Slides
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February 12, 2026 Scorpio Tankers Inc. Fourth Quarter 2025 Earnings Presentation
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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
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Q4 2025 Call Agenda 1. Q4 2025 Highlights 2. Product Tanker Market 3. Financial Highlights 4. Conclusion 5. Q&A
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4 Q4 2025 Highlights
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5 $33,894 $24,462 $23,963 $46,000 $27,500 $25,500 LR2 MR HM Q4-25 Q1-26 as of February 12, 2026 70% 63% 50% % of Days Booked Financial Results • Adjusted EBITDA of $151.6 million (1) • Adjusted net income of $80.0 million or $1.70 basic and $1.62 diluted earnings per share (1) Increase in the Quarterly Dividend • The Company increased its quarterly dividend to$0.45 per share, a year over year increase of 12.5%, which will be paid in March 2026. Prepaid Scheduled Loan Amortization through 2027 • During the fourth quarter of 2025, the Company made $154.6 million of unscheduled prepayments on certain credit facilities, fully covering all scheduled principal amortization due under its current credit facilities from January 1, 2026 through December 31, 2027. Time Charter-Out Agreements • In December 2025, the Company entered into time charter-out agreements on two LR2 product tankers, STI Alexis and STI Rose, each for a term of five years at a rate of $29,000 per day. Vessel Sales • From September 2025 through February 12, 2026, the Company entered into agreements to sell ten product tankers. • Five MR product tankers with an average build year of ~2015 and five LR2 product tankers with an average build year of ~2017. Vessel Purchases • From November 2025 through February 12, 2026, the Company entered into agreements to purchase 10 newbuilding vessels. • Four scrubber-fitted MR product tankers, four scrubber-fitted LR2 product tankers and two Very Large Crude Carriers (VLCC’s) with delivery dates ranging from 2026 through 2029. Exited DHT Investment • During the fourth quarter of 2025, the Company sold 4,054,480 common shares of DHT Holdings Inc. (“DHT”) at an average price of $13.31 per share. As a result of these sales, the Company no longer has an ownership position in DHT. Q4 2025 Highlights (2) Quarterly TCE Rates $USD per day $USD per share Sustainable & Increasing Dividend $0.45 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 Q1-20 Q3-20 Q1-21 Q3-21 Q1-22 Q3-22 Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25 Maintained dividend through COVID-19 1) Please see the explanation of Non-IFRS Measures in the Company’s earnings release 2) Includes Vessels on Time Charter
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6 Product Tanker Market
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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 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 LR2 Eco-Middle East to Japan MR Eco-Avg Earnings 79 80 81 82 83 84 85 86 87 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2026 2025 2024 Short Term Market Update 1) Clarksons Shipping Intelligence, February 2026 2) Energy Aspects, February 2026 Weekly MR & LR2 Spot Rates (1) $USD per day Global Refinery Runs (2) Million barrels per day
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8 28.7 26.7 28.0 29.3 29.4 29.3 29.5 29.5 26.3 23.4 25.7 26.1 26.9 27.2 27.5 27.8 8.0 4.8 5.4 6.3 7.4 7.8 8.0 8.2 8.2 8.0 8.5 8.3 8.8 9.1 9.1 9.3 71.4 62.8 67.6 70.0 72.4 73.4 74.1 74.8 0.0 30.0 60.0 90.0 2019 2020 2021 2022 2023 2024 2025 2026e Diesel Gasoline Jet Naphtha Demand for Refined Products & Seaborne Exports are Increasing Global Refined Product Demand (1) Million barrels per day 1) Energy Aspects, February 2026 2) Vortexa, February 2026 Seaborne Refined Product Exports (2) Million barrels per day 18.8 19.3 21.0 21.2 21.1 22.1 16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26
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9 Changes in Refining Capacity are Increasing Ton Mile Demand 1) Energy Aspects, February 2026 2) Vortexa, February 2026 Net Refining Additions from 2020-2025 (1) Million barrels per day 1.04 0.64 0.75 0.18 0.10 -0.96 -1.10 -1.32 1.41 2.09 0.0 1.0 2.0 3.0 4.0 5.0 6.0 80 85 90 95 100 105 110 115 120 125 130 Ton Mile Demand (Excl. Russia) Ton Mile Demand (Incl. Russia) Ton Mile Demand Since 2019 (2) Index = 100, Base January 2019
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10 0.8 0.8 1.0 1.1 0.8 1.0 0.8 0.9 0.9 1.1 1.1 1.3 1.4 0.3 0.3 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.3 1.1 1.0 1.2 1.2 0.9 1.0 0.8 1.0 1.0 1.3 1.3 1.4 1.7 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 USG -Europe Venezuela-USG 11 23 34 46 57 69 0 10 20 30 40 50 60 70 80 500 kb/d 1 mb/d 1.5 mb/d 2 mb/d 2.5 mb/d 3 mb/d 0.5 0.6 0.7 0.6 0.7 0.7 0.6 0.6 0.6 0.7 0.7 0.8 0.8 1.0 0.8 0.7 0.8 0.6 0.5 1.0 1.0 0.8 0.9 0.6 0.6 0.0 0.2 0.4 0.6 0.8 1.0 1.2 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 Jan-26 China India Malaysia United States ROW Venezuela to Tighten Atlantic Basin Aframax/LR2 Market Further 1) Vortexa, February 2026 Venezuela Crude Exports to US Venezuela Crude to Rest of World by Ship Type (1) Million barrels per day Number of vessels Incremental Aframax/LR2 Demand if Venezuelan Exports go to U.S. Million barrels per day Aframax/LR2 Flows From US to Europe Have Almost Doubled (1)
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11 0% 10% 20% 30% 40% 50% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 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 2026 2027 2028 Aframax LR2 % of Fleet LR2's 3.6 3.2 3.8 3.5 3.4 3.5 3.8 3.7 3.7 3.5 3.4 3.7 3.3 12.7 13.1 13.2 13.2 13.5 13.8 13.3 13.2 13.9 14.1 13.9 13.8 13.5 16.3 16.3 16.9 16.7 17.0 17.3 17.1 16.9 17.7 17.6 17.3 17.5 16.8 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Refined Products Crude Oil 54% 40% 45% 50% 55% 60% Jan-23 Jun-23 Nov-23 Apr-24 Sep-24 Feb-25 Jul-25 Dec-25 Strong Crude Market and Limited Aframaxes Driving LR2 Vessel Switching % of LR2 Fleet Trading in Crude Oil & Dirty Products (2) % of fleet Number of vessels Almost Half of the Aframax/LR2 Fleet will be LR2’s by 2028 (1) Crude Tanker Earnings Have Soared (1) $USD per day Million barrels per day 80% of Global Aframax/LR2 Volumes Are Crude Oil (3) $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 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 Jan-26 Feb-26 VLCC Suezmax Aframax 1) Clarksons Shipping Intelligence, February 2026 2) Oil Brokerage, February 2026 3) Vortexa, February 2026 % of fleet
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12 0.1 0.1 0.2 0.2 0.2 0.2 0.6 1.3 2.0 2.2 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.4 0.6 0.7 0.1 0.2 0.2 0.3 0.3 0.2 0.7 1.7 2.6 2.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Crude Products 0% 10% 20% 30% 40% 50% 60% 70% 80% 0.0 0.3 0.6 0.9 1.2 1.5 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 Oct-25 Jan-26 Africa Middle East South America Turkey % of Total Russian Exports (RHS) Sanctions Are Limiting Market Access for Russian Crude & Products Vortexa, February 2026 Russian Crude on Water Continues to Build Million barrels Million barrels per day Russian Seaborne Exports on Vessels 19 Years & Older Million barrels per day Russian Product Exports Find New Markets, Farther Away % of exports 0 20 40 60 80 100 120 140 160 180 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26
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13 17.1% 17.6% 25.7% 13.0% 9.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% VLCC Suez/LR3 Afra/LR2 Pana/LR1 MR/Handy 18.7% 4.3% 5.2% 6.8% 9.5% 14.0% 18.1% 21.4% 25.5% 30.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2026 YTD orderbook as % of active fleet 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e Fleet Growth Likely Overstated Due to Ageing & Sanctioned Vessels 1) Clarksons Shipping Intelligence, February 2026 2) OFAC, OFSI, European Commission, Voretxa, Clarksons Shipping Intelligence, February 2026 21.8 21.9 20.2 20.8 21.1 Average Age Sanctioned fleet average age Sanctioned Tankers as a Share of the Global Fleet & Average Age (2) Sanctioned fleet as % of active fleet % of fleet Product Tanker Orderbook vs % of Fleet Above 20 Years Old (1)
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14 4.6% 5.1% 2.4% 3.7% 3.8% 1.6%1.5% 0.7% -3.1% 2026e 2027e 2028e Scenario 1 Scenario 2 Scenario 3 Product Tanker Fleet Growth & Ton Mile Demand Product Tanker Fleet Growth (1) Fleet growth Clarksons Shipping Intelligence, February 2026 1) Supply slippage on scheduled newbuilding deliveries of 20% for 2026-2028. Scenario 1 scrapping assumptions: 2026-2028 (25-year average of 1.8% 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 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 2025 Refined Products Ton Mile Demand Billion ton miles
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15 Financial Highlights
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16 $3,164 $1,958 $1,618 $878 $897 $628 $628 -$230 -$377 -$356 -$333 -$603 -$752 -$937 $2,933 $1,581 $1,263 $546 $293 -$124 -$309 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Feb 10, 2026 Gross Debt Outstanding Cash & Cash Equivalents $901 $568 $517 $344 $270 $45 $200 $450 $83 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 TCE Revenue Adj. EBITDA Operating Cash Flow Net Income Adj. Net Income Gain on Asset Sales Total Issuance of Debt Debt Repayments Dividends Financial Highlights Financial Highlights Over Last Four Quarters (Q1-25 Through Q4-25) (1) $USD millions (2) Net Debt $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 Net Debt
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17 $2,242 $1,657 $433 $75 $68 $19 $19 $574 $230 $1,115 $733 $629 $409 $409 $70 $71 $71 $71 $200 $200 $200 $3,164 $1,958 $1,618 $878 $897 $628 $628 $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 Sep 30, 2025 Dec 31, 2025 Feb 10, 2026 Lease Financing Bank Facilities Unsecured Notes Convertible Bonds Limited Debt Outstanding & No Maturities Until 2028 Outstanding Indebtedness By Type $USD millions Debt Repayment Schedule $USD millions $0.3$18.9 $409.2 $200.0 $19.2 $0.0 $0.0 $0.0 $0.0 $409.2 $200.0 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Q1-26 Q2-26 Q3-26 Q4-26 2027 2028 2029 & thereafter Payments made through February 10, 2026 Unscheduled Prepayments Scheduled repayments Unsecured Notes
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18 $28.3 $40.0 $57.6 $14.2 $59.2 $212.6 $208.8 $89.1 $68.3 $57.6 $14.2 $59.2 $212.6 $208.8 $89.1 $0 $50 $100 $150 $200 $250 Q1-26 Q2-26 Q3-26 Q4-26 2027 2028 2029 Paid Remaining Strong Liquidity, Limited Newbuild Commitments & Light Drydock Schedule Cash & Liquidity $USD millions Newbuilding Commitments (1) $USD millions $937 $937 $241 $241 $500 $500 $26 $26 $1,704 $0 $400 $800 $1,200 $1,600 $2,000 Cash & Cash Equivalents as of February 10, 2026 $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 February 10, 2026 $1 Billion Credit Facility – Revolver Availability Feb 2025 Revolving Credit Facility 2023 $225.0 Million Revolving Credit Facility 8 14 7 5 31 10 5 13 1 52 25 7 10 10 20 30 40 50 60 2024 2025 2026e 2027e LR2 MR HMNumber of vessels Completed and Estimated Drydock Schedule (2) 1) The installment payments are estimates only and are subject to change as construction progresses 2) The timing of drydocks may vary as drydock times are finalized
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19 Potential Annual Cash Flow Generation After Scheduled Debt Amortization (1)Company Fleet TCE Rates Significant Operating Leverage & Earnings Potential 1) Annual cash flow generation is calculated as TCE Rate x 365 days x 89 vessels less vessel cash breakeven. Estimated cash breakeven of $11,000 per day. The cash flow per share is based upon 51.8 million shares outstanding as of February 12, 2026. $USD millions$USD per day $292 $617 $942 $1,267 $1,592 $5.6/Share $11.9/Share $18.2/Share $24.5/Share $30.8/Share $20,000 $30,000 $40,000 $50,000 $60,000$0 $8,000 $16,000 $24,000 $32,000 $40,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1-25 Q2-25 Q3-25 Q4-25 Company Achieved TCE Rate Cash Breakeven
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20 Conclusion
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21 A Transformed Balance Sheet Built to Generate & Deliver Strong Returns Massive Deleveraging Ultra-Low Break-Even $309M $11,000 Per Day Reduced overall indebtedness by $2.5 billion (3) Reduction in leverage has lowered fleet-wide breakeven levels Net Cash Modern Fleet 91 Product Tankers Average age of ~10.0 years (1) and ten newbuildings on order Cash Returns $0.45 Dividend / Share A year-over-year dividend increase of 12.5% Operate a high-quality fleet supported by a strong balance sheet, enabling us to generate attractive returns and return capital to shareholders across the cycle (1) 1) Includes two vessels that are currently held for sale. Excludes ten newbuildings on order. 2) As of February 10, 2026 3) From December 31, 2021, through February 10, 2026 (2)
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22 Company • One of the largest product tanker fleets in the world • 91 Eco (fuel-efficient) vessels on the water with an average age of 10.0 years (1) • Significant Operating Leverage • A $10,000/day increase in average daily freight rates could generate ~$332 million of incremental annualized cash flow (1) 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 • Limited fleet growth with modest orderbook and aging fleet • Seaborne exports and ton mile demand expected to outpace supply Strategy • Our strategy is to operate a high-quality fleet supported by a strong balance sheet, enabling us to generate attractive returns and return capital to shareholders across the cycle • Strong Balance Sheet • Reduced overall indebtedness by ~$2.5 billion from December 31, 2021, through February 10, 2026 • Share Repurchases & Dividends • From January 1, 2023 through December 31, 2025 the Company repurchased $826 million of its shares and paid $224 million in dividends New Slide Investment Highlights 1) Includes two vessels that are currently held for sale.
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23 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 Q4-25 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 cha rter-equivalent rate of approximately $21,000 per day). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, and is subject to annual renewal. Vessel Vessel Class Term Average Rate ($/day) Commencement date STI Battersea HM Two Years $24,000 April-25 STI Jardins MR Three Years $29,550 October-24 STI Bosphorus (1) MR Twelve Years $21,000 August-25 STI Memphis MR Six Months $27,500 November-25 STI Magnetic MR Six Months $27,500 November-25 STI Miracle MR Six Months $27,500 November-25 STI Guard LR2 Five Years $28,000 July-22 STI Jermyn LR2 Three Years $40,000 April-23 STI Gratitude LR2 One Year $31,000 May-25 STI Guide LR2 One Year $31,000 July-25 STI Gladiator LR2 One Year $31,000 July-25 STI Orchard LR2 Five Years $28,350 August-25 STI Spiga LR2 One Year $35,000 November-25 STI Gauntlet LR2 One Year $36,000 November-25 STI Grace LR2 One Year $36,000 December-25 STI Alexis LR2 Five Years $29,000 January-26 STI Rose LR2 Five Years $29,000 February-26
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24 Newbuilding Vessels For additional terms and conditions of these newbuild vessels on order, please see the fleet list published in the Company’s Q4-25 earnings release Vessel Vessel Class DWT Yard Expected Delivery Date Hull YZJF2024-001 MR 49,800 Jingjiang Nanyang Shipbuilding Q2 - 2026 Hull YZJF2024-002 MR 49,800 Jingjiang Nanyang Shipbuilding Q4 - 2026 Hull YZJF2024-003 MR 49,800 Jingjiang Nanyang Shipbuilding Q1 - 2027 Hull YZJF2024-004 MR 49,800 Jingjiang Nanyang Shipbuilding Q2 - 2027 Hull P110K-102 LR2 115,000 Dalian Shipbuilding Q3 - 2027 Hull P110K-103 LR2 115,000 Dalian Shipbuilding Q3 - 2027 Hull P110K-104 LR2 115,000 Dalian Shipbuilding Q3 - 2029 Hull P110K-105 LR2 115,000 Dalian Shipbuilding Q4 - 2029 Hull 5540 VLCC 300,000 Hanwha Ocean Q3 - 2028 Hull 5541 VLCC 300,000 Hanwha Ocean Q4 - 2028
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25 Q&A
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