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 July 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 July 31, 2019 announcing financial results for the second quarter of 2019 and declaration of a quarterly dividend.









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: July 31, 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=13033956&doc=3
Scorpio Tankers Inc. Announces Financial Results for the Second Quarter of 2019 and Declaration of a Quarterly Dividend
MONACO--(GLOBE NEWSWIRE - July 31, 2019) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers", or the "Company") today reported its results for the three and six months ended June 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 June 30, 2019 and 2018
For the three months ended June 30, 2019, the Company's net loss was $29.7 million, or $0.62 basic and diluted loss per share. There were no Non-IFRS adjustments to the net loss for the three months ended June 30, 2019.
For the three months ended June 30, 2018, the Company's adjusted net loss (see Non-IFRS Measures section below) was $44.9 million, or $1.45 basic and diluted loss per share, which excludes from the net loss (i) a $17.0 million loss recorded on the Company's exchange of its Convertible Notes due 2019 for newly issued Convertible Notes due 2022 (the "Convertible Notes Exchange"), and (ii) a $7.0 million write-off of deferred financing fees.  The adjustments resulted in an aggregate reduction of the Company’s net loss by $24.0 million or $0.78 per basic and diluted share.  For the three months ended June 30, 2018, the Company had a net loss of $68.9 million, or $2.23 basic and diluted loss per share.
Results for the six months ended June 30, 2019 and 2018
For the six months ended June 30, 2019, the Company's adjusted net loss (see Non-IFRS Measures section below) was $15.0 million, or $0.31 basic and diluted loss per share, which excludes from the net loss a $0.3 million, or $0.01 per basic and diluted share, write-off of deferred financing fees. For the six months ended June 30, 2019, the Company had a net loss of $15.2 million, or $0.32 basic and diluted loss per share.
For the six months ended June 30, 2018, the Company's adjusted net loss was $76.4 million (see Non-IFRS Measures section below), or $2.47 basic and diluted loss per share, which excludes from the net loss (i) a $17.0 million loss recorded on the Convertible Notes Exchange, (ii) a $7.0 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 $24.3 million or $0.79 per basic and diluted share. For the six months ended June 30, 2018, the Company had a net loss of $100.7 million, or $3.26 basic and diluted loss per share.
Declaration of Dividend
On July 30, 2019, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about September 27, 2019 to all shareholders of record as of September 10, 2019 (the record date). As of July 30, 2019, there were 51,845,390 common shares of the Company outstanding.

1



Summary of Other Recent and Second 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 third 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 $14,200 per day for 50% of the days.
For the LR1s in the pool: an average of approximately $15,000 per day for 40% of the days.
For the MRs in the pool: an average of approximately $14,300 per day for 40% of the days.
For the ice-class 1A Handymaxes in the pool: an average of approximately $10,200 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 second quarter of 2019:
For the LR2s in the pool: an average of $16,974 per revenue day.
For the LR1s in the pool: an average of $14,527 per revenue day.
For the MRs in the pool: an average of $13,436 per revenue day.
For the ice-class 1A Handymaxes in the pool: an average of $11,802 per revenue day.
The Company has received commitments for seven different facilities to partially finance the purchase and installation of exhaust gas cleaning systems, or "scrubbers" on certain of the Company's vessels. These commitments are expected to increase the Company’s liquidity by approximately $87 million. Additionally, the Company is in discussions with a different group of financial institutions to finance the purchase of scrubbers which, if consummated, expect to increase the Company’s liquidity by an additional $35 million. All of these agreements are expected to be signed in the next few months and the drawdowns will occur as the scrubbers are installed throughout the remainder of 2019 and 2020.
In June 2019, the Company paid a quarterly cash dividend with respect to the first 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.

$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.
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 2019, which were issued in June 2014 (and matured in July 2019), and 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 $6.1 million and $12.1 million during the three and six months ended June 30, 2019, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three and six months ended June 30, 2019, the Company's basic weighted average number of shares were 48,148,885 and 48,109,924, respectively. For the three and six months ended June 30, 2019, the Company's diluted weighted average number of shares were 49,446,801 and 49,194,463 respectively, excluding the impact of the Convertible Notes due 2019 and Convertible Notes due 2022, and 56,104,777 and 55,822,804, 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 six months ended June 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.

2



Conference Call
The Company has scheduled a conference call on July 31, 2019 at 9:00 AM Eastern Daylight Time and 3:00 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: 7477236
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/mmc/p/mavm58wd
Current Liquidity
As of July 30, 2019, the Company had $307.3 million in unrestricted cash and cash equivalents. 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.
Drydock, Scrubber and Ballast Water Treatment Update
The following drydock, scrubber and ballast water treatment activity occurred during the second quarter of 2019:
Three LR2 tankers completed their scrubber installations during the second quarter of 2019 for aggregate costs of $8.6 million (which includes the cost of the scrubber and related installation costs) and incurred an aggregate of 108 offhire days.
Three MR tankers completed their class required special surveys and scrubber installations during the second quarter of 2019 for aggregate costs of $9.5 million (which includes the drydock along with the cost of the scrubber and related installation costs) and incurred an aggregate of 165 offhire days.
One ice-class 1A Handymax tanker completed its class required special survey and ballast water treatment system installation during the second quarter of 2019 for aggregate costs of $2.7 million (which includes the drydock along with the cost of the ballast water treatment system and related installation costs) and incurred an aggregate of 27 offhire days.
One LR2 tanker entered drydock for its scrubber installation during the second quarter of 2019, and the installation is expected to be completed during the third quarter of 2019. The aggregate cost of the installation is expected to be $2.5 million (which includes the cost of the scrubber and related installation costs), and this vessel was offhire for 2 days during the second quarter of 2019.
Three MR tankers entered drydock for their class required special surveys, ballast water treatment system installations, and scrubber installations during the second quarter of 2019, all of which are expected to be completed during the third quarter of 2019. The aggregate costs are expected to be approximately $13.0 million (which includes the drydock along with the cost of the scrubbers, ballast water treatment systems and all related installation costs), and these vessels were offhire for an aggregate of 37 days during the second quarter of 2019.
Two ice-class 1A Handymax tankers entered drydock for their class required special surveys and ballast water treatment system installations during the second quarter of 2019, which were completed during the third quarter of 2019. The aggregate cost is expected to be $4.0 million (which includes the drydock along with the cost of the ballast water treatment system and related installation costs), and these vessels were offhire for an aggregate of 46 days during the second quarter of 2019.


3



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 third quarter of 2019 through the date of this press release): 
In millions of U.S. dollars
As of July 30, 2019 (1)
Q3 2019 - payments made through July 30, 2019
$
10.6

Q3 2019 - remaining payments
63.8

Q4 2019
90.3

Q1 2020
45.8

Q2 2020
30.4

Q3 2020
28.4

Q4 2020
11.4

(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 offhire days for the Company's drydocks, ballast water treatment installations, and scrubber installations (2):

 
Q3 2019
 
 
Ships Scheduled for:
Offhire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
5

4

13

371

LR1


6

168

MR
9

8

9

280

Handymax
5

5


102

 
 
 
 
 
Total Q3 2019
19

17

28

921

 
 
 
 
 
 
Q4 2019
 
 
Ships Scheduled for:
Offhire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
10

8

13

357

LR1


1

28

MR
9

7

9

245

Handymax
5

5


100

 
 
 
 
 
Total Q4 2019
24

20

23

730

 
 
 
 
 
 
Q1 2020
 
 
Ships Scheduled for:
Offhire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
1


2

55

LR1





4



MR
4

4

10

278

Handymax
2

2


40

 
 
 
 
 
Total Q1 2020
7

6

12

373

 
 
 
 
 
 
Q2 2020
 
 
Ships Scheduled for:
Offhire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
4


4

108

LR1




MR
3

3

6

167

Handymax




 
 
 
 
 
Total Q2 2020
7

3

10

275

 
 
 
 
 
 
Q3 2020
 
 
Ships Scheduled for:
Offhire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2
2


2

54

LR1
5


5

135

MR


6

168

Handymax




 
 
 
 
 
Total Q3 2020
7


13

357

 
 
 
 
 
 
Q4 2020
 
 
Ships Scheduled for:
Offhire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days
LR2




LR1




MR


2

56

Handymax




 
 
 
 
 
Total Q4 2020


2

56

(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.

5



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 March 31, 2019
Repayments
Outstanding Principal as of June 30, 2019
Repayments
Outstanding Principal as of July 30, 2019
1
KEXIM Credit Facility
 
$
282,475

$

$
282,475

$
(4,300
)
$
278,175

2
ABN AMRO Credit Facility
 
98,369

(2,139
)
96,230

(537
)
95,693

3
ING Credit Facility
 
140,992

(3,184
)
137,808

(1,071
)
136,737

4
$35.7 Million Term Loan Facility
 
34,042

(808
)
33,234

(808
)
32,426

5
2017 Credit Facility
 
141,449

(3,316
)
138,133


138,133

6
Credit Agricole Credit Facility
 
97,153

(2,142
)
95,011


95,011

7
ABN AMRO/K-Sure Credit Facility
 
48,567

(963
)
47,604


47,604

8
Citi/K-Sure Credit Facility
 
101,546

(2,104
)
99,442


99,442

9
ABN AMRO/SEB Credit Facility
 
111,950

(2,875
)
109,075


109,075

10
Ocean Yield Lease Financing
 
157,664

(2,649
)
155,015

(917
)
154,098

11
CMBFL Lease Financing
 
60,744

(1,227
)
59,517


59,517

12
BCFL Lease Financing (LR2s)
 
98,933

(1,881
)
97,052

(636
)
96,416

13
CSSC Lease Financing
 
242,199

(4,327
)
237,872

(1,442
)
236,430

14
BCFL Lease Financing (MRs)
 
96,191

(2,768
)
93,423

(902
)
92,521

15
2018 CMB Lease Financing
 
134,014

(2,529
)
131,485


131,485

16
$116.0 Million Lease Financing
 
111,103

(1,672
)
109,431

(539
)
108,892

17
AVIC International Lease Financing
 
136,155

(2,948
)
133,207


133,207

18
China Huarong Shipping Lease Financing
 
133,875

(3,375
)
130,500


130,500

19
$157.5 Million Lease Financing
 
148,550

(3,536
)
145,014


145,014

20
COSCO Lease Financing
 
82,225

(1,925
)
80,300


80,300

21
IFRS 16 - Leases - 3 MRs
 
49,374

(1,711
)
47,663

(558
)
47,105

22
IFRS 16 - Leases - 7 Handymax
 
24,102

(3,692
)
20,410

(1,272
)
19,138

23
2020 Senior Unsecured Notes
 
53,750


53,750


53,750

24
Convertible Notes due 2019
 
142,708


142,708

(142,708
)


6



 
In thousands of U.S. dollars
 
Outstanding Principal as of March 31, 2019
Repayments
Outstanding Principal as of June 30, 2019
Repayments
Outstanding Principal as of July 30, 2019
25
Convertible Notes due 2022
 
203,500


203,500


203,500

 
 
 
$
2,931,630

$
(51,771
)
$
2,879,859

$
(155,690
)
$
2,724,169



Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of June 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 third quarter of 2019 through the date of this press release):
 
 
 In millions of U.S. dollars
Q3 2019 - principal payments made through July 30, 2019 (1)
 
$
155.7

Q3 2019 - remaining principal payments
 
55.9

Q4 2019
 
52.2

Q1 2020
 
69.1

Q2 2020 (2)
 
104.6

Q3 2020 (3)
 
153.1

Q4 2020
 
48.6

2021 and thereafter
 
2,240.7

 
 
$
2,879.9


(1)
Repayments include $142.7 million that was repaid in July 2019 upon the maturity of the Company's Convertible Notes due 2019.
(2)
Repayments include $53.8 million due upon the maturity of the Company's Senior Unsecured Notes due 2020.
(3)
Repayments include $87.7 million due upon the maturity of the Company's ABN AMRO Credit Facility.

Explanation of Variances on the Second Quarter of 2019 Financial Results Compared to the Second Quarter of 2018
For the three months ended June 30, 2019, the Company recorded a net loss of $29.7 million compared to a net loss of $68.9 million for the three months ended June 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 June 30, 2019 and 2018:
 
 
 
For the three months ended June 30,
In thousands of U.S. dollars
 
2019
 
2018
 
Vessel revenue
 
$
150,805

 
$
141,795

 
Voyage expenses
 
(1,328
)
 
(1,033
)
 
TCE revenue
 
$
149,477

 
$
140,762



7



TCE revenue for the three months ended June 30, 2019 increased by $8.7 million to $149.5 million, from $140.8 million for the three months ended June 30, 2018. This increase was the result of modest, 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 $14,348 per day during the three months ended June 30, 2019, from $12,301 per day during the three months ended June 30, 2018. The product tanker market experienced a period of prolonged weakness during the first nine months of 2018 culminating with a sharp recovery that began in the fourth quarter of 2018. While the second quarter of 2019 reflected an improvement over the same period during 2018, this recovery abated during the second quarter of 2019 as the product tanker market experienced headwinds, primarily as a result of a longer than usual refinery maintenance season which negatively impacted demand, particularly in our MR and Handymax operating segments. This increase in TCE revenue per day was partially offset by a reduction of the Company's fleet to an average of 119.0 operating vessels during the three months ended June 30, 2019 from an average of 127.0 operating vessels during the three months ended June 30, 2018, which was the result of the redelivery of 11 time chartered-in vessels throughout 2018 and in the first quarter of 2019.
Vessel operating costs for the three months ended June 30, 2019 remained consistent, decreasing slightly by $0.7 million to $68.8 million, from $69.5 million for the three months ended June 30, 2018. The Company’s average number of owned or bareboat chartered-in vessels remained consistent at 119.0 vessels for the three months ended June 30, 2019 and for the three months ended June 30, 2018.
Charterhire expense for the three months ended June 30, 2019 decreased by $17.2 million to $0.0 million, from $17.2 million for the three months ended June 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 June 30, 2019 to the three months ended June 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 10.0 bareboat chartered-in vessels for the three months ended June 30, 2019, and the Company's time and bareboat chartered-in fleet consisted of an average of 8.0 time chartered-in vessels and 10.0 bareboat chartered-in vessels for the three months ended June 30, 2018. As of June 30, 2019, we had 10 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 June 30, 2019 remained consistent, increasing slightly by $0.3 million to $44.4 million, from $44.1 million for the three months ended June 30, 2018. Depreciation expense in future periods is expected to increase as the Company installs ballast water treatment systems and scrubbers on its vessels in 2019 and 2020. The Company expects to depreciate the majority of the cost of this equipment over each vessels’ remaining useful life.
Depreciation expense - right of use assets for the three months ended June 30, 2019 was $5.9 million. Depreciation expense - right of use assets reflects the straight-line depreciation expense recorded during the three months ended June 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 all 10 vessels that the Company currently bareboat charters-in.
General and administrative expenses for the three months ended June 30, 2019 increased by $2.2 million to $15.5 million, from $13.3 million for the three months ended June 30, 2018. This increase was primarily driven by compensation expenses, including a slight 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 second quarter of 2019.
Financial expenses for the three months ended June 30, 2019 decreased by $1.6 million to $47.3 million, from $48.9 million for the three months ended June 30, 2018. The Company wrote off $7.0 million of deferred financing fees during the three months ended June 30, 2018 as a result of the various refinancing initiatives that the Company entered into during that period. There were no write-offs of deferred financing fees during the three months ended June 30, 2019. Excluding these write-offs, financial expenses increased during the second quarter of 2019 primarily a result of (i) increases in LIBOR rates as compared to the three months ended June 30, 2018, (ii) an increase in the Company's average debt to $2.9 billion during the three months ended June 30, 2019 from $2.8 billion during the three months ended June 30, 2018 as a result of the Company's refinancing initiatives that were executed in the second, third and fourth quarters of 2018 and (iii) increased borrowing costs associated with the Company's lease financing arrangements that were entered into during 2018. If LIBOR rates remain consistent, financial expenses in future periods are expected to reflect a similar run-rate to that which was incurred in the second quarter of 2019 as increased finance costs resulting from drawdowns on the Company’s scrubber financing program are expected to be offset by (i) the reduction in interest expense attributable to the July 2019 repayment of the Company’s Convertible Notes due 2019, and (ii) scheduled amortization on the Company’s existing credit facilities.


8



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended June 30,
 
For the six months ended June 30,
In thousands of U.S. dollars except per share and share data
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
 
Vessel revenue
$
150,805

 
$
141,795

 
346,635

 
$
298,241

 
 
 
 
 
 


 


Operating expenses
 
 
 
 


 


 
Vessel operating costs
(68,776
)
 
(69,474
)
 
(138,152
)
 
(139,904
)
 
Voyage expenses
(1,328
)
 
(1,033
)
 
(1,622
)
 
(4,372
)
 
Charterhire

 
(17,157
)
 
(4,399
)
 
(35,169
)
 
Depreciation - owned or finance leased vessels
(44,369
)
 
(44,092
)
 
(88,183
)
 
(87,547
)
 
Depreciation - right of use assets
(5,895
)
 

 
(8,030
)
 

 
General and administrative expenses
(15,528
)
 
(13,346
)
 
(31,240
)
 
(26,972
)
 
Merger transaction related costs

 
(7
)
 

 
(271
)
 
Total operating expenses
(135,896
)
 
(145,109
)
 
(271,626
)
 
(294,235
)
Operating income / (loss)
14,909

 
(3,314
)
 
75,009

 
4,006

Other (expense) and income, net
 
 
 
 
 
 
 
 
Financial expenses
(47,327
)
 
(48,949
)
 
(96,083
)
 
(88,367
)
 
Loss on exchange of convertible notes


(16,968
)


 
(16,968
)
 
Financial income
2,725

 
345

 
5,843

 
730

 
Other expenses, net
(27
)
 
(15
)
 
(13
)
 
(96
)
 
Total other expense, net
(44,629
)
 
(65,587
)
 
(90,253
)
 
(104,701
)
Net loss
$
(29,720
)
 
$
(68,901
)
 
$
(15,244
)
 
$
(100,695
)
 
 
 
 
 
 
 
 
 
Loss per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
(0.62
)
 
$
(2.23
)
 
$
(0.32
)
 
$
(3.26
)
 
Diluted
$
(0.62
)
 
$
(2.23
)
 
$
(0.32
)
 
$
(3.26
)
 
Basic weighted average shares outstanding
48,148,885

 
30,957,545

 
48,109,924

 
30,891,470

 
Diluted weighted average shares outstanding (1)
48,148,885

 
30,957,545

 
48,109,924

 
30,891,470


(1)
The dilutive effect of (i) unvested shares of restricted stock and (ii) the potentially dilutive securities relating to the Company's Convertible Notes due 2019 and Convertible Notes due 2022 were excluded from the computation of diluted earnings per share for the three and six months ended June 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 56,104,777 and 55,822,804 for the three and six months ended June 30, 2019, respectively.

9



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
June 30, 2019
 
December 31, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
467,219

 
$
593,652

Accounts receivable
56,469

 
69,718

Prepaid expenses and other current assets
15,845

 
15,671

Inventories
8,761

 
8,300

Total current assets
548,294

 
687,341

Non-current assets
 
 
 
Vessels and drydock
3,955,446

 
3,997,789

Right of use assets
67,266

 

Other assets
97,233

 
75,210

Goodwill
11,539

 
11,539

Restricted cash
12,294

 
12,285

Total non-current assets
4,143,778

 
4,096,823

Total assets
$
4,692,072

 
$
4,784,164

Current liabilities
 
 
 
Current portion of long-term debt
$
295,543

 
$
297,934

Finance lease liability
115,689

 
114,429

Lease liability - IFRS 16
20,708

 

Accounts payable
15,354

 
11,865

Accrued expenses
29,175

 
22,972

Total current liabilities
476,469

 
447,200

Non-current liabilities
 
 
 
Long-term debt
1,094,910

 
1,192,000

Finance lease liability
1,248,231

 
1,305,952

Lease liability - IFRS 16
47,364

 

Total non-current liabilities
2,390,505


2,497,952

Total liabilities
2,866,974

 
2,945,152

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
580

 
5,776

Additional paid-in capital
2,657,375

 
2,648,599

Treasury shares
(467,056
)
 
(467,056
)
Accumulated deficit (1)
(365,801
)
 
(348,307
)
Total shareholders' equity
1,825,098

 
1,839,012

Total liabilities and shareholders' equity
$
4,692,072

 
$
4,784,164



10



(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.
.


11



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)

 
For the six months ended June 30,
In thousands of U.S. dollars
2019
 
2018
Operating activities
 
 
 
Net loss
$
(15,244
)
 
$
(100,695
)
Depreciation - owned or finance leased vessels
88,183

 
87,547

Depreciation - right of use assets
8,030

 

Amortization of restricted stock
13,859

 
13,180

Amortization of deferred financing fees
4,088

 
6,191

Write-off of deferred financing fees
275

 
7,035

Accretion of convertible notes
6,995

 
6,435

Accretion of fair value measurement on debt assumed in business combinations
1,827

 
1,909

Loss on exchange of convertible notes

 
16,968

 
108,013

 
38,570

Changes in assets and liabilities:
 
 
 
(Increase) / decrease in inventories
(461
)
 
1,473

Decrease in accounts receivable
13,248

 
15,039

(Increase) / decrease in prepaid expenses and other current assets
(175
)
 
4,620

Increase in other assets
(2,807
)
 
(3,576
)
Increase in accounts payable
1,187

 
2,767

Increase / (decrease) in accrued expenses
2,272

 
(6,165
)
 
13,264

 
14,158

Net cash inflow from operating activities
121,277

 
52,728

Investing activities
 
 
 
Acquisition of vessels and payments for vessels under construction

 
(26,057
)
Drydock, scrubber, ballast water treatment and other vessel related payments (owned, finance leased and bareboat-in vessels)
(59,688
)
 
(2,136
)
Net cash outflow from investing activities
(59,688
)
 
(28,193
)
Financing activities
 
 
 
Debt repayments
(166,729
)
 
(167,491
)
Issuance of debt

 
142,025

Debt issuance costs
(1,288
)
 
(13,473
)
Principal repayments on lease liability - IFRS 16
(7,129
)
 

Increase in restricted cash
(9
)
 
(897
)
Repayment of convertible notes
(2,292
)
 

Equity issuance costs
(295
)
 
(4
)
Dividends paid
(10,279
)
 
(6,579
)
Repurchase of common stock
(1
)
 

Net cash outflow from financing activities
(188,022
)
 
(46,419
)
Decrease in cash and cash equivalents
(126,433
)
 
(21,884
)
Cash and cash equivalents at January 1,
593,652

 
186,462

Cash and cash equivalents at June 30,
$
467,219

 
$
164,578



12



Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three and six months ended June 30, 2019 and 2018
(unaudited)
 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Adjusted EBITDA(1)   (in thousands of U.S. dollars except Fleet Data)
 
$
71,821

 
$
47,300

 
$
185,068

 
$
104,908

 
 
 
 
 
 
 
 
 
Average Daily Results
 
 
 
 
 
 
 
 
Time charter equivalent per day(2)
 
$
14,348

 
$
12,301

 
$
16,470

 
$
12,816

Vessel operating costs per day(3)
 
$
6,351

 
6,391

 
$
6,414

 
$
6,507

 
 
 
 
 
 
 
 
 
LR2
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
16,974

 
$
12,861

 
$
19,948

 
$
13,572

Vessel operating costs per day(3)
 
$
6,687

 
6,436

 
$
6,748

 
$
6,650

Average number of owned or finance leased vessels
 
38.0

 
38.0

 
38.0

 
38.0

Average number of time chartered-in vessels
 

 
2.0

 

 
1.7

 
 
 
 
 
 
 
 
 
LR1
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
14,527

 
$
11,090

 
$
16,221

 
$
10,608

Vessel operating costs per day(3)
 
$
6,159

 
$
6,613

 
$
6,377

 
$
6,805

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)
 
$
13,436

 
$
12,567

 
$
14,594

 
$
13,049

Vessel operating costs per day(3)
 
$
6,148

 
$
6,392

 
$
6,235

 
$
6,384

Average number of owned or finance leased vessels
 
45.0

 
45.0

 
45.0

 
44.8

Average number of time chartered-in vessels
 

 
5.6

 
0.2

 
5.9

Average number of bareboat chartered-in vessels
 
3.0

 
3.0

 
3.0

 
3.0

 
 
 
 
 
 
 
 
 
Handymax
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
11,520

 
$
11,267

 
$
14,644

 
$
12,096

Vessel operating costs per day(3)
 
$
6,318

 
$
6,183

 
$
6,240

 
$
6,357

Average number of owned or finance leased vessels
 
14.0

 
14.0

 
14.0

 
14.0

Average number of time chartered-in vessels
 

 
0.3

 

 
1.1

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
 
109.0

 
109.0

 
109.0

 
108.8

Average number of time chartered-in vessels
 

 
8.0

 
0.2

 
8.7

Average number of bareboat chartered-in vessels
 
10.0

 
10.0

 
10.0

 
10.0

 
 
 
 
 
 
 
 
 
Drydock
 
 
 
 
 
 
 
 
Drydock, scrubber, ballast water treatment and other vessel related payments for owned, finance leased and bareboat chartered-in vessels (in thousands of U.S. dollars)
 
$
41,448

 
$
1,698

 
$
59,688

 
$
2,136


13




(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.
 

14



Fleet list as of July 30, 2019

 
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
 
 SHTP (1)
 
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
 
 SHTP (1)
 
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
 
49,990

 
 
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

15



 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
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
 
SMRP (2)
 
MR
48
STI Seneca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
49
STI Westminster
 
2015
 
49,687

 
1B
 
SMRP (2)
 
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

 
 
SLR2P (4)
 
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

16



 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
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
 
 
 
7,883,190

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

17




 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Charter type
 
Daily Base Rate
 
Expiry (5)
 
 
Bareboat chartered-in vessels
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
110
Silent
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,300

 
31-Mar-20
(6)
111
Single
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,300

 
31-Mar-20
(6)
112
Star I
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,300

 
31-Mar-20
(6)
113
Sky
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,300

 
31-Mar-21
(7)
114
Steel
 
2008
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,300

 
31-Mar-21
(7)
115
Stone I
 
2008
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,300

 
31-Mar-21
(7)
116
Style
 
2008
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
Bareboat
 
$
6,300

 
31-Mar-21
(7)
117
STI Beryl
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
Bareboat
 
$
8,800

 
18-Apr-25
(8)
118
STI Le Rocher
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
Bareboat
 
$
8,800

 
21-Apr-25
(8)
119
STI Larvotto
 
2013
 
49,990

 
 
SMRP (2)
 
MR
 
Bareboat
 
$
8,800

 
28-Apr-25
(8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total bareboat chartered-in DWT
 
 
 
414,899