Slides
Page 1
July 30, 2025 Scorpio Tankers Inc. Second Quarter 2025 Earnings Presentation
Page 2
2 This presentation includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Pr ivate Securities Litigation Reform Act of 1995. These forward -looking statements reflect Scorpio Tankers Inc.’s (“Scorpio’s”) current views with respect to future events and financial performance. The words “believe,” “ant icipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” and similar expressions identify forward-looking statements. The forward-looking statements in this presentation 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 Scorpio’s records and other da ta available from third parties. Although Scorpio believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficul t or impossible to predict and are beyond Scorpio’s control, Scorpio cannot assure you that it will achieve or accomplish these expectations, beliefs, projections or future financial performance. Risks and uncertainties include, but are not limited to, the failure of counterparties to fully perform their contracts with Scorpio, the strength of world economies and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the tanker vessel markets, changes in Scorpio’s op erating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of our vessels, the market for Scorpio's vessels, availability of financing and refinancing, charter counterparty performance, abili ty to obtain financing and comply with covenants in such financing arrangements, changes in governmental and environmental rules and regulations or actions taken by regulatory authorities including those that may limi t the commercial useful lives of tankers, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events , and other important factors described from time to time in the reports Scorpio files with, or furnishes to, the Securities and Exchange Commission, or the Commission, and the New York Stock Exchange, or NYSE. Scorpio undertakes n o obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of Scorpio's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. This presentation describes time charter equivalent revenue, or TCE revenue, adjusted net income, and adjusted EBITDA, which are not a measures prepared in accordance with IFRS (i.e. a "Non -IFRS" measure). These measures are presented here because we believe that they provides investors 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 a substitute for, or superior to financial measures prepared in accordance with IFRS. The Company believes that the presentation of TCE revenue, adjusted net income, and adjusted EBITDA is useful to investors be cause they facilitate the comparability and the evaluation of companies in the Company’s industry. In addition, the Company believes that TCE revenue is useful in evaluating its operating performance compared to th at of other companies in the Company’s industry. The Company’s definition of TCE revenue may not be the same as reported by other companies in the shipping industry or other industries. See the Company’s recently issu ed earnings press release under the section entitled “Non -IFRS Measures” for a reconciliation of these amounts. Unless otherwise indicated, information contained in this presentation concerning Scorpio’s industry and the market in which it operates, including its general expectations about its industry, market position, market opportunity and market size, is based on data from various sources including internal data and estimates as well as third par ty sources widely available to the public such as independent industry publications, government publications, reports by market research firms or other published independent sources. Internal data and estimates are based upon this information as well as information obtained from trade and business organizations and other contacts in the markets in which Scorpio operates and management’s understanding of industry conditions. This informati on, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed above. You are cautioned not to give undue weight to such information, data and estimates. While Scorpio believes the market and industry information included in this presentation to be generally reliable, it has not independently verified any third -party information or verified that more recent information is not available. Disclaimer and Forward-looking Statements
Page 3
Q2 2025 Call Agenda 1. Q2 2025 Highlights 2. Product Tanker Market 3. Financial Highlights 4. Conclusion 5. Q&A
Page 4
4 Q2 2025 Highlights
Page 5
5 $31,000 $22,000 $19,000 LR2 MR HM 47% 45% 33% % of Days Booked Financial Results • Adjusted EBITDA of $144.5 million (1) • Adjusted net income of $67.8 million or $1.47 basic and $1.41 diluted earnings per share (1) Notice to Repurchase Remaining Sale Leaseback Vessels • In June and July 2025, the Company submitted notice to exercise the purchase options on three vessels that are currently financed through sale and leaseback arrangements. • Two of the vessels are scheduled to be purchased in December 2025. The third vessel is scheduled to be purchased in February 2026. • These purchases are expected to result in an aggregate debt reduction of $65.7 million. After repayment, the Company will have zero vessels under sale and leaseback arrangements. Bareboat Charter Agreement • In July 2025, the Company reached an agreement to enter into a bareboat charter-out agreement for the MR product tanker, STI Bosphorus, at a bareboat rate of $13,150 per day (which is equivalent to a time charter equivalent rate of approximately $21,000 per day). • The vessel will participate in the U.S. Government’s Tanker Security Program (TSP). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, and is subject to annual renewal. Investment in DHT • During the second quarter of 2025, the Company sold 2,745,218 common shares of DHT Holdings Inc. (“DHT”) at an average price of $12.07 per share. • The Company owns 8,832,480 common shares, or approximately 5.5% of the outstanding common shares, of DHT as of July 30, 2025. Carbon Capture Pilot Study • The Company recently fitted one of its LR2 product tankers, STI Spiga, with a new type of onboard carbon capture technology as part of its previously announced agreement with Carbon Ridge Inc. • This installation is part of a pilot study of this technology to capture and store CO2 emissions using low-cost, modular equipment that can be retrofitted onboard existing vessels. Quarterly Dividend • The Company announced a quarterly dividend of $0.40 per share to be paid in August 2025. Financial Highlights 1) Please see the explanation of Non-IFRS Measures in the Company’s earnings release $USD per day Quarterly TCE Rates (Includes Vessels on Time Charter) $USD per day Q3-25 Spot & Pool TCE Rates as of July 28, 2025 $32,674 $20,681 $22,595 $25,569 LR2 MR HM Fleet Q2-25
Page 6
6 Product Tanker Market
Page 7
7 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 MR Eco Avg Earnings LR2 Eco Middle East to Japan 100 110 120 130 140 150 160 170 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5Y Range Previous 5Y AVG 2025 Short Term Market Update Million barrels 1) Clarksons Shipping Intelligence, July 2025 2) Energy Aspects, July 2025 3) Vortexa, July 2025 4) EIA, July 2025 Monthly MR & LR2 Spot Rates (1) $USD per day US Distillate Inventories (4) $0 $2 $4 $6 $8 $10 $12 $14 Global Refining Margins (2) $USD per barrel 0.4 0.5 0.4 0.5 0.5 0.4 1.1 1.9 2.3 2.4 2.1 2.2 2.1 2.3 2.4 2.6 1.6 1.6 1.9 1.9 1.5 1.9 1.5 1.3 1.2 3.0 2.7 2.9 2.5 2.6 2.2 1.3 0.8 0.8 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.9 0.7 0.7 0.9 1.1 0.9 1.1 0.9 3.3 3.2 3.3 3.1 3.1 2.7 2.3 2.7 3.0 3.1 2.8 2.9 2.7 2.9 3.0 3.3 2.2 2.4 2.6 2.6 2.5 2.9 2.5 2.4 2.2 0.0 1.0 2.0 3.0 4.0 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Via COGH Via Bab-el-Mandeb Refined Product Volumes Via Cape of Good Hope & Bab-el-Mandeb (3) Million barrels per day
Page 8
8 17.8 19.6 19.9 20.5 20.7 21.1 16.0 17.0 18.0 19.0 20.0 21.0 22.0 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25e Q4-25e Diesel Gasoline Jet Naphtha Fuel Oil Refined Product Demand & Seaborne Exports Remains Strong Change in Global Refined Product Demand (1) Million barrels per day, Base 2023 1) Energy Aspects, July 2025 2) Vortexa, July 2025 Seaborne Refined Product Exports (2) Million barrels per day
Page 9
9 4.7 4.8 5.0 5.0 5.2 5.5 5.3 5.5 5.5 5.8 5.3 5.5 5.5 5.4 5.5 5.6 5.5 4.8 4.8 4.5 4.3 4.3 4.1 4.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Unwinding of OPEC Capacity Constructive for Tanker Earnings OPEC+ Spare Capacity (1) Million barrels per day 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 -$60,000 -$40,000 -$20,000 $0 $20,000 $40,000 $60,000 VLCC+Suezmax Carrying Clean Volume(RHS) VLCC-LR2 Earnings Spread Suezmax-LR2 Earnings Spread Million barrels per day 1) Energy Aspects, July 2025 2) Clarksons Shipping Intelligence, July 2025 3) Vortexa, July 2025 Dirty-Clean Tanker Earnings Spread & Crude Vessels Carrying CPP (2)(3) $USD per day
Page 10
10 5% 4% 5% 6% 27% 8% 53% 11% 27% 24% 20% 29% 41% 65% 23% 54% 0% 20% 40% 60% 80% 100% HM MR LR2 Aframax <=15 16 - 17 18 - 19 20 & 20+ New EU Sanctions Package Expected to Tighten Market The 18th EU Sanctions Package Against Russia (1) • On July 18, 2025, the EU agreed on its 18th package of sanctions against Russia over its war in Ukraine • The sanctions package: • Lowers the oil price cap to 15% below its average market price (over a 90-day transition period) • Prohibits imports of products processed from Russian crude (after a six-month transition period) • Adds 101 additional shadow fleet tankers to the sanction list • Imposes sanctions on Indian refiner Nayara’s 400 kb/d refinery EU & UK Exclusively Sanctioned Tanker Fleet Age Distribution (1) Number of Vessels, Sanctioned fleet as % of the corresponding active fleet 1) OFAC, OFSI, European Commission, Voretxa, Clarksons Shipping Intelligence, July 2025 2) Vortexa, July 2025 Sanctioned Vessels by Selected Classes (1) % of Sanctioned Vessel by Age Russian Crude & Product Exports (2) 6.8 6.5 7.3 7.1 6.7 6.6 6.2 5.8 6.2 6.5 5.8 6.6 7.0 6.6 6.8 6.5 6.4 6.4 6.1 5.7 6.0 6.1 6.1 5.8 6.4 6.5 6.5 6.4 6.4 6.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Crude Clean Products 22 51 40 95 18 65 30 130 40, 9.1% 116, 6.1% 70, 14.1% 225, 31.9% 0 50 100 150 200 250 300 HM MR LR2 Aframax EU & UK exclusively sanctioned fleet Non - EU & UK exclusively sanctioned fleet
Page 11
11 80 85 90 95 100 105 110 115 120 125 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Ton Mile Demand (Excl. Russia) Ton Mile Demand (Incl. Russia) 0.74 0.59 0.42 0.18 0.13 -0.94 -1.06 -1.29 0.53 1.77 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Refinery Closures Drives Ton-Mile Demand Net Refining Additions from 2020-2025 (1) Million barrels per day 1) Energy Aspects, July 2025 2) Vortexa, July 2025 Ton Mile Demand Since 2019 (2) Index = 100, Base January 2019
Page 12
12 51% 35% 37% 39% 41% 43% 45% 47% 49% 51% 53% 55% % Trading Dirty 58 105 113 183 180 179 431 188 111 28 64 62 106 255 95 153 22 116 82 77 69 75 71 241 285 23 0 100 200 300 400 500 600 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MR LR1 LR2 HM, 1.9% MR, 37.3% LR1, 12.7% LR2, 48.0% HM MR LR1 LR2 Newbuilding Orders Have Slowed & 51% of LR2 Fleet is Trading Crude Oil Product Tanker Orderbook as % of the Fleet (1) % of Fleet 0% 10% 20% 30% 40% 50% 60% 70% Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Product Tanker Orderbook By Vessel Class (1) % of total orderbook Vessels Ageing Out of the Fleet Newbuild Ordering Has Slowed (1) % of LR2 Fleet Trading in Crude Oil & Dirty Products (2) Number of vessels % trading dirty 1) Clarksons Shipping Intelligence, July 2025 2) Oil Brokerage, July 2025
Page 13
13 121.9 111.3 105.4 87.4 86.8 82.8 71.7 55.2 35.0 5.6 6.8 9.7 8.4 8.2 6.2 8.8 28.3 31.9 127.5 118.1 115.1 95.8 95.0 89.1 80.5 83.5 66.9 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 2016 (12) 2017 (13) 2018 (14) 2019 (15) 2020 (16) 2021 (17) 2022 (18) 2023 (19) 2024 (20) Non-Russia Russia 2004 Built Product Tanker CPP Ton Mile by Year & Age (1) Billion ton miles Year (Age of Vessel in Year) Post Russian Sanctions 1) Vortexa, July 2025 2) Clarksons Shipping Intelligence, July 2025 Lower Effective Fleet Growth Due to Decreased Utilization of Ageing Vessels Vessels At or Above 20 Years Old (2) Number of vessels 4.0% 4.7% 6.4% 9.3% 13.8% 17.6% 20.6% 24.6% 30.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 0 200 400 600 800 1000 1200 1400 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e HM MR LR1 LR2 20+ % of active fleet (RHS)
Page 14
14 Product Tanker Fleet Growth & Ton Mile Demand Clarksons Shipping Intelligence, July 2025 1) Supply slippage on scheduled newbuilding deliveries of 0% for 2025 and 20% for 2026-2027. Scenario 1 scrapping assumptions: 2025-2027 (25-year average of 1.9% of the fleet per year or average 3.7million dwt per year). Scenario 2 assumes scenario 1 assumptions and 60% of LR2 newbuilds trade in clean petroleum products. Scenario 3 assumes 60% of LR2 newbuilds trade in clean petroleum products, and a 30% tonnage reduction for all vessel at age 20, plus an additional 10% per year from age 21 to 27 due to the lower utilization. Ton Mile Demand Has Grown at a 3.4% CAGR Since 2000Product Tanker Fleet Growth (1) Fleet growth Billion ton miles 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 3.1% 4.0% 4.7% 2.0% 2.8% 3.5% 0.4% 0.6% 0.4% 2025e 2026e 2027e Scenario 1 Scenario 2 Scenario 3
Page 15
15 Financial Highlights
Page 16
16 $222.8 $144.5 $130.8 $73.5 $67.8 $64.6 $20.4 $0 $50 $100 $150 $200 $250 TCE Revenue Adj. EBITDA Operating Cash Flow Net Income Adj. Net Income Debt Repayments Dividends Financial Highlights & Strong Liquidity Position Q2-25 Financial Highlights (1) $USD millions 1) Please see the explanation of Non-IFRS Measures in the Company’s earnings release 2) Operating cash flow before changes in working capital 3) Excludes investment in DHT Cash & Liquidity (3) $USD millions $473 $473 $288 $288 $500 $500 $46 $46 $1,306 $0 $300 $600 $900 $1,200 $1,500 Cash & Cash Equivalents as of July 28, 2025 $1 Billion Credit Facility – Revolver Availability Feb 2025 Revolving Credit Facility 2023 $225.0 Million Revolving Credit Facility Total Cash & Liquidity Cash & Cash Equivalents as of July 28, 2025 $1 Billion Credit Facility – Revolver Availability Feb 2025 Revolving Credit Facility 2023 $225.0 Million Revolving Credit Facility (2)
Page 17
17 $3,164 $1,958 $1,618 $878 $989 $924 $911 -$230 -$377 -$356 -$333 -$420 -$471 -$473 $2,933 $1,581 $1,263 $546 $569 $453 $438 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Jul 28, 2025 Gross Debt Outstanding Cash & Cash Equivalents Optimizing Balance Sheet through Lower Leverage & Cost of Debt Net Debt $USD millions 1) Excludes investment in DHT. Outstanding Indebtedness by Type $USD millions $2,242 $1,657 $433 $75 $72 $70 $69 $574 $230 $1,115 $733 $717 $654 $642 $70 $71 $71 $71 $200 $200 $200 $3,164 $1,958 $1,618 $878 $989 $924 $911 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Jul 28, 2025 Lease Financing Bank Facilities Unsecured Notes Convertible Bonds From Dec 31, 2021 through June 30, 2025, Reduced Overall Indebtedness by ~$2.2 billion (net of new drawdowns) including ~$2.2 billion of Lease Financing
Page 18
18 $13.4 $9.3 $9.7 $8.1 $7.8 $26.8 $26.7 $46.8 $18.9 $22.7 $56.5 $27.0 $7.8 $26.8 $26.7 $0.0 $40.0 $80.0 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Payments made through July 28, 2025 Scheduled repayments Unscheduled Prepayments 4 8 7 17 17 10 8 5 0 0 2 4 6 8 10 12 14 16 18 20 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 LR2 MR HM Debt Repayment Schedule Debt Repayment & Drydock Schedule $USD millions Completed & Estimated Drydock Schedule Number of vessels 1) The $13.4 million in payments made through July 28, 2025 includes the $12.65 million mandatory repayment on the 2023 $1 Billion Credit Facility that was triggered by the bareboat charter for STI Bosphorus in order for it to participate in the U.S. Government’s Tanker Security Program. (1)
Page 19
19 $271 $632 $994 $1,355 $1,716 $5.3/Share $12.4/Share $19.5/Share $26.6/Share $33.6/Share $20,000 $30,000 $40,000 $50,000 $60,000 Potential Annual Cash Flow Generation After Scheduled Debt Amortization (1)Company Fleet TCE Rates Significant Operating Leverage & Earnings Potential *) Q3-25 pool/spot and time/bareboat charter-out vessel earnings booked through July 28, 2025, and subject to change. 1) Annual cash flow generation is calculated as TCE Rate x 365 days x 99 vessels less vessel cash breakeven. Estimated cash breakeven of $12,500 per day. The cash flow per share is based upon 51.0 million shares outstanding as of July 29, 2025. Includes $52.4m in scheduled secured debt repayments from Q4-25 to Q3-26 which is in the Company’s Q2-25 earnings release. $USD millions$USD per day $15,415 $36,006 $44,222 $45,679 $37,500 $32,154 $28,313 $32,949 $39,660$38,813 $28,488 $21,978 $23,971 $25,569$25,106 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25*
Page 20
20 Conclusion
Page 21
21 Company • One of the largest product tanker fleets in the world • 99 Eco (fuel-efficient) vessels on the water • Fully delivered fleet with an average age of 9.4 years • No newbuildings on order = $0 newbuild capex • Significant Operating Leverage • A $10,000/day increase in average daily freight rates could generate ~$361 million of incremental annualized cash flow Industry & Outlook • Significant increase in product tanker rates since Q1-22 • Robust product demand and low inventories has led to record levels of seaborne exports • Refinery closures and additions continue to reshape global trade flows and increase ton miles • Modest fleet growth with aging fleet Strategy • Reduce leverage, maintain liquidity and return capital to shareholders • Strong Balance Sheet • Reduced overall indebtedness by ~$2.2 billion from Dec 31, 2021, through June 30, 2025 • Share Repurchases & Dividends • From January 1, 2023 through June 30, 2025 the Company repurchased $826 million of its shares and paid $182 million in dividends New Slide Investment Highlights
Page 22
22 Chartered Out Vessels For additional terms and conditions of these time charters, including optional periods, please see the fleet list published in the Company’s Q2-25 earnings release 1) This vessel entered into a bareboat charter-out agreement at bareboat rate of $13,150 per day (which is equivalent to a time charter-equivalent rate of approximately $21,000 per day). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, and is subject to annual renewal. 2) This time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. Vessel Vessel Class Term Average Rate ($/day) Commencement date STI Battersea HM Two Years $24,000 April-25 STI Bosphorus (1) MR Twelve Years $21,000 August-25 STI Memphis (2) MR Three Years / 75-120 Days $21,000 / $21,500 June-22 / August-25 STI Miracle (2) MR Three Years / 75-120 Days $21,000 / $21,500 August-22 / August-25 STI Magnetic (2) MR Three Years / 75-120 Days $23,000 / $21,500 July-22 / August-25 STI Duchessa MR Three Years $25,000 October-22 STI Jardins MR Three Years $29,550 October-24 STI Gratitude LR2 One Year $31,000 May-25 STI Gladiator LR2 One Year $31,000 July-25 STI Guide LR2 One Year $31,000 July-25 STI Guard LR2 Five Years $28,000 July-22 STI Connaught LR2 Three Years $30,000 August-22 STI Lombard LR2 Three Years $32,750 September-22 STI Gauntlet LR2 Three Years $32,750 November-22 STI Lavender LR2 Three Years $35,000 December-22 STI Grace LR2 Three Years $37,500 December-22 STI Jermyn LR2 Three Years $40,000 April-23
Page 23
23 Q&A
Page 24
www.scorpiotankers.com