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 February 2020

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 February 19, 2020 announcing financial results for the fourth 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: February 19, 2020
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Brian Lee
 
 
 
 
 
 
Brian Lee
 
 
 
 
 
 
Chief Financial Officer



Exhibit




Exhibit 99.1
https://cdn.kscope.io/a19e7c4a48177a4904a0e582068f5954-stnglogoa79.jpg
Scorpio Tankers Inc. Announces Financial Results for the Fourth Quarter of 2019 and Declaration of a Quarterly Dividend
MONACO--(GLOBE NEWSWIRE - February 19, 2020) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers", or the "Company") today reported its results for the three months and year ended December 31, 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 December 31, 2019 and 2018
For the three months ended December 31, 2019, the Company had a net income of $12.0 million, or $0.22 basic and $0.21 diluted earnings per share. For the three months ended December 31, 2019, the Company's adjusted net income (see Non-IFRS Measures section below) was $12.8 million, or $0.23 basic and diluted earnings per share, which excludes from the net income a $0.7 million, or $0.01 per basic and diluted share, write-off of deferred financing fees.
For the three months ended December 31, 2018, the Company had a net loss of $17.7 million, or $0.38 basic and diluted loss per share. For the three months ended December 31, 2018, the Company’s adjusted net loss (see Non-IFRS Measures section below) was $17.4 million, or $0.38 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.
Results for the year ended December 31, 2019 and 2018
For the year ended December 31, 2019, the Company had a net loss of $48.5 million, or $0.97 basic and diluted loss per share. For the year ended December 31, 2019, the Company's adjusted net loss (see Non-IFRS Measures section below) was $47.0 million, or $0.94 basic and diluted loss per share, which excludes from the net loss a $1.5 million, or $0.03 per basic and diluted share, write-off of deferred financing fees.
For the year ended December 31, 2018, the Company had a net loss of $190.1 million, or $5.46 basic and diluted loss per share. For the year ended December 31, 2018, the Company’s adjusted net loss (see Non-IFRS Measures section below) was $158.7 million, or $4.56 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 an aggregate of $203.5 million principal amount of its Convertible Notes due 2019 in the second and third quarters of 2018, (ii) a $13.2 million write-off of deferred financing fees, and (iii) $0.3 million of transaction costs related to the 2017 merger with Navig8 Product Tankers Inc, together resulting in an aggregate reduction of the Company’s net loss of $31.3 million or $0.90 per basic and diluted share.
Declaration of Dividend
On February 18, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about March 13, 2020 to all shareholders of record as of March 2, 2020 (the record date). As of February 17, 2020, there were 58,672,080 common shares of the Company outstanding.

1



Summary of Other Recent and Fourth 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 first quarter of 2020 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 (which includes both scrubber fitted and non-scrubber fitted vessels): an average of approximately $25,000 per day for 70% of the days. Scrubber fitted vessels earned a premium of approximately $5,300 per day during January 2020 when compared to non-scrubber fitted vessels in the pool.
For the LR1s in the pool (which includes both scrubber fitted and non-scrubber fitted vessels): an average of approximately $19,000 per day for 80% of the days. Scrubber fitted vessels earned a premium of approximately $5,400 per day during January 2020 when compared to non-scrubber fitted vessels in the pool.
For the MRs in the pool (which includes both scrubber fitted and non-scrubber fitted vessels): an average of approximately $22,000 per day for 60% of the days. Scrubber fitted vessels earned a premium of approximately $2,800 per day during January 2020 when compared to non-scrubber fitted vessels in the pool.
For the ice-class 1A Handymaxes in the pool: an average of approximately $24,000 per day for 60% of the days.
Below is a summary of the average daily TCE revenue earned on the Company's vessels during the fourth quarter of 2019:
For the LR2s in the pool: an average of $25,230 per revenue day.
For the LR1s in the pool: an average of $17,653 per revenue day.
For the MRs in the pool: an average of $17,429 per revenue day.
For the ice-class 1A Handymaxes in the pool: an average of $19,294 per revenue day.
In November 2019, the Company entered into an “at the market” offering program (the "ATM Program") pursuant to which the Company may sell up to $100 million of its common shares, par value $0.01 per share. No shares have been sold under this Program through the date of this press release.
In November and December 2019, the Company executed two term loan facilities with Hamburg Commercial Bank AG and Prudential Private Capital, respectively, for approximately $99.1 million in aggregate. These facilities were partially drawn in December 2019 and the proceeds were used to refinance the existing indebtedness on five vessels that were previously financed under the Company’s KEXIM Credit Facility. The Company's liquidity increased by approximately $31.0 million in aggregate as a result of these transactions. There is currently $1.5 million available to be drawn under the facility with Hamburg Commercial Bank AG, which is expected to be utilized to partially finance the purchase and installation of a scrubber on one of the Company's LR2 tankers.
In December 2019, the Company drew down an aggregate of approximately $11.0 million from an upsized lease financing arrangement with CSSC (Hong Kong) Shipping Company Limited ("CSSC") to partially finance the purchase and installation of scrubbers on seven of its vessels.
As of the date of this press release, the Company has received commitments from financial institutions for an additional eight different facilities to partially finance the purchase and installation of scrubbers on certain of the Company's vessels.  These commitments are expected to increase the Company's liquidity by approximately $118.7 million, after the repayment of existing indebtedness. Subject to the negotiation and execution of definitive documentation for these facilities, the drawdowns are expected to occur as the scrubbers are installed throughout the remainder of 2020.
In December 2019, the Company paid a quarterly cash dividend with respect to the third quarter of 2019 on the Company's common stock of $0.10 per common share.
In January 2020, the Company took delivery of two scrubber-fitted 2020-built MR product tankers (STI Miracle and STI Maestro) under eight-year bareboat leases. The leasehold interests in these vessels were acquired as part of the Company's transaction with Trafigura Maritime Logistics Pte. Ltd. ( the "Trafigura Transaction") that was announced in September 2019. The bareboat leases have similar terms and conditions as the original leased vessels in the Trafigura Transaction.

2



At the Market Share Issuance Program
In November 2019, the Company entered into the ATM Program pursuant to which the Company may sell up to $100 million of its common shares, par value $0.01 per share. As part of the ATM Program, the Company entered into an equity distribution agreement dated November 7, 2019 (the “Sales Agreement”), with BTIG, LLC, as sales agent (the “Agent”). In accordance with the terms of the Sales Agreement, the Company may offer and sell its common shares from time to time through the Agent by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, in block transactions, or as otherwise agreed upon by the Agent and the Company. The Company intends to use the net proceeds from any sales under the Program for general corporate and working capital purposes.
No shares have been sold under the ATM Program through the date of this press release.
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 $14.7 million, respectively, during the three months and year ended December 31, 2019 were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three months and year ended December 31, 2019, the Company's basic weighted average number of shares were 54,626,119 and 49,857,998, respectively. For the three months and year ended December 31, 2019, the Company's diluted weighted average number of shares were 56,780,849 and 51,735,977, respectively, excluding the impact of the Convertible Notes due 2022, and 62,009,488 and 57,656,484, respectively, under the if-converted method.
The diluted weighted average number of shares was anti-dilutive for the year ended December 31, 2019 as the Company incurred a net loss.
The weighted average number of shares under the if-converted method was anti-dilutive for the three months and year ended December 31, 2019.
$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 fourth quarter of 2019 and through the date of this press release.
As of the date hereof, the Company has repurchased a total of $128.4 million of its securities under the Securities Repurchase Program and has the authority to purchase up to an additional $121.6 million of its securities. 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.
Conference Call
The Company has scheduled a conference call on February 19, 2020 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: 9755054
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/8jjse99m

3



Current Liquidity
As of February 17, 2020, the Company had $164.7 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 fourth quarter of 2019 and that is in progress as of January 1, 2020:

 
Number of Vessels
Drydock
Ballast Water Treatment Systems
Scrubbers
Aggregate Costs ($ in millions)
Aggregate Offhire Days in Q4 2019
Completed in fourth quarter of 2019
 
 
 
 
 
 
LR2
5
3
2
5
$21.8
216
LR1
2
2
5.2
41
MR
7
7
5
7
30.8
348
Handymax
6
6
6
18.1
135
 
20
16
13
14
$75.9
740
 
 
 
 
 
 
 
In progress as of December 31, 2019
 
 
 
 
 
 
LR2
6
5
5
6
$29.0
382
LR1
1
1
2.5
MR
5
5
4
5
22.3
104
Handymax
1
1
1
2.8
27
 
13
11
10
12
$56.6
513

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 first quarter of 2020 through February 17, 2020): 

In millions of U.S. dollars
As of February 17, 2020 (1)
 
 
Q1 2020 - payments made through February 17, 2020
$
7.9

Q1 2020 - remaining payments
50.3

Q2 2020
54.8

Q3 2020
34.5

Q4 2020
14.4

FY 2021
27.0


(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):

4



 
Q1 2020
 
 
Ships Scheduled for (3):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (4)
LR2
6

4

8

488

LR1


4

212

MR
5

5

9

671

Handymax
1

1


11

 
 
 
 
 
Total Q1 2020
12

10

21

1,382

 
 
 
 
 
 
Q2 2020
 
 
Ships Scheduled for (3):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (4)
LR2
5

1

8

476

LR1



88

MR
5

5

10

484

Handymax




 
 
 
 
 
Total Q2 2020
10

6

18

1,048

 
 
 
 
 
 
Q3 2020
 
 
Ships Scheduled for (3):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (4)
LR2
1


2

90

LR1
5


5

200

MR


7

270

Handymax




 
 
 
 
 
Total Q3 2020
6


14

560

 
 
 
 
 
 
Q4 2020
 
 
Ships Scheduled for (3):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (4)
LR2




LR1




MR


4

170

Handymax




 
 
 
 
 
Total Q4 2020


4

170

 
 
 
 
 
 
FY 2021
 
 
Ships Scheduled for (3):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (4)

5



LR2
12



240

LR1
7



140

MR




Handymax




 
 
 
 
 
Total FY 2021
19



380

(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.
(3) 
Represents the number of vessels scheduled to commence drydock, ballast water treatment system, and/or scrubber installations during the period. Does not include vessels that commenced work in prior periods but will be completed in the current period.
(4) 
Represents total estimated offhire days during the period, including vessels that commenced work during the period or that commenced work in previous periods which are scheduled for completion in the current period.


6



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 September 30, 2019
Drawdowns and (repayments), net
Outstanding Principal as of December 31, 2019
Drawdowns and (repayments), net
Outstanding Principal as of February 17, 2020
1
KEXIM Credit Facility
 
$
265,650

$
(66,637
)
$
199,013

$
(3,239
)
$
195,774

2
ABN AMRO Credit Facility
 
94,091

(2,139
)
91,952

(1,602
)
90,350

3
ING Credit Facility
 
134,624

(3,184
)
131,440

(1,071
)
130,369

4
$35.7 Million Term Loan Facility
 
32,426

(808
)
31,618

(808
)
30,810

5
2017 Credit Facility
 
134,817

(3,316
)
131,501


131,501

6
Credit Agricole Credit Facility
 
92,869

(2,142
)
90,727


90,727

7
ABN AMRO/K-Sure Credit Facility
 
46,641

(963
)
45,678


45,678

8
Citi/K-Sure Credit Facility
 
97,338

(2,104
)
95,234


95,234

9
ABN AMRO/SEB Credit Facility
 
106,200

(2,875
)
103,325


103,325

10
Hamburg Commercial Bank Credit Facility (1)
 

42,150

42,150


42,150

11
Prudential Credit Facility (2)
 

55,463

55,463

(462
)
55,001

12
Ocean Yield Lease Financing
 
152,304

(2,773
)
149,531

(1,779
)
147,752

13
CMBFL Lease Financing
 
58,290

(1,227
)
57,063


57,063

14
BCFL Lease Financing (LR2s)
 
95,126

(1,978
)
93,148

(1,345
)
91,803

15
CSSC Lease Financing
 
233,545

(4,327
)
229,218

(2,885
)
226,333

16
BCFL Lease Financing (MRs)
 
90,614

(2,804
)
87,810

(1,953
)
85,857

17
2018 CMB Lease Financing
 
128,956

(2,529
)
126,427

(2,529
)
123,898

18
$116.0 Million Lease Financing
 
107,731

(1,690
)
106,041

(1,193
)
104,848

19
AVIC International Lease Financing
 
130,259

(2,948
)
127,311


127,311

20
China Huarong Shipping Lease Financing
 
127,125

(3,375
)
123,750


123,750

21
$157.5 Million Lease Financing
 
141,478

(3,536
)
137,942


137,942

22
COSCO Lease Financing
 
78,375

(1,925
)
76,450


76,450

23
IFRS 16 - Leases - 3 MRs
 
45,927

(1,735
)
44,192

(1,206
)
42,986

24
IFRS 16 - Leases - 7 Handymax
 
16,621

(3,842
)
12,779

(2,533
)
10,246

25
IFRS 16 - Leases - acquired from Trafigura (3)
 
525,737

(12,733
)
513,004

59,631

572,635

26
CSSC Scrubber Financing (4)
 

10,976

10,976

(915
)
10,061

27
2020 Senior Unsecured Notes
 
53,750


53,750


53,750

28
Convertible Notes due 2022
 
203,500


203,500


203,500


 
 
$
3,193,994

$
(23,001
)
$
3,170,993

$
36,111

$
3,207,104


7




(1) 
In December 2019, the Company executed an agreement with Hamburg Commercial Bank AG for a senior secured term loan facility of approximately $43.7 million. A portion of the proceeds of this facility were used to refinance the existing indebtedness on two vessels that were previously financed under the KEXIM Credit Facility (STI Poplar and STI Veneto). There is currently $1.5 million available to be drawn under this facility, which is expected to be utilized to partially finance the purchase and installation of a scrubber on one of the Company's LR2 tankers. The loan is scheduled to be repaid in quarterly aggregate installment payments of $0.8 million and bears interest at LIBOR plus a margin of 2.25% per annum. A balloon payment is due upon the maturity date of November 2024. Approximately $0.3 million of deferred financing fees were written off as part of the repayment of the amounts previously borrowed under the KEXIM Credit Facility.
(2) 
In November 2019, the Company executed an agreement with Prudential Private Capital for a senior secured term loan facility of approximately $55.5 million. This facility was fully drawn in December 2019 and the proceeds were used to refinance the existing indebtedness on three vessels that were previously financed under the KEXIM Credit Facility (STI Clapham, STI Camden and STI Acton). The loan will be repaid in monthly aggregate installment payments of $0.5 million and bears interest at LIBOR plus a margin of 3.00% per annum. A balloon payment is due upon the maturity date of December 2025. Approximately $0.2 million of deferred financing fees were written off as part of the repayment of the amounts previously borrowed under the KEXIM Credit Facility.
(3) 
In January 2020, the Company took delivery of two scrubber-fitted 2020-built MR product tankers (STI Miracle and STI Maestro) under eight-year bareboat leases. The leasehold interests in these vessels were acquired as part of the Trafigura Transaction and a $68.7 million lease liability was recorded at the commencement date of these leases, which are being accounted for as lease liabilities under IFRS 16.
(4) 
In December 2019, the Company drew down an aggregate of approximately $11.0 million from its upsized lease financing agreement with CSSC to partially finance the purchase and installation of scrubbers on seven of the Company’s vessels. The upsized portion of the lease financing bears interest at LIBOR plus a margin of 3.8% per annum, matures two years from the date of the drawdown and will be repaid in monthly installment payments of approximately $0.5 million in aggregate. There is currently $1.6 million available under this arrangement, which is expected to be utilized to partially finance the purchase and installation of a scrubber on the eighth remaining vessel under this agreement.
Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of December 31, 2019, which includes principal amounts due under secured credit facilities, the Senior Unsecured Notes due 2020, lease financing arrangements, and lease liabilities under IFRS 16 (which also include actual payments made during the first quarter of 2020 through February 17, 2020):
 
 
 In millions of U.S. dollars
Q1 2020 - principal payments made through February 17, 2020
 
$
32.6

Q1 2020 - remaining principal payments
 
49.9

Q2 2020 (1)
 
122.6

Q3 2020 (2)
 
165.7

Q4 2020
 
62.9

Q1 2021
 
273.5

Q2 2021
 
94.0

Q3 2021
 
65.7

Q4 2021
 
65.8

2022 and thereafter
 
2,307.0

 
 
$
3,239.7


(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.


8



Explanation of Variances on the Fourth Quarter of 2019 Financial Results Compared to the Fourth Quarter of 2018
For the three months ended December 31, 2019, the Company recorded a net income of $12.0 million compared to a net loss of $17.7 million for the three months ended December 31, 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 December 31, 2019 and 2018:
 
 
 
For the three months ended December 31,
In thousands of U.S. dollars
 
2019
 
2018
 
Vessel revenue
 
$
221,622

 
$
167,525

 
Voyage expenses
 
(2,483
)
 
(304
)
 
TCE revenue
 
$
219,139

 
$
167,221


TCE revenue for the three months ended December 31, 2019 increased by $51.9 million to $219.1 million, from $167.2 million for the three months ended December 31, 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 $19,910 per day during the three months ended December 31, 2019, from $15,008 per day during the three months ended December 31, 2018. The fourth quarter of 2019 reflected significant improvements in TCE revenue per day, both sequentially, and as compared to the fourth quarter of 2018. Supply and demand dynamics shifted favorably during the fourth quarter of 2019, driven by the January 1, 2020 implementation date of the International Maritime Organization’s ("IMO") low sulfur emissions standards. The implementation of these standards has impacted the trade flows of both crude and refined petroleum products which, combined with favorable supply and demand dynamics, has resulted in improvements in daily spot market TCE rates across all of the Company's operating segments during the fourth quarter of 2019.
These results were mitigated by several factors including (i) higher than expected offhire days during the fourth quarter of 2019 as a result of port congestion and delays at the shipyards where the Company's drydocks, ballast water treatment system and scrubber installations are taking place, (ii) below-market positioning voyages both to and from these shipyards as vessels deviated from their normal trading patterns, and (iii) the purchase and consumption of higher cost low sulfur fuel in anticipation of the IMO's January 1, 2020 implementation date for the Company's vessels that do not yet have scrubbers installed.
The increase in TCE revenue in the fourth quarter of 2019 as compared to the fourth quarter of 2018 was also affected by an increase in the number of the Company's vessels to an average of 134.0 operating vessels during the three months ended December 31, 2019 from an average of 121.9 operating vessels during the three months ended December 31, 2018, which was primarily the result of the acquisition of 15 vessels (11 MRs and four LR2s) in connection with the Trafigura Transaction in September 2019. This increase was offset by the redelivery of time chartered-in vessels in the fourth quarter of 2018 and in the first quarter of 2019.
Vessel operating costs for the three months ended December 31, 2019 increased by $14.2 million to $85.4 million, from $71.2 million for the three months ended December 31, 2018. This increase was primarily due to the acquisition of 15 vessels (11 MRs and four LR2s) that were acquired in connection with the Trafigura Transaction in September 2019. Vessel operating costs per day increased to $6,928 per day for the three months ended December 31, 2019 from $6,505 per day for the three months ended December 31, 2018. This increase was largely due to timing, in addition to various miscellaneous repairs that were undertaken while certain vessels were drydocked for scrubber or ballast water treatment system installations during the period.

9



Charterhire expense for the three months ended December 31, 2019 decreased by $10.6 million to $0.0 million, from $10.6 million for the three months ended December 31, 2018. This decrease was the result of (i) a decrease in the number of time chartered-in vessels when comparing the three months ended December 31, 2019 to the three months ended December 31, 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 27 bareboat chartered-in vessels for the three months ended December 31, 2019, which operated for the entire period. The Company's time and bareboat chartered-in fleet consisted of an average of 2.9 time chartered-in vessels and 10 bareboat chartered-in vessels for the three months ended December 31, 2018. As of December 31, 2019, the Company had 27 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 December 31, 2019 increased slightly by $1.9 million to $46.5 million, from $44.6 million for the three months ended December 31, 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 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 December 31, 2019 was $12.6 million. Depreciation expense - right of use assets reflects the straight-line depreciation expense recorded during the three months ended December 31, 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 (seven Handymax and three MR) previously bareboat chartered-in prior to the Trafigura Transaction in September 2019. Additionally, as part of the Trafigura Transaction, the Company acquired the leasehold interests in 15 vessels (11 MR and four LR2), which are being accounted for as right of use assets under IFRS 16. The right of use asset depreciation for these vessels is approximately $0.2 million per MR per month and $0.3 million per LR2 per month. Additionally, in January 2020, the Company took delivery of two MRs that were previously under construction and were acquired as part of the Trafigura Transaction. The right of use asset depreciation for these vessels is expected to be similar to the MR vessels acquired in September 2019.
General and administrative expenses for the three months ended December 31, 2019, increased by $2.8 million to $15.8 million, from $12.9 million for the three months ended December 31, 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 fourth quarter of 2019.
Financial expenses for the three months ended December 31, 2019 decreased by $0.9 million to $47.3 million, from $48.2 million for the three months ended December 31, 2018. The decrease was primarily driven by an increase of $0.8 million of capitalized interest expense during the three months ended December 31, 2019 as a result of the Company's scrubber and ballast water treatment system investments. No interest was capitalized during the three months ended December 31, 2018.


10



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended December 31,
 
For the year ended December 31,
In thousands of U.S. dollars except per share and share data
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
 
Vessel revenue
$
221,622

 
$
167,525

 
$
704,325

 
$
585,047

 
 
 
 
 
 


 


Operating expenses
 
 
 
 


 


 
Vessel operating costs
(85,412
)
 
(71,219
)
 
(294,531
)
 
(280,460
)
 
Voyage expenses
(2,483
)
 
(304
)
 
(6,160
)
 
(5,146
)
 
Charterhire

 
(10,644
)
 
(4,399
)
 
(59,632
)
 
Depreciation - owned or finance leased vessels
(46,477
)
 
(44,592
)
 
(180,052
)
 
(176,723
)
 
Depreciation - right of use assets
(12,636
)
 

 
(26,916
)
 

 
General and administrative expenses
(15,758
)
 
(12,927
)
 
(62,295
)
 
(52,272
)
 
Merger transaction related costs

 

 

 
(272
)
 
Total operating expenses
(162,766
)
 
(139,686
)
 
(574,353
)
 
(574,505
)
Operating income
58,856

 
27,839

 
129,972

 
10,542

Other (expense) and income, net
 
 
 
 
 
 
 
 
Financial expenses
(47,287
)
 
(48,156
)
 
(186,235
)
 
(186,628
)
 
Loss on exchange of Convertible Notes





 
(17,838
)
 
Financial income
756

 
2,908

 
8,182

 
4,458

 
Other expenses, net
(283
)
 
(259
)
 
(409
)
 
(605
)
 
Total other expense, net
(46,814
)
 
(45,507
)
 
(178,462
)
 
(200,613
)
Net income / (loss)
$
12,042

 
$
(17,668
)
 
$
(48,490
)
 
$
(190,071
)
 
 
 
 
 
 
 
 
 
Earnings / (Loss) per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.22

 
$
(0.38
)
 
$
(0.97
)
 
$
(5.46
)
 
Diluted
$
0.21

 
$
(0.38
)
 
$
(0.97
)
 
$
(5.46
)
 
Basic weighted average shares outstanding
54,626,119

 
46,382,795

 
49,857,998

 
34,824,311

 
Diluted weighted average shares outstanding (1)
56,780,849

 
46,382,795

 
49,857,998

 
34,824,311


(1)
The effect of 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 months ended December 31, 2019 because their effect would have been anti-dilutive. The effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 were excluded from the computation of diluted earnings per share for the year ended December 31, 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, and the Convertible Notes due 2022) were 62,009,488 and 57,656,484 for the three months and year ended December 31, 2019, respectively.

11



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
December 31, 2019
 
December 31, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
202,303

 
$
593,652

Accounts receivable
78,174

 
69,718

Prepaid expenses and other current assets
13,855

 
15,671

Inventories
8,646

 
8,300

Total current assets
302,978

 
687,341

Non-current assets
 
 
 
Vessels and drydock
4,008,158

 
3,997,789

Right of use assets
697,903

 

Other assets
131,139

 
75,210

Goodwill
11,539

 
11,539

Restricted cash
12,293

 
12,285

Total non-current assets
4,861,032

 
4,096,823

Total assets
$
5,164,010

 
$
4,784,164

Current liabilities
 
 
 
Current portion of long-term debt
$
235,482

 
$
297,934

Finance lease liability
122,229

 
114,429

Lease liability - IFRS 16
63,946

 

Accounts payable
23,122

 
11,865

Accrued expenses
41,452

 
22,972

Total current liabilities
486,231

 
447,200

Non-current liabilities
 
 
 
Long-term debt
999,268

 
1,192,000

Finance lease liability
1,195,494

 
1,305,952

Lease liability - IFRS 16
506,028

 

Total non-current liabilities
2,700,790


2,497,952

Total liabilities
3,187,021

 
2,945,152

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
646

 
5,776

Additional paid-in capital
2,842,446

 
2,648,599

Treasury shares
(467,057
)
 
(467,056
)
Accumulated deficit (1)
(399,046
)
 
(348,307
)
Total shareholders' equity
1,976,989

 
1,839,012

Total liabilities and shareholders' equity
$
5,164,010

 
$
4,784,164



12



(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 as of January 1, 2019, 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.
.


13



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
For the year ended December 31,
In thousands of U.S. dollars
2019
 
2018
Operating activities
 
 
 
Net loss
$
(48,490
)
 
$
(190,071
)
Depreciation - owned or finance leased vessels
180,052

 
176,723

Depreciation - right of use assets
26,916

 

Amortization of restricted stock
27,421

 
25,547

Amortization of deferred financing fees
7,041

 
10,541

Write-off of deferred financing fees
1,466

 
13,212

Accretion of convertible notes
11,375

 
13,225

Accretion of fair value measurement on debt assumed in business combinations
3,615

 
3,779

Loss on exchange of convertible notes

 
17,838

 
209,396

 
70,794

Changes in assets and liabilities:
 
 
 
(Increase) / decrease in inventories
(346
)
 
1,535

Increase in accounts receivable
(8,458
)
 
(4,298
)
Decrease in prepaid expenses and other current assets
1,816

 
2,227

Increase in other assets
(7,177
)
 
(1,226
)
Increase / (decrease) in accounts payable
4,019

 
(1,382
)
Increase / (decrease) in accrued expenses
10,262

 
(9,860
)
 
116

 
(13,004
)
Net cash inflow from operating activities
209,512

 
57,790

Investing activities
 
 
 
Acquisition of vessels and payments for vessels under construction
(2,998
)
 
(26,057
)
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, finance leased and bareboat-in vessels)
(203,975
)
 
(26,680
)
Net cash outflow from investing activities
(206,973
)
 
(52,737
)
Financing activities
 
 
 
Debt repayments
(343,351
)
 
(865,594
)
Issuance of debt
108,589

 
1,007,298

Debt issuance costs
(5,744
)
 
(23,056
)
Refund of debt issuance costs due to early debt repayment

 
2,826

Principal repayments on lease liability - IFRS 16
(36,761
)
 


Increase in restricted cash
(9
)
 
(897
)
Repayment of convertible notes
(145,000
)
 

Gross proceeds from issuance of common stock
50,000

 
337,000

Equity issuance costs
(333
)
 
(17,073
)
Dividends paid
(21,278
)
 
(15,127
)
Repurchase of common stock
(1
)
 
(23,240
)
Net cash (outflow) / inflow from financing activities
(393,888
)
 
402,137

(Decrease) / increase in cash and cash equivalents
(391,349
)
 
407,190

Cash and cash equivalents at January 1,
593,652

 
186,462

Cash and cash equivalents at December 31,
$
202,303

 
$
593,652



14



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, two were delivered in January 2020, and two MRs are currently under construction. For the delivered vessels in 2019, 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 as of September 26, 2019, the Company agreed to assume 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 year ended December 31, 2019.



15



Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three months and year ended December 31, 2019 and 2018
(unaudited)
 
 
For the three months ended December 31
 
For the year ended December 31,
 
 
2019
 
2018
 
2019
 
2018
Adjusted EBITDA(1)   (in thousands of U.S. dollars except Fleet Data)
 
$
124,399

 
$
78,316

 
$
363,952

 
$
212,479

 
 
 
 
 
 
 
 
 
Average Daily Results
 
 
 
 
 
 
 
 
TCE per day(2)
 
$
19,910

 
$
15,008

 
$
16,682

 
$
12,782

Vessel operating costs per day(3)
 
$
6,928

 
6,505

 
$
6,563

 
$
6,463

 
 
 
 
 
 
 
 
 
LR2
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
24,987

 
$
16,228

 
$
20,254

 
$
13,968

Vessel operating costs per day(3)
 
$
7,123

 
6,574

 
$
6,829

 
$
6,631

Average number of owned or finance leased vessels
 
42.0

 
38.0

 
39.1

 
38.0

Average number of time chartered-in vessels
 

 
1.0

 

 
1.5

 
 
 
 
 
 
 
 
 
LR1
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
17,648

 
$
13,548

 
$
15,846

 
$
10,775

Vessel operating costs per day(3)
 
$
7,570

 
$
6,595

 
$
6,658

 
$
6,608

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)
 
$
17,261

 
$
14,412

 
$
15,095

 
$
12,589

Vessel operating costs per day(3)
 
$
6,505

 
$
6,504

 
$
6,312

 
$
6,366

Average number of owned or finance leased vessels
 
56.0

 
45.0

 
47.9

 
44.9

Average number of time chartered-in vessels
 

 
1.9

 
0.1

 
4.3

Average number of bareboat chartered-in vessels
 
3.0

 
3.0

 
3.0

 
3.0

 
 
 
 
 
 
 
 
 
Handymax
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
19,294

 
$
14,999

 
$
14,575

 
$
12,196

Vessel operating costs per day(3)
 
$
7,351

 
$
6,331

 
$
6,621

 
$
6,295

Average number of owned or finance leased vessels
 
14.0

 
14.0

 
14.0

 
14.0

Average number of time chartered-in vessels
 

 

 

 
0.5

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
 
124.0

 
109.0

 
113.0

 
108.9

Average number of time chartered-in vessels
 

 
2.9

 
0.1

 
6.3

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)
 
$
75,406

 
$
14,137

 
$
203,975

 
$
26,680


16




(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.
 

17



Fleet list as of February 17, 2020

 
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
 
Not Yet Installed
22
STI Duchessa
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Not Yet Installed
23
STI Opera
 
2014
 
49,990

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

 
 
SMRP (2)
 
MR
 
Yes
35
STI Yorkville
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
36
STI Milwaukee
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
37
STI Battery
 
2014
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
38
STI Soho
 
2014
 
49,990

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

 
 
SMRP (2)
 
MR
 
Yes
40
STI Tribeca
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
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
 
Yes

18



 
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 Miracle
 
2020
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
72
STI Maestro
 
2020
 
50,000

 
 
SMRP (2)
 
MR
 
Yes
73
STI Excel
 
2015
 
74,000

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

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

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
76
STI Exceed
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
77
STI Executive
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Yes
78
STI Excellence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Yes
79
STI Experience
 
2016
 
74,000

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

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

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
82
STI Prestige
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
83
STI Pride
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Yes
84
STI Providence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Not Yet Installed
85
STI Elysees
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
86
STI Madison
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
87
STI Park
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
88
STI Orchard
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
89
STI Sloane
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
90
STI Broadway
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
91
STI Condotti
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
92
STI Rose
 
2015
 
109,999

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

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

 
 
SLR2P (4)
 
LR2
 
Yes
95
STI Winnie
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed

19



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

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

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

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

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

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

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

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
103
STI Solidarity
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
104
STI Lombard
 
2015
 
109,999

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

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

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

 
 
SLR2P (4)
 
LR2