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

MONACO, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months and year ended December 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 December 31, 2024 and 2023 For the three months ended December 31, 2024, the Company had net income of $68.6 million, or $1.48 basic and $1.43 diluted earnings per share. For the three months ended December 31, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $30.3 million, or $0.65 basic and $0.63 diluted earnings per share, which excludes from net income (i) a $52.6 million, or $1.13 per basic and $1.09 per diluted share, gain on sales of vessels, (ii) a $13.9 million, or $0.30 per basic and $0.29 per diluted share, fair value loss on financial assets measured at fair value, and (iii) a $0.5 million, or $0.01 per basic and diluted share, write-offs of deferred financing fees and debt extinguishment costs. For the three months ended December 31, 2023, the Company had net income of $120.9 million, or $2.43 basic and $2.34 diluted earnings per share. For the three months ended December 31, 2023, the Company had adjusted net income (see Non-IFRS Measures section below) of $142.2 million, or $2.85 basic and $2.75 diluted earnings per share, which excludes from net income (i) a $7.3 million, or $0.15 per basic and $0.14 per diluted share, write-off or acceleration of the amortization of deferred financing fees on certain lease financing obligations and related debt extinguishment costs, (ii) a $4.9 million, or $0.10 per basic and $0.09 per diluted share, gain on the sale of a vessel, (iii) an $8.4 million, or $0.17 per basic and $0.16 per diluted share, acceleration of the amortization of restricted stock awards which was triggered by the departure of the Company’s former CFO in October 2023, and (iv) a $10.5 million, or $0.21 per basic and $0.20 per diluted share, write-off of previously incurred costs related to the options to purchase scrubbers on 11 MR product tankers which expired unexercised. Results for the year ended December 31, 2024 and 2023 For the year ended December 31, 2024, the Company had net income of $668.8 million, or $13.78 basic and $13.15 diluted earnings per share. For the year ended December 31, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $512.9 million, or $10.57 basic and $10.08 diluted earnings per share, which excludes from net income (i) a $176.5 million, or $3.64 per basic and $3.47 per diluted share, gain on sales of vessels, (ii) a $2.8 million, or $0.06 per basic and diluted share, gain on sale of a vessel within a joint venture, (iii) a $15.0 million, or $0.31 per basic and $0.29 per diluted share, fair value loss on financial assets measured at fair value, and (iv) a $8.5 million, or $0.18 per basic and $0.17 diluted share, write-off or acceleration of the amortization of deferred financing fees related to unscheduled debt and lease payments and debt extinguishment costs on certain lease financing obligations. For the year ended December 31, 2023, the Company had net income of $546.9 million, or $10.44 basic and $10.03 diluted earnings per share. For the year ended December 31, 2023, the Company had adjusted net income (see Non-IFRS Measures section below) of $570.3 million, or $10.89 basic and $10.46 diluted earnings per share, which excludes from net income (i) a $16.5 million, or $0.32 per basic and $0.30 per diluted share, write-off or acceleration of the amortization of deferred financing fees on certain lease financing obligations and related debt extinguishment costs, (ii) a $12.0 million, or $0.23 per basic and $0.22 per diluted share, gain on the sale of vessels, (iii) an $8.4 million, or $0.16 per basic and $0.15 per diluted share, acceleration of the amortization of restricted stock awards which was triggered by the departure of the Company’s former CFO in October 2023, and (iv) a $10.5 million, or $0.20 per basic and $0.19 per diluted share, write-off of costs related to the options to purchase scrubbers on 11 MR product tankers which expired unexercised. Declaration of Dividend On February 12, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date of March 21, 2025 to all shareholders of record as of March 7, 2025 (the record date). As of February 11, 2025, there were 49,920,042 common shares of the Company outstanding. Summary of Fourth 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 first quarter of 2025 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 RevenueExpected Revenue Days (1)% of Days Average Daily TCE RevenueExpected Revenue Days (1)% of DaysLR2$29,0002,33060% $30,750880100%MR$22,0003,60057% $22,500530100%Handymax$15,6001,20051% N/AN/AN/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 fourth quarter of 2024: Average Daily TCE RevenueVessel classPool / SpotTime ChartersLR2$25,594$30,803MR$19,351$22,943Handymax$15,487N/A In January 2025, the Company successfully placed $200.0 million of new senior unsecured bonds in the Nordic bond market (the “Unsecured Senior Notes Due 2030”). The Unsecured Senior Notes Due 2030 are due to mature in January 2030 and bear interest at a fixed coupon rate of 7.50% per annum, payable semi-annually in arrears. The net proceeds from the bond issue are expected to be used to redeem the Company’s existing Unsecured Senior Notes Due 2025 and for general corporate purposes.In January 2025, the Company gave notice of redemption for the Unsecured Senior Notes Due 2025. The Company expects to redeem the Unsecured Senior Notes Due 2025, which were scheduled to mature on June 30, 2025, in March 2025.In January 2025, the Company invested an additional $42.4 million to increase its ownership of common shares of DHT Holdings Inc. (“DHT”), a publicly traded crude tanker shipping company which owns a fleet of 27 Very Large Crude Carriers. The Company owns approximately 7% of the outstanding common shares of DHT as of the date of this press release. This investment reflects the Company's constructive outlook in this sector.In February 2025, the Company executed a revolving credit facility of up to $500.0 million with a group of financial institutions (the "2025 $500.0 Million Revolving Credit Facility"). The 2025 $500.0 Million Revolving Credit Facility is a 100% revolving loan, which has a final maturity of seven years from the signing date and gives the Company the flexibility to draw down or repay the loan during the loan tenor. The 2025 $500.0 Million Revolving Credit Facility bears interest at SOFR plus a margin of 1.85% per annum for any drawn amounts and a commitment fee of 0.74% per annum applies for any undrawn amounts. The 2025 $500.0 Million Revolving Credit Facility is collateralized by 26 product tankers and will amortize/reduce in quarterly installments (starting after the second anniversary of the signing date), with a balloon payment due at maturity.During the fourth quarter of 2024, the Company closed on the sale of two 2014-built, scrubber-fitted, MR product tankers, STI San Antonio and STI Texas City, for $42.5 million per vessel, and one 2019-built, scrubber-fitted, LR2 product tanker, STI Lily, for $73.5 million. The Company did not make any debt repayments for the sales of STI San Antonio and STI Texas City as (i) STI San Antonio was replaced by STI Memphis as collateral on the 2023 $225.0 Million Credit Facility and (ii) STI Texas City was released from the collateral package on the 2023 $117.4 Million Credit Facility given the sufficient headroom under the leverage covenant with the six remaining collateralized vessels under the facility. The Company repaid $22.9 million on the 2023 $1.0 Billion Credit Facility prior to the closing of the sale of STI Lily.In September 2024, the Company entered into a three-year time charter-out agreement for the 2018-built MR product tanker, STI Jardins, for $29,550 per day. This vessel is not scrubber-fitted and the time charter commenced in October 2024. Securities Repurchase Program From October 1, 2024 through February 12, 2025, the Company repurchased 658,125 of its common shares in the open market at an average price of $59.33 per share under the 2023 Securities Repurchase Program. Since April 1, 2024, the Company has repurchased an aggregate of 4,656,189 of its common shares in the open market at an average price of $72.11 per share. There is $173.5 million available under the 2023 Securities Repurchase Program as of February 12, 2025. 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 and year ended December 31, 2024, the Company’s basic weighted average number of shares outstanding were 46,335,812 and 48,544,137, respectively. For the three months and year ended December 31, 2024, the Company’s diluted weighted average number of shares outstanding were 48,020,815 and 50,874,322, respectively, which included the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan. Conference Call Title: Scorpio Tankers Inc. Fourth Quarter 2024 Conference Call Date: Thursday, February 13, 2025 Time: 9:00 AM Eastern Standard Time and 3:00 PM Central European 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/n6697oy4 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 February 11, 2025, the Company had $530.5 million in unrestricted cash and cash equivalents and $788.2 million of undrawn revolver capacity, which includes $288.2 million of availability under the revolving portion of the 2023 $1.0 Billion Credit Facility and $500.0 million of availability under the 2025 $500.0 Million Revolving Credit Facility. Debt The following table sets forth the unscheduled debt repayments that the Company recently completed. FacilityRepayment datePrincipal balance repaid (in millions)Vessels 2023 $1.0 Billion Credit FacilityOct-24$22.9 STI LilyTotal unscheduled repayments - Q4 2024$22.9 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 September 30, 2024Outstanding Principal as of December 31, 2024Outstanding Principal as of February 11, 202512023 $225.0 Million Credit Facility (1) 174,150 165,675 157,20022023 $49.1 Million Credit Facility 42,164 41,010 41,01032023 $117.4 Million Credit Facility 96,134 91,883 91,88342023 $1.0 Billion Credit Facility (2) 374,128 351,213 351,21352023 $94.0 Million Credit Facility 85,658 83,242 81,9186Ocean Yield Lease Financing 23,095 22,309 22,04172021 Ocean Yield Lease Financing 53,691 52,216 51,7198Unsecured Senior Notes Due 2025 (3) 70,571 70,571 70,5719Unsecured Senior Notes Due 2030 (4) — — 200,000102025 $500.0 Million Revolving Credit Facility (5) — — — Gross debt outstanding 919,591 878,119 1,067,555 Cash and cash equivalents 201,001 332,580 530,497 Net debt$718,590$545,539$537,058 (1) In July 2024, the Company amended its 2023 $225.0 Million Credit Facility to convert this credit facility from a term loan to a revolving credit facility. The amendment gives the Company the flexibility to make unscheduled repayments on this facility that can be re-drawn in the future. The outstanding amount and/or availability of the revolving credit facility continues to amortize quarterly under the same schedule as the original term loan. As of February 11, 2025, there have been no prepayments and there is no drawdown availability on this facility. (2) In October 2024, the Company prepaid $22.9 million on the 2023 $1.0 Billion Credit Facility related to STI Lily, which was sold in the fourth quarter of 2024. This debt repayment did not impact the undrawn amount of $288.2 million that is currently available under the revolving portion of this facility. (3) In January 2025, the Company gave notice of redemption for the Unsecured Senior Notes Due 2025. The Company expects to redeem the Unsecured Senior Notes Due 2025, which were scheduled to mature on June 30, 2025, in March 2025. (4) In January 2025, the Company successfully placed $200.0 million of new senior unsecured bonds in the Nordic bond market (the “Unsecured Senior Notes Due 2030”). The Unsecured Senior Notes Due 2030 are due to mature in January 2030 and bear interest at a fixed coupon rate of 7.50% per annum, payable semi-annually in arrears. The net proceeds from the bond issue are expected to be used to redeem the Company’s existing Unsecured Senior Notes Due 2025 and for general corporate purposes. The Unsecured Senior Notes Due 2030 contain certain financial covenants, including (i) a minimum consolidated tangible net worth of not less than $1.0 billion, (ii) minimum liquidity of no less than the greater of (a) $25.0 million and (b) $500,000 per each owned vessel and $250,000 per each time chartered-in vessel, and (iii) the ratio of net debt to total capitalization of no greater than 0.70 to 1.00. Additionally, the Company must maintain minimum liquidity (which includes undrawn amounts under revolving credit facilities with a remaining maturity date in excess of 12 months) of $100.0 million after making any distributions in the form of dividends or stock repurchases. (5) In February 2025, the Company executed the 2025 $500.0 Million Revolving Credit Facility. There is $500.0 million available to be drawn on this facility as of the date of this press release. The 2025 $500.0 Million Revolving Credit Facility is a 100% revolving loan, which has a final maturity of seven years from the signing date and gives the Company the flexibility to draw down or repay the loan during the loan tenor. The 2025 $500.0 Million Revolving Credit Facility bears interest at SOFR plus a margin of 1.85% per annum for any drawn amounts and a commitment fee of 0.74% per annum applies for any undrawn amounts. The 2025 $500.0 Million Revolving Credit Facility is collateralized by 26 product tankers and will amortize/reduce in quarterly installments (starting after the second anniversary of the signing date) with a balloon payment due at maturity. The remaining terms and conditions, including financial covenants, are similar to those set forth in the Company’s existing credit facilities. Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness, which includes principal amounts due under the Company's secured credit facilities, lease financing arrangements, Unsecured Senior Notes Due 2025 and Unsecured Senior Notes Due 2030 (which also include actual scheduled payments made from January 1, 2025 through February 11, 2025): Outstanding Debt at December 31, 2024 In millions of U.S. dollars Repayments/maturities of unsecured debtVessel financings - scheduled repayments, in addition to maturities in 2027 and thereafterTotal (1)Repayments of new borrowings after December 31, 2024 (3)Pro Forma, including new borrowingJanuary 1, 2025 to February 11, 2025 $—$10.6$10.6$—$10.6Remaining Q1 2025 (2) 70.6 7.9 78.5 — 78.5Q2 2025 — 14.6 14.6 — 14.6Q3 2025 — 14.6 14.6 — 14.6Q4 2025 — 14.7 14.7 — 14.7Q1 2026 — 14.6 14.6 — 14.6Q2 2026 — 14.6 14.6 — 14.6Q3 2026 — 34.0 34.0 — 34.0Q4 2026 — 34.0 34.0 — 34.02027 and thereafter — 647.9 647.9 200.0 847.9 $70.6$807.5$878.1$200.0$1,078.1 (1) Amounts represent the principal payments due on the Company’s outstanding indebtedness as of December 31, 2024. (2) In January 2025, the Company gave notice of redemption for the Unsecured Senior Notes Due 2025. The Company expects to redeem the Unsecured Senior Notes Due 2025, which were scheduled to mature on June 30, 2025, in March 2025. (3) In January 2025, the Company successfully placed the Unsecured Senior Notes Due 2030 in the amount of $200.0 million. The Unsecured Senior Notes Due 2030 are scheduled to mature in January 2030. Drydock Update Set forth below is a table summarizing the drydock activity that occurred during the fourth 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 2025 and 2026: Number of (3) Aggregate costs in millions of USD (1)Aggregate off-hire days (2)LR2sMRsHandymaxQ4 2024 - actual$39.0470395Q1 2025 - estimated 34.5240621Q2 2025 - estimated 12.1140250Q3 2025 - estimated 9.2100230Q4 2025 - estimated 2.320100FY 2026 - estimated 27.82401200 (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 Fourth Quarter of 2024 Financial Results Compared to the Fourth Quarter of 2023 For the three months ended December 31, 2024, the Company recorded net income of $68.6 million compared to net income of $120.9 million for the three months ended December 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 December 31, 2024, and 2023: For the three months ended December 31,In thousands of U.S. dollars 2024 2023 Vessel revenue$203,969 $336,313 Voyage expenses (11,824) (2,245)TCE revenue$192,145 $334,068 TCE revenue for the three months ended December 31, 2024 decreased by $141.9 million to $192.1 million, from $334.1 million for the three months ended December 31, 2023. Overall, the average daily TCE revenue decreased to $21,978 per vessel during the three months ended December 31, 2024, from $32,949 per vessel during the three months ended December 31, 2023. The average number of vessels was 100.9 during the three months ended December 31, 2024 as compared to 111.5 during the three months ended December 31, 2023. TCE revenue for the three months ended December 31, 2024 declined as compared to the same period in the previous year. This was mainly attributable to elevated refinery maintenance in the Middle East, lower global refining margins, and declines in imports into Europe, all of which resulted in a decline in seaborne volumes for refined petroleum products as compared to the same period in the prior year. While the cannibalization of refined petroleum product cargoes by larger crude tankers eased in the fourth quarter, elevated refinery maintenance reduced trading activity and volumes for LR2s as capacity went offline, leading to a lower rate environment for this vessel class. Moreover, the strength in MR rates out of the U.S. Gulf and Asia during the fourth quarter was offset by weakness in Europe due to declines in imports of refined products, which kept overall rates suppressed. Additionally, the decrease in TCE revenue was also attributable to a decrease in the average number of vessels in the Company's fleet during each period. The Company closed on the sales of 11 MRs and one LR2 product tanker throughout 2024.TCE revenue for the three months ended December 31, 2023 reflected a normalized seasonal pattern whereby demand increased as the northern hemisphere entered into the winter months. This increase was partially offset by elevated refinery maintenance in the U.S., Middle East and Asia which led to a slight reduction in seaborne volumes. Demand for the Company’s vessels was robust in the fourth quarter of 2023, driven by growing underlying consumption for refined petroleum products set against the backdrop of a modest newbuilding orderbook. Vessel operating costs for the three months ended December 31, 2024 decreased by $3.1 million to $80.8 million, from $83.9 million for the three months ended December 31, 2023. The decrease in vessel operating costs was primarily driven by a decrease in the average number of vessels due to the sales of 11 MRs and one LR2 product tanker throughout 2024. This decrease was partially offset by an increase in average daily vessel operating costs to $8,708 per vessel for the three months ended December 31, 2024 from $8,181 per vessel for the three months ended December 31, 2023. This increase was primarily due to higher costs for repairs and maintenance, spare parts and compounded by the disruption in trading patterns that has impacted the costs of sourcing and transporting spare parts. In the three months ended December 31, 2024 and 2023, crewing expenses included $1.8 million and $2.0 million, respectively, allocated to a provident fund dedicated to the Company’s seafarers.Depreciation expense – owned or sale leaseback vessels for the three months ended December 31, 2024 decreased by $3.3 million to $45.2 million, from $48.6 million for the three months ended December 31, 2023. Depreciation - right of use assets also decreased by $2.1 million over the same period. This combined decrease was primarily attributable to the decrease in the average number of owned vessels to 100.9 during the three months ended December 31, 2024 compared to 111.5 during the three months ended December 31, 2023, resulting from the sales of 11 MRs and one LR2 product tanker throughout 2024.General and administrative expenses for the three months ended December 31, 2024 decreased by $8.3 million to $23.9 million, from $32.1 million for the three months ended December 31, 2023. The three months ended December 31, 2023 reflects a one-time non-cash charge of $8.4 million for the acceleration of restricted stock amortization which was triggered by the departure of the Company’s former CFO in October 2023. Additionally, non-cash restricted stock amortization increased during the three months ended December 31, 2024 as compared to the same period in the prior year resulting primarily from grants made in the second quarter of 2024. This increase was offset by an aggregate decrease in compensation related costs.Financial expenses for the three months ended December 31, 2024 decreased by $27.9 million to $18.3 million, from $46.3 million for the three months ended December 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 deleveraging efforts over the past twelve months. The Company's average indebtedness decreased to $0.9 billion during the three months ended December 31, 2024, as compared to $1.7 billion during the three months ended December 31, 2023. Additionally: The Company recorded $0.5 million of debt extinguishment costs and write-offs of deferred financing fees during the three months ended December 31, 2024, as compared to $7.3 million during the three months ended December 31, 2023.The amortization of deferred financing fees was $1.5 million during the three months ended December 31, 2024, as compared to $2.8 million during the three months ended December 31, 2023. Dividend income and fair value loss on financial assets measured at fair value through profit or loss, net includes $1.8 million of dividends received from the Company's investment in DHT offset by an unrealized loss of $13.9 million in the value of this investment as of December 31, 2024. Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Statements of Income(unaudited) For the three months ended December 31, For the year ended December 31,In thousands of U.S. dollars except per share and share data 2024 2023 2024 2023 Revenue Vessel revenue$203,969 $336,313 $1,243,951 $1,341,222 Operating expenses Vessel operating costs (80,812) (83,937) (319,147) (315,582)Voyage expenses (11,824) (2,245) (30,371) (13,243)Depreciation - owned or sale leaseback vessels (45,220) (48,555) (185,319) (178,259)Depreciation - right of use assets — (2,105) — (24,244)General and administrative expenses (23,860) (32,128) (121,048) (106,255)Write-off of deposits on scrubbers — (10,508) — (10,508)Gain on sales of vessels 52,576 4,892 176,537 12,019 Total operating expenses (109,140) (174,586) (479,348) (636,072)Operating income 94,829 161,727 764,603 705,150 Other (expenses) and income, net Financial expenses (18,335) (46,281) (109,539) (183,231)Financial income 2,970 4,497 15,947 19,112 Share of income from dual fuel tanker joint venture 1,112 1,010 7,664 5,949 Dividend income and fair value loss on financial assets measured at fair value through profit or loss, net (12,133) — (11,176) — Other income and (expenses), net 114 (63) 1,275 (82)Total other expense, net (26,272) (40,837) (95,829) (158,252)Net income$68,557 $120,890 $668,774 $546,898 Earnings per share Basic$1.48 $2.43 $13.78 $10.44 Diluted$1.43 $2.34 $13.15 $10.03 Basic weighted average shares outstanding 46,335,812 49,799,818 48,544,137 52,369,269 Diluted weighted average shares outstanding (1) 48,020,815 51,637,739 50,874,322 54,527,747 (1) The computation of diluted earnings per share for the three months and year ended December 31, 2024 and 2023, includes the effect of potentially dilutive unvested shares of restricted stock. Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Balance Sheets(unaudited) As ofIn thousands of U.S. dollarsDecember 31, 2024 December 31, 2023Assets Current assets Cash and cash equivalents$332,580 $355,551 Financial assets measured at fair value through profit or loss 74,157 — Accounts receivable 150,183 203,500 Prepaid expenses and other current assets 9,230 10,213 Inventories 10,173 7,816 Total current assets 576,323 577,080 Non-current assets Vessels and drydock 3,190,820 3,577,935 Other assets 58,312 65,440 Goodwill 8,197 8,197 Total non-current assets 3,257,329 3,651,572 Total assets$3,833,652 $4,228,652 Current liabilities Current portion of long-term debt$122,797 $220,965 Lease liability - sale and leaseback vessels 8,592 206,757 Accounts payable 32,213 10,004 Accrued expenses and other liabilities 73,591 72,678 Total current liabilities 237,193 510,404 Non-current liabilities Long-term debt 665,887 939,188 Lease liability - sale and leaseback vessels 64,691 221,380 Other long-term liabilities — 3,974 Total non-current liabilities 730,578 1,164,542 Total liabilities 967,771 1,674,946 Shareholders' equity Issued, authorized and fully paid-in share capital: Share capital 760 745 Additional paid-in capital 3,159,548 3,097,054 Treasury shares (1,466,818) (1,131,225)Retained earnings 1,172,391 587,132 Total shareholders' equity 2,865,881 2,553,706 Total liabilities and shareholders' equity$3,833,652 $4,228,652 Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows (unaudited) For the year ended December 31,In thousands of U.S. dollars 2024 2023 Operating activities Net income$668,774 $546,898 Depreciation - owned or sale leaseback vessels 185,319 178,259 Depreciation - right of use assets — 24,244 Equity settled share based compensation expense 62,509 47,340 Amortization of deferred financing fees 9,236 7,292 Non-cash debt extinguishment costs 3,460 8,320 Net gain on sales of vessels (176,537) (12,019)Write-off of deposits on scrubbers — 10,508 Accretion of fair value measurement on debt assumed in business combinations 82 1,128 Fair value loss on financial assets measured at fair value through profit or loss 14,980 — Share of income and gain on sale of vessel from dual fuel tanker joint venture (7,664) (5,950)Dividend from DHT Holdings, Inc. (3,803) — 756,356 806,020 Changes in assets and liabilities: (Increase) / decrease in inventories (2,035) 7,804 Decrease in accounts receivable 57,045 73,201 Decrease in prepaid expenses and other current assets 983 7,944 Decrease in other assets 1,600 2,884 Increase / (decrease) in accounts payable 15,722 (16,748)Decrease in accrued expenses (4,491) (15,613) 68,824 59,472 Net cash inflow from operating activities 825,180 865,492 Investing activities Net proceeds from sales of vessels 479,778 64,878 Distributions from dual fuel tanker joint venture 8,851 1,822 Investment in dual fuel tanker joint venture (1,937) — Investment in DHT Holdings, Inc. (89,137) — Dividend from DHT Holdings, Inc. 3,803 — Drydock, scrubber, ballast water treatment system and other vessel related payments (owned and leased financed vessels) (93,367) (23,089)Net cash inflow from investing activities 307,991 43,611 Financing activities Debt repayments (835,680) (1,224,529)Issuance of debt 99,000 1,386,482 Debt issuance costs (354) (29,691)Principal repayments on lease liability - IFRS 16 — (516,127)Decrease in restricted cash — 783 Dividends paid (83,515) (57,660)Repurchase of common stock (335,593) (489,680)Net cash outflow from financing activities (1,156,142) (930,422)Decrease in cash and cash equivalents (22,971) (21,319)Cash and cash equivalents at January 1, 355,551 376,870 Cash and cash equivalents at December 31,$332,580 $355,551 Scorpio Tankers Inc. and SubsidiariesOther operating data for the three months and year ended December 31, 2024 and 2023 (unaudited) For the three months ended December 31, For the year ended December 31, 2024 2023 2024 2023 Adjusted EBITDA(1) (in thousands of U.S. dollars except Fleet Data)$105,146 $237,452 $842,012 $959,349 Average Daily Results Fleet TCE per revenue day (2)$21,978 $32,949 $32,573 $32,711 Vessel operating costs per day (3)$8,708 $8,181 $8,204 $7,692 Average number of vessels 100.9 111.5 106.3 112.4 LR2 TCE per revenue day (2)$27,006 $36,546 $40,406 $37,268 Vessel operating costs per day (3)$9,314 $8,498 $8,971 $8,051 Average number of vessels 38.4 39.0 38.8 39.0 MR TCE per revenue day (2)$19,753 $31,195 $28,980 $30,461 Vessel operating costs per day (3)$8,308 $8,027 $7,794 $7,523 Average number of vessels 48.5 58.5 53.4 59.4 Handymax TCE per revenue day (2)$15,487 $30,427 $24,146 $29,578 Vessel operating costs per day (3)$8,444 $7,951 $7,645 $7,423 Average number of vessels 14.0 14.0 14.0 14.0 Capital Expenditures Drydock, scrubber, ballast water treatment system and other vessel related payments (in thousands of U.S. dollars)$39,043 $5,988 $93,367 $23,089 (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 February 12, 2025 Vessel Name Year Built DWT Ice class Employment Vessel type Scrubber Owned and sale leaseback vessels 1STI Brixton 2014 38,734 1A SHTP (1) Handymax N/A2STI Comandante 2014 38,734 1A SHTP (1) Handymax N/A3STI Pimlico 2014 38,734 1A SHTP (1) Handymax N/A4STI Hackney 2014 38,734 1A SHTP (1) Handymax N/A5STI Acton 2014 38,734 1A SHTP (1) Handymax N/A6STI Fulham 2014 38,734 1A SHTP (1) Handymax N/A7STI Camden 2014 38,734 1A SHTP (1) Handymax N/A8STI Battersea 2014 38,734 1A SHTP (1) Handymax N/A9STI Wembley 2014 38,734 1A SHTP (1) Handymax N/A10STI Finchley 2014 38,734 1A SHTP (1) Handymax N/A11STI Clapham 2014 38,734 1A SHTP (1) Handymax N/A12STI Poplar 2014 38,734 1A SHTP (1) Handymax N/A13STI Hammersmith 2015 38,734 1A SHTP (1) Handymax N/A14STI Rotherhithe 2015 38,734 1A SHTP (1) Handymax N/A15STI Duchessa 2014 49,990 — Time Charter (5) MR No16STI Opera 2014 49,990 — SMRP (2) MR No17STI Meraux 2014 49,990 — SMRP (2) MR Yes18STI Venere 2014 49,990 — SMRP (2) MR Yes19STI Virtus 2014 49,990 — SMRP (2) MR Yes20STI Aqua 2014 49,990 — SMRP (2) MR Yes21STI Dama 2014 49,990 — SMRP (2) MR Yes22STI Regina 2014 49,990 — SMRP (2) MR Yes23STI St. Charles 2014 49,990 — SMRP (2) MR Yes24STI Mayfair 2014 49,990 — SMRP (2) MR Yes25STI Yorkville 2014 49,990 — SMRP (2) MR Yes26STI Milwaukee 2014 49,990 — SMRP (2) MR Yes27STI Battery 2014 49,990 — SMRP (2) MR Yes28STI Soho 2014 49,990 — SMRP (2) MR Yes29STI Memphis 2014 49,990 — Time Charter (6) MR Yes30STI Gramercy 2015 49,990 — SMRP (2) MR Yes31STI Bronx 2015 49,990 — SMRP (2) MR Yes32STI Pontiac 2015 49,990 — SMRP (2) MR Yes33STI Queens 2015 49,990 — SMRP (2) MR Yes34STI Osceola 2015 49,990 — SMRP (2) MR Yes35STI Notting Hill 2015 49,687 1B SMRP (2) MR Yes36STI Seneca 2015 49,990 — SMRP (2) MR Yes37STI Westminster 2015 49,687 1B SMRP (2) MR Yes38STI Brooklyn 2015 49,990 — SMRP (2) MR Yes39STI Black Hawk 2015 49,990 — SMRP (2) MR Yes40STI Galata 2017 49,990 — SMRP (2) MR Yes41STI Bosphorus 2017 49,990 — SMRP (2) MR No42STI Leblon 2017 49,990 — SMRP (2) MR Yes43STI La Boca 2017 49,990 — SMRP (2) MR Yes44STI San Telmo 2017 49,990 1B SMRP (2) MR No45STI Donald C Trauscht 2017 49,990 1B SMRP (2) MR No46STI Esles II 2018 49,990 1B SMRP (2) MR No47STI Jardins 2018 49,990 1B Time Charter (7) MR No48STI Magic 2019 50,000 — SMRP (2) MR Yes49STI Mystery 2019 50,000 — SMRP (2) MR Yes50STI Marvel 2019 50,000 — SMRP (2) MR Yes51STI Magnetic 2019 50,000 — Time Charter (8) MR Yes52STI Millennia 2019 50,000 — SMRP (2) MR Yes53STI Magister 2019 50,000 — SMRP (2) MR Yes54STI Mythic 2019 50,000 — SMRP (2) MR Yes55STI Marshall 2019 50,000 — Time Charter (9) MR Yes56STI Modest 2019 50,000 — SMRP (2) MR Yes57STI Maverick 2019 50,000 — SMRP (2) MR Yes58STI Miracle 2020 50,000 — Time Charter (10) MR Yes59STI Maestro 2020 50,000 — SMRP (2) MR Yes60STI Mighty 2020 50,000 — SMRP (2) MR Yes61STI Maximus 2020 50,000 — SMRP (2) MR Yes62STI Elysees 2014 109,999 — SLR2P (3) LR2 Yes63STI Madison 2014 109,999 — SLR2P (3) LR2 Yes64STI Park 2014 109,999 — SLR2P (3) LR2 Yes65STI Orchard 2014 109,999 — SLR2P (3) LR2 Yes66STI Sloane 2014 109,999 — SLR2P (3) LR2 Yes67STI Broadway 2014 109,999 — SLR2P (3) LR2 Yes68STI Condotti 2014 109,999 — SLR2P (3) LR2 Yes69STI Rose 2015 109,999 — SLR2P (3) LR2 Yes70STI Veneto 2015 109,999 — SLR2P (3) LR2 Yes71STI Alexis 2015 109,999 — MPL (4) LR2 Yes72STI Winnie 2015 109,999 — SLR2P (3) LR2 Yes73STI Oxford 2015 109,999 — SLR2P (3) LR2 Yes74STI Lauren 2015 109,999 — SLR2P (3) LR2 Yes75STI Connaught 2015 109,999 — Time Charter (11) LR2 Yes76STI Spiga 2015 109,999 — MPL (4) LR2 Yes77STI Kingsway 2015 109,999 — SLR2P (3) LR2 Yes78STI Solidarity 2015 109,999 — SLR2P (3) LR2 Yes79STI Lombard 2015 109,999 — Time Charter (12) LR2 Yes80STI Grace 2016 109,999 — Time Charter (13) LR2 Yes81STI Jermyn 2016 109,999 — Time Charter (14) LR2 Yes82STI Sanctity 2016 109,999 — SLR2P (3) LR2 Yes83STI Solace 2016 109,999 — SLR2P (3) LR2 Yes84STI Stability 2016 109,999 — SLR2P (3) LR2 Yes85STI Steadfast 2016 109,999 — SLR2P (3) LR2 Yes86STI Supreme 2016 109,999 — SLR2P (3) LR2 Yes87STI Symphony 2016 109,999 — SLR2P (3) LR2 Yes88STI Gallantry 2016 113,000 — SLR2P (3) LR2 Yes89STI Goal 2016 113,000 — SLR2P (3) LR2 Yes90STI Guard 2016 113,000 — Time Charter (15) LR2 Yes91STI Guide 2016 113,000 — Time Charter (16) LR2 Yes92STI Selatar 2017 109,999 — SLR2P (3) LR2 Yes93STI Rambla 2017 109,999 — SLR2P (3) LR2 Yes94STI Gauntlet 2017 113,000 — Time Charter (17) LR2 Yes95STI Gladiator 2017 113,000 — Time Charter (16) LR2 Yes96STI Gratitude 2017 113,000 — Time Charter (18) LR2 Yes97STI Lobelia 2019 110,000 — SLR2P (3) LR2 Yes98STI Lotus 2019 110,000 — SLR2P (3) LR2 Yes99STI Lavender 2019 110,000 — Time Charter (19) LR2 Yes Total Fleet DWT 7,092,312 (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) This vessel commenced a time charter in October 2024 for three years at a rate of $29,550 per day.(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.(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 paidDividend per commonshareMarch 2023$0.20June 2023$0.25September 2023$0.25December 2023$0.35March 2024$0.40June 2024$0.40September 2024$0.40December 2024$0.40 On February 12, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date of March 21, 2025 to all shareholders of record as of March 7, 2025 (the record date). As of February 11, 2025, there were 49,920,042 common shares of the Company outstanding. 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 99 product tankers (38 LR2 tankers, 47 MR tankers and 14 Handymax tankers) with an average age of 8.9 years. 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 Fourth Quarter of 2024 Financial Results Compared to the Fourth 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 December 31, 2024 Per share Per shareIn thousands of U.S. dollars except per share dataAmount basic diluted Net income$68,557 $1.48 $1.43 Adjustments: Write-offs of deferred financing fees and debt extinguishment costs 452 0.01 0.01 Gain on sales of vessels (52,576) (1.13) (1.09)Fair value loss on financial assets measured at fair value through profit or loss 13,889 0.30 0.29 Adjusted net income$30,322 $0.65(1) $0.63(1) (1) Summation difference due to rounding For the three months ended December 31, 2023 Per share Per shareIn thousands of U.S. dollars except per share dataAmount basic dilutedNet income$120,890 $2.43 $2.34 Adjustments: Write-off of deferred financing fees and debt extinguishment costs 7,272 $0.15 $0.14 Gain on sales of vessels (4,892) (0.10) (0.09)Acceleration of amortization of restricted stock 8,374 0.17 0.16 Write-off of deposits on scrubbers 10,508 0.21 0.20 Adjusted net income$142,152 $2.85(1) $2.75 (1) Summation difference due to rounding For the year ended December 31, 2024 Per share Per shareIn thousands of U.S. dollars except per share dataAmount basic dilutedNet income$668,774 $13.78 $13.15 Adjustments: Write-offs of deferred financing fees and debt extinguishment costs 8,524 0.18 0.17 Gain on sales of vessels (176,537) (3.64) (3.47)Gain on sale of vessel within joint venture (2,821) (0.06) (0.06)Fair value loss on financial assets measured at fair value through profit or loss 14,980 0.31 0.29 Adjusted net income$512,920 $10.57 $10.08 For the year ended December 31, 2023 Per share Per shareIn thousands of U.S. dollars except per share dataAmount basic dilutedNet income$546,898 $10.44 $10.03 Adjustments: Write-off of deferred financing fees and unamortized discounts on credit facilities 16,525 0.32 0.30 Gain on sales of vessels (12,019) $(0.23) $(0.22)Acceleration of amortization of restricted stock 8,374 $0.16 $0.15 Write-off of deposits on scrubbers 10,508 $0.20 $0.19 Adjusted net income$570,286 $10.89 $10.46(1) (1) Summation difference due to rounding Reconciliation of Net Income to Adjusted EBITDA For the three months ended December 31, For the year ended December 31,In thousands of U.S. dollars 2024 2023 2024 2023 Net Income$68,557 $120,890 $668,774 $546,898 Financial expenses 18,335 46,281 109,539 183,231 Financial income (2,970) (4,497) (15,947) (19,112)Depreciation - owned or lease financed vessels 45,220 48,555 185,319 178,259 Depreciation - right of use assets — 2,105 — 24,244 Equity settled share based compensation expense 16,447 18,502 62,509 47,340 Gain on sales of vessels (52,576) (4,892) (176,537) (12,019)Gain on sale of vessel within joint venture — — (2,821) — Dividend income and fair value loss on financial assets measured at fair value through profit or loss, net 12,133 — 11,176 — Write-off of deposits on scrubbers — 10,508 — 10,508 Adjusted EBITDA$105,146 $237,452 $842,012 $959,349 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 RelationsTel: +1 203-900-0559Email: investor.relations@scorpiotankers.com

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

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