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 August 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 August 6, 2020 announcing financial results for the second 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 4 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: August 6, 2020
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Brian Lee
 
 
 
 
 
 
Brian Lee
 
 
 
 
 
 
Chief Financial Officer



Exhibit




Exhibit 99.1
https://cdn.kscope.io/d5d7bc0c5a1b9a4d1c65ddc412d44d3a-stnglogoa89.jpg
Scorpio Tankers Inc. Announces Financial Results for the Second Quarter of 2020 and Declaration of a Quarterly Dividend
MONACO--(GLOBE NEWSWIRE - August 6, 2020) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three and six months ended June 30, 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 June 30, 2020 and 2019
For the three months ended June 30, 2020, the Company had net income of $143.9 million, or $2.63 basic and $2.40 diluted earnings per share. For the three months ended June 30, 2020, the Company had an adjusted net income (see Non-IFRS Measures section below) of $144.3 million, or $2.63 basic and $2.40 diluted earnings 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.
For the three months ended June 30, 2019, the Company's net loss was $29.7 million, or $0.62 basic and diluted loss per share. There were no Non-IFRS adjustments to the net loss for the three months ended June 30, 2019.
Results for the six months ended June 30, 2020 and 2019
For the six months ended June 30, 2020, the Company had net income of $190.6 million, or $3.48 basic and $3.21 diluted earnings per share. For the six months ended June 30, 2020, the Company had an adjusted net income (see Non-IFRS Measures section below) of $190.9 million, or $3.49 basic and $3.21 diluted earnings 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.
For the six months ended June 30, 2019, the Company had a net loss of $15.2 million, or $0.32 basic and diluted loss per share. For the six months ended June 30, 2019, the Company’s adjusted net loss (see Non-IFRS Measures section below) was $15.0 million, or $0.31 basic and diluted loss per share, which excludes from the net loss a $0.3 million, or $0.01 per basic and diluted share, write-off of deferred financing fees.
Declaration of Dividend
On August 5, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about September 29, 2020 to all shareholders of record as of September 9, 2020 (the record date). As of August 5, 2020, there were 58,807,747 common shares of the Company outstanding.

1



Summary of Second 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 third 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
$22,500
49
%
LR1
$22,000
53
%
MR
$15,300
45
%
Handymax
$12,000
52
%

Below is a summary of the average daily TCE revenue earned by the Company's vessels in each of the pools during the second quarter of 2020:
Pool
Average daily TCE revenue
LR2
$47,064
LR1
$35,794
MR
$21,808
Handymax
$17,698
The Company's strong second quarter results, coupled with the repayment of debt, have resulted in the Company's net debt position decreasing by $228.8 million from $3.1 billion at March 31, 2020 to $2.9 billion at August 5, 2020.
The Company is in discussions with a group of financial institutions to refinance the existing debt on eight of its vessels which, if consummated, is expected to increase the Company’s liquidity by an additional $80 million, after the repayment of existing debt.  These refinancings are expected to be agreed in the next few months, and the drawdowns are expected to occur before the end of 2020. 
In July 2020, the Company repurchased $13.8 million aggregate principal amount of its Convertible Notes due 2022 at an average price of $882.23 per $1,000 principal amount, or $12.2 million. 
In May 2020, the Company's Senior Unsecured Notes due May 2020 matured and the outstanding principal balance of $53.8 million was repaid in full. Subsequently in May 2020, the Company issued $28.1 million aggregate principal amount of 7.0% senior unsecured notes due June 30, 2025 (the "Senior Notes due 2025") in an underwritten public offering. This amount includes $3.1 million related to the partial exercise of the underwriters' option to purchase additional Senior Notes due 2025 under the same terms and conditions. The aggregate net proceeds were approximately $26.5 million after deducting underwriting commissions and offering expenses.
In May 2020, the Company executed a credit facility for up to $225.0 million with a group of European financial institutions (the "2020 $225.0 Million Credit Facility"). The Company drew $101.2 million from this facility in June 2020, and the proceeds were used to refinance the existing debt on four LR2s that were previously financed under the ABN AMRO Credit Facility, which was scheduled to mature during the third quarter of 2020. The remaining availability under this credit facility is expected to be used to refinance the existing debt on five of the Company's vessels and scrubbers on two LR2s.
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 this facility was fully drawn in May 2020, and the proceeds were used to refinance the existing debt on five vessels, which were previously financed under the KEXIM Credit Facility. 

2



Based upon the commitments received to date, which include the remaining availability under the 2020 $225.0 Million Credit Facility and certain financing transactions that have been previously announced, the Company expects to raise approximately $56 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 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 $3.8 million and $7.6 million, respectively, during the three and six months ended June 30, 2020 were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three and six months ended June 30, 2020, the Company's basic weighted average number of shares were 54,827,479 and 54,747,345, respectively. For the three and six months ended June 30, 2020, the Company's diluted weighted average number of shares were 56,318,815 and 56,525,701 (which includes the potentially dilutive impact of unvested shares of restricted stock and excludes the impact of the Convertible Notes due 2022), respectively, and 61,593,958 and 61,801,095, respectively, under the if-converted method. Given the Company's results for the three and six months ended June 30, 2020, earnings per diluted share were calculated under the if-converted method as the result of this calculation was dilutive.
Novel Coronavirus (COVID-19)
Since the beginning of 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 and commodities markets (including oil).
While the reduction of economic activity significantly reduced global demand for oil and refined petroleum products, the extreme volatility in the oil markets and the steep contango that developed in the prices of oil and refined petroleum products resulted in record increases in spot TCE rates as an abundance arbitrage and floating storage opportunities opened up.  These conditions persisted for most of the second quarter of 2020 but began to abate in June 2020 as the underlying oil markets stabilized.
The Company expects that the future impact of the ongoing COVID-19 pandemic and the uncertainty in the demand for oil and refined petroleum products will continue to cause volatility in the commodities 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 the remainder of 2020 and beyond. 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 Notes due 2025 (NYSE: SBBA), which were issued in May 2020, and Convertible Notes due 2022, which were issued in May and July 2018.
In July 2020, the Company repurchased $13.8 million aggregate principal amount of its Convertible Notes due 2022 at an average price of $882.23 per $1,000 principal amount, or $12.2 million.  No other securities were repurchased under this program during the second quarter of 2020 and through the date of this press release.
As of the date hereof, the Company has repurchased a total of $140.6 million of its securities under the Securities Repurchase Program and has the authority to purchase up to an additional $109.4 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.
At the Market Offering Program
In June 2020, the Company sold an aggregate of 137,067 of its common shares at an average price of $18.79 per share for aggregate net proceeds of $2.6 million under its previously announced “at the market” offering program pursuant to which the Company may sell up to $100 million of its common shares. There is $97.4 million of remaining availability under this program as of August 5, 2020.

3



Conference Call
The Company has scheduled a conference call on August 6, 2020 at 9:30 AM Eastern Daylight Time and 3:30 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: 7309339
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/yaoh87zz
Current Liquidity
As of August 5, 2020, the Company had $285.7 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 second quarter of 2020 and that is in progress as of July 1, 2020:

 
Number of Vessels
Drydock
Ballast Water Treatment Systems
Scrubbers
Aggregate Costs ($ in millions) (1)
Aggregate Off-hire Days in Q2 2020
Completed in the second quarter of 2020
 
 
 
 
 
 
LR2
8
7
3
8
$36.3
335
LR1
2
2
6.0
12
MR
6
3
3
6
22.8
214
Handymax
 
16
10
6
16
$65.1
561
 
 
 
 
 
 
 
In progress as of July 1, 2020
 
 
 
 
 
 
LR2
2
1
1
2
$7.4
75
LR1
MR
5
3
3
5
18.5
126
Handymax
 
7
4
4
7
$25.9
201

(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 July 1, 2020 represent the total costs incurred through that date, some of which may have been incurred in prior periods.

4



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 and through August 5, 2020): 
In millions of U.S. dollars
As of August 5, 2020 (1) (2)
 
 
Q3 2020 - payments made through August 5, 2020
$
11.9

Q3 2020 - remaining payments
25.8

Q4 2020
15.1

FY 2021
41.3

FY 2022
48.9

(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. 
(2) 
Based upon the commitments received to date, which include the remaining availability under the 2020 $225.0 Million Credit Facility and certain financing transactions that have been previously announced, the Company expects to raise approximately $56 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.
  

5



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 (1):
 
Q3 2020
 
 
Ships Scheduled for (2):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (3)
LR2
4


6

282

LR1


1

48

MR
1

1

3

188

Handymax




 
 
 
 
 
Total Q3 2020
5

1

10

518

 
 
 
 
 
 
Q4 2020
 
 
Ships Scheduled for (2):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (3)
LR2


1

50

LR1
1



20

MR



39

Handymax




 
 
 
 
 
Total Q4 2020
1


1

109

 
 
 
 
 
 
FY 2021
 
 
Ships Scheduled for (2):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (3)
LR2
12


1

280

LR1
11



220

MR


8

293

Handymax




 
 
 
 
 
Total FY 2021
23


9

793

 
 
 
 
 
 
FY 2022
 
 
Ships Scheduled for (2):
Off-hire
 
Drydock
Ballast Water Treatment Systems
Scrubbers
Days (3)
LR2
5



100

LR1


5

200

MR
11

5

5

402

Handymax




 
 
 
 
 
Total FY 2022
16

5

10

702

(1) 
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.

6



(2) 
Represents the number of vessels scheduled to commence drydock, ballast water treatment system, and/or scrubber installations during the period. It does not include vessels that commenced work in prior periods but will be completed in the subsequent period.
(3) 
Represents total estimated off-hire days during the period, including vessels that commenced work in a previous 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 March 31, 2020
Drawdowns and (repayments), net
Outstanding Principal as of June 30, 2020
Drawdowns and (repayments), net
Outstanding Principal as of August 5, 2020
1
KEXIM Credit Facility (3) (8)
$
140,191

$
(78,033
)
$
62,158

(1,092
)
$
61,066

2
ABN AMRO Credit Facility (7)
89,816

(89,816
)



3
ING Credit Facility (3)
128,254

68,941

197,195

2,181

199,376

4
2018 NIBC Credit Facility (1)
30,813

2,318

33,131

(1,032
)
32,099

5
2017 Credit Facility
128,183

(3,316
)
124,867


124,867

6
Credit Agricole Credit Facility
88,586

(2,142
)
86,444


86,444

7
ABN AMRO / K-Sure Credit Facility
44,716

(963
)
43,753


43,753

8
Citibank / K-Sure Credit Facility
93,129

(2,104
)
91,025


91,025

9
ABN / SEB Credit Facility (9)
100,450

374

100,824

1,633

102,457

10
Hamburg Commercial Credit Facility (2)
41,355

606

41,961


41,961

11
Prudential Credit Facility
54,538

(1,386
)
53,152

(924
)
52,228

12
2019 DNB / GIEK Credit Facility
31,850

(979
)
30,871


30,871

13
BNPP Sinosure Credit Facility (8)
42,096

22,790

64,886


64,886

14
2020 $225.0 Million Credit Facility (7)

101,200

101,200


101,200

15
Ocean Yield Lease Financing
146,815

(2,715
)
144,100

(937
)
143,163

16
CMBFL Lease Financing
55,836

(1,227
)
54,609


54,609

17
BCFL Lease Financing (LR2s) (10)
91,123

(2,086
)
89,037

1,045

90,082

18
CSSC Lease Financing
224,889

(4,327
)
220,562

(1,442
)
219,120

19
CSSC Scrubber Lease Financing
9,604

(1,372
)
8,232

(457
)
7,775

20
BCFL Lease Financing (MRs) (10)
84,964

(2,932
)
82,032

958

82,990

21
2018 CMBFL Lease Financing (4)
123,900

7,596

131,496


131,496

22
$116.0 Million Lease Financing (10)
104,322

(1,784
)
102,538

5,043

107,581

23
AVIC Lease Financing
124,361

(2,948
)
121,413


121,413

24
China Huarong Lease Financing
120,375

(3,375
)
117,000


117,000

25
$157.5 Million Lease Financing
134,407

(3,536
)
130,871


130,871

26
COSCO Lease Financing
74,525

(1,925
)
72,600


72,600

27
IFRS 16 - Leases - 7 Handymax
10,071

(3,279
)
6,792

(794
)
5,998

28
IFRS 16 - Leases - 3 MR
42,430

(1,813
)
40,617

(593
)
40,024

29
$670.0 Million Lease Financing
601,447

(15,306
)
586,141

(5,129
)
581,012

30
Unsecured Senior Notes Due 2020 (5)
53,750

(53,750
)



31
Unsecured Senior Notes Due 2025 (6)

28,100

28,100


28,100

32
Convertible Notes Due 2022
203,500


203,500

(12,205
)
191,295

 
Gross debt outstanding
$
3,220,296

$
(49,189
)
3,171,107

$
(13,745
)
$
3,157,362

 
Cash and cash equivalents
119,825


250,592


285,665

 
Net debt
$
3,100,471

$
(49,189
)
$
2,920,515

$
(13,745
)
$
2,871,697



7



(1)    In April 2020, the Company drew $3.1 million from its upsized $35.7 million loan facility to partially finance the purchase and installation of scrubbers on two vessels. The upsized portion of this facility matures in June 2021, bears interest at LIBOR plus a margin of 2.50% per annum and is expected to be repaid in equal quarterly installments of approximately $0.1 million per vessel, with a balloon payment due at maturity.
(2)    In April 2020, the Company drew $1.4 million from its Hamburg Commercial Bank Credit Facility to partially finance the purchase and installation of a scrubber on one of its vessels. This drawdown reflects the remaining availability under this facility. All tranches (including those previously drawn) of the Hamburg Commercial Bank Credit Facility mature in November 2024, bear interest at LIBOR plus a margin of 2.25% per annum and are expected to be repaid in equal quarterly installments of approximately $0.8 million in aggregate, with a balloon payment due at maturity.
(3)    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. This upsized portion of this facility of $72.1 million was fully drawn in May 2020, and the proceeds were used to refinance the existing debt on five vessels which were previously financed under the KEXIM Credit Facility. The Company repaid $60.2 million on the KEXIM Credit Facility as part of this transaction.
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.
In July 2020, the Company drew an aggregate of $3.3 million under the scrubber portion of the facility to partially finance the purchase and installation of scrubbers on two MRs and one LR2 that are currently part of this arrangement. The drawdowns of approximately $1.1 million per vessel bear interest at LIBOR plus a margin of 1.95%. One MR will be repaid in seven quarterly principal payments of approximately $0.1 million with the balance due upon maturity in June 2022. The other two vessels will be repaid in two quarterly principal payments of approximately $0.7 million in aggregate with the balance due upon maturity in March 2021.
(4)    In May 2020, the Company drew an aggregate of $10.1 million under the scrubber portion of its 2018 CMB Lease Financing to partially finance the purchase and installation of scrubbers on the six MRs that are currently part of this arrangement. The upsized portion of the lease financing has a final maturity of 3.5 years after the first drawdown, bears interest at LIBOR plus a margin of 3.10% per annum and will be repaid in quarterly principal payments of approximately $0.1 million per vessel.
(5)    In May 2020, the Company's Senior Unsecured Notes due May 2020 matured and the outstanding principal balance of $53.8 million was repaid in full.
(6)    In May 2020, the Company issued $28.1 million aggregate principal amount of Senior Notes due 2025 in an underwritten offering. This amount includes $3.1 million related to the partial exercise of the underwriters' option to purchase additional Senior Notes due 2025 under the same terms and conditions. The aggregate net proceeds were approximately $26.5 million after deducting underwriting commissions and expenses.
(7)    In May 2020, the Company executed the 2020 $225.0 Million Credit Facility with a group of European financial institutions. In June 2020 the Company drew $101.2 million from this facility to refinance the existing debt on four LR2s that were previously financed under the ABN AMRO Credit Facility (which was scheduled to mature during the third quarter of 2020). The Company repaid $87.7 million on the ABN AMRO Credit Facility as part of this transaction. The remaining availability under this credit facility is expected to be used to refinance the existing debt on five of the Company's vessels and scrubbers on two LR2s.
This facility has a final maturity of five years from the closing date of the loan, bears interest at LIBOR plus a margin, and is expected to be repaid in equal quarterly installments of approximately $0.6 million per vessel per quarter with a balloon payment due at maturity.  The remaining terms and conditions, including financial covenants, are similar to the Company’s existing credit facilities.
(8)    In June 2020, the Company drew $24.9 million under its BNPP Sinosure Credit Facility to partially finance the purchase and installation of scrubbers on 13 vessels. This borrowing is collateralized by one of its LR2 product tankers which was previously financed under the KEXIM Credit Facility. The Company repaid the outstanding debt of $17.8 million on the KEXIM Credit Facility related to this vessel as part of this transaction.
A total of approximately $67.0 million has been drawn and there is $67.0 million of remaining availability under the BNPP Sinosure Credit Facility. Each drawdown is split evenly into two facilities, (i) a commercial facility (the "Commercial Facility"), and (ii) a Sinosure facility (the "Sinosure Facility"), which is being funded by the lenders under the Commercial Facility and insured by the China Export & Credit Insurance Corporation ("Sinosure").  The BNPP Sinosure Credit Facility is split into 70 tranches each of which represent the lesser of 85% of the purchase and installation price of 70 scrubbers, or $1.9 million per scrubber (not to exceed 65% of the fair market value of the collateral vessels). The Sinosure Facility and the Commercial Facility bear interest at

8



LIBOR plus a margin of 1.80% and 2.80% per annum, respectively. The remaining availability under this loan facility is available for en bloc drawdowns on September 15, 2020, December 15, 2020 and March 15, 2021. The Sinosure Facility is expected to be repaid in 10 equal semi-annual installments and the Commercial Facility is expected to be repaid at the final maturity date of the facility, or October 2025.
(9)    In June 2020, the Company drew $3.2 million from its upsized ABN/SEB Credit Facility to partially finance the purchase and installation of scrubbers on two vessels. The upsized portion of this facility matures in June 2023, bears interest at LIBOR plus a margin of 2.60% per annum and is expected to be repaid in equal quarterly installments of approximately $0.1 million per vessel, with a balloon payment due at maturity.
In July 2020, the Company drew an additional $1.6 million to partially finance the purchase and installation of a scrubber on one of the vessels covered by the facility under the same terms.
(10)    In April 2020, the Company executed agreements to increase the borrowing capacities of several of its lease financing arrangements by up to $1.9 million per vessel, the proceeds of which are to be used to partially finance the purchase and installation of scrubbers on certain vessels. Three vessels are under the BCFL Lease Financing (LR2s) arrangement, five vessels are under the BCFL Lease Financing (MRs) arrangement, four vessels are under the $116.0 Million Lease Financing arrangement and three vessels are under the IFRS-16 - Leases - 3 MR arrangement for an aggregate of fifteen vessels. Each agreement will be for a fixed term of three years at the rate of up to $1,910 per vessel per day to be allocated to principal and interest.
In July 2020, the Company drew an aggregate of $9.4 million on these agreements to partially finance the purchase and installation of scrubbers on five vessels as follows: (i) $1.8 million on one vessel under the BCFL Lease Financing (LR2s) arrangement; (ii) $1.9 million on one vessel under the BCFL Lease Financing (MRs) arrangement; and (iii) $5.7 million on three vessels under the $116.0 Million Lease Financing arrangement.
Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of June 30, 2020, which includes principal amounts due under secured credit facilities, Convertible Notes due 2022, lease financing arrangements, the Senior Notes due 2025, and lease liabilities under IFRS 16 (which also include actual payments made during the second quarter of 2020 and through August 5, 2020):

 In millions of U.S. dollars
 
As of June 30, 2020 (1)
Q3 2020 - principal payments made through August 5, 2020
 
$
28.0

Q3 2020 - remaining principal payments
 
49.6

Q4 2020
 
74.1

Q1 2021 (2)
 
156.9

Q2 2021 (3)
 
99.8

Q3 2021
 
66.6

Q4 2021
 
70.0

2022 and thereafter
 
2,626.1

 
 
$
3,171.1

(1)    Amounts represent the principal payments due on the Company’s outstanding indebtedness as of June 30, 2020 and do not incorporate the impact of any of the Company’s new financing initiatives which have not closed as of that date.
(2) 
Repayments include the maturities of the Company's KEXIM Credit Facility for $57.9 million and two tranches of the ING Credit Facility for $29.6 million. As of the date of this press release, the Company has received commitments to refinance the amounts borrowed on the KEXIM Credit Facility (the timing of this refinancing may be impacted by the timing of installations of scrubbers on certain vessels). The Company expects to commence refinancing discussions on the ING Credit Facility during the fourth quarter of 2020.
(3) 
Repayments include the maturity of the Company's NIBC Credit Facility for $30.0 million. The Company expects to commence refinancing discussions on the NIBC Credit Facility during the fourth quarter of 2020.


9



Explanation of Variances on the Second Quarter of 2020 Financial Results Compared to the Second Quarter of 2019
For the three months ended June 30, 2020, the Company recorded net income of $143.9 million compared to net loss of $29.7 million for the three months ended June 30, 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 June 30, 2020 and 2019:
 
 
 
For the three months ended June 30,
In thousands of U.S. dollars
 
2020
 
2019
 
Vessel revenue
 
$
346,239

 
$
150,805

 
Voyage expenses
 
(2,906
)
 
(1,328
)
 
TCE revenue
 
$
343,333

 
$
149,477


TCE revenue for the three months ended June 30, 2020 increased by $193.9 million to $343.3 million, from $149.5 million for the three months ended June 30, 2019. Overall average TCE revenue per day increased to $29,693 per day during the three months ended June 30, 2020, from $14,348 per day during the three months ended June 30, 2019.
During the second quarter of 2020, travel restrictions and other preventive measures to control the spread of the COVID-19 pandemic resulted in a precipitous decline in oil demand. A lack of corresponding production and refinery cuts resulted in a supply glut of crude oil and refined petroleum products, which was exacerbated by extreme oil price volatility brought on from the Russia-Saudi Arabia oil price war. This oversupply of petroleum products resulted in a steep contango in oil prices which led to an abundance of arbitrage opportunities of both crude and refined petroleum products and record floating storage.  These market conditions, which began in March 2020, drove spot TCE rates to record levels resulting in the second quarter of 2020 being the Company's most profitable quarter in its history. In June 2020, the oil markets began to stabilize as global economies slowly re-opened, thus limiting arbitrage opportunities and resulting in the drawdown of accumulated inventories. Consequently, trading volumes and spot TCE rates decreased towards the end of the second quarter and have remained at lower levels through the date of this press release.
The increase in TCE revenue in the second quarter of 2020 as compared to the second quarter of 2019 was also affected by an increase in the number of the Company's vessels to an average of 136.8 operating vessels during the three months ended June 30, 2020 from an average of 119.0 operating vessels during the three months ended June 30, 2019, which was primarily the result of the Company's acquisition of leasehold interests in 19 vessels (11 MRs, four LR2s, and four MRs then under construction) from Trafigura Maritime Logistics Pte. Ltd. in September 2019 (the "Trafigura Transaction"). Three of the MRs acquired that were then under construction were delivered in the first quarter of 2020.
Vessel operating costs for the three months ended June 30, 2020 increased by $11.0 million to $79.8 million, from $68.8 million for the three months ended June 30, 2019. This increase was primarily due to the Trafigura Transaction. Three of the MRs acquired that were then under construction were delivered in the first quarter of 2020 and thus operated for the entirety of the second quarter of 2020. Vessel operating costs per day remained largely consistent, increasing slightly to $6,407 per day for the three months ended June 30, 2020 from $6,351 per day for the three months ended June 30, 2019.
Depreciation expense - owned or sale leaseback vessels for the three months ended June 30, 2020 increased by $3.7 million to $48.1 million, from $44.4 million for the three months ended June 30, 2019. The increase was due to the Company's drydock, scrubber and ballast water treatment system installations that have taken place over the preceding 12-month period. Depreciation expense in future periods is expected to increase as the Company continues the installation of ballast water treatment systems and/or scrubbers on certain of its vessels in 2020 and beyond. 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 June 30, 2020 increased by $7.7 million to $13.4 million from $5.9 million for the three months ended June 30, 2019. Depreciation expense - right of use assets reflects the straight-line depreciation expense recorded under IFRS 16 - Leases. Right of use asset depreciation expense increased as a result of the Trafigura Transaction. Three of the MRs acquired that were then 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. In addition to the leasehold interests acquired as part of the Trafigura Transaction, the Company also had three MRs and seven Handymax leases that were accounted for under IFRS 16 during

10



the second quarter of 2020. The bareboat charters on two of these Handymax vessels expired in June of 2020 and a third expired in July 2020.
General and administrative expenses for the three months ended June 30, 2020, increased by $3.2 million to $18.7 million, from $15.5 million for the three months ended June 30, 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 during the first six months of 2020.
Financial expenses for the three months ended June 30, 2020 decreased by $8.2 million to $39.1 million, from $47.3 million for the three months ended June 30, 2019. The decrease was primarily driven by significant decreases in LIBOR rates, which underpin all of the Company's variable rate borrowings, and which have collapsed since the onset of the COVID-19 pandemic.


11



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
 
 
For the three months ended June 30,
 
For the six months ended June 30,
In thousands of U.S. dollars except per share and share data
2020
 
2019
 
2020
 
2019
Revenue
 
 
 
 
 
 
 
 
Vessel revenue
$
346,239

 
$
150,805

 
$
600,407

 
$
346,635

 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
Vessel operating costs
(79,758
)
 
(68,776
)
 
(161,221
)
 
(138,152
)
 
Voyage expenses
(2,906
)
 
(1,328
)
 
(7,125
)
 
(1,622
)
 
Charterhire

 

 

 
(4,399
)
 
Depreciation - owned or sale leaseback vessels
(48,102
)
 
(44,369
)
 
(94,943
)
 
(88,183
)
 
Depreciation - right of use assets
(13,609
)
 
(5,895
)
 
(26,806
)
 
(8,030
)
 
General and administrative expenses
(18,747
)
 
(15,528
)
 
(36,010
)
 
(31,240
)
 
Total operating expenses
(163,122
)
 
(135,896
)
 
(326,105
)
 
(271,626
)
Operating income
183,117

 
14,909

 
274,302

 
75,009

Other (expense) and income, net
 
 
 
 
 
 
 
 
Financial expenses
(39,127
)
 
(47,327
)
 
(83,892
)
 
(96,083
)
 
Financial income
295

 
2,725

 
860

 
5,843

 
Other expenses, net
(344
)
 
(27
)
 
(702
)
 
(13
)
 
Total other expense, net
(39,176
)
 
(44,629
)
 
(83,734
)
 
(90,253
)
Net income / (loss)
$
143,941

 
$
(29,720
)
 
$
190,568

 
$
(15,244
)
 
 
 
 
 
 
 
 
 
Earnings / (Loss) per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
2.63

 
$
(0.62
)
 
$
3.48

 
$
(0.32
)
 
Diluted
$
2.40

 
$
(0.62
)
 
$
3.21

 
$
(0.32
)
 
Basic weighted average shares outstanding
54,827,479

 
48,148,885

 
54,747,345

 
48,109,924

 
Diluted weighted average shares outstanding (1)
61,593,958

 
48,148,885

 
61,801,095

 
48,109,924


(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 and six months ended June 30, 2020. The effect of potentially dilutive securities relating to the Company's Convertible Notes due 2022 was included in the computation of diluted earnings per share for the three and six months ended June 30, 2020 as their effect was dilutive under the if-converted method.

12



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
 
As of
In thousands of U.S. dollars
June 30, 2020
 
December 31, 2019
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
250,592

 
$
202,303

Accounts receivable
114,925

 
78,174

Prepaid expenses and other current assets
11,856

 
13,855

Inventories
9,806

 
8,646

Total current assets
387,179

 
302,978

Non-current assets
 
 
 
Vessels and drydock
4,062,574

 
4,008,158

Right of use assets
791,927

 
697,903

Other assets
83,688

 
131,139

Goodwill
11,539

 
11,539

Restricted cash
12,293

 
12,293

Total non-current assets
4,962,021

 
4,861,032

Total assets
$
5,349,200

 
$
5,164,010

Current liabilities
 
 
 
Current portion of long-term debt
$
213,928

 
$
235,482

Finance lease liability
126,275

 
122,229

Lease liability - IFRS 16
62,255

 
63,946

Accounts payable
17,373

 
23,122

Accrued expenses
33,663

 
41,452

Total current liabilities
453,494

 
486,231

Non-current liabilities
 
 
 
Long-term debt
1,009,565

 
999,268

Finance lease liability
1,141,108

 
1,195,494

Lease liability - IFRS 16
571,295

 
506,028

Total non-current liabilities
2,721,968


2,700,790

Total liabilities
3,175,462

 
3,187,021

Shareholders' equity
 
 
 
Issued, authorized and fully paid-in share capital:
 
 
 
Share capital
652

 
646

Additional paid-in capital
2,848,623

 
2,842,446

Treasury shares
(467,057
)
 
(467,057
)
Accumulated deficit
(208,480
)
 
(399,046
)
Total shareholders' equity
2,173,738

 
1,976,989

Total liabilities and shareholders' equity
$
5,349,200

 
$
5,164,010




13



Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
For the six months ended June 30,
In thousands of U.S. dollars
2020
 
2019
Operating activities
 
 
 
Net income
$
190,568

 
$
(15,244
)
Depreciation - owned or finance leased vessels
94,943

 
88,183

Depreciation - right of use assets
26,806

 
8,030

Amortization of restricted stock
15,355

 
13,860

Amortization of deferred financing fees
3,086

 
4,088

Write-off of deferred financing fees
313

 
275

Accretion of convertible notes
4,565

 
6,995

Accretion of fair value measurement on debt assumed in business combinations
1,742

 
1,827

 
337,378

 
108,014

Changes in assets and liabilities:
 
 
 
Increase in inventories
(1,160
)
 
(461
)
(Increase) / decrease in accounts receivable
(36,748
)
 
13,248

Decrease / (increase) in prepaid expenses and other current assets
1,998

 
(175
)
Decrease / (increase) in other assets
666

 
(2,807
)
(Decrease) / increase in accounts payable
(5,423
)
 
1,186

(Decrease) / increase in accrued expenses
(4,616
)
 
2,272

 
(45,283
)
 
13,263

Net cash inflow from operating activities
292,095

 
121,277

Investing activities
 
 
 
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, finance leased and bareboat-in vessels)
(119,805
)
 
(59,688
)
Net cash outflow from investing activities
(119,805
)
 
(59,688
)
Financing activities
 
 
 
Debt repayments
(381,657
)
 
(166,755
)
Issuance of debt
318,194

 

Debt issuance costs
(9,706
)
 
(1,288
)
Principal repayments on lease liability - IFRS 16
(41,668
)
 
(7,129
)
Increase in restricted cash

 
(9
)
Repayment of convertible notes

 
(2,266
)
Gross proceeds from issuance of common stock
2,601

 

Equity issuance costs
(26
)
 
(295
)
Dividends paid
(11,739
)
 
(10,279
)
Repurchase of common stock

 
(1
)
Net cash outflow from financing activities
(124,001
)
 
(188,022
)
Increase / (decrease) in cash and cash equivalents
48,289

 
(126,433
)
Cash and cash equivalents at January 1,
202,303

 
593,652

Cash and cash equivalents at June 30,
$
250,592

 
$
467,219





14



Scorpio Tankers Inc. and Subsidiaries
Other operating data for the six months ended June 30, 2020 and 2019
(unaudited)
 
 
For the three months ended June 30,
 
For the six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Adjusted EBITDA(1)   (in thousands of U.S. dollars except Fleet Data)
 
$
251,993

 
$
71,821

 
$
410,704

 
$
185,068

 
 
 
 
 
 
 
 
 
Average Daily Results
 
 
 
 
 
 
 
 
TCE per day(2)
 
$
29,693

 
$
14,348

 
$
26,250

 
$
16,470

Vessel operating costs per day(3)
 
$
6,407

 
6,351

 
$
6,499

 
$
6,414

 
 
 
 
 
 
 
 
 
LR2
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
46,988

 
$
16,974

 
$
36,503

 
$
19,948

Vessel operating costs per day(3)
 
$
6,656

 
6,687

 
$
6,699

 
$
6,748

Average number of vessels
 
42.0

 
38.0

 
42.0

 
38.0

 
 
 
 
 
 
 
 
 
LR1
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
35,794

 
$
14,527

 
$
28,701

 
$
16,221

Vessel operating costs per day(3)
 
$
6,891

 
$
6,159

 
$
6,785

 
$
6,377

Average number of vessels
 
12.0

 
12.0

 
12.0

 
12.0

 
 
 
 
 
 
 
 
 
MR
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
21,508

 
$
13,436

 
$
21,196

 
$
14,594

Vessel operating costs per day(3)
 
$
6,161

 
$
6,148

 
$
6,291

 
$
6,235

Average number of vessels
 
62.0

 
48.0

 
61.4

 
48.2

 
 
 
 
 
 
 
 
 
Handymax
 
 
 
 
 
 
 
 
TCE per revenue day (2)
 
$
17,698

 
$
11,520

 
$
20,117

 
$
14,644

Vessel operating costs per day(3)
 
$
6,359

 
$
6,318

 
$
6,548

 
$
6,240

Average number of vessels
 
20.8

 
21.0

 
20.9

 
21.0

 
 
 
 
 
 
 
 
 
Fleet data
 
 
 
 
 
 
 
 
Average number of vessels
 
136.8

 
119.0

 
136.3

 
119.2

 
 
 
 
 
 
 
 
 
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)
 
$
56,319

 
$
41,448

 
$
119,805

 
$
59,688



15



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

16



Fleet list as of August 5, 2020
 
Vessel Name
 
Year Built
 
DWT
 
Ice class
 
Employment
 
Vessel type
 
Scrubber
 
 
Owned, sale leaseback and 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
 
Yes
 
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
 
Yes
 
19
STI Onyx
 
2012
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
 
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
 

17



 
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
 
Yes
 
48
STI Seneca
 
2015
 
49,990

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

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

 
 
SMRP (2)
 
MR
 
Yes
 
51
STI Black Hawk
 
2015
 
49,990

 
 
SMRP (2)
 
MR
 
Yes
 
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
 
Yes
 
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
 
Yes
 

18



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

 
 
SLR2P (4)
 
LR2
 
Yes
 
98
STI Lauren
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
99
STI Connaught
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
100
STI Spiga
 
2015
 
109,999

 
 
SLR2P (4)
 
LR2
 
Yes
 
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
 
Yes
 
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