UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2019

Commission File Number: 001-34677

SCORPIO TANKERS INC.
(Translation of registrant’s name into English)

9, Boulevard Charles III, Monaco 98000
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X] Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): [  ]

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
















INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a press release issued by Scorpio Tankers Inc. (the "Company") on November 7, 2019 announcing financial results for the third quarter of 2019 and declaration of a quarterly dividend.

The information contained in this Report on Form 6-K, with the exception of the information contained on page 3 of Exhibit 99.1 under the heading "Conference Call," is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-230469) that was filed with the U.S. Securities and Exchange Commission with an effective date of March 22, 2019.







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
 
 
 
 
 
 
 
 
 
 
SCORPIO TANKERS INC.
 
 
 
 
(registrant)
Dated: November 7, 2019
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Brian Lee
 
 
 
 
 
 
Brian Lee
 
 
 
 
 
 
Chief Financial Officer



Exhibit




Exhibit 99.1
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13186631&doc=3
Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2019 and Declaration of a Quarterly Dividend
MONACO--(GLOBE NEWSWIRE - November 7, 2019) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers", or the "Company") today reported its results for the three and nine months ended September 30, 2019. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on the Company’s common stock.
Results for the three months ended September 30, 2019 and 2018
For the three months ended September 30, 2019, the Company's adjusted net loss (see Non-IFRS Measures section below) was $44.8 million, or $0.92 basic and diluted loss per share, which excludes from the net loss a $0.4 million, or $0.01 per basic and diluted share, write-off of deferred financing fees. For the three months ended September 30, 2019, the Company had a net loss of $45.3 million, or $0.93 basic and diluted loss per share.
For the three months ended September 30, 2018, the Company's adjusted net loss (see Non-IFRS Measures section below) was $64.9 million, or $2.09 basic and diluted loss per share, which excludes from the net loss (i) a $0.9 million loss recorded on the Company's exchange of $15.0 million of its Convertible Notes due 2019, and (ii) a $5.9 million write-off of deferred financing fees. The adjustments resulted in an aggregate reduction of the Company’s net loss by $6.8 million, or $0.22 per basic and diluted share. For the three months ended September 30, 2018, the Company had a net loss of $71.7 million, or $2.31 basic and diluted loss per share.
Results for the nine months ended September 30, 2019 and 2018
For the nine months ended September 30, 2019, the Company's adjusted net loss (see Non-IFRS Measures section below) was $59.8 million, or $1.24 basic and diluted loss per share, which excludes from the net loss a $0.7 million, or $0.01 per basic and diluted share, write-off of deferred financing fees. For the nine months ended September 30, 2019, the Company had a net loss of $60.5 million, or $1.25 basic and diluted loss per share.
For the nine months ended September 30, 2018, the Company's adjusted net loss (see Non-IFRS Measures section below) was $141.3 million, or $4.57 basic and diluted loss per share, which excludes from the net loss (i) an aggregate loss of $17.8 million recorded on the Company's exchange of $203.5 million of its Convertible Notes due 2019, (ii) a $12.9 million write-off of deferred financing fees, and (iii) $0.3 million of transaction costs related to the merger with Navig8 Product Tankers Inc. The adjustments resulted in an aggregate reduction of the Company's net loss by $31.1 million, or $1.00 per basic and diluted share. For the nine months ended September 30, 2018, the Company had a net loss of $172.4 million, or $5.57 basic and diluted loss per share.
Declaration of Dividend
On November 6, 2019, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about December 13, 2019 to all shareholders of record as of November 25, 2019 (the record date). As of November 6, 2019, there were 58,142,400 common shares of the Company outstanding.

1



Summary of Other Recent and Third Quarter Significant Events
On September 26, 2019, the Company acquired subsidiaries of Trafigura Maritime Logistics Pte. Ltd. (“Trafigura”), which have leasehold interests in 19 product tankers under bareboat charter agreements with an international financial institution for aggregate consideration of $803 million.  Of the 19 vessels, 15 (consisting of 11 MRs and four LR2s) were delivered during 2019 and four MRs are currently under construction. This acquisition is referred to as the "Trafigura Transaction".
On September 26, 2019, the Company closed on the private placements of its common stock at $29.00 per share with Trafigura for $35 million and with Scorpio Services Holding Limited, a related party, for $15 million, for an aggregate of $50 million and 1,724,137 common shares. 
Below is a summary of the average daily Time Charter Equivalent (TCE) revenue (see Non-IFRS Measures section below) and duration for voyages fixed for the Company's vessels thus far in the fourth quarter of 2019 as of the date hereof (See footnotes to 'Other operating data' table below for the definition of daily TCE revenue):
For the LR2s in the pool: an average of approximately $26,000 per day for 47% of the days.
For the LR1s in the pool: an average of approximately $17,000 per day for 46% of the days.
For the MRs in the pool: an average of approximately $17,000 per day for 45% of the days.
For the ice-class 1A Handymaxes in the pool: an average of approximately $15,000 per day for 42% of the days.
Below is a summary of the average daily TCE revenue earned on the Company's vessels during the third quarter of 2019:
For the LR2s in the pool: an average of $15,960 per revenue day.
For the LR1s in the pool: an average of $13,126 per revenue day.
For the MRs in the pool: an average of $13,640 per revenue day.
For the ice-class 1A Handymaxes in the pool: an average of $9,974 per revenue day.
As of the date of this press release, the Company has received commitments for nine different facilities to partially finance the purchase and installation of exhaust gas cleaning systems ("scrubbers") on certain of the Company's vessels.  These commitments are expected to increase the Company’s liquidity by approximately $120.2 million.  Additionally, the Company is in discussions with a different group of financial institutions to finance the purchase of scrubbers which, if consummated, is expected to increase the Company’s liquidity by an additional $57.5 million. Subject to reaching agreement on satisfactory terms relating to the additional scrubber financing, all of these agreements are expected to be signed in the next few months, and the drawdowns are expected to occur as the scrubbers are installed throughout the remainder of 2019 and 2020.
In September 2019, the Company paid a quarterly cash dividend with respect to the second quarter of 2019 on the Company's common stock of $0.10 per common share.
In July 2019, the Company’s Convertible Notes due 2019 matured and the outstanding balance of $142.7 million was fully repaid in cash upon maturity.
Acquisition of the leasehold interests in 19 product tankers
On September 26, 2019, the Company acquired subsidiaries of Trafigura, which have leasehold interests in 19 product tankers under bareboat charter agreements with subsidiaries of an international financial institution for aggregate consideration of $803 million.  Of the 19 vessels, 15 (consisting of 11 MRs and four LR2s) were delivered during 2019 and four MRs are currently under construction. The consideration exchanged consisted of:
For the delivered vessels, the assumption of the obligations under the bareboat charter agreements of $531.5 million and the issuance of 3,981,619 shares of common stock at $29.00 per share to a nominee of Trafigura with an aggregate market value of $115.5 million.
For the four vessels under construction, the assumption of the commitments on the bareboat charter agreements of $138.9 million and the issuance 591,254 shares of common stock at $29.00 per share to a nominee of Trafigura with an aggregate market value of $17.1 million. These vessels under construction are expected to be delivered during 2020.
Each bareboat charter agreement has a term of eight years from the delivery date of the respective vessel, and the Company has purchase options beginning after the first year of each agreement. Each agreement bears interest at LIBOR plus a margin of 3.50% per annum and will be repaid in equal monthly installments of approximately $0.2 million per month per vessel. Additionally, an aggregate prepayment of $18 million ($0.8 million for each MR and $1.5 million for each LR2) will be made in equal monthly installments over the first 12 months of each bareboat charter agreement.

2



The Trafigura transaction was accounted for as an asset acquisition, with the acquisition of the leasehold interests accounted for under IFRS 16, Leases, which was effective from January 1, 2019. Accordingly, the Company recorded lease liabilities and corresponding right of use assets for the delivered vessels upon the closing date of the Trafigura Transaction. The right of use assets were measured based on (i) the present value of the minimum lease payments under each lease (which assumes the exercise of the purchase options at expiration), (ii) the value of the equity issued for each lease (as an initial direct cost) and (iii) other initial direct costs as part of the Trafigura Transaction.
The lease liabilities and corresponding right of use assets for the four undelivered vessels will be recorded upon the commencement date of each lease. The value of the Company's common shares issued for the leasehold interests on the four undelivered vessels was recorded within 'Other long-term assets' on the balance sheet at the closing date of the Trafigura Transaction and will be reclassified to 'Right of use assets' upon the commencement date of each lease.
$250 Million Securities Repurchase Program
In May 2015, the Company's Board of Directors authorized a Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its Unsecured Senior Notes due 2020 (NYSE: SBNA), which were issued in May 2014, and Convertible Notes due 2022, which were issued in May and July 2018.
No securities were repurchased under this program during the third quarter of 2019 and through the date of this press release.
As of the date hereof, the Company has the authority to purchase up to an additional $121.6 million of its securities under its Securities Repurchase Program. The Company may repurchase its securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the Securities Repurchase Program to repurchase any of its securities.
Diluted Weighted Number of Shares
Diluted earnings per share is determined using the if-converted method. Under this method, the Company assumes that its Convertible Notes due 2022, which were issued in May and July 2018, were converted into common shares at the beginning of each period and the interest and non-cash amortization expense associated with these notes of $3.7 million and $10.9 million during the three and nine months ended September 30, 2019, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three and nine months ended September 30, 2019, the Company's basic weighted average number of shares were 48,529,024 and 48,251,159, respectively. For the three and nine months ended September 30, 2019, the Company's diluted weighted average number of shares were 50,169,591 and 49,735,327 respectively, excluding the impact of the Convertible Notes due 2022, and 55,394,037 and 55,890,573, respectively, under the if-converted method.
The weighted average number of shares, both diluted and under the if-converted method, were anti-dilutive for the three and nine months ended September 30, 2019 as the Company incurred net losses during those periods.
The Company’s Convertible Notes due 2019 matured in July 2019, and the outstanding balance of $142.7 million was fully repaid in cash upon maturity. As of the date hereof, the Company's trading stock price is below the conversion price of the Convertible Notes due 2022.
Conference Call
The Company has scheduled a conference call on November 7, 2019 at 8:30 AM Eastern Standard Time and 2:30 PM Central European Time. The dial-in information is as follows:
US Dial-In Number: 1 (855) 861-2416
International Dial-In Number: +1 (703) 736-7422
Conference ID: 3557977
Participants should dial into the call 10 minutes before the scheduled time. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.
There will also be a simultaneous live webcast over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Webcast URL: https://edge.media-server.com/mmc/p/warnvpgy

3



Current Liquidity
As of November 6, 2019, the Company had $200.8 million in unrestricted cash and cash equivalents.
Drydock, Scrubber and Ballast Water Treatment Update
Set forth below is a table summarizing the drydock, scrubber and ballast water treatment system activity that occurred during the third quarter of 2019
 
 
Consisting of (1):
 
 
 
Total number of vessels
Drydock
Ballast water treatment systems
Scrubbers
Aggregate costs (in millions of USD)
Aggregate off-hire days in Q3 2019
Completed in third quarter of 2019
 
 
 
 
LR2
4

1

1

4

$
18.2

210

LR1
2



2

7.2

130

MR
6

6

5

6

25.7

322

Handymax
6

6

6


11.4

123

 
18

13

12

12

$
62.5

785

 
 
 
 
 
 
 
In progress as of September 30, 2019 (2)
 
 
 
 
LR2
8

4

3

8

$
36.4

215

LR1
1



1

3.6

52

MR
2

2

1

2

8.6

30

Handymax
2

2

2


3.8

33

 
13

8

6

11

$
52.4

330

(1) 
Certain vessels were drydocked and had ballast water treatment systems and/or scrubbers installed simultaneously. 
(2) Total costs and off-hire days are estimated for vessels currently being drydocked, or having ballast water treatment systems and/or scrubbers installed.
Set forth below are the estimated expected payments for the Company's drydocks, ballast water treatment system installations, and scrubber installations through 2020 (which also include actual payments made during the fourth quarter of 2019 through the date of this press release): 
In millions of U.S. dollars
As of November 6, 2019 (1)
Q4 2019 - payments made through November 6, 2019
$
13.2

Q4 2019 - remaining payments
43.0

Q1 2020
58.7

Q2 2020
46.9

Q3 2020
33.7

Q4 2020
16.7

(1) 
Includes estimated cash payments for drydocks, ballast water treatment system installations and scrubber installations.  These amounts include installment payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual installation. In addition to these installment payments, these amounts also include estimates of the installation costs of such systems.  The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks and installations finalize. 
Set forth below are the expected, estimated number of ships and estimated off-hire days for the Company's drydocks, ballast water treatment system installations, and scrubber installations (2):

 
Q4 2019
 
 
Ships Scheduled for:
Off-hire

4



 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
5

4

13

346

LR1


2

39

MR
8

5

10

340

Handymax
5

5


100

 
 
 
 
 
Total Q4 2019
18

14

25

825

 
 
 
 
 
 
Q1 2020
 
 
Ships Scheduled for:
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
6

4

9

314

LR1


3

105

MR
7

7

11

385

Handymax
2

2


40

 
 
 
 
 
Total Q1 2020
15

13

23

844

 
 
 
 
 
 
Q2 2020
 
 
Ships Scheduled for:
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
5

1

7

260

LR1




MR
3

3

8

275

Handymax




 
 
 
 
 
Total Q2 2020
8

4

15

535

 
 
 
 
 
 
Q3 2020
 
 
Ships Scheduled for:
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
2


2

95

LR1
5


5

175

MR


7

245

Handymax




 
 
 
 
 
Total Q3 2020
7


14

515

 
 
 
 
 
 
Q4 2020
 
 
Ships Scheduled for:
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2




LR1





5



MR


4

145

Handymax




 
 
 
 
 
Total Q4 2020


4

145

(2) 
The number of vessels in these tables reflect a certain amount of overlap where certain vessels are expected to be drydocked and have ballast water treatment systems and/or scrubbers installed simultaneously.  Additionally, the timing set forth may vary as drydock, ballast water treatment system installation and scrubber installation times are finalized.
Debt
Set forth below is a summary of the Company’s outstanding indebtedness as of the dates presented:
 
In thousands of U.S. dollars
 
Outstanding Principal as of June 30, 2019
Drawdowns and (repayments), net
Outstanding Principal as of September 30, 2019
Repayments
Outstanding Principal as of November 6, 2019
1
KEXIM Credit Facility
 
$
282,475

$
(16,825
)
$
265,650

$

$
265,650

2
ABN AMRO Credit Facility
 
96,230

(2,139
)
94,091

(1,602
)
92,489

3
ING Credit Facility
 
137,808

(3,184
)
134,624

(1,071
)
133,553

4
$35.7 Million Term Loan Facility
 
33,234

(808
)
32,426

(808
)
31,618

5
2017 Credit Facility
 
138,133

(3,316
)
134,817


134,817

6
Credit Agricole Credit Facility
 
95,011

(2,142
)
92,869


92,869

7
ABN AMRO/K-Sure Credit Facility
 
47,604

(963
)
46,641


46,641

8
Citi/K-Sure Credit Facility
 
99,442

(2,104
)
97,338


97,338

9
ABN AMRO/SEB Credit Facility
 
109,075

(2,875
)
106,200


106,200

10
Ocean Yield Lease Financing
 
155,015

(2,711
)
152,304

(929
)
151,375

11
CMBFL Lease Financing
 
59,517

(1,227
)
58,290


58,290

12
BCFL Lease Financing (LR2s)
 
97,052

(1,926
)
95,126

(654
)
94,472

13
CSSC Lease Financing
 
237,872

(4,327
)
233,545

(1,442
)
232,103

14
BCFL Lease Financing (MRs)
 
93,423

(2,809
)
90,614

(915
)
89,699

15
2018 CMB Lease Financing
 
131,485

(2,529
)
128,956

(836
)
128,120

16
$116.0 Million Lease Financing
 
109,431

(1,700
)
107,731

(548
)
107,183

17
AVIC International Lease Financing
 
133,207

(2,948
)
130,259


130,259

18
China Huarong Shipping Lease Financing
 
130,500

(3,375
)
127,125


127,125

19
$157.5 Million Lease Financing
 
145,014

(3,536
)
141,478


141,478


6



 
In thousands of U.S. dollars
 
Outstanding Principal as of June 30, 2019
Drawdowns and (repayments), net
Outstanding Principal as of September 30, 2019
Repayments
Outstanding Principal as of November 6, 2019
20
COSCO Lease Financing
 
80,300

(1,925
)
78,375


78,375

21
IFRS 16 - Leases - 3 MRs
 
47,663

(1,736
)
45,927

(567
)
45,360

22
IFRS 16 - Leases - 7 Handymax
 
20,410

(3,789
)
16,621

(1,306
)
15,315

23
IFRS 16 - Leases - acquired from Trafigura
 

525,737

525,737

(4,241
)
521,496

24
2020 Senior Unsecured Notes
 
53,750


53,750


53,750

25
Convertible Notes due 2019
 
142,708

(142,708
)



26
Convertible Notes due 2022
 
203,500


203,500


203,500

 
 
 
$
2,879,859

$
314,135

$
3,193,994

$
(14,919
)
$
3,179,075


Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of September 30, 2019, which includes principal amounts due under lease financing arrangements and lease liabilities under IFRS 16 (which also include actual payments made during the fourth quarter of 2019 through the date of this press release):
 
 
 In millions of U.S. dollars
Q4 2019 - principal payments made through November 6, 2019 (1)
 
$
14.9

Q4 2019 - remaining principal payments
 
50.0

Q1 2020
 
81.9

Q2 2020 (1)
 
117.4

Q3 2020 (2)
 
164.6

Q4 2020
 
57.6

2021 and thereafter
 
2,707.6

 
 
$
3,194.0


(1)
Repayments include $53.8 million due upon the maturity of the Company's Senior Unsecured Notes due 2020.
(2)
Repayments include $87.7 million due upon the maturity of the Company's ABN AMRO Credit Facility.

Explanation of Variances on the Third Quarter of 2019 Financial Results Compared to the Third Quarter of 2018
For the three months ended September 30, 2019, the Company recorded a net loss of $45.3 million compared to a net loss of $71.7 million for the three months ended September 30, 2018. 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 September 30, 2019 and 2018:
 
 
 
For the three months ended September 30,
In thousands of U.S. dollars
 
2019
 
2018
 
Vessel revenue
 
$
136,067

 
$
119,281

 
Voyage expenses
 
(2,055
)
 
(470
)
 
TCE revenue
 
$
134,012

 
$
118,811


7




TCE revenue for the three months ended September 30, 2019 increased by $15.2 million to $134.0 million, from $118.8 million for the three months ended September 30, 2018. The increase was the result of quarter over quarter improvements in TCE revenue per day across all of the Company's operating segments. Overall average TCE revenue per day increased to $13,560 per day during the three months ended September 30, 2019, from $10,519 per day during the three months ended September 30, 2018. While the third quarter of 2019 improved versus the third quarter of 2018, it nevertheless reflected a deterioration from the previous two quarters, with TCE revenue and TCE revenue per day decreasing across all segments. This deterioration was the result of seasonal weakness along with an extended period of refinery maintenance as refiners transitioned towards the January 1, 2020 implementation date of the International Maritime Organization's low sulfur emissions standards.
The increase in TCE revenue per day during the third quarter of 2019 as compared to the third quarter of 2018 was partially offset by a decrease in the number of vessels in the Company's fleet to an average of 119.7 operating vessels during the three months ended September 30, 2019 from an average of 124.2 operating vessels during the three months ended September 30, 2018, which was the result of the redelivery of time chartered-in vessels throughout 2018 and in the first quarter of 2019. The decrease in the number of operating vessels was partially offset by the acquisition of the 15 delivered vessels from Trafigura as part of the Trafigura Transaction.
Vessel operating costs for the three months ended September 30, 2019 increased by $1.6 million to $71.0 million, from $69.3 million for the three months ended September 30, 2018. Vessel operating costs per day increased slightly to $6,449 per day for the three months ended September 30, 2019 from $6,333 per day for the three months ended September 30, 2018. This increase was the result of increased costs in the Company's Handymax operating segment resulting from the transition of technical managers on certain of these vessels.
Charterhire expense for the three months ended September 30, 2019 decreased by $13.8 million to $0.0 million, from $13.8 million for the three months ended September 30, 2018. This decrease was the result of (i) a decrease in the number of time chartered-in vessels when comparing the three months ended September 30, 2019 to the three months ended September 30, 2018, and (ii) the implementation of IFRS 16 - Leases beginning on January, 1, 2019. The Company's time and bareboat chartered-in fleet consisted of 10 bareboat chartered-in vessels for the three months ended September 30, 2019, and the Company's time and bareboat chartered-in fleet consisted of an average of 5.2 time chartered-in vessels and 10 bareboat chartered-in vessels for the three months ended September 30, 2018. As of September 30, 2019, we had 25 bareboat chartered-in vessels which are being accounted for under IFRS 16 as right of use assets and related lease liabilities. Under IFRS 16, there is no charterhire expense for these vessels as the right of use assets are depreciated on a straight-line basis (through depreciation expense) over the lease term and the lease liability is amortized over that same period (with a portion of each payment allocated to principal and a portion allocated to interest expense).
Depreciation expense - owned or finance leased vessels for the three months ended September 30, 2019 remained consistent, increasing slightly by $0.8 million to $45.4 million, from $44.6 million for the three months ended September 30, 2018. Depreciation expense in future periods is expected to increase as the Company installs ballast water treatment systems and/or scrubbers on certain of its vessels in the remainder of 2019 and 2020. The Company expects to depreciate the majority of the cost of this equipment over each vessel's remaining useful life.
Depreciation expense - right of use assets for the three months ended September 30, 2019, was $6.3 million. Depreciation expense - right of use assets reflects the straight-line depreciation expense recorded during the three months ended September 30, 2019, as a result of the Company's transition to IFRS 16 - Leases on January 1, 2019. Right of use asset depreciation is approximately $0.2 million per vessel per month for the 10 vessels previously bareboat chartered-in prior to the Trafigura Transaction, and $0.2 million per MR per month and $0.3 million per LR2 per month for the 15 vessels (11 MRs and 4 LR2s) acquired as part of the Trafigura Transaction.
General and administrative expenses for the three months ended September 30, 2019, increased by $2.9 million to $15.3 million, from $12.4 million for the three months ended September 30, 2018. This increase was primarily driven by compensation expenses, including an increase in restricted stock amortization. General and administrative expenses in future periods are expected to reflect a similar run-rate to that which was incurred in the third quarter of 2019.
Financial expenses for the three months ended September 30, 2019, decreased by $7.2 million to $42.9 million, from $50.1 million for the three months ended September 30, 2018. This decrease was primarily driven by a reduction in the write-off of deferred financing fees during each period as the Company entered into a series of refinancing initiatives during the three months ended September 30, 2018 which resulted in the write-off of $5.9 million of deferred financing fees during that period, which compares to the write-off of $0.4 million of deferred financing fees during the three months ended September 30, 2019. Additionally, LIBOR rates decreased for the three months ended September 30, 2019, as compared to the three months ended September 30, 2018, and there was $0.7 million of capitalized interest expense during the three months ended September 30, 2019 as a result of the Company's scrubber and ballast water treatment

8



system investments. No interest was capitalized during the three months ended September 30, 2018. These decreases were partially offset by the implementation of IFRS 16 - Leases, on January 1, 2019, which resulted in an additional $1.4 million of interest expense during the three months ended September 30, 2019.

9



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
In thousands of U.S. dollars except per share and share data
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
 
Vessel revenue
$
136,067

 
$
119,281

 
$
482,703

 
$
417,521

 
 
 
 
 
 


 


Operating expenses
 
 
 
 


 


 
Vessel operating costs
(70,967
)
 
(69,337
)
 
(209,119
)
 
(209,241
)
 
Voyage expenses
(2,055
)
 
(470
)
 
(3,678
)
 
(4,842
)
 
Charterhire

 
(13,819
)
 
(4,399
)
 
(48,988
)
 
Depreciation - owned or finance leased vessels
(45,392
)
 
(44,584
)
 
(133,575
)
 
(132,131
)
 
Depreciation - right of use assets
(6,250
)
 

 
(14,280
)
 

 
General and administrative expenses
(15,296
)
 
(12,373
)
 
(46,536
)
 
(39,344
)
 
Merger transaction related costs

 

 

 
(272
)
 
Total operating expenses
(139,960
)
 
(140,583
)
 
(411,587
)
 
(434,818
)
Operating (loss) / income
(3,893
)
 
(21,302
)
 
71,116

 
(17,297
)
Other (expense) and income, net
 
 
 
 
 
 
 
 
Financial expenses
(42,865
)
 
(50,106
)
 
(138,948
)
 
(138,473
)
 
Loss on exchange of Convertible Notes


(870
)


 
(17,838
)
 
Financial income
1,582

 
820

 
7,426

 
1,550

 
Other expenses, net
(113
)
 
(251
)
 
(126
)
 
(346
)
 
Total other expense, net
(41,396
)
 
(50,407
)
 
(131,648
)
 
(155,107
)
Net loss
$
(45,289
)
 
$
(71,709
)
 
$
(60,532
)
 
$
(172,404
)
 
 
 
 
 
 
 
 
 
Loss per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.93
)
 
$
(2.31
)
 
$
(1.25
)
 
$
(5.57
)
 
Diluted
$
(0.93
)
 
$
(2.31
)
 
$
(1.25
)
 
$
(5.57
)
 
Basic weighted average shares outstanding
48,529,024

 
31,003,264

 
48,251,159

 
30,929,144

 
Diluted weighted average shares outstanding (1)
48,529,024

 
31,003,264

 
48,251,159

 
30,929,144


(1)
The dilutive effects of (i) unvested shares of restricted stock and (ii) the potentially dilutive securities relating to the Company's Convertible Notes due 2022 were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2019 because their effect would have been anti-dilutive. Weighted average shares under the if-converted method (which includes the potential dilutive effect of the unvested shares of restricted stock, the Convertible Notes due 2019, and the Convertible Notes due 2022) were 55,394,037 and 55,890,573 for the three and nine months ended September 30, 2019, respectively.

10



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
September 30, 2019
 
December 31, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
244,480

 
$
593,652

Accounts receivable
61,657

 
69,718

Prepaid expenses and other current assets
16,693

 
15,671

Inventories
9,531

 
8,300

Total current assets
332,361

 
687,341

Non-current assets
 
 
 
Vessels and drydock
3,975,177

 
3,997,789

Right of use assets
710,684

 

Other assets
128,071

 
75,210

Goodwill
11,539

 
11,539

Restricted cash
12,293

 
12,285

Total non-current assets
4,837,764

 
4,096,823

Total assets
$
5,170,125

 
$
4,784,164

Current liabilities
 
 
 
Current portion of long-term debt
$
237,882

 
$
297,934

Finance lease liability
116,212

 
114,429

Lease liability - IFRS 16
69,105

 

Accounts payable
24,771

 
11,865

Accrued expenses
39,641

 
22,972

Total current liabilities
487,611

 
447,200

Non-current liabilities
 
 
 
Long-term debt
980,118

 
1,192,000

Finance lease liability
1,219,163

 
1,305,952

Lease liability - IFRS 16
519,179

 

Total non-current liabilities
2,718,460


2,497,952

Total liabilities
3,206,071

 
2,945,152

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
645

 
5,776

Additional paid-in capital
2,841,553

 
2,648,599

Treasury shares
(467,056
)
 
(467,056
)
Accumulated deficit (1)
(411,088
)
 
(348,307
)
Total shareholders' equity
1,964,054

 
1,839,012

Total liabilities and shareholders' equity
$
5,170,125

 
$
4,784,164



11



(1) 
Accumulated deficit reflects the impact of the adoption of IFRS 16, Leases. IFRS 16 amended the existing accounting standards to require lessees to recognize, on a discounted basis, the rights and obligations created by the commitment to lease assets on the balance sheet, unless the term of the lease is 12 months or less. Accordingly, the standard resulted in the recognition of right of use assets and corresponding liabilities, on the basis of the discounted remaining future minimum lease payments, relating to the existing bareboat chartered-in vessel commitments for three bareboat chartered-in vessels, which are scheduled to expire in April 2025. Upon transition, a lessee shall apply IFRS 16 to its leases either retrospectively to each prior reporting period presented (the ‘full retrospective approach’) or retrospectively with the cumulative effect of initially applying IFRS 16 recognized at the date of initial application (the ‘modified retrospective approach’). We applied the modified retrospective approach upon transition. The impact of the application of this standard on the opening balance sheet as of January 1, 2019 was the recognition of a $48.5 million right of use asset, a $50.7 million operating lease liability and a $2.2 million reduction in retained earnings relating to these three vessels.
.


12



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
For the nine months ended September 30,
In thousands of U.S. dollars
2019
 
2018
Operating activities
 
 
 
Net loss
$
(60,532
)
 
$
(172,404
)
Depreciation - owned or finance leased vessels
133,575

 
132,131

Depreciation - right of use assets
14,280

 

Amortization of restricted stock
20,707

 
19,403

Amortization of deferred financing fees
5,673

 
8,271

Write-off of deferred financing fees
711

 
12,946

Accretion of convertible notes
9,162

 
9,811

Accretion of fair value measurement on debt assumed in business combinations
2,725

 
2,849

Loss on exchange of convertible notes

 
17,838

 
126,301

 
30,845

Changes in assets and liabilities:
 
 
 
(Increase) / decrease in inventories
(1,231
)
 
1,480

Decrease in accounts receivable
8,060

 
10,556

Increase in prepaid expenses and other current assets
(1,023
)
 
(841
)
Increase in other assets
(3,289
)
 
(1,436
)
Increase in accounts payable
7,899

 
3,459

Increase / (decrease) in accrued expenses
3,731

 
(9,057
)
 
14,147

 
4,161

Net cash inflow from operating activities
140,448

 
35,006

Investing activities
 
 
 
Acquisition of vessels and payments for vessels under construction

 
(26,057
)
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, finance leased and bareboat-in vessels)
(128,569
)
 
(12,543
)
Net cash (outflow) / inflow from investing activities
(128,569
)
 
(38,600
)
Financing activities
 
 
 
Debt repayments
(230,123
)
 
(733,255
)
Issuance of debt

 
849,798

Debt issuance costs
(1,701
)
 
(20,785
)
Principal repayments on lease liability - IFRS 16
(18,450
)
 


Increase in restricted cash
(9
)
 
(898
)
Repayment of convertible notes
(144,974
)
 

Gross proceeds from issuance of common stock
50,000

 

Equity issuance costs
(329
)
 
(4
)
Dividends paid
(15,464
)
 
(9,898
)
Repurchase of common stock
(1
)
 

Net cash (outflow) / inflow from financing activities
(361,051
)
 
84,958

(Decrease) / increase in cash and cash equivalents
(349,172
)
 
81,364

Cash and cash equivalents at January 1,
593,652

 
186,462

Cash and cash equivalents at September 30,
$
244,480

 
$
267,826



13



As described in the preceding sections, on September 26, 2019, the Company acquired subsidiaries of Trafigura which have leasehold interests in 19 product tankers under bareboat charter agreements with subsidiaries of an international financial institution for aggregate consideration of $803 million.  Of the 19 vessels, 15 (consisting of 11 MRs and four LR2s) were delivered during 2019 and four MRs are currently under construction. For the delivered vessels, the Company assumed the obligations under the bareboat charter agreements of $531.5 million and issued 3,981,619 shares of common stock at $29.00 per share to a nominee of Trafigura with an aggregate market value of $115.5 million. For the four vessels under construction, the Company assumed the commitments on the bareboat charter agreements of $138.9 million and issued 591,254 shares of common stock at $29.00 per share to a nominee of Trafigura with an aggregate market value of $17.1 million. The obligations under the bareboat charter agreements for the undelivered vessels will be recorded upon the delivery of each vessel (the lease commencement date).
This transaction represents a significant non-cash transaction that occurred during the nine months ended September 30, 2019.



14



Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three and nine months ended September 30, 2019 and 2018
(unaudited)
 
 
For the three months ended September 30,
 
For the nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Adjusted EBITDA(1)   (in thousands of U.S. dollars except Fleet Data)
 
$
54,484

 
$
29,254

 
$
239,552

 
$
134,163

 
 
 
 
 
 
 
 
 
Average Daily Results
 
 
 
 
 
 
 
 
TCE per day(2)
 
$
13,560

 
$
10,519

 
$
15,538

 
$
12,058

Vessel operating costs per day(3)
 
$
6,449

 
6,333

 
$
6,426

 
$
6,448

 
 
 
 
 
 
 
 
 
LR2
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
15,974

 
$
12,532

 
$
18,689

 
$
13,222

Vessel operating costs per day(3)
 
$
6,683

 
6,652

 
$
6,726

 
$
6,650

Average number of owned or finance leased vessels
 
38.2

 
38.0

 
38.1

 
38.0

Average number of time chartered-in vessels
 

 
1.6

 

 
1.7

 
 
 
 
 
 
 
 
 
LR1
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
12,942

 
$
8,335

 
$
15,243

 
$
9,843

Vessel operating costs per day(3)
 
$
6,297

 
$
6,232

 
$
6,350

 
$
6,612

Average number of owned or finance leased vessels
 
12.0

 
12.0

 
12.0

 
12.0

Average number of time chartered-in vessels
 

 

 

 

 
 
 
 
 
 
 
 
 
MR
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
13,531

 
$
9,875

 
$
14,246

 
$
12,009

Vessel operating costs per day(3)
 
$
6,220

 
$
6,193

 
$
6,230

 
$
6,319

Average number of owned or finance leased vessels
 
45.5

 
45.0

 
45.2

 
44.9

Average number of time chartered-in vessels
 

 
3.6

 
0.1

 
5.1

Average number of bareboat chartered-in vessels
 
3.0

 
3.0

 
3.0

 
3.0

 
 
 
 
 
 
 
 
 
Handymax
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
9,760

 
$
9,529

 
$
13,057

 
$
11,273

Vessel operating costs per day(3)
 
$
6,642

 
$
6,135

 
$
6,375

 
$
6,282

Average number of owned or finance leased vessels
 
14.0

 
14.0

 
14.0

 
14.0

Average number of time chartered-in vessels
 

 

 

 
0.7

Average number of bareboat chartered-in vessels
 
7.0

 
7.0

 
7.0

 
7.0

 
 
 
 
 
 
 
 
 
Fleet data
 
 
 
 
 
 
 
 
Average number of owned or finance leased vessels
 
109.7

 
109.0

 
109.2

 
108.9

Average number of time chartered-in vessels
 

 
5.2

 
0.1

 
7.5

Average number of bareboat chartered-in vessels
 
10.0

 
10.0

 
10.0

 
10.0

 
 
 
 
 
 
 
 
 
Drydock
 
 
 
 
 
 
 
 
Drydock, scrubber, ballast water treatment system and other vessel related payments for owned, finance leased and bareboat chartered-in vessels (in thousands of U.S. dollars)
 
$
68,881

 
$
10,407

 
$
128,569

 
$
12,543


15




(1)
See Non-IFRS Measures section below.
(2)
Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days the vessel is owned, finance leased or chartered-in less the number of days the vessel is off-hire for drydock and repairs.
(3)
Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to the owned, finance leased or bareboat chartered-in vessels, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to our owned, finance leased or bareboat chartered-in vessels, not our time chartered-in vessels.
 

16



Fleet list as of November 6, 2019

 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Scrubber
 
Owned or finance leased vessels
 
 
 
 
 
 
 
 
 
 
 
 
1
STI Brixton
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
2
STI Comandante
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
3
STI Pimlico
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
4
STI Hackney
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
5
STI Acton
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
6
STI Fulham
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
7
STI Camden
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
8
STI Battersea
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
9
STI Wembley
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
10
STI Finchley
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
11
STI Clapham
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
12
STI Poplar
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
13
STI Hammersmith
 
2015
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
14
STI Rotherhithe
 
2015
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
15
STI Amber
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
16
STI Topaz
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
17
STI Ruby
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
18
STI Garnet
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
19
STI Onyx
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
20
STI Fontvieille
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
21
STI Ville
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
N/A
22
STI Duchessa
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
N/A
23
STI Opera
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
N/A
24
STI Texas City
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
25
STI Meraux
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
26
STI San Antonio
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
27
STI Venere
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
28
STI Virtus
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
29
STI Aqua
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
30
STI Dama
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
31
STI Benicia
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
32
STI Regina
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
33
STI St. Charles
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
34
STI Mayfair
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
35
STI Yorkville
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
36
STI Milwaukee
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
37
STI Battery
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
38
STI Soho
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
39
STI Memphis
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
40
STI Tribeca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
41
STI Gramercy
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
42
STI Bronx
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
43
STI Pontiac
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
44
STI Manhattan
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed

17



 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Scrubber
45
STI Queens
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
46
STI Osceola
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
47
STI Notting Hill
 
2015
 
49,687

 
1B
 
SMRP (2)
 
MR
 
Not Yet Installed
48
STI Seneca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
49
STI Westminster
 
2015
 
49,687

 
1B
 
SMRP (2)
 
MR
 
Not Yet Installed
50
STI Brooklyn
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
51
STI Black Hawk
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
52
STI Galata
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
53
STI Bosphorus
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
54
STI Leblon
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
55
STI La Boca
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
56
STI San Telmo
 
2017
 
49,990

 
1B
 
SMRP (2)
 
MR
 
Not Yet Installed
57
STI Donald C Trauscht
 
2017
 
49,990

 
1B
 
SMRP (2)
 
MR
 
Not Yet Installed
58
STI Esles II
 
2018
 
49,990

 
1B
 
SMRP (2)
 
MR
 
Not Yet Installed
59
STI Jardins
 
2018
 
49,990

 
1B
 
SMRP (2)
 
MR
 
Not Yet Installed
60
STI Magic
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
61
STI Majestic
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
62
STI Mystery
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
63
STI Marvel
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
64
STI Magnetic
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
65
STI Millennia
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
66
STI Master
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
67
STI Mythic
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
68
STI Marshall
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
69
STI Modest
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
70
STI Maverick
 
2019
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
71
STI Excel
 
2015
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
72
STI Excelsior
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
73
STI Expedite
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
74
STI Exceed
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
75
STI Executive
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Yes
76
STI Excellence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Yes
77
STI Experience
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
78
STI Express
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
79
STI Precision
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
80
STI Prestige
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
81
STI Pride
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Yes
82
STI Providence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
83
STI Elysees
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
84
STI Madison
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
85
STI Park
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
86
STI Orchard
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
87
STI Sloane
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
88
STI Broadway
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
89
STI Condotti
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
90
STI Rose
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
91
STI Veneto
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
92
STI Alexis
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
93
STI Winnie
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
94
STI Oxford
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
95
STI Lauren
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed

18



 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Scrubber
96
STI Connaught
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
97
STI Spiga
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
98
STI Savile Row
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
99
STI Kingsway
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
100
STI Carnaby
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
101
STI Solidarity
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
102
STI Lombard
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
103
STI Grace
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
104
STI Jermyn
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
105
STI Sanctity
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
106
STI Solace
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
107
STI Stability
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
108
STI Steadfast
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
109
STI Supreme