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 April 2018

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 April 25, 2018 announcing financial results for the first quarter of 2018, declaration of a dividend, and financing initiatives.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File no. 333-210284) that was filed with the U.S. Securities and Exchange Commission effective March 18, 2016.








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: April 25, 2018
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Brian Lee
 
 
 
 
 
 
Brian Lee
 
 
 
 
 
 
Chief Financial Officer



Exhibit




Exhibit 99.1
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12203196&doc=3
Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2018, Declaration of a Quarterly Dividend, and New Financing Initiatives
MONACO--(GLOBE NEWSWIRE - April 25, 2018) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers," or the "Company") today reported its results for the three months ended March 31, 2018.
Results for the three months ended March 31, 2018 and 2017
For the three months ended March 31, 2018, the Company's adjusted net loss (see Non-IFRS Measures section below) was $31.5 million, or $0.10 basic and diluted loss per share, which excludes from the net loss $0.3 million, or $0.00 per basic and diluted share, of transaction costs related to the Company's previously announced merger with Navig8 Product Tankers Inc ("NPTI"). For the three months ended March 31, 2018, the Company had a net loss of $31.8 million, or $0.10 basic and diluted loss per share.
For the three months ended March 31, 2017, the Company's adjusted net loss (see Non-IFRS Measures section below) was $11.5 million, or $0.07 basic and diluted loss per share, which excludes from the net loss $0.1 million, or $0.00 per basic and diluted share, write-off of deferred financing fees. For the three months ended March 31, 2017, the Company had a net loss of $11.5 million, or $0.07 basic and diluted loss per share.
Declaration of Dividend
On April 25, 2018, the Company's Board of Directors declared a quarterly cash dividend of $0.01 per share, payable on or about June 28, 2018 to all shareholders of record as of June 6, 2018 (the record date). As of April 24, 2018, there were 331,629,992 shares outstanding.
New Financing Initiatives
The Company has signed term sheets or agreed main terms for a series of bank loans and sale leasebacks to refinance certain of its outstanding secured indebtedness.  These transactions, if consummated, would be expected to raise $334 million in aggregate of new liquidity after the repayment of the existing secured debt related to these vessels. The Company expects to make detailed announcements for the individual transactions in the coming weeks.
The terms and conditions of the credit facilities and lease financing arrangements, including covenants, pricing, and advance rates, are similar to those in the Company's existing credit facilities and lease financing arrangements.  These new credit facilities and lease financing arrangements are subject to credit approval, customary conditions precedent and the execution of definitive documentation.

The Company continuously evaluates potential financing transactions that it believes will enhance shareholder value or are in the best interests of the Company, including the repayment or refinancing of its existing indebtedness.

Summary of Other Recent and First Quarter Significant Events
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 second quarter of 2018 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: approximately $14,000 per day for 37% of the days.
For the LR1s in the pool: approximately $13,500 per day for 43% of the days.
For the MRs in the pool: approximately $13,800 per day for 38% of the days.
For the ice-class 1A and 1B Handymaxes in the pool: approximately $11,400 per day for 35% of the days.





Below is a summary of the average daily TCE revenue earned on the Company's vessels during the first quarter of 2018:
For the LR2s in the pool: $14,517 per revenue day.
For the LR1s in the pool: $10,540 per revenue day.
For the MRs in the pool: $13,264 per revenue day.
For the ice-class 1A and 1B Handymaxes in the pool: $12,453 per revenue day.
Took delivery of STI Esles II and STI Jardins, two MR product tankers that were under construction, from Hyundai Mipo Dockyard Co. Ltd. of South Korea ("HMD") in January 2018. As part of these deliveries, the Company drew down $21.5 million in December 2017 and $21.5 million in January 2018 from its 2017 Credit Facility to partially finance the purchase of these vessels.
Entered into agreements to time charter-in two vessels, a 2013 built LR2 product tanker for six months at $14,300 per day, and a 2012 built MR product tanker for one year at $14,000 per day. These vessels were delivered in February and March 2018, respectively.
Paid a quarterly cash dividend with respect to the fourth quarter of 2017 on the Company's common stock of $0.01 per share in March 2018.
Time Charter-in Update
In February 2018, the Company entered into a new time charter-in agreement on a 2013 built LR2 product tanker for six months at $14,300 per day. The Company has an option to extend the charter for an additional six months at $15,310 per day. This vessel was delivered in February 2018.
In January 2018, the Company entered into a new time charter-in agreement on a 2012 built MR product tanker for one year at $14,000 per day. The Company has an option to extend the charter for an additional year at $14,400 per day. This vessel was delivered in March 2018.
$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 (i) Convertible Notes, which were issued in June 2014, (ii) Unsecured Senior Notes Due 2020 (NYSE: SBNA), which were issued in May 2014 and (iii) Unsecured Senior Notes Due 2019 (NYSE: SBBC), which were issued in March 2017.
No securities were repurchased under this program during the period commencing January 1, 2018 and ending on the date of this press release.
As of the date hereof, the Company has the authority to purchase up to an additional $147.1 million of its securities under its Securities Repurchase Program. The Company expects to 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 the Convertible Notes (which were issued in June 2014) were converted into common shares at the beginning of each period and the interest and non-cash amortization expense associated with these notes of $5.7 million and $5.5 million during the three months ended March 31, 2018 and 2017, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three months ended March 31, 2018 and 2017, the Company's basic weighted average number of shares was 307,905,015 and 162,711,256, respectively. The weighted average number of shares, both diluted and under the if-converted method, were anti-dilutive for the three months ended March 31, 2018 and 2017, respectively, as the Company incurred net losses.
As of the date hereof, the Convertible Notes are not eligible for conversion.
Conference Call
The Company has scheduled a conference call on April 25, 2018 at 8:00 AM Eastern Daylight Time and 2:00 PM Central European Summer 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: 3478179
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.
Slides and Audio Webcast:
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/m6/p/5hmnuuc3
Current Liquidity
As of April 24, 2018, the Company had $150.9 million in unrestricted cash and cash equivalents.
Drydock Update
The Company has five MRs that are scheduled for drydock during the remainder of 2018 and estimates that these vessels will be offhire for an aggregate of 100 days with estimated aggregate drydock costs of approximately $4.0 million. Three of these vessels are currently operating under operating lease bareboat charter-in arrangements.





Debt
Set forth below is a summary of the Company’s outstanding indebtedness as of the dates presented:
In millions of U.S. dollars
 
Outstanding as of December 31, 2017
Drawdowns and (repayments), net
Outstanding as of March 31, 2018
Repayments
Outstanding as of April 24, 2018
K-Sure Credit Facility
 
$
240.0

$

$
240.0

$

$
240.0

KEXIM Credit Facility
 
333.0

(16.9
)
316.1


316.1

Credit Suisse Credit Facility
 
53.5


53.5


53.5

ABN AMRO Credit Facility
 
113.3

(2.2
)
111.1

(0.6
)
110.5

ING Credit Facility
 
109.9


109.9


109.9

BNP Paribas Credit Facility
 
42.6


42.6


42.6

Scotiabank Credit Facility
 
28.8


28.8


28.8

NIBC Credit Facility
 
34.7


34.7

(1.0
)
33.7

2016 Credit Facility
 
196.0

(5.3
)
190.7


190.7

HSH Nordbank Credit Facility
 
15.4

(0.4
)
15.0


15.0

2017 Credit Facility (1)
 
141.8

18.6

160.4

(1.2
)
159.2

DVB 2017 Credit Facility
 
78.4

(1.5
)
76.9

(1.5
)
75.4

Credit Agricole Credit Facility
 
107.9

(2.2
)
105.7


105.7

ABN AMRO/K-Sure Credit Facility
 
53.4

(1.0
)
52.4


52.4

Citi/K-Sure Credit Facility
 
112.1

(2.1
)
110.0


110.0

Ocean Yield Lease Financing
 
170.6

(2.5
)
168.1

(0.8
)
167.3

CMBFL Lease Financing
 
66.9

(1.2
)
65.7


65.7

BCFL Lease Financing (LR2s)
 
108.1

(1.8
)
106.3

(0.6
)
105.7

CSSC Lease Financing
 
263.8

(4.3
)
259.5

(1.4
)
258.1

BCFL Lease Financing (MRs)
 
109.2

(2.5
)
106.7

(0.9
)
105.8

2020 senior unsecured notes
 
53.8


53.8


53.8

2019 senior unsecured notes
 
57.5


57.5


57.5

Convertible Notes
 
348.5


348.5


348.5

 
 
$
2,839.2

$
(25.3
)
$
2,813.9

$
(8.0
)
$
2,805.9


(1) In January 2018, the Company drew down $21.5 million from the 2017 Credit Facility to partially finance the purchase of STI Jardins, which was subsequently delivered.





Set forth below are the expected, estimated future principal repayments on the Company's outstanding indebtedness which includes amounts due under sale and finance leaseback arrangements:
 
 In millions of U.S. dollars
Q2 2018 - principal payments made to date
$
8.0

Q2 2018 - remaining principal payments
25.1

Q3 2018
51.1

Q4 2018
39.0

Q1 2019
63.6

Q2 2019
123.2

Q3 2019
411.8

Q4 2019
38.7

2020 and thereafter
2,053.4

 
 
 
$
2,813.9



Newbuilding Program
In January 2018, the Company took delivery of STI Esles II and STI Jardins from HMD, which were the final vessels to be delivered under the Company's newbuilding program. The final installment payment for STI Esles II was made in December 2017 in advance of its delivery, and the Company paid $23.5 million as the final installment payment for the delivery of STI Jardins in January 2018.
As part of these deliveries, the Company drew down $21.5 million in December 2017 and $21.5 million in January 2018 from its 2017 Credit Facility to partially finance the purchase of these vessels.

Explanation of Variances on the First Quarter of 2018 Financial Results Compared to the First Quarter of 2017
For the three months ended March 31, 2018, the Company recorded a net loss of $31.8 million compared to a net loss of $11.5 million for the three months ended March 31, 2017. 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 charters, time charters, and pool charters), and it provides useful information to investors and management. The following table depicts TCE revenue for the three months ended March 31, 2018 and 2017:
 
 
 
For the three months ended March 31,
In thousands of U.S. dollars
 
2018
 
2017
 
Vessel revenue
 
$
156,446

 
$
122,801

 
Voyage expenses
 
(3,339
)
 
(2,532
)
 
TCE revenue
 
$
153,107

 
$
120,269


TCE revenue for the three months ended March 31, 2018 increased $32.8 million to $153.1 million, from $120.3 million for the three months ended March 31, 2017. This increase was driven by the growth of the Company's fleet to an average of 128.0 operating vessels during the three months ended March 31, 2018 from an average of 92.9 operating vessels during the three months ended March 31, 2017. This growth was the result of the merger with NPTI, which resulted in the delivery of four vessels in June 2017 and 23 vessels in September 2017. In addition, the Company took delivery of eight vessels under its newbuilding program throughout 2017 and two vessels under its newbuilding program during the first quarter of 2018. The increase in TCE revenue resulting from the increase in the size of the Company's fleet was partially offset by a reduction in TCE revenue per day, which decreased to $13,331 per day during the three months ended March 31, 2018, from $14,408 per day during the three months ended March 31, 2017. This reduction reflects the challenging market conditions, driven by an unfavorable global supply and demand imbalance, that have persisted throughout 2017 and the first quarter of 2018.





Vessel operating costs for the three months ended March 31, 2018 increased $22.3 million to $70.4 million, from $48.1 million for the three months ended March 31, 2017. This increase was the result of an increase in the average number of owned and bareboat chartered-in vessels for the three months ended March 31, 2018 to 118.6 vessels from 80.6 vessels for the three months ended March 31, 2017. This growth was the result of (i) the merger with NPTI, which resulted in the delivery of four vessels in June 2017 and 23 vessels in September 2017, (ii) the delivery of eight vessels under the Company's newbuilding program throughout 2017 and two vessels under the Company's newbuilding program during the first quarter of 2018, and (iii) the delivery of seven Handymax vessels under bareboat charter-in agreements, which operated for a portion of the three months ended March 31, 2017 and for the entire three months ended March 31, 2018. These additions were offset by the sales of two MR tankers in June and July 2017.
Voyage expenses for the three months ended March 31, 2018 increased $0.8 million to $3.3 million, from $2.5 million for the three months ended March 31, 2017. This increase was primarily the result of certain vessels acquired from NPTI that traded in the spot market during the first quarter of 2018 as these vessels transitioned technical managers or transitioned from trading crude oil to clean products.
Charterhire expenses for the three months ended March 31, 2018 decreased $1.4 million to $18.0 million, from $19.4 million for the three months ended March 31, 2017. This decrease was driven by lower average daily base rates on the Company's time chartered-in fleet during the three months ended March 31, 2018 to an average of $14,035 per vessel per day from an average of $15,601 per vessel per day for the three months ended March 31, 2017. The Company's time and bareboat chartered-in fleet for the three months ended March 31, 2018 increased to an average of 19.4 vessels, (9.4 time chartered-in vessels and 10.0 bareboat chartered-in vessels) from an average of 15.6 vessels (12.3 time chartered-in vessels and 3.3 bareboat chartered-in vessels) for the three months ended March 31, 2017. The average daily base rate for the Company's bareboat chartered-in fleet was $6,797 per vessel per day for the three months ended March 31, 2018 and $7,013 per vessel per day for the three months ended March 31, 2017.
Depreciation expense for the three months ended March 31, 2018 increased $13.0 million to $43.5 million, from $30.5 million for the three months ended March 31, 2017. This increase was primarily driven by (i) the delivery of two LR2 and six MR vessels under the Company's newbuilding program during 2017, (ii) the delivery of the four LR1 vessels acquired from NPTI in June 2017, (iii) the delivery of eight LR1 and 15 LR2 vessels acquired from NPTI in September 2017, and (iv) the delivery of two MR vessels under the Company's newbuilding program during the three months ended March 31, 2018. These deliveries were offset by the sales of five MR vessels throughout 2017, of which three were leased back under bareboat charter-in operating lease arrangements.
Financial expenses for the three months ended March 31, 2018 increased $17.8 million to $39.4 million, from $21.7 million for the three months ended March 31, 2017. The increase in financial expenses was primarily a result of (i) increased interest expense incurred as a result of the assumption of $924.8 million of indebtedness as part of the Company's merger with NPTI ($118.3 million in June 2017 and $806.4 million in September 2017) and (ii) increases in LIBOR rates when compared to the first quarter of 2017.





Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended March 31,
In thousands of U.S. dollars except per share and share data
2018
 
2017
Revenue
 
 
 
 
Vessel revenue
$
156,446

 
$
122,801

 
 
 
 
 
Operating expenses
 
 
 
 
Vessel operating costs
(70,430
)
 
(48,148
)
 
Voyage expenses
(3,339
)
 
(2,532
)
 
Charterhire
(18,012
)
 
(19,431
)
 
Depreciation
(43,455
)
 
(30,502
)
 
General and administrative expenses
(13,626
)
 
(11,910
)
 
Merger transaction related costs
(264
)
 

 
Total operating expenses
(149,126
)
 
(112,523
)
Operating income
7,320

 
10,278

Other (expense) and income, net
 
 
 
 
Financial expenses
(39,418
)
 
(21,664
)
 
Realized loss on derivative financial instruments

 
(116
)
 
Financial income
385

 
52

 
Other expenses, net
(81
)
 
(83
)
 
Total other expense, net
(39,114
)
 
(21,811
)
Net loss
$
(31,794
)
 
$
(11,533
)
 
 
 
 
 
Loss per share
 
 
 
 
 
 
 
 
 
Basic
$
(0.10
)
 
$
(0.07
)
 
Diluted
$
(0.10
)
 
$
(0.07
)
 
Basic weighted average shares outstanding
307,905,015

 
162,711,256

 
Diluted weighted average shares outstanding (1)
307,905,015

 
162,711,256


(1) The dilutive effect of (i) unvested shares of restricted stock and (ii) the potentially dilutive securities relating to the Company's Convertible Notes were excluded from the computation of diluted earnings per share for the three months ended March 31, 2018 and 2017, respectively because their effect would have been anti-dilutive. Weighted average shares under the if-converted method (which includes the potential dilutive effect of both the unvested shares of restricted stock and the Convertible Notes) were 345,539,088 for the three months ended March 31, 2018.





Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
March 31, 2018
 
December 31, 2017
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
163,379

 
$
186,462

Accounts receivable
55,773

 
65,458

Prepaid expenses and other current assets
10,289

 
17,720

Inventories
8,953

 
9,713

Total current assets
238,394

 
279,353

Non-current assets
 
 
 
Vessels and drydock
4,128,250

 
4,090,094

Vessels under construction

 
55,376

Other assets
52,871

 
50,684

Goodwill
11,727

 
11,482

Restricted cash
12,156

 
11,387

Total non-current assets
4,205,004

 
4,219,023

Total assets
$
4,443,398

 
$
4,498,376

Current liabilities
 
 
 
Current portion of long-term debt
$
130,403

 
$
113,036

Finance lease liability
50,363

 
50,146

Accounts payable
10,780

 
13,044

Accrued expenses
28,011

 
32,838

Total current liabilities
219,557

 
209,064

Non-current liabilities
 
 
 
Long-term debt
1,912,627

 
1,937,018

Finance lease liability
654,320

 
666,993

Total non-current liabilities
2,566,947


2,604,011

Total liabilities
2,786,504

 
2,813,075

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
3,817

 
3,766

Additional paid-in capital
2,286,922

 
2,283,591

Treasury shares
(443,816
)
 
(443,816
)
Accumulated deficit (1)
(190,029
)
 
(158,240
)
Total shareholders' equity
1,656,894

 
1,685,301

Total liabilities and shareholders' equity
$
4,443,398

 
$
4,498,376


(1)    Accumulated deficit reflects the impact of the adoption of IFRS 15, Revenue from Contracts with Customers, which is effective for annual periods beginning on January 1, 2018. The standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption (the "modified retrospective method"). We have applied the modified retrospective method upon the date of transition. Accordingly, the cumulative effect of the application of this standard resulted in a $3,888 reduction in the opening balance of Accumulated deficit on January 1, 2018.
 






Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(unaudited)
 
For the three months ended March 31,
In thousands of U.S. dollars
2018
 
2017
Operating activities
 
 
 
Net loss
$
(31,794
)
 
$
(11,533
)
Depreciation
43,455

 
30,502

Amortization of restricted stock
6,650

 
6,289

Amortization of deferred financing fees
3,306

 
3,251

Write-off of deferred financing fees

 
66

Accretion of Convertible Notes
3,200

 
3,004

Accretion of fair value measurement on debt assumed from NPTI
960

 

 
25,777

 
31,579

Changes in assets and liabilities:
 
 
 
Decrease / (increase) in inventories
882

 
(652
)
Decrease in accounts receivable
9,514

 
4,053

Decrease in prepaid expenses and other current assets
7,608

 
734

Increase in other assets
(3,071
)
 
(1,745
)
(Decrease) / increase in accounts payable
(2,323
)
 
2,326

Decrease in accrued expenses
(3,538
)
 
(2,754
)
 
9,072

 
1,962

Net cash inflow from operating activities
34,849

 
33,541

Investing activities
 
 
 
Acquisition of vessels and payments for vessels under construction
(25,851
)
 
(83,303
)
Drydock payments (owned and bareboat-in vessels)
(438
)
 

Net cash outflow from investing activities
(26,289
)
 
(83,303
)
Financing activities
 
 
 
Debt repayments
(46,703
)
 
(97,182
)
Issuance of debt
21,450

 
187,475

Debt issuance costs
(2,354
)
 
(7,435
)
Increase in restricted cash
(768
)
 
(1,778
)
Equity issuance costs
(4
)
 

Dividends paid
(3,264
)
 
(1,746
)
Net cash (outflow) / inflow from financing activities
(31,643
)
 
79,334

(Decrease) / increase in cash and cash equivalents
(23,083
)
 
29,572

Cash and cash equivalents at January 1,
186,462

 
99,887

Cash and cash equivalents at March 31,
$
163,379

 
$
129,459







Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three months ended March 31, 2018 and 2017
(unaudited)
 
 
For the three months ended March 31,
 
 
2018
 
2017
Adjusted EBITDA(1)   (in thousands of U.S. dollars)
 
$
57,608

 
$
46,870

 
 
 
 
 
Average Daily Results
 
 
 
 
Time charter equivalent per day(2)
 
$
13,331

 
$
14,408

Vessel operating costs per day(3)
 
$
6,624

 
$
6,519

 
 
 
 
 
LR2
 
 
 
 
TCE per revenue day (2)
 
$
14,302

 
$
16,543

Vessel operating costs per day(3)
 
$
6,866

 
$
6,555

Average number of owned or finance leased vessels
 
38.0

 
21.3

Average number of time chartered-in vessels
 
1.4

 
1.2

 
 
 
 
 
LR1
 
 
 
 
TCE per revenue day (2)
 
$
10,121

 
$
13,545

Vessel operating costs per day(3)
 
$
6,999

 
$

Average number of owned or finance leased vessels
 
12.0

 

Average number of time chartered-in vessels
 

 
1.0

 
 
 
 
 
MR
 
 
 
 
TCE per revenue day (2)
 
$
13,534

 
$
13,429

Vessel operating costs per day(3)
 
$
6,376

 
$
6,318

Average number of owned or finance leased vessels
 
44.6

 
42.0

Average number of time chartered-in vessels
 
6.2

 
8.0

Average number of bareboat chartered-in vessels
 
3.0

 

 
 
 
 
 
Handymax
 
 
 
 
TCE per revenue day (2)
 
$
12,875

 
$
14,497

Vessel operating costs per day(3)
 
$
6,533

 
$
6,939

Average number of owned or finance leased vessels
 
14.0

 
14.0

Average number of time chartered-in vessels
 
1.8

 
2.2

Average number of bareboat chartered-in vessels
 
7.0

 
3.3

 
 
 
 
 
Fleet data
 
 
 
 
Average number of owned or finance leased vessels
 
108.6

 
77.3

Average number of time chartered-in vessels
 
9.4

 
12.3

Average number of bareboat chartered-in vessels
 
10.0

 
3.3

 
 
 
 
 
Drydock
 
 
 
 
Drydock payments for owned or bareboat-in vessels (in thousands of U.S. dollars)
 
$
438

 
$









(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 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 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.






Fleet list as of April 24, 2018

 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
 
 
 
 
 
 
 
Owned or finance leased vessels
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1

STI Brixton
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
2

STI Comandante
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
3

STI Pimlico
 
2014
 
38,734

 
1A
 
Time Charter (5)
 
Handymax
 
 
 
 
 
 
 
4

STI Hackney
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
5

STI Acton
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
6

STI Fulham
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
7

STI Camden
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
8

STI Battersea
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
9

STI Wembley
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
10

STI Finchley
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
11

STI Clapham
 
2014
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
12

STI Poplar
 
2014
 
38,734

 
1A
 
Time Charter (5)
 
Handymax
 
 
 
 
 
 
 
13

STI Hammersmith
 
2015
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
14

STI Rotherhithe
 
2015
 
38,734

 
1A
 
 SHTP (1)
 
Handymax
 
 
 
 
 
 
 
15

STI Amber
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
16

STI Topaz
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
17

STI Ruby
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
18

STI Garnet
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
19

STI Onyx
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
20

STI Fontvieille
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
21

STI Ville
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
22

STI Duchessa
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
23

STI Opera
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
24

STI Texas City
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
25

STI Meraux
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
26

STI San Antonio
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
27

STI Venere
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
28

STI Virtus
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
29

STI Aqua
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
30

STI Dama
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
31

STI Benicia
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
32

STI Regina
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
33

STI St. Charles
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
34

STI Mayfair
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
35

STI Yorkville
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
36

STI Milwaukee
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
37

STI Battery
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
38

STI Soho
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
39

STI Memphis
 
2014
 
49,995

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
40

STI Tribeca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
41

STI Gramercy
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
42

STI Bronx
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
43

STI Pontiac
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
44

STI Manhattan
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 





45

STI Queens
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
46

STI Osceola
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
47

STI Notting Hill
 
2015
 
49,687

 
1B
 
Time Charter (6)
 
MR
 
 
 
 
 
 
 
48

STI Seneca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
49

STI Westminster
 
2015
 
49,687

 
1B
 
Time Charter (6)
 
MR
 
 
 
 
 
 
 
50

STI Brooklyn
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
51

STI Black Hawk
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
52

STI Galata
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
53

STI Bosphorus
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
54

STI Leblon
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
55

STI La Boca
 
2017
 
49,990

 
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
56

STI San Telmo
 
2017
 
49,990

 
1B
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
57

STI Donald C Trauscht
 
2017
 
49,990

 
1B
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
58

STI Esles II
 
2018
 
49,990

 
1B
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
59

STI Jardins
 
2018
 
49,990

 
1B
 
SMRP (2)
 
MR
 
 
 
 
 
 
 
60

STI Excel
 
2015
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
61

STI Excelsior
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
62

STI Expedite
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
63

STI Exceed
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
64

STI Executive
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
65

STI Excellence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
66

STI Experience
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
67

STI Express
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
68

STI Precision
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
69

STI Prestige
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
70

STI Pride
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
71

STI Providence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
 
 
 
 
 
 
72

STI Elysees
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
73

STI Madison
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
74

STI Park
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
75

STI Orchard
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
76

STI Sloane
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
77

STI Broadway
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
78

STI Condotti
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
79

STI Rose
 
2015
 
109,999

 
 
Time Charter (7)
 
LR2
 
 
 
 
 
 
 
80

STI Veneto
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
81

STI Alexis
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
82

STI Winnie
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
83

STI Oxford
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
84

STI Lauren
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
85

STI Connaught
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
86

STI Spiga
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
87

STI Savile Row
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
88

STI Kingsway
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
89

STI Carnaby
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
90

STI Solidarity
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
91

STI Lombard
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
92

STI Grace
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
93

STI Jermyn
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
94

STI Sanctity
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
95

STI Solace
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 





96

STI Stability
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
97

STI Steadfast
  
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
98

STI Supreme
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
99

STI Symphony
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
100

STI Gallantry
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
101

STI Goal
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
102

STI Nautilus
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
103

STI Guard
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
104

STI Guide
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
105

STI Selatar
 
2017
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
106

STI Rambla
 
2017
 
109,999

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
107

STI Gauntlet
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
108

STI Gladiator
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
109

STI Gratitude
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total owned or finance leased DWT
 
 
 
7,883,195

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Charter type
 
Daily Base Rate
 
Expiry (8)
 
 
Time or bareboat chartered-in vessels
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
110

Kraslava
 
2007
 
37,258

 
1B
 
 SHTP (1)
 
Handymax
 
Time charter
 
$
11,250

 
13-May-18
(9)
111

Silent
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
7,500

 
31-Mar-19
(10)
112

Single
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
7,500

 
31-Mar-19
(10)
113

Star I
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
7,500

 
31-Mar-19
(10)
114

Sky
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,000

 
31-Mar-19
(10)
115

Steel
 
2008
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,000

 
31-Mar-19
(10)
116

Stone I
 
2008
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,000

 
31-Mar-19
(10)
117

Style
 
2008
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,000

 
31-Mar-19
(10)
118

Miss Benedetta
 
2012
 
47,499

 
 
SMRP (2)
 
MR
 
Time charter
 
$
14,000

 
16-Mar-19
(11)
119

STI Beryl
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
Bareboat
 
$
8,800

 
18-Apr-25
(12)
120

STI Le Rocher
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
Bareboat
 
$
8,800

 
21-Apr-25
(12)
121

STI Larvotto
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
Bareboat
 
$
8,800

 
28-Apr-25
(12)
122

Zefyros
 
2013
 
49,999

 
 
SMRP (2)
 
MR
 
Time charter
 
$
13,250

 
08-Jun-18
(13)
123

Gan-Trust
 
2013
 
51,561

 
 
SMRP (2)
 
MR
 
Time charter
 
$
13,950

 
06-Jan-19
(14)
124

CPO New Zealand
 
2011
 
51,717

 
 
SMRP (2)
 
MR
 
Time charter
 
$
15,250

 
12-Sep-18
(15)
125

CPO Australia
 
2011
 
51,763

 
 
SMRP (2)
 
MR
 
Time charter
 
$
15,250

 
01-Sep-18
(15)
126

Ance
 
2006
 
52,622

 
 
SMRP (2)
 
MR
 
Time charter
 
$
13,500

 
12-Oct-18
(16)
127

Densa Alligator
 
2013
 
105,708

 
 
SLR2P (4)
 
LR2
 
Time charter
 
$
14,300

 
21-Aug-18
(17)
128

Densa Crocodile
 
2015
 
105,408

 
 
SLR2P (4)
 
LR2
 
Time charter
 
$
15,750

 
06-Jul-18
(18)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total time or bareboat chartered-in DWT
 
 
 
968,434