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 May 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 May 6, 2020 announcing financial results for the first quarter of 2020 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: May 6, 2020
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Brian Lee
 
 
 
 
 
 
Brian Lee
 
 
 
 
 
 
Chief Financial Officer



Exhibit




Exhibit 99.1
https://cdn.kscope.io/4604cc59b64b14d7b8d9eedd0cf92e94-stnglogoa83.jpg
Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2020 and Declaration of a Quarterly Dividend
MONACO--(GLOBE NEWSWIRE - May 6, 2020) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months ended March 31, 2020. 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 March 31, 2020 and 2019
For the three months ended March 31, 2020, the Company had a net income of $46.6 million, or $0.85 basic and $0.82 diluted earnings per share. There were no Non-IFRS adjustments to the net income for the three months ended March 31, 2020.
For the three months ended March 31, 2019, the Company had net income of $14.5 million, or $0.30 basic and diluted earnings per share. For the three months ended March 31, 2019, the Company’s adjusted net income (see Non-IFRS Measures section below) was $14.8 million, or $0.31 basic and $0.30 diluted income per share, which excludes from net income a $0.3 million, or $0.01 per basic and diluted share, write-off of deferred financing fees.
Declaration of Dividend
On May 5, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about June 15, 2020 to all shareholders of record as of June 1, 2020 (the record date). As of May 5, 2020, there were 58,672,080 common shares of the Company outstanding.
Summary of First Quarter and Other Recent Significant Events
Below is a summary of the average daily Time Charter Equivalent ("TCE") revenue (see Non-IFRS Measures section below) and duration of contracted pool voyages and time charters for the Company's vessels thus far in the second quarter of 2020 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue):
 
Total
Pool
Average daily TCE revenue
% of Days
LR2
$53,000
63
%
LR1
$41,000
60
%
MR
$25,000
56
%
Handymax
$20,000
60
%

Below is a summary of the average daily TCE revenue earned on the Company's vessels in each of the pools during the first quarter of 2020:
Pool
Average daily TCE revenue
LR2
$26,818
LR1
$20,296
MR
$20,951
Handymax
$22,564


1



The Company recently received commitments for a new credit facility for up to $225.0 million in aggregate, the proceeds of which are expected to be used to refinance the existing indebtedness on nine of the Company's vessels, including the four LR2s which are currently financed under our ABN AMRO Credit Facility, which is scheduled to mature during the third quarter of 2020. The closing of this credit facility is subject to customary conditions precedent, including the execution of definitive documentation.
The Company recently executed an agreement to upsize its $179.2 million credit facility with ING Bank N.V. to $251.4 million. The proceeds of this upsized facility are expected to be used to refinance the existing debt on five vessels, which are currently financed under the KEXIM Credit Facility. 
Based upon the commitments received to date, which include the above two credit facilities and certain financing transactions that have been previously announced, the Company expects to raise approximately $109 million of aggregate additional liquidity (after the repayment of existing debt) once all of the agreements are closed and drawn.  These drawdowns are expected to occur at varying points in the future as several of these financings are tied to scrubber installations on the Company’s vessels.  
In January 2020, the Company took delivery of two scrubber-fitted MR product tankers (STI Miracle and STI Maestro), and in March 2020, the Company took delivery of an additional scrubber-fitted MR product tanker (STI Mighty) each 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.
In April 2020, the Company reached an agreement with its counterparty to postpone the purchase and installation of scrubbers on 19 of its vessels. The installation of these scrubbers is now expected to begin not earlier than 2021.
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 $1.5 million and $2.3 million, respectively, during the three months ended March 31, 2020 were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three months ended March 31, 2020, the Company's basic weighted average number of shares was 54,667,211. For the three months ended March 31, 2020, the Company's diluted weighted average number of shares was 56,445,893 (which includes the potentially dilutive impact of unvested shares restricted stock and excludes the impact of the Convertible Notes due 2022), and 61,692,830, under the if-converted method. Given the Company's results for the first quarter of 2020, earnings per diluted share were calculated under the if-converted method, as the result of this calculation was dilutive.
$225.0 Million Credit Facility
The Company recently received commitments for a loan facility of up to $225.0 million with a group of European financial institutions. This loan facility is expected to consist of a $150.0 million term loan facility and $75.0 million revolving credit facility. The proceeds of this new facility are expected to be used to refinance the existing debt on nine vessels, including four vessels that are currently financed under the existing ABN AMRO Credit Facility which is scheduled to mature in the third quarter of 2020.
The borrowing amount of the facility is the lower of $225.0 million in aggregate and 55% of the fair market value of the vessels. The loan has a final maturity of five years from the closing date of the loan, is expected to bear interest at LIBOR plus a margin, and is expected to be repaid in equal quarterly installments of approximately $5.3 million per quarter, in aggregate, with a balloon payment due at maturity. This loan is expected to close before June 30, 2020. The remaining terms and conditions, including financial covenants, are expected to be similar to the Company's existing credit facilities. The closing of this credit facility is subject to customary conditions precedent, including the execution of definitive documentation.
ING Credit Facility Upsize
In May 2020, the Company executed an agreement to upsize its $179.2 million credit facility with ING Bank N.V. to $251.4 million. The upsized portion of the loan facility consists of a $40.6 million term loan facility and $31.5 million revolving credit facility.  The proceeds of this upsized facility are expected to be used to refinance the existing debt on five vessels, which are currently financed under the KEXIM Credit Facility. 

2



The borrowing amount of the upsized loan is the lower of $72.1 million in aggregate and 50% of the fair market value of the vessels.  The upsized loan has a final maturity of five years from the initial drawdown date and bears interest at LIBOR plus a margin. The upsized portion of the loan is scheduled to be repaid in equal quarterly installments of approximately $2.1 million per quarter, in aggregate, for the first twelve installments and approximately $2.0 million per quarter, in aggregate, thereafter, with a balloon payment due at maturity. The remaining terms and conditions, including financial covenants, are similar to the Company's existing credit facilities. 
Novel Coronavirus (COVID-19)
Since the beginning of the calendar year 2020, the outbreak of COVID-19 that originated in China and that has spread to most developed nations of the world has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus.  These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. The reduction of economic activity has significantly reduced the global demand for oil and refined petroleum products.  While recent actions taken by Saudi Arabia and other OPEC members to increase the production of oil in the near term has resulted in increased tankers rates in March and April of this year, the continued impact of these production increases is uncertain.  We expect that the impact of the COVID-19 virus and the uncertainty in the supply of oil will continue to cause volatility in the commodity markets.  The scale and duration of the impact of these factors remain unknowable but could have a material impact on our earnings, cash flow and financial condition for 2020. An estimate of the impact on the Company’s results of operations and financial condition cannot be made at this time.
$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 Senior Unsecured 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 first quarter of 2020 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 May 6, 2020 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: 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/ato2kzkb

3



Current Liquidity
As of May 5, 2020, the Company had $204.2 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 first quarter of 2020 and that is in progress as of April 1, 2020:

 
Number of Vessels
Drydock
Ballast Water Treatment Systems
Scrubbers
Aggregate Costs ($ in millions) (1)
Aggregate Offhire Days in Q1 2020
Completed in the first quarter of 2020
 
 
 
 
 
 
LR2
6
5
5
6
$31.3
219
LR1
1
1
2.8
73
MR
6
6
5
6
27.3
321
Handymax
1
1
1
3.2
11
 
14
12
11
13
$64.6
624
 
 
 
 
 
 
 
In progress as of April 1, 2020
 
 
 
 
 
 
LR2
6
5
2
6
$24.2
222
LR1
2
2
5.0
108
MR
5
3
3
5
19.1
255
Handymax
 
13
8
5
13
$48.3
585

(1) 
Aggregate costs for vessels completed in the quarter represent the total costs incurred, some of which may have been incurred in prior periods. Aggregate costs for vessels in progress as of April 1, 2020 represent the total costs incurred through that date, some of which may have been incurred in prior periods.
Set forth below are the estimated expected payments to be made for the Company's drydocks, ballast water treatment system installations, and scrubber installations through 2020 (which also include actual payments made during the second quarter of 2020 through May 5, 2020): 
In millions of U.S. dollars
As of May 5, 2020 (1)
 
 
Q2 2020 - payments made through May 5, 2020
$
5.1

Q2 2020 - remaining payments
52.4

Q3 2020
23.7

Q4 2020
6.6

FY 2021
39.9

FY 2022
47.8

(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 estimated expected number of ships and estimated expected off-hire days for the Company's drydocks, ballast water treatment system installations, and scrubber installations (2):

4



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

2

6

412

LR1



6

MR
5

5

10

445

Handymax




 
 
 
 
 
Total Q2 2020
10

7

16

863

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


6

254

LR1


1

40

MR



88

Handymax




 
 
 
 
 
Total Q3 2020
3


7

382

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




LR1
1



20

MR




Handymax




 
 
 
 
 
Total Q4 2020
1



20

 
 
 
 
 
 
FY 2021
 
 
Ships Scheduled for (3):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (4)
LR2
12


1

280

LR1
11



220

MR


8

293

Handymax




 
 
 
 
 
Total FY 2021
23


9

793

 
 
 
 
 
 
FY 2022
 
 
Ships Scheduled for (3):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (4)

5



LR2
5



100

LR1


5

200

MR
11

5

5

402

Handymax




 
 
 
 
 
Total FY 2022
16

5

10

702

(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 expected 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.

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 December 31, 2019
Drawdowns and (repayments), net
Outstanding Principal as of March 31, 2020
Drawdowns and (repayments), net
Outstanding Principal as of May 5, 2020
1
KEXIM Credit Facility
 
$
199,013

$
(58,822
)
$
140,191

$

$
140,191

2
ABN AMRO Credit Facility
 
91,952

(2,136
)
89,816

(1,065
)
88,751

3
ING Credit Facility
 
131,440

(3,186
)
128,254

(1,071
)
127,183

4
$35.7 Million Term Loan Facility
 
31,618

(805
)
30,813

2,318

33,131

5
2017 Credit Facility
 
131,501

(3,318
)
128,183


128,183

6
Credit Agricole Credit Facility
 
90,727

(2,141
)
88,586


88,586

7
ABN AMRO/K-Sure Credit Facility
 
45,678

(962
)
44,716


44,716

8
Citi/K-Sure Credit Facility
 
95,234

(2,105
)
93,129


93,129

9
ABN AMRO/SEB Credit Facility
 
103,325

(2,875
)
100,450


100,450

10
Hamburg Commercial Bank Credit Facility (1)
 
42,150

(795
)
41,355

1,429

42,784

11
Prudential Credit Facility
 
55,463

(925
)
54,538

(924
)
53,614

12
2019 DNB/GIEK Credit Facility
 

31,850

31,850


31,850

13
BNPP Sinosure Credit Facility
 

42,096

42,096


42,096

14
Ocean Yield Lease Financing
 
149,531

(2,716
)
146,815

(888
)
145,927

15
CMBFL Lease Financing
 
57,063

(1,227
)
55,836


55,836

16
BCFL Lease Financing (LR2s)
 
93,148

(2,025
)
91,123

(683
)
90,440

17
CSSC Lease Financing
 
229,218

(4,329
)
224,889

(1,442
)
223,447

18
BCFL Lease Financing (MRs)
 
87,810

(2,846
)
84,964

(988
)
83,976

19
2018 CMB Lease Financing
 
126,427

(2,527
)
123,900

(836
)
123,064


6



 
In thousands of U.S. dollars
 
Outstanding Principal as of December 31, 2019
Drawdowns and (repayments), net
Outstanding Principal as of March 31, 2020
Drawdowns and (repayments), net
Outstanding Principal as of May 5, 2020
20
$116.0 Million Lease Financing
 
106,041

(1,719
)
104,322

(604
)
103,718

21
AVIC International Lease Financing
 
127,311

(2,950
)
124,361


124,361

22
China Huarong Shipping Lease Financing
 
123,750

(3,375
)
120,375


120,375

23
$157.5 Million Lease Financing
 
137,942

(3,535
)
134,407


134,407

24
COSCO Lease Financing
 
76,450

(1,925
)
74,525


74,525

25
IFRS 16 - Leases - 3 MRs
 
44,192

(1,762
)
42,430

(610
)
41,820

26
IFRS 16 - Leases - 7 Handymax
 
12,779

(2,708
)
10,071

(1,276
)
8,795

27
IFRS 16 - Leases - acquired from Trafigura (2)
 
513,004

88,443

601,447

(5,102
)
596,345

28
CSSC Scrubber Financing
 
10,976

(1,372
)
9,604

(457
)
9,147

29
2020 Senior Unsecured Notes
 
53,750


53,750


53,750

30
Convertible Notes due 2022
 
203,500


203,500


203,500


 
 
$
3,170,993

$
49,303

$
3,220,296

$
(12,199
)
$
3,208,097


(1) 
In April 2020, the Company drew down $1.4 million to partially finance the purchase and installation of the scrubber on the STI Veneto.
(2) 
In January 2020, the Company took delivery of two scrubber-fitted MR product tankers (STI Miracle and STI Maestro) and in March 2020, the Company took delivery of an additional scrubber-fitted MR product tanker (STI Mighty), each under eight-year bareboat leases. The leasehold interests in these vessels were acquired as part of the Trafigura Transaction and a $103.6 million lease liability was recorded at the commencement date of these leases, which are being accounted for as lease liabilities under IFRS 16.
Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of March 31, 2020, which includes principal amounts due under secured credit facilities, the Senior Unsecured Notes due 2020, Convertible Notes due 2022, lease financing arrangements, and lease liabilities under IFRS 16 (which also include actual payments made during the second quarter of 2020 through May 5, 2020):
 In millions of U.S. dollars
 
As of May 5, 2020 (1)
Pro-forma for new financing arrangements (2)
Q2 2020 - principal payments made through May 5, 2020
 
$
16.8

$
16.8

Q2 2020 - remaining principal payments (3)
 
111.0

111.0

Q3 2020
 
164.8

70.5

Q4 2020
 
67.1

74.3

Q1 2021
 
232.5

106.6

Q2 2021
 
100.3

109.7

Q3 2021
 
67.5

72.2

Q4 2021
 
69.7

79.0

2022 and thereafter
 
2,395.2

2,634.9

 
 
$
3,224.9

$
3,275.0

(1)   Amounts represent the estimated principal payments due on the Company’s outstanding indebtedness as of May 5, 2020 which do not incorporate the impact of the Company’s new financing initiatives which have not closed as of that date.

7



(2)   Amounts represent the estimated principal payments due on the Company’s outstanding indebtedness after incorporating the impact of the expected refinancing of upcoming maturities with the Company’s new loan agreements which have been agreed to, but all not yet closed, as of May 5, 2020. These figures do not reflect the impact of upsized scrubber financing agreements and are subject to change based on the timing of the respective closings and drawdowns.
(3)
Repayments include $53.8 million due upon the maturity of the Company's Senior Unsecured Notes due 2020.
Explanation of Variances on the First Quarter of 2020 Financial Results Compared to the First Quarter of 2019
For the three months ended March 31, 2020, the Company recorded a net income of $46.6 million compared to net income of $14.5 million for the three months ended March 31, 2019. 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 March 31, 2020 and 2019:
 
 
 
For the three months ended March 31,
In thousands of U.S. dollars
 
2020
 
2019
 
Vessel revenue
 
$
254,167

 
$
195,830

 
Voyage expenses
 
(4,220
)
 
(295
)
 
TCE revenue
 
$
249,947

 
$
195,535


TCE revenue for the three months ended March 31, 2020 increased by $54.4 million to $249.9 million, from $195.5 million for the three months ended March 31, 2019. 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 $22,644 per day during the three months ended March 31, 2020, from $18,570 per day during the three months ended March 31, 2019. The first quarter of 2020 reflected improvements in TCE revenue per day, both sequentially, and as compared to the first quarter of 2019. The strength in the first quarter of 2020 can be characterized in two components:
Supply and demand dynamics shifted favorably during the fourth quarter of 2019 and early in the first quarter of 2020, driven by the January 1, 2020 implementation date of the International Maritime Organization’s ("IMO") low sulfur emissions standards. The implementation of these standards impacted the trade flows of both crude and refined petroleum products which, combined with favorable supply and demand dynamics, resulted in improvements in daily spot market TCE rates.
Towards the end of the first quarter, travel restrictions and other preventive measure to control the spread of the COVID-19 pandemic resulted in a precipitous decline in oil demand. Lack of corresponding production and refinery cuts resulted in a supply glut of oil and refined petroleum products, which was exacerbated by extreme oil price volatility from the Russia-Saudi Arabia oil price war. The oversupply of petroleum products and contango in oil prices has led to record floating storage and arbitrage opportunities of both crude and refined petroleum products.  These market conditions, which began in March 2020 and are continuing through the date of this press release, have had a disruptive impact on the supply and demand balance of product tankers, resulting in significant and prolonged spikes in spot TCE rates as vessel availability continues to tighten. 
The increase in TCE revenue in the first quarter of 2020 as compared to the first quarter of 2019 was also affected by an increase in the number of the Company's vessels to an average of 135.8 operating vessels during the three months ended March 31, 2020 from an average of 119.3 operating vessels during the three months ended March 31, 2019, which was primarily the result of the Trafigura Transaction, whereby in September 2019 the Company acquired the leasehold interests in 19 vessels (11 MRs, four LR2s, and four MRs then under construction). Three of the MRs under construction were delivered in the first quarter of 2020.
Vessel operating costs for the three months ended March 31, 2020 increased by $12.1 million to $81.5 million, from $69.4 million for the three months ended March 31, 2019. 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 whereby in September 2019 the Company acquired the leasehold interests in 19 vessels (11 MRs, four LR2s, and four MRs then under construction). Three of the MRs under construction were delivered in the first quarter of 2020. Vessel operating costs per day remained largely consistent, increasing slightly to $6,592 per day for the three months ended March 31, 2020 from $6,478 per day for the three months ended March 31, 2019.

8



Charterhire expense for the three months ended March 31, 2020 decreased by $4.4 million to $0.0 million from $4.4 million for the three months ended March 31, 2019. This decrease was the result of the implementation of IFRS 16 - Leases beginning on January 1, 2019. Under IFRS 16, there is no charterhire expense 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). The charterhire expense recorded during the three months ended March 31, 2019 related to time or bareboat chartered-in vessels whose term expired within 12 months of the transition date of IFRS 16 and thus qualified for the practical expedient to be excluded from the standard's scope.
Depreciation expense - owned or sale leaseback vessels for the three months ended March 31, 2020 increased slightly by $3.0 million to $46.8 million, from $43.8 million for the three months ended March 31, 2019. 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 March 31, 2020 increased by $11.1 million to $13.2 million from $2.1 million for the three months ended March 31, 2019. Depreciation expense - right of use assets reflects the straight-line depreciation expense recorded under IFRS 16 - Leases. 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 implementation of IFRS 16. Right of use asset depreciation expense increased as a result of the Trafigura Transaction, whereby the Company acquired the leasehold interests in 19 vessels in September 2019 (11 MRs, four LR2s, and four MRs then under construction). Three of the MRs under construction were delivered in the first quarter of 2020 and all vessels acquired as part of the Trafigura Transaction 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. The bareboat charters on three of the Handymax vessels are scheduled to expire during the second quarter of 2020.
General and administrative expenses for the three months ended March 31, 2020, increased by $1.5 million to $17.3 million, from $15.7 million for the three months ended March 31, 2019. 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 first quarter of 2020.
Financial expenses for the three months ended March 31, 2020 decreased by $4.0 million to $44.8 million, from $48.8 million for the three months ended March 31, 2019. The decrease was primarily driven by significant decreases in LIBOR rates, which has had a consequential impact on our variable rate borrowings.


9



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended March 31,
In thousands of U.S. dollars except per share and share data
2020
 
2019
Revenue
 
 
 
 
Vessel revenue
$
254,167

 
$
195,830

 
 
 
 
 
Operating expenses
 
 
 
 
Vessel operating costs
(81,463
)
 
(69,376
)
 
Voyage expenses
(4,220
)
 
(295
)
 
Charterhire

 
(4,399
)
 
Depreciation - owned or sale leaseback vessels
(46,841
)
 
(43,814
)
 
Depreciation - right of use assets
(13,197
)
 
(2,135
)
 
General and administrative expenses
(17,261
)
 
(15,712
)
 
Total operating expenses
(162,982
)
 
(135,731
)
Operating income
91,185

 
60,099

Other (expense) and income, net
 
 
 
 
Financial expenses
(44,765
)
 
(48,756
)
 
Financial income
565

 
3,119

 
Other expenses, net
(358
)
 
14

 
Total other expense, net
(44,558
)
 
(45,623
)
Net income
$
46,627

 
$
14,476

 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
 
Basic
$
0.85

 
$
0.30

 
Diluted
$
0.82

 
$
0.30

 
Basic weighted average shares outstanding
54,667,211

 
48,070,530

 
Diluted weighted average shares outstanding (1)
61,692,830

 
48,556,887


(1)
The computation of diluted earnings per share includes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 for the three months ended March 31, 2020. The effect of potentially dilutive securities relating to the Company's Convertible Notes due 2022 was excluded from the computation of diluted earnings per share for the three months ended March 31, 2019 because their effect would have been anti-dilutive under the if-converted method.

10



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
March 31, 2020
 
December 31, 2019
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents (see Note 1 below)
$
119,825

 
$
202,303

Accounts receivable (see Note 1 below)
148,537

 
78,174

Prepaid expenses and other current assets
11,774

 
13,855

Inventories
9,867

 
8,646

Total current assets
290,003

 
302,978

Non-current assets
 
 
 
Vessels and drydock
4,051,604

 
4,008,158

Right of use assets
804,726

 
697,903

Other assets
96,977

 
131,139

Goodwill
11,539

 
11,539

Restricted cash
12,293

 
12,293

Total non-current assets
4,977,139

 
4,861,032

Total assets
$
5,267,142

 
$
5,164,010

Current liabilities
 
 
 
Current portion of long-term debt
$
263,889

 
$
235,482

Finance lease liability
122,599

 
122,229

Lease liability - IFRS 16
69,711

 
63,946

Accounts payable
21,552

 
23,122

Accrued expenses
45,622

 
41,452

Total current liabilities
523,373

 
486,231

Non-current liabilities
 
 
 
Long-term debt
968,914

 
999,268

Finance lease liability
1,165,025

 
1,195,494

Lease liability - IFRS 16
584,237

 
506,028

Total non-current liabilities
2,718,176


2,700,790

Total liabilities
3,241,549

 
3,187,021

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
650

 
646

Additional paid-in capital
2,844,419

 
2,842,446

Treasury shares
(467,057
)
 
(467,057
)
Accumulated deficit
(352,419
)
 
(399,046
)
Total shareholders' equity
2,025,593

 
1,976,989

Total liabilities and shareholders' equity
$
5,267,142

 
$
5,164,010


(1) 
The increase in accounts receivable from December 31, 2019 to March 31, 2020 relates to the timing of cash receipts from the Scorpio pools. Approximately $67 million of pool distributions relating to March 2020 were received during the first week of April 2020.

11



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
For the three months ended March 31,
In thousands of U.S. dollars
2020
 
2019
Operating activities
 
 
 
Net income
$
46,627

 
$
14,476

Depreciation - owned or finance leased vessels
46,841

 
43,814

Depreciation - right of use assets
13,197

 
2,135

Amortization of restricted stock
7,845

 
7,184

Amortization of deferred financing fees
1,458

 
2,215

Write-off of deferred financing fees

 
275

Accretion of convertible notes
2,259

 
3,493

Accretion of fair value measurement on debt assumed in business combinations
877

 
920

 
119,104

 
74,512

Changes in assets and liabilities:
 
 
 
Increase in inventories
(1,221
)
 
(390
)
(Increase) / decrease in accounts receivable
(70,363
)
 
4,208

Decrease / (increase) in prepaid expenses and other current assets
2,080

 
(580
)
Decrease / (increase) in other assets
46

 
(2,676
)
Decrease in accounts payable
(675
)
 
(1,543
)
Decrease / (increase) in accrued expenses
(4,870
)
 
1,036

 
(75,003
)
 
55

Net cash inflow from operating activities
44,101

 
74,567

Investing activities
 
 
 
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, finance leased and bareboat-in vessels)
(63,486
)
 
(18,240
)
Net cash outflow from investing activities
(63,486
)
 
(18,240
)
Financing activities
 
 
 
Debt repayments
(108,617
)
 
(120,360
)
Issuance of debt
73,946

 

Debt issuance costs
(1,783
)
 
(1,284
)
Principal repayments on lease liability - IFRS 16
(20,772
)
 
(1,726
)
Increase in restricted cash

 
(9
)
Repayment of convertible notes

 
(2,292
)
Equity issuance costs

 
(285
)
Dividends paid
(5,867
)
 
(5,140
)
Repurchase of common stock

 
(1
)
Net cash (outflow) / inflow from financing activities
(63,093
)
 
(131,097
)
(Decrease) / increase in cash and cash equivalents
(82,478
)
 
(74,770
)
Cash and cash equivalents at January 1,
202,303

 
593,652

Cash and cash equivalents at March 31,
$
119,825

 
$
518,882





12



Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three months ended March 31, 2020 and 2019
(unaudited)
 
 
For the three months ended March 31
 
 
2020
 
2019
Adjusted EBITDA(1)   (in thousands of U.S. dollars except Fleet Data)
 
$
158,710

 
$
113,246

 
 
 
 
 
Average Daily Results
 
 
 
 
TCE per day(2)
 
$
22,644

 
$
18,570

Vessel operating costs per day(3)
 
$
6,592

 
6,478

 
 
 
 
 
LR2
 
 
 
 
TCE per revenue day (2)
 
$
25,914

 
$
22,953

Vessel operating costs per day(3)
 
$
6,742

 
6,810

Average number of vessels
 
42.0

 
38.0

 
 
 
 
 
LR1
 
 
 
 
TCE per revenue day (2)
 
$
20,296

 
$
17,929

Vessel operating costs per day(3)
 
$
6,678

 
$
6,597

Average number of vessels
 
12.0

 
12.0

 
 
 
 
 
MR
 
 
 
 
TCE per revenue day (2)
 
$
20,866

 
$
15,715

Vessel operating costs per day(3)
 
$
6,422

 
$
6,324

Average number of vessels
 
60.8

 
48.3

 
 
 
 
 
Handymax
 
 
 
 
TCE per revenue day (2)
 
$
22,564

 
$
17,729

Vessel operating costs per day(3)
 
$
6,734

 
$
6,160

Average number of vessels
 
21.0

 
21.0

 
 
 
 
 
Fleet data
 
 
 
 
Average number of vessels
 
135.8

 
119.3

 
 
 
 
 
Drydock
 
 
 
 
Drydock, scrubber, ballast water treatment system and other vessel related payments for owned, sale leaseback and bareboat chartered-in vessels (in thousands of U.S. dollars)
 
$
63,486

 
$
18,240



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 May 5, 2020
 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Scrubber
 
 
Owned, sale leaseback or bareboat chartered-in 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
 
Yes
 
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
 
Yes
 
42
STI Bronx
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
 
43
STI Pontiac
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
 
44
STI Manhattan
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
 
45
STI Queens
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
 

15



 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Scrubber
 
46
STI Osceola
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
 
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
 
Yes
 
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 Mighty
 
2020
 
50,000

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

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

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

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

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

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

 
 
SLR1P (3)
 
LR1
 
Yes
 
80
STI Experience
 
2016
 
74,000

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

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

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

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

 
 
SLR1P (3)
 
LR1
 
Yes
 
85
STI Providence
 
2016
 
74,000

 
 
SLR1P (3)
 
LR1
 
Yes
 
86
STI Elysees
 
2014
 
109,999

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

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

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

 
 
SLR2P (4)
 
LR2
 
Yes
 
90
STI Sloane
 
2014
 
109,999

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

 
 
SLR2P (4)
 
LR2
 
Yes
 
92
STI Condotti
 
2014
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
93
STI Rose
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
94
STI Veneto
 
2015
 
109,999

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

 
 
SLR2P (4)
 
LR2
 
Yes
 
96
STI Winnie
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
 

16



 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Scrubber
 
97
STI Oxford
 
2015
 
109,999

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

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

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

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

 
 
SLR2P (4)
 
LR2
 
Yes
 
102
STI Kingsway
 
2015
 
109,999

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

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

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
 
105
STI Lombard
 
2015
 
109,999

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

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

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

 
 
SLR2P (4)
 
LR2
 
Yes
 
109
STI Solace
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
110
STI Stability
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
 
111
STI Steadfast
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
112
STI Supreme
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
 
113
STI Symphony
 
2016
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
114
STI Gallantry
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
115
STI Goal
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
116
STI Nautilus
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
117
STI Guard
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
118
STI Guide
 
2016
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
119
STI Selatar
 
2017
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
 
120
STI Rambla
 
2017
 
109,999

 
 
SLR2P (4)
 
LR2
 
Not Yet Installed
 
121
STI Gauntlet
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
122
STI Gladiator
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
123
STI Gratitude
 
2017
 
113,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
124
STI Lobelia
 
2019
 
110,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
125
STI Lotus
 
2019
 
110,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
126
STI Lily
 
2019
 
110,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
127
STI Lavender
 
2019
 
110,000

 
 
SLR2P (4)
 
LR2
 
Yes
 
128
Silent
 
2007
 
37,847

 
1A
 
 SHTP (1)
 
Handymax
 
N/A
(5)
129
Single