Slides
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October 28, 2026 Scorpio Tankers Inc. Third Quarter 2026 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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Q3 2026 Call Agenda 1. Highlights 2. Product Tanker Market 3. Financial Highlights 4. Conclusion 5. Q&A
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4 Highlights
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5 $0.75 $0.00 $0.20 $0.40 $0.60 $0.80 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 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 Q4-25 Q1-26 Q2-26 Q3-26 $55,184 $31,073 $24,157 $181,000 $56,000 $40,000 LR2 MR HM Q3-26 Q4-26 as of October 27, 2026 44% 47% 37% % of Days Booked Financial Results • Adjusted EBITDA of $172.2 million (1) • Adjusted net income of $127.4 million or $2.79 basic and $2.49 diluted earnings per share (1) Quarterly Dividend Increase of 67% • The Company increased its quarterly dividend from $0.45 to $0.75 per share, which will be paid in December 2026 Redemption of Norwegian Bond • In July 2026, the Company redeemed its 7.5% Senior Unsecured Notes, which had an aggregate principal amount of $200 million outstanding and were originally scheduled to mature in January 2030 Agreements to Sell Three Vessels • In September 2026, the Company entered into agreements to sell three product tankers: • The vessel sales consist of one 2014 built scrubber-fitted MR product tanker for $37.5 million, which closed in September, one 2014 built scrubber -fitted LR2 product tanker for $70.0 million, and one 2015 built scrubber-fitted LR2 product tanker for $73.0 million, both of which are expected to close within Q4 2026 Newbuildings • In August and September 2026, the Company entered into agreements to purchase four scrubber -fitted LR2 newbuilding product tankers for $72.8 million per vessel with deliveries in 2029 • In September 2026, the Company entered into agreements to purchase two scrubber -fitted VLCC newbuilding crude tankers for $135.0 million per vessel with deliveries in 2028 Time Charter Agreements • In July and August 2026, the Company reached agreements to time charter -out four product tankers, consisting of two 2015 built MR product tankers for three years at $23,900 per day, one 2016 built LR2 product tanker for three years at $42,500 per day, and one 2017 built LR2 product tanker for three years at $40,188 per day Investment in Volare Shipping • In October 2026, the Company purchased 2.4 million common shares of Volare Shipping Ltd. (“Volare”, ticker “VLCC” on the Euronext Growth Oslo exchange) for $38.4 million as part of its initial public offering Highlights 1) Please see the explanation of Non-IFRS Measures in the Company’s earnings release. 2) Q3-26 TCE rates include vessels on time charter $USD per day Quarterly TCE Rates (2) $USD per share Sustainable & Increasing Dividend
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6 Product Tanker Market
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7 19.2 20.3 20.2 19.0 19.7 20.4 10.8 10.0 8.4 12.3 13.4 13.8 16.9 4.9 4.3 4.3 4.2 4.7 4.9 1.9 1.9 2.0 2.6 2.4 2.4 3.3 24.2 24.6 24.5 23.2 24.3 25.3 12.7 11.9 10.5 14.8 15.8 16.2 20.2 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Crude/DPP CPP 76.0 78.0 80.0 82.0 84.0 86.0 88.0 Runs Forecast RunsMillion barrels per day Global Refinery Runs (2)Middle East Crude & Refined Product Exports (1) Million barrels per day 1) Vortexa, October 2026 2) Energy Aspects, October 2026 Increasing Middle East Crude Exports Leading to Higher Refinery Runs
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8 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 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 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Asian CPP Exports LR2 Asia-Europe TCE $/day Earnings (RHS) 17.0 18.0 19.0 20.0 21.0 22.0 23.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Previous 5Y Range 2026 CPP Exports Previous 5Y AVG World Seaborne Refined Product Exports (1) Million barrels per day Increasing Asian Refined Product Exports Driving Rates Higher (1)(2) Million barrels per day $/day 1) Vortexa, October 2026 2) Clarksons Shipping Intelligence, October 2026 Higher Runs Have Increased Seaborne Exports & Product Tanker Earnings
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9 69 70 71 72 73 74 75 76 7,400 7,500 7,600 7,700 7,800 7,900 8,000 8,100 Global Visible Crude & Product Inventories (1) 100 105 110 115 120 125 130 135 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5Y Range 2025 2026 US Diesel Inventories (2) Million barrels Global Refined Product Demand (1) Million barrels per day 1) Energy Aspects, October 2026 2) EIA, October 2026 Million barrels Additional Volumes Needed to Meet Demand Before Inventories Can Rebuild
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10 80 90 100 110 120 130 140 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 Sep-26 MR Aframax/LR2 Net Refining Capacity Growth from 2020 through 2026 (1) MR & Aframax/LR2 Ton-Mile Demand Since 2019 (2) 2.1 1.2 0.6 0.5 0.2 0.1 -0.9 -1.2 -1.3 1.4 Middle East China Africa India FSU Latin America APAC (Excl China/India) Europe North America Net Capacity Additions Million barrels per day Changes in Global Refining Capacity Continue to Drive Ton-Mile Demand Index, January 2019 = 100 1) Energy Aspects, October 2026 2) Vortexa, October 2026
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11 18.1% 16.8% 24.3% 13.0% 8.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% VLCC Suez/LR3 Afra/LR2 Pana/LR1 MR/Handy 21.7 21.6 19.3 20.4 20.9 Average Age Sanctioned fleet average age Sanctioned Tankers as % of the Global Fleet & Average Age (1)(2) Sanctioned fleet as % of global active fleet % of fleet Product Tanker Orderbook vs % of Fleet Above 20 Years Old (1) 21.5% 4.2% 4.9% 6.5% 9.2% 13.7% 17.8% 21.1% 26.4% 31.4% 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 % of Sanctioned Fleet Vessels 20 Years or Older (1)(2) 20+ as % of sanctioned fleet 74% 70% 67% 67% 72% 0% 20% 40% 60% 80% 100% VLCC Suez/LR3 Afra/LR2 Pana/LR1 MR/Handy 20+ 1) Clarksons Shipping Intelligence, October 2026 2) OFAC, OFSI, Council of the European Union, European Commission, Vortexa, Clarksons Shipping Intelligence, October 2026 Aging Fleet, Sanctions & LR2 Crude Trading Limit Effective Supply Growth (1/2)
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12 % of fleet 63.2% 21.5% 0% 10% 20% 30% 40% 50% 60% 70% Oct-00 Oct-01 Oct-02 Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 Oct-25 Oct-26 Product Tanker Orderbook – Half the Orderbook is LR2s (1) % of LR2 Fleet Trading in Crude Oil & Dirty Products (3) % of fleet 50.1% 38.0% 10.9% 1.1% LR2 MR LR1 HM Oct 2026 Product Tanker Orderbook 69% 40% 45% 50% 55% 60% 65% 70% 75% 80% Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 Sep-26 % Trading Crude/Dirty Petroleum Products 6.3% 4.0% 4.8% 6.1% 2.9% 3.5% 4.1% 0.0% -0.9% 2026e 2027e 2028e Scenario 1 Scenario 2 Scenario 3 Product Tanker Fleet Growth (1)(2) Fleet growth 1) Clarksons Shipping Intelligence, October 2026 2) 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 3.8 million 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 vessels at age 20, plus an additional 10% per year from age 21 to 27 due to the lower utilization. 3) Oil Brokerage, October 2026 Aging Fleet, Sanctions & LR2 Crude Trading Limit Effective Supply Growth (2/2)
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13 Financial Highlights
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14 $249.1 $172.2 $175.5 $224.3 $152.6 $127.4 $200.0 $22.5 $0 $50 $100 $150 $200 $250 $300 TCE Revenue Adj. EBITDA Operating Cash Flow Net Income Gain on Asset Sales Adj. Net Income Debt Repayments Dividends Financial Highlights Financial Highlights Q3-26 (1) $USD millions (2) Net Cash $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 Cash -$3,164 -$1,958 -$1,618 -$878 -$628 -$655 -$655 $230 $377 $356 $333 $752 $2,042 $2,052 -$2,933 -$1,581 -$1,263 -$546 $124 $1,387 $1,397 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Dec 31, 2024 Dec 31, 2025 Sep 30, 2026 Oct 26, 2026 Gross Debt Outstanding Cash & Cash Equivalents
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15 Balance Sheet Optimization Through Deleveraging and Margin Reductions Outstanding Indebtedness By Type $USD millions Weighted Average Margins on Secured Outstanding Debt(1) Margins, % 1) Weighted average margins at fiscal year-end. The weighted average margin calculation excludes $76m of fixed-rate secured debt at FYE 2022 and $22m at FYE 2023. $2,242 $1,657 $433 $75 $19 $574 $230 $1,115 $733 $409 $50 $50 $70 $71 $71 $71 $200 $278 $605 $605 $3,164 $1,958 $1,618 $878 $628 $655 $655 $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 Dec 31, 2025 Sep 30, 2026 Oct 26, 2026 Lease Financing Bank Facilities Unsecured Notes Convertible Bonds 3.5% 2.4% 2.2% 2.1% 1.2% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2022 2023 2024 2025 Recently Drawn/Executed Credit Facilities
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16 Strong Liquidity, Limited Newbuild Commitments & No Debt Maturities Until 2028 Cash & Liquidity $USD millions Newbuilding Commitments (1) $USD millions Debt Repayment Schedule (2) $USD millions 1) The installment payments are estimates only and are subject to change as construction progresses. Amounts include installmentpayments under shipbuilding contracts in addition to the Company's commitment to fund its minority investment in a joint venture consisting of eight VLCCs under construction. 2) Excludes credit facilities for which the Company has received commitments but that have not yet been drawn. $605.0 $8.7 $8.7 $8.7 $23.9 $8.7 $8.7 $8.7 $628.9 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 Q4-26 2027 2028 2029 2030 2031 & thereafter Convertible Bonds Vessel Financings $45.6 $45.0 $104.2 $96.9 $52.1 $481.9 $379.2 $91.0 $45.6 $45.0 $104.2 $96.9 $52.1 $481.9 $379.2 $91.0 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 2028 2029 2030 Remaining $2,535 $2,052 $483 $2,535 $0 $400 $800 $1,200 $1,600 $2,000 $2,400 $2,800 Cash & Cash Equivalents as of Oct 26, 2026 Availability Under Revolving Credit Facilities Total Cash & Liquidity Total Cash & Liquidity Cash & Cash Equivalents as of Oct 26, 2026 Availability Under Revolving Credit Facilities
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17 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-26 Q2-26 Q3-26 Q4-26 Company Achieved TCE Rate Q4-26 as of October 27, 2026 Cash Breakeven Potential Annual Cash Flow Generation (2)Company Fleet TCE Rates Significant Operating Leverage & Earnings Potential $USD millions$USD per day $246 $520 $794 $1,068 $1,341 $4.8/Share $10.2/Share $15.5/Share $20.9/Share $26.3/Share $20,000 $30,000 $40,000 $50,000 $60,000 (1) 1) Incorporates estimated fourth quarter 2026 TCE earnings from estimated pool voyages, voyage charters, time charters, and bareboat charters booked as of October 27, 2026. 2) Annual cash flow generation = (TCE rate – Cash Breakeven) x 365 days x 75 vessels. Estimated cash breakeven of $11,000 per day. The 75 vessels include 72 vessels currently on the water, plus scheduled deliveries in 2027, weighted for their expected earnings days. The cash flow per share is based upon 51.1 million shares outstanding as of October 26, 2026.
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18 Conclusion
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19 A Transformed Balance Sheet Built to Generate & Deliver Strong Returns Massive Deleveraging Ultra-Low Cash Break-Even $1.4B $11,000 Per Day From $2.9 billion of net debt in 2021 Reduction in leverage has lowered fleet-wide cash breakeven levels Net Cash Modern Fleet 74 Product Tankers Average age of ~10.3 years (1) and 18 (2) newbuildings on order Shareholder Returns $0.75 Quarterly Dividend / Share 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) (3) $1.1B Shares Repurchased Since 2022 1) Includes 2 vessels that are currently held for sale. Excludes 17 newbuildings on order. 2) Includes the Company's aggregate pro rata share of an eight-VLCC newbuild joint venture, equivalent to one VLCC. 3) As of October 26, 2026.
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20 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 press 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 $21,000 per day). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, and is subject to annual renewal. No. Vessel Vessel Class Term Average Rate ($/day) Commencement Date 1 STI Battersea Handymax Two Years $24,000 April-25 2 STI Jardins MR Three Years $29,550 October-24 3 STI Bosphorus (1) MR Twelve Years $21,000 August-25 4 STI Notting Hill MR Three Years $25,000 Q4-26 5 STI Westminster MR Three Years $25,000 Q4-26 6 STI Bronx MR Three Years $23,900 Q4-26 7 STI Pontiac MR Three Years $23,900 Q4-26 8 STI Guard LR2 Five Years $28,000 July-22 9 STI Orchard LR2 Five Years $28,350 August-25 10 STI Spiga LR2 One Year $35,000 November-25 11 STI Gauntlet LR2 One Year $36,000 November-25 12 STI Grace LR2 One Year $36,000 December-25 13 STI Alexis LR2 Five Years $29,000 January-26 14 STI Rose LR2 Five Years $29,000 February-26 15 STI Lombard LR2 Five Years $33,000 March-26 16 STI Rambla LR2 Eight Years $30,500 March-26 17 STI Guide LR2 One Year $33,000 July-26 18 STI Gladiator LR2 Three Years $40,188 September-26 19 STI Jermyn LR2 Three Years $42,500 October-26
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21 Newbuilding Vessels (1) No. Vessel Vessel Class DWT Yard Expected Delivery Date 1 Hull YZJF2024-002 MR 49,800 Jingjiang Nanyang Shipbuilding Q1 - 2027 2 Hull YZJF2024-003 MR 49,800 Jingjiang Nanyang Shipbuilding Q2 - 2027 3 Hull YZJF2024-004 MR 49,800 Jingjiang Nanyang Shipbuilding Q2 - 2027 4 Hull YZJ2026-1869 MR 50,000 Jiangsu New Yangzi Shipbuilding Q1 - 2030 5 Hull YZJ2026-1870 MR 50,000 Jiangsu New Yangzi Shipbuilding Q1 - 2030 6 Hull P110K-102 LR2 115,000 Dalian Shipbuilding Q3 - 2027 7 Hull P110K-103 LR2 115,000 Dalian Shipbuilding Q3 - 2027 8 Hull P110K-104 LR2 115,000 Dalian Shipbuilding Q3 - 2029 9 Hull P110K-105 LR2 115,000 Dalian Shipbuilding Q4 - 2029 10 Hull HT-OT114-672 LR2 114,000 Jiangsu Hantong Ship Heavy Industry Q2 - 2029 11 Hull HT-OT114-673 LR2 114,000 Jiangsu Hantong Ship Heavy Industry Q3 - 2029 12 Hull HT-OT114-674 LR2 114,000 Jiangsu Hantong Ship Heavy Industry Q3 - 2029 13 Hull HT-OT114-675 LR2 114,000 Jiangsu Hantong Ship Heavy Industry Q2 - 2029 14 Hull 5540 VLCC 300,000 Hanwha Ocean Q3 - 2028 15 Hull 5541 VLCC 300,000 Hanwha Ocean Q4 - 2028 16 Hull HL-T300K-121 VLCC 306,000 Hengli Shipbuilding Q3 - 2028 17 Hull HL-T300K-123 VLCC 306,000 Hengli Shipbuilding Q4 - 2028 1) For additional terms and conditions of these newbuild vessels on order, please see the fleet list published in the Company’s Q3-26 earnings release. The newbuilding vessel list excludes the Company’s minority interest in a joint venture associated with an eight-VLCC newbuilding order.
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22 Q&A
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