents total estimated off-hire days during the period, including vessels that commenced work in a previous period.

Debt

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. DollarsOutstanding Principal as of December 31, 2021Outstanding Principal as of March 31, 2022Outstanding Principal as of April 27, 2022
1Credit Agricole Credit Facility (1)$73,591$53,578$17,535
2Citibank / K-Sure Credit Facility (2) 78,401 37,881 18,736
3Hamburg Commercial Credit Facility 37,024 36,201 36,201
4Prudential Credit Facility 44,832 43,445 42,983
52019 DNB / GIEK Credit Facility 45,450 43,672 43,672
6BNPP Sinosure Credit Facility 86,314 89,761 84,402
72020 $225 Million Credit Facility (3) 145,636 103,818 103,818
82021 $21.0 Million Credit Facility 19,245 18,660 18,660
92021 $43.6 Million Credit Facility (4) 43,550 21,222 21,222
10Ocean Yield Lease Financing 127,263 124,460 123,525
11BCFL Lease Financing (LR2s) 79,321 76,560 75,630
12CSSC Lease Financing 135,843 132,202 130,988
13BCFL Lease Financing (MRs) 68,888 65,115 63,793
142018 CMBFL Lease Financing 111,986 108,734 108,734
15$116.0 Million Lease Financing 95,789 93,246 92,345
16AVIC Lease Financing (5) 106,405 86,316 86,316
17China Huarong Lease Financing 103,416 99,208 99,208
18$157.5 Million Lease Financing 109,657 106,121 106,121
19COSCO Lease Financing 61,050 59,125 59,125
202020 CMBFL Lease Financing 41,332 40,521 40,521
212020 TSFL Lease Financing 43,928 43,098 43,098
222020 SPDBFL Lease Financing 90,006 88,382 88,382
232021 AVIC Lease Financing 91,886 90,073 90,073
242021 CMBFL Lease Financing 74,565 72,935 72,530
252021 TSFL Lease Financing 54,377 53,282 53,282
262021 CSSC Lease Financing 53,893 52,577 52,139
272021 $146.3 Million Lease Financing 146,250 143,583 140,288
282021 Ocean Yield Lease Financing 69,783 68,341 67,860
29IFRS 16 - Leases - 3 MR 29,268 27,314 26,630
30$670.0 Million Lease Financing (6) 546,730 535,061 505,743
31Unsecured Senior Notes Due 2025 70,209 70,571 70,571
32Convertible Notes Due 2022 69,695 69,695 69,695
33Convertible Notes Due 2025 (7) 208,133 210,897 211,702
 Gross debt outstanding 3,163,716 2,965,655 2,865,528
 Cash and cash equivalents 230,415 242,684280,527
 Net debt$2,933,301$2,722,971$2,585,001

(1)   In March 2022, the Company closed on the sale of STI Excelsior and repaid $18.4 million on the Credit Agricole Credit Facility as a result of this sale. In April 2022, the Company repaid $36.0 million on the Credit Agricole Credit Facility related to STI Exceed and STI Expedite. The sales of both vessels have closed as of April 27, 2022.

(2)   In March 2022, the Company closed on the sales of STI Executive and STI Excellence and repaid $39.5 million on the Citibank / K-Sure Credit Facility as a result of these sales. In April 2022, the Company repaid $19.1 million on the Citibank / K-Sure Credit Facility related to STI Express, the sale of which is expected to close in the next few days.

(3)   In March 2022, the Company closed on the sales of STI Pride and STI Providence and repaid $38.7 million on the 2020 $225.0 Million Credit Facility as a result of these sales.

(4)   In March 2022, the Company closed on the sale of STI Prestige and repaid $21.2 million on the 2021 $43.6 Million Credit Facility as a result of this sale.

(5)   In February 2022, the Company exercised the option to repurchase STI Fontvieille and repaid $17.2 million on the AVIC Lease Financing in advance of the sale of the vessel, which closed shortly thereafter.

(6)   In April 2022, the Company exercised the option to repurchase STI Majestic and repaid $25.6 million on the $670.0 Million Lease Financing in advance of the sale of the vessel. The sale of this vessel has closed as of April 27, 2022.

(7)   The outstanding principal balance reflects the par value of the Convertible Notes Due 2025 of $200.0 million plus the accreted principal balance as of each date presented. The Convertible Notes Due 2025 are scheduled to accrete at an annualized rate of approximately 5.52% per annum, with the total balance due at maturity equal to 125.3% of par. The Convertible Notes Due 2025 also bear interest at a cash coupon rate of 3.0% per annum, which is calculated based upon the par value of the instrument.

Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of March 31, 2022, which includes principal amounts due under the Company's secured credit facilities, Convertible Notes due 2022, Convertible Notes due 2025, lease financing arrangements, Senior Notes due 2025, and lease liabilities under IFRS 16 (which also include actual scheduled payments made during the second quarter of 2022 through April 27, 2022):

  As of March 31, 2022 (1)
In millions of U.S. dollars TotalLess: scheduled repayments on vessels to be sold (2)Pro forma total - excluding scheduled repayments vessels to be soldMaturities of unsecured debtVessel financings - 2022 and 2023 maturities, excluding vessels to be soldVessel financings - scheduled repayments, in addition to maturities in 2024 and thereafter, excluding vessels to be sold
Q2 2022 - principal payments made through April 27, 2022 $100.9$80.8$20.1$$$20.1
Q2 2022 (3)  233.0 113.9 119.1 69.7  49.4
Q3 2022  84.3 20.0 64.3   64.3
Q4 2022 (4)  86.7  86.7  17.5 69.2
Q1 2023  63.8  63.8   63.8
Q2 2023  69.6  69.6   69.6
Q3 2023  63.8  63.8   63.8
Q4 2023  68.7  68.7   68.7
2024 and thereafter  2,194.9  2,194.9 281.5  1,913.4
  $2,965.7$214.7$2,751.0$351.2$17.5$2,382.3

(1)   Amounts represent the principal payments due on the Company’s outstanding indebtedness as of March 31, 2022 and do not incorporate the impact of any of the Company’s new financing initiatives which have not closed as of that date.

(2)   The repayments of debt set forth in this column represent the previously scheduled repayments due on vessels that have recently been agreed to be sold whose sales had not yet closed as of March 31, 2022. These credit facilities and lease financing arrangements are expected to be repaid in full prior to the closing of each vessel sale, which have occurred, or are expected to occur during the second and third quarters of 2022. The repayments include two LR1s under the Citibank / K-Sure Credit Facility, three LR1s under the Credit Agricole Credit Facility, one LR1 under the 2021 $43.6 Million Credit Facility, one MR under the $157.5 Million Lease Financing, one MR under the $670.0 Million Lease Financing and three LR2s under the 2020 $225.0 Million Credit Facility.

(3)   Repayments include the scheduled maturity of the outstanding face value of the Convertible Notes due 2022 of $69.7 million.

(4)   Repayments include the scheduled maturity of the outstanding debt related to one vessel under the 2021 $21.0 Million Credit Facility for $17.5 million.

Explanation of Variances on the First Quarter of 2022 Financial Results Compared to the First Quarter of 2021

For the three months ended March 31, 2022, the Company recorded a net loss of $84.4 million compared to a net loss of $62.4 million for the three months ended March 31, 2021. 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, 2022 and 2021:

   For the three months ended March 31,
In thousands of U.S. dollars  2022   2021 
 Vessel revenue $174,047  $134,165 
 Voyage expenses  (2,023)  (1,385)
 TCE revenue $172,024  $132,780 
  • TCE revenue for the three months ended March 31, 2022 increased by $39.2 million to $172.0 million, from $132.8 million for the three months ended March 31, 2021. Overall average TCE revenue per day increased to $15,415 per day during the three months ended March 31, 2022, from $11,166 per day during the three months ended March 31, 2021.
    • TCE revenue for the three months ended March 31, 2022 reflected an improving spot market for product tankers, particularly at the end of quarter, which was triggered by myriad factors including (i) the easing of COVID-19 restrictions around the globe which triggered increased personal mobility and the demand for refined petroleum products; (ii) strengthening refining margins which, combined with low global refined petroleum product inventories, increased demand for the seaborne transportation of refined petroleum products, and; (iii) the volatility brought on by the conflict in Ukraine, which has disrupted supply chains for crude oil and refined petroleum products, changing volumes and trade routes, and thus increased ton-mile demand for refined petroleum products.
    • TCE revenue for the three months ended March 31, 2021 reflected the adverse market conditions brought on by the COVID-19 pandemic. Demand for crude and refined petroleum products remained low during this period as inventories that built up during 2020 continued to be drawn, and most countries throughout the world continued to implement restrictive policies in an effort to control the spread of the virus.
  • Vessel operating costs for the three months ended March 31, 2022 increased by $1.5 million to $84.8 million, from $83.3 million for the three months ended March 31, 2021. Vessel operating costs per day increased to $7,290 per day for the three months ended March 31, 2022 from $6,891 per day for the three months ended March 31, 2021. Vessel operating costs per day increased across most vessel classes, driven by increased repairs and maintenance, and spares and stores expenses.
  • Depreciation expense – owned or sale leaseback vessels for the three months ended March 31, 2022 decreased by $4.7 million to $44.1 million, from $48.8 million for the three months ended March 31, 2021. This decrease is attributable to 17 of the Company's vessels being designated as held for sale during the three months ended March 31, 2022. These vessels were written down to their net realizable value upon being designated as held for sale, and depreciation expense ceased being recorded upon that designation. Therefore, depreciation expense for these vessels only reflected a partial period during the three months ended March 31, 2022, and the Company expects depreciation expense to decrease slightly in subsequent quarters to reflect the full impact of these vessel sales.
  • Depreciation expense - right of use assets for the three months ended March 31, 2022 decreased by $2.1 million to $9.7 million from $11.8 million for the three months ended March 31, 2021. Depreciation expense - right of use assets reflects the straight-line depreciation expense recorded under IFRS 16 - Leases. Right of use asset depreciation expense was impacted by the expiration of the bareboat charter-in agreements on four Handymax vessels at the end of the first quarter of 2021. The Company had four LR2s and 18 MRs that were accounted for under IFRS 16 - Leases during the three months ended March 31, 2022.
  • General and administrative expenses for the three months ended March 31, 2022, decreased by $1.1 million to $12.5 million, from $13.6 million for the three months ended March 31, 2021. This decrease was primarily due to a reduction in restricted stock amortization.
  • Financial expenses for the three months ended March 31, 2022 increased by $3.9 million to $38.0 million, from $34.1 million for the three months ended March 31, 2021. This increase was primarily attributable to the increase in the accretion of convertible notes, which increased to $4.1 million from $1.9 million for the three months ended March 31, 2022 and 2021, respectively. This increase was due to the issuance of the Convertible Notes due 2025 in March and June 2021.

Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)

  For the three months ended March 31,
In thousands of U.S. dollars except per share and share data 2022   2021 
Revenue   
 Vessel revenue$174,047  $134,165 
     
Operating expenses   
 Vessel operating costs (84,832)  (83,302)
 Voyage expenses (2,023)  (1,385)
 Depreciation - owned or sale leaseback vessels (44,108)  (48,784)
 Depreciation - right of use assets (9,720)  (11,841)
 General and administrative expenses (12,454)  (13,560)
 Loss on sale of vessels (67,738)   
 Total operating expenses (220,875)  (158,872)
Operating loss (46,828)  (24,707)
Other (expense) and income, net   
 Financial expenses (38,001)  (34,067)
 Loss on Convertible Notes exchange    (3,856)
 Financial income 188   225 
 Other income and (expense), net 193   11 
 Total other expense, net (37,620)  (37,687)
Net loss$(84,448) $(62,394)
     
Loss per share   
     
 Basic$(1.52) $(1.15)
 Diluted$(1.52) $(1.15)
 Basic weighted average shares outstanding 55,409,131   54,318,792 
 Diluted weighted average shares outstanding(1) 55,409,131   54,318,792 

(1)  The computation of diluted loss per share for the three months ended March 31, 2022 and 2021 excludes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 and Convertible Notes due 2025 because their effect would have been anti-dilutive.

Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)

 As of
In thousands of U.S. dollarsMarch 31, 2022 December 31, 2021
Assets   
Current assets   
Cash and cash equivalents$242,684  $230,415 
Accounts receivable 70,274   38,069 
Prepaid expenses and other current assets 11,110   7,954 
Inventories 15,373   8,781 
Restricted cash 2,006   4,008 
Assets held for sale 342,760    
Total current assets 684,207   289,227 
Non-current assets   
Vessels and drydock 3,217,112   3,842,071 
Right of use assets for vessels 718,933   764,025 
Other assets 93,190   108,963 
Goodwill 8,900   8,900 
Restricted cash 783   783 
Total non-current assets 4,038,918   4,724,742 
Total assets$4,723,125  $5,013,969 
Current liabilities   
Current portion of long-term debt$274,636  $235,278 
Lease liability - sale and leaseback vessels 189,293   178,062 
Lease liability - IFRS 16 78,067   54,515 
Accounts payable 16,689   35,080 
Accrued expenses 31,079   24,906 
Total current liabilities 589,764   527,841 
Non-current liabilities   
Long-term debt 508,507   666,409 
Lease liability - sale and leaseback vessels 1,390,073   1,461,929 
Lease liability - IFRS 16 483,644   520,862 
Total non-current liabilities 2,382,224   2,649,200 
Total liabilities 2,971,988   3,177,041 
Shareholders' equity   
Issued, authorized and fully paid-in share capital:   
Share capital 659   659 
Additional paid-in capital 2,854,455   2,855,798 
Treasury shares (480,172)  (480,172)
Accumulated deficit (623,805)  (539,357)
Total shareholders' equity 1,751,137   1,836,928 
Total liabilities and shareholders' equity$4,723,125  $5,013,969 

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 2022   2021 
Operating activities   
Net loss$(84,448) $
(62,394)
Depreciation - owned or finance leased vessels 44,108   48,784 
Depreciation - right of use assets 9,720   11,841 
Amortization of restricted stock 4,494   6,192 
Amortization of deferred financing fees 1,806   1,825 
Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities 1,586   1,275 
Accretion of convertible notes 4,128   1,922 
Loss on sales of vessels 67,738    
Accretion of fair value measurement on debt assumed in business combinations 889   847 
Loss on Convertible Notes transactions    3,856 
Share of income from dual fuel tanker joint venture (174)   
  49,847   14,148 
Changes in assets and liabilities:   
(Increase) / decrease in inventories (2,589)  1,157 
Increase in accounts receivable (27,137)  (12,069)
Increase in prepaid expenses and other current assets (3,156)  (600)
Increase in other assets (27  (147)
(Decrease) / increase in accounts payable (17,162)  2,428 
Increase / (decrease) in accrued expenses 5,758   (6,745)
  (44,313)  (15,976)
Net cash inflow / (outflow) from operating activities 5,534   (1,828)
Investing activities   
Net proceeds from sales of vessels 225,815    
Distributions from dual fuel tanker joint venture 240    
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, leased financed and bareboat-in vessels) (14,279)  (16,601)
Net cash inflow / (outflow) from investing activities 211,776   (16,601)
Financing activities   
Debt repayments (191,163)  (224,757)
Issuance of debt 3,806   273,421 
Debt issuance costs (184)  (3,643)
Principal repayments on lease liability - IFRS 16 (13,666)  (14,856)
Issuance of convertible notes    76,100 
Decrease in restricted cash 2,003    
Dividends paid (5,837)  (5,809)
Net cash (outflow) / inflow from financing activities (205,041)  100,456 
Increase in cash and cash equivalents 12,269   82,027 
Cash and cash equivalents at January 1, 230,415   187,511 
Cash and cash equivalents at March 31,$242,684  $269,538 

Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three months ended March 31, 2022 and 2021
(unaudited)

  For the three months ended March 31,
    2022  2021 
Adjusted EBITDA(1) (in thousands of U.S. dollars except Fleet Data) $ 79,425 $42,121 
     
Average Daily Results    
TCE per revenue day(2) $ 15,415 $11,166 
Vessel operating costs per day (3) $ 7,290 $6,891 
     
LR2    
TCE per revenue day (2) $ 14,475 $11,947 
Vessel operating costs per day (3) $ 7,228 $6,675 
Average number of vessels   42.0  42.0 
     
LR1    
TCE per revenue day (2) $ 12,320 $11,228 
Vessel operating costs per day (3) $ 7,170 $6,646 
Average number of vessels   10.7  12.0 
     
MR    
TCE per revenue day (2) $ 16,305 $11,281 
Vessel operating costs per day (3) $ 7,364 $6,974 
Average number of vessels   62.6  63.0 
     
Handymax    
TCE per revenue day (2) $ 15,949 $8,844 
Vessel operating costs per day (3) $ 7,231 $7,280 
Average number of vessels   14.0  17.3 
     
Fleet data    
Average number of vessels   129.3  134.3 
     
Drydock    
Drydock, scrubber, ballast water treatment system and other vessel related payments for owned, sale leaseback and bareboat chartered-in vessels (in thousands of U.S. dollars) $ 14,279 $16,601 

(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 the vessel is owned, sale leasebacked, or chartered-in less the number of days the vessel is 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 the owned, sale leasebacked or bareboat chartered-in vessels, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to owned, sale leasebacked, or bareboat chartered-in vessels, not time chartered-in vessels.

Fleet list as of April 27, 2022

 Vessel Name Year Built DWT Ice class Employment Vessel type Scrubber 
 Owned, sale leaseback and bareboat chartered-in vessels         
1STI Brixton 2014 38,734 1A SHTP (1) Handymax N/A 
2STI Comandante 2014 38,734 1A SHTP (1) Handymax N/A 
3STI Pimlico 2014 38,734 1A SHTP (1) Handymax N/A 
4STI Hackney 2014 38,734 1A SHTP (1) Handymax N/A 
5STI Acton 2014 38,734 1A SHTP (1) Handymax N/A 
6STI Fulham 2014 38,734 1A SHTP (1) Handymax N/A 
7STI Camden 2014 38,734 1A SHTP (1) Handymax N/A 
8STI Battersea 2014 38,734 1A SHTP (1) Handymax N/A 
9STI Wembley 2014 38,734 1A SHTP (1) Handymax N/A 
10STI Finchley 2014 38,734 1A SHTP (1) Handymax N/A 
11STI Clapham 2014 38,734 1A SHTP (1) Handymax N/A 
12STI Poplar 2014 38,734 1A SHTP (1) Handymax N/A 
13STI Hammersmith 2015 38,734 1A SHTP (1) Handymax N/A 
14STI Rotherhithe 2015 38,734 1A SHTP (1) Handymax N/A 
15STI Amber 2012 49,990  SMRP (2) MR Yes 
16STI Topaz 2012 49,990  SMRP (2) MR Yes 
17STI Ruby 2012 49,990  SMRP (2) MR Not Yet Installed 
18STI Garnet 2012 49,990  SMRP (2) MR Yes 
19STI Onyx 2012 49,990  SMRP (2) MR Yes 
20STI Ville 2013 49,990  SMRP (2) MR Not Yet Installed 
21STI Duchessa 2014 49,990  SMRP (2) MR Not Yet Installed 
22STI Opera 2014 49,990  SMRP (2) MR Not Yet Installed 
23STI Texas City 2014 49,990  SMRP (2) MR Yes 
24STI Meraux 2014 49,990  SMRP (2) MR Yes 
25STI San Antonio 2014 49,990  SMRP (2) MR Yes 
26STI Venere 2014 49,990  SMRP (2) MR Yes 
27STI Virtus 2014 49,990  SMRP (2) MR Yes 
28STI Aqua 2014 49,990  SMRP (2) MR Yes 
29STI Dama 2014 49,990  SMRP (2) MR Yes 
30STI Benicia 2014 49,990  SMRP (2) MR Yes (5) 
31STI Regina 2014 49,990  SMRP (2) MR Yes 
32STI St. Charles 2014 49,990  SMRP (2) MR Yes 
33STI Mayfair 2014 49,990  SMRP (2) MR Yes 
34STI Yorkville 2014 49,990  SMRP (2) MR Yes 
35STI Milwaukee 2014 49,990  SMRP (2) MR Yes 
36STI Battery 2014 49,990  SMRP (2) MR Yes 
37STI Soho 2014 49,990  SMRP (2) MR Yes 
38STI Memphis 2014 49,990  SMRP (2) MR Yes 
39STI Tribeca 2015 49,990  SMRP (2) MR Yes 
40STI Gramercy 2015 49,990  SMRP (2) MR Yes 
41STI Bronx 2015 49,990  SMRP (2) MR Yes 
42STI Pontiac 2015 49,990  SMRP (2) MR Yes 
43STI Manhattan 2015 49,990  SMRP (2) MR Yes 
44STI Queens 2015 49,990  SMRP (2) MR Yes 
45STI Osceola 2015 49,990  SMRP (2) MR Yes 
46STI Notting Hill 2015 49,687 1B SMRP (2) MR Yes 
47STI Seneca 2015 49,990  SMRP (2) MR Yes 
48STI Westminster 2015 49,687 1B SMRP (2) MR Yes 
49STI Brooklyn 2015 49,990  SMRP (2) MR Yes 
50STI Black Hawk 2015 49,990  SMRP (2) MR Yes 
51STI Galata 2017 49,990  SMRP (2) MR Yes 
52STI Bosphorus 2017 49,990  SMRP (2) MR Not Yet Installed 
53STI Leblon 2017 49,990  SMRP (2) MR Yes 
54STI La Boca 2017 49,990  SMRP (2) MR Yes 
55STI San Telmo 2017 49,990 1B SMRP (2) MR Not Yet Installed 
56STI Donald C Trauscht 2017 49,990 1B SMRP (2) MR Not Yet Installed 
57STI Esles II 2018 49,990 1B SMRP (2) MR Not Yet Installed 
58STI Jardins 2018 49,990 1B SMRP (2) MR Not Yet Installed 
59STI Magic 2019 50,000  SMRP (2) MR Yes 
60STI Mystery 2019 50,000  SMRP (2) MR Yes 
61STI Marvel 2019 50,000  SMRP (2) MR Yes 
62STI Magnetic 2019 50,000  SMRP (2) MR Yes 
63STI Millennia 2019 50,000  SMRP (2) MR Yes 
64STI Magister 2019 50,000  SMRP (2) MR Yes 
65STI Mythic 2019 50,000  SMRP (2) MR Yes 
66STI Marshall 2019 50,000  SMRP (2) MR Yes 
67STI Modest 2019 50,000  SMRP (2) MR Yes 
68STI Maverick 2019 50,000  SMRP (2) MR Yes 
69STI Miracle 2020 50,000  SMRP (2) MR Yes 
70STI Maestro 2020 50,000  SMRP (2) MR Yes 
71STI Mighty 2020 50,000  SMRP (2) MR Yes 
72STI Maximus 2020 50,000  SMRP (2) MR Yes 
73STI Excel 2015 74,000  SLR1P (3) LR1 Yes (5) 
74STI Experience 2016 74,000  SLR1P (3) LR1 Not Yet Installed (5) 
75STI Express 2016 74,000  SLR1P (3) LR1 Yes (5) 
76STI Precision 2016 74,000  SLR1P (3) LR1 Yes (5) 
77STI Elysees 2014 109,999  SLR2P (4) LR2 Yes 
78STI Madison 2014 109,999  SLR2P (4) LR2 Yes 
79STI Park 2014 109,999  SLR2P (4) LR2 Yes 
80STI Orchard 2014 109,999  SLR2P (4) LR2 Yes 
81STI Sloane 2014 109,999  SLR2P (4) LR2 Yes 
82STI Broadway 2014 109,999  SLR2P (4) LR2 Yes 
83STI Condotti 2014 109,999  SLR2P (4) LR2 Yes 
84STI Rose 2015 109,999  SLR2P (4) LR2 Yes 
85STI Veneto 2015 109,999  SLR2P (4) LR2 Yes 
86STI Alexis 2015 109,999  SLR2P (4) LR2 Yes 
87STI Winnie 2015 109,999  SLR2P (4) LR2 Yes 
88STI Oxford 2015 109,999  SLR2P (4) LR2 Yes 
89STI Lauren 2015 109,999  SLR2P (4) LR2 Yes 
90STI Connaught 2015 109,999  SLR2P (4) LR2 Yes 
91STI Spiga 2015 109,999  SLR2P (4) LR2 Yes 
92STI Savile Row 2015 109,999  SLR2P (4) LR2 Yes (5) 
93STI Kingsway 2015 109,999  SLR2P (4) LR2 Yes 
94STI Carnaby 2015 109,999  SLR2P (4) LR2 Yes (5) 
95STI Solidarity 2015 109,999  SLR2P (4) LR2 Yes 
96STI Lombard 2015 109,999  SLR2P (4) LR2 Yes 
97STI Grace 2016 109,999  SLR2P (4) LR2 Yes 
98STI Jermyn 2016 109,999  SLR2P (4) LR2 Yes 
99STI Sanctity 2016 109,999  SLR2P (4) LR2 Yes 
100STI Solace 2016 109,999  SLR2P (4) LR2 Yes 
101STI Stability 2016 109,999  SLR2P (4) LR2 Yes 
102STI Steadfast 2016 109,999  SLR2P (4) LR2 Yes 
103STI Supreme 2016 109,999  SLR2P (4) LR2 Not Yet Installed 
104STI Symphony 2016 109,999  SLR2P (4) LR2 Yes 
105STI Gallantry 2016 113,000  SLR2P (4) LR2 Yes 
106STI Goal 2016 113,000  SLR2P (4) LR2 Yes 
107STI Nautilus 2016 113,000  SLR2P (4) LR2 Yes (5) 
108STI Guard 2016 113,000  SLR2P (4) LR2 Yes 
109STI Guide 2016 113,000  SLR2P (4) LR2 Yes 
110STI Selatar 2017 109,999  SLR2P (4) LR2 Yes 
111STI Rambla 2017 109,999  SLR2P (4) LR2 Yes 
112STI Gauntlet 2017 113,000  SLR2P (4) LR2 Yes 
113STI Gladiator 2017 113,000  SLR2P (4) LR2 Yes 
114STI Gratitude 2017 113,000  SLR2P (4) LR2 Yes 
115STI Lobelia 2019 110,000  SLR2P (4) LR2 Yes 
116STI Lotus 2019 110,000  SLR2P (4) LR2 Yes 
117STI Lily 2019 110,000  SLR2P (4) LR2 Yes 
118STI Lavender 2019 110,000  SLR2P (4) LR2 Yes 
119STI Beryl 2013 49,990  SMRP (2) MR Not Yet Installed 
120STI Le Rocher 2013 49,990  SMRP (2) MR Not Yet Installed 
121STI Larvotto 2013 49,990  SMRP (2) MR Not Yet Installed 
               
 Total owned, sale leaseback and bareboat chartered-in fleet DWT   9,223,160         

(1)  This vessel operates in, or is expected to operate in, the Scorpio Handymax Tanker Pool, or SHTP. SHTP is a Scorpio Pool and is operated by Scorpio Commercial Management S.A.M. (SCM). SHTP and SCM are related parties to the Company.

(2)  This vessel operates in, or is expected to operate in, the Scorpio MR Pool, or SMRP. SMRP is a Scorpio Pool and is operated by SCM. SMRP and SCM are related parties to the Company.

(3)  This vessel operates in the Scorpio LR1 Pool, or SLR1P. SLR1P is a Scorpio Pool and is operated by SCM. SLR1P and SCM are related parties to the Company.

(4)  This vessel operates in, or is expected to operate in, the Scorpio LR2 Pool, or SLR2P. SLR2P is a Scorpio Pool and is operated by SCM. SLR2P and SCM are related parties to the Company.

(5)  The Company has entered into an agreement to sell this vessel, which is expected to close before the end of the third quarter of 2022.

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 2021 and 2022 were as follows:

Date paidDividends per common
share
March 2021$0.10
June 2021$0.10
September 2021$0.10
December 2021$0.10
March 2022$0.10

On April 27, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about June 15, 2022 to all shareholders of record as of May 20, 2022 (the record date). As of April 27, 2022, there were 59,401,013 common shares of the Company outstanding.

$250 Million Securities Repurchase Program

In September 2020, the Company's Board of Directors authorized a new Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its Senior Notes due 2025 (NYSE: SBBA), which were originally issued in May 2020, Convertible Notes due 2022, which were issued in May and July 2018, and Convertible Notes due 2025, which were issued in March and June 2021. No securities have been repurchased under the new program since its inception through the date of this press release.

COVID-19

Since the beginning of calendar year 2020, the outbreak of the COVID-19 virus has resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets, the effects of which continued throughout 2021. While the easing of restrictive measures that were put in place to combat the spread of the virus, and the successful roll-out of vaccines in certain countries served as a catalyst for an economic recovery in many countries throughout the world, the Company expects that the COVID-19 virus will continue to cause volatility in the commodities markets. In particular, the spread of more contagious and vaccine resistant variants, along with the continued implementation of restrictive measures by governments in certain parts of the world, have hampered a full re-opening of the global economy, thus preventing demand for refined petroleum products from reaching pre-pandemic levels. The scale and duration of these circumstances is unknowable but could continue to have a material impact on the Company's earnings, cash flow and financial condition. An estimate of the impact on the Company's results of operations, financial condition, and future performance cannot be made at this time.

Conflict in Ukraine

The recent 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 from Russia to the United States or the United Kingdom. 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 it is possible that the current conflict in Ukraine could adversely affect the Company's financial condition, results of operations, and future performance.

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, lease finances or bareboat charters-in 121 product tankers (42 LR2 tankers, four LR1 tankers, 61 MR tankers and 14 Handymax tankers) with an average age of 6.3 years. The Company has recently agreed to sell four LR1 tankers, three LR2 tankers and one MR tanker. These sales are expected to close before the end of the third quarter of 2022. Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of 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 2022 Financial Results Compared to the First Quarter of 2021". 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 Loss to Adjusted Net Loss

   For the three months ended March 31, 2022 
     Per share Per share 
In thousands of U.S. dollars except per share data Amount  basic  diluted  
 Net loss $(84,448) $(1.52) $(1.52) 
 Adjustments:       
 Loss on sales of vessels  67,738  $1.22  $1.22  
 Write-offs of deferred financing fees and debt extinguishment costs  1,855   0.03   0.03  
 Adjusted net loss $(14,855) $(0.27) $(0.27) 


   For the three months ended March 31, 2021 
     Per share Per share 
In thousands of U.S. dollars except per share data Amount basic diluted 
 Net loss $(62,394) $(1.15) $(1.15) 
 Adjustment:       
 Loss on Convertible Notes exchange  3,856   0.07   0.07  
 Write-off of deferred financing fees  1,275   0.02   0.02  
 Adjusted net loss $(57,263) $(1.05)(1)$(1.05)(1)

(1) Summation difference due to rounding.

Reconciliation of Net Loss to Adjusted EBITDA

   For the three months ended March 31,
In thousands of U.S. dollars  2022   2021 
 Net Loss $(84,448) $(62,394)
 Financial expenses  38,001   34,067 
 Financial income  (188)  (225)
 Depreciation - owned or finance leased vessels  44,108   48,784 
 Depreciation - right of use assets  9,720   11,841 
 Amortization of restricted stock  4,494   6,192 
 Loss on Convertible Notes exchange     3,856 
 Loss on sales of vessels  67,738    
 Adjusted EBITDA $79,425  $42,121 

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 for the management, length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its 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, 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.

Scorpio Tankers Inc.
212-542-1616


FAQ

What were Scorpio Tankers' Q1 2022 earnings results?

Scorpio Tankers reported a net loss of $84.4 million or $1.52 per share for Q1 2022.

How much is Scorpio Tankers' dividend per share?

The declared dividend is $0.10 per share, payable on June 15, 2022.

What was the total TCE revenue for Scorpio Tankers in Q1 2022?

The TCE revenue for Q1 2022 was $172 million, an increase compared to $132.8 million in Q1 2021.

How many vessels did Scorpio Tankers sell in Q1 2022?

Scorpio Tankers sold 17 vessels in Q1 2022, raising $91.6 million.

What is the future outlook for Scorpio Tankers after the recent vessel sales?

The company expects to close additional vessel sales that could raise further liquidity, enhancing its financial position.

Scorpio Tankers Inc.

NYSE:STNG

STNG Rankings

STNG Latest News

STNG Stock Data

2.41B
43.47M
13.87%
71.68%
6.53%
Oil & Gas Midstream
Energy
Link
United States of America
Monaco