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 October 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

This Report on Form 6-K contains Management’s Discussion and Analysis of Financial Condition and Results of Operations and the unaudited interim condensed consolidated financial statements, and the accompanying notes thereto, for the six-month period ended June 30, 2020 of Scorpio Tankers Inc. (the “Company”), which is attached hereto as Exhibit 99.1.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-230469) 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: October 9, 2020
By:/s/ Brian Lee
Brian Lee
Chief Financial Officer





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Exhibit 99.1
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2020 and June 30, 2019
The following presentation of management’s discussion and analysis of results of operations and financial condition should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes thereto which are included herein, the discussion included in our Annual Report on Form 20-F for the fiscal year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission, or the SEC, on March 31, 2020 and other financial information appearing elsewhere in this report. We prepare our financial statements in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. We have a fiscal year end of December 31. The unaudited condensed consolidated financial statements as of June 30, 2020 and for the six months ended June 30, 2020 and 2019 have been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting, or IAS 34. The unaudited condensed consolidated financial statements are presented in U.S. Dollars unless otherwise indicated. Any amounts converted from another non-U.S. currency to U.S. Dollars in this report are at the rate applicable at the relevant date or the average rate during the applicable period or to the extent it relates to the balance sheet at the balance sheet date.
As used herein, “we,” “us,” “our” and the "Company” all refer to Scorpio Tankers Inc. and its subsidiaries. The term “Scorpio Pools” refers to the spot market-oriented pools of similarly sized vessels which are operated by companies affiliated with us. The “Trafigura Transaction” refers to the transaction with Trafigura Maritime Logistics Pte. Ltd., (“Trafigura”) in September 2019 pursuant to which we acquired leasehold interests in 19 product tankers.

References herein to common shares are adjusted to reflect the consolidation of our common shares through a one-for-ten reverse stock split, which became effective as of January 18, 2019.
Information on the Company
General
We are a provider of marine transportation of petroleum products worldwide. As of October 7, 2020, we owned, finance leased or bareboat chartered-in 135 product tankers (42 LR2, 12 LR1, 63 MR and 18 Handymax) that have a weighted average age of 4.8 years, which we refer to collectively as our Operating Fleet.
The following table presents summary information concerning our Operating Fleet as of October 7, 2020:
Vessel NameYear BuiltDWTIce classEmploymentVessel typeScrubber
Owned, sale leaseback or bareboat chartered-in vessels
STI Brixton201438,734 1A SHTP (1) HandymaxN/A
STI Comandante201438,734 1A SHTP (1) HandymaxN/A
STI Pimlico201438,734 1A SHTP (1) HandymaxN/A
STI Hackney201438,734 1A SHTP (1) HandymaxN/A
STI Acton201438,734 1A SHTP (1) HandymaxN/A
STI Fulham201438,734 1A SHTP (1) HandymaxN/A
STI Camden201438,734 1A SHTP (1) HandymaxN/A
STI Battersea201438,734 1A SHTP (1) HandymaxN/A
STI Wembley201438,734 1A SHTP (1) HandymaxN/A
10 STI Finchley201438,734 1A SHTP (1) HandymaxN/A
11 STI Clapham201438,734 1A SHTP (1) HandymaxN/A
12 STI Poplar201438,734 1A SHTP (1) HandymaxN/A
13 STI Hammersmith201538,734 1A SHTP (1) HandymaxN/A
14 STI Rotherhithe201538,734 1A SHTP (1) HandymaxN/A
15 STI Amber201249,990 SMRP (2)MRYes
16 STI Topaz201249,990 SMRP (2)MRNot Yet Installed
1



17 STI Ruby201249,990 SMRP (2)MRNot Yet Installed
18 STI Garnet201249,990 SMRP (2)MRYes
19 STI Onyx201249,990 SMRP (2)MRYes
20 STI Fontvieille201349,990 SMRP (2)MRNot Yet Installed
21 STI Ville201349,990 SMRP (2)MRNot Yet Installed
22 STI Duchessa201449,990 SMRP (2)MRNot Yet Installed
23 STI Opera201449,990 SMRP (2)MRNot Yet Installed
24 STI Texas City201449,990 SMRP (2)MRYes
25 STI Meraux201449,990 SMRP (2)MRYes
26 STI San Antonio201449,990 SMRP (2)MRYes
27 STI Venere201449,990 SMRP (2)MRYes
28 STI Virtus201449,990 SMRP (2)MRYes
29 STI Aqua201449,990 SMRP (2)MRYes
30 STI Dama201449,990 SMRP (2)MRYes
31 STI Benicia201449,990 SMRP (2)MRYes
32 STI Regina201449,990 SMRP (2)MRYes
33 STI St. Charles201449,990 SMRP (2)MRYes
34 STI Mayfair201449,990 SMRP (2)MRYes
35 STI Yorkville201449,990 SMRP (2)MRYes
36 STI Milwaukee201449,990 SMRP (2)MRYes
37 STI Battery201449,990 SMRP (2)MRYes
38 STI Soho201449,990 SMRP (2)MRYes
39 STI Memphis201449,990 SMRP (2)MRYes
40 STI Tribeca201549,990 SMRP (2)MRYes
41 STI Gramercy201549,990 SMRP (2)MRYes
42 STI Bronx201549,990 SMRP (2)MRYes
43 STI Pontiac201549,990 SMRP (2)MRYes
44 STI Manhattan201549,990 SMRP (2)MRYes
45 STI Queens201549,990 SMRP (2)MRYes
46 STI Osceola201549,990 SMRP (2)MRYes
47 STI Notting Hill201549,687 1BSMRP (2)MRYes
48 STI Seneca201549,990 SMRP (2)MRYes
49 STI Westminster201549,687 1BSMRP (2)MRNot Yet Installed
50 STI Brooklyn201549,990 SMRP (2)MRYes
51 STI Black Hawk201549,990 SMRP (2)MRYes
52 STI Galata201749,990 SMRP (2)MRYes
53 STI Bosphorus201749,990 SMRP (2)MRNot Yet Installed
54 STI Leblon201749,990 SMRP (2)MRYes
55 STI La Boca201749,990 SMRP (2)MRYes
56 STI San Telmo201749,990 1BSMRP (2)MRNot Yet Installed
57 STI Donald C Trauscht201749,990 1BSMRP (2)MRNot Yet Installed
58 STI Esles II201849,990 1BSMRP (2)MRNot Yet Installed
59 STI Jardins201849,990 1BSMRP (2)MRNot Yet Installed
60 STI Magic201950,000 SMRP (2)MRYes
61 STI Majestic201950,000 SMRP (2)MRYes
62 STI Mystery201950,000 SMRP (2)MRYes
63 STI Marvel201950,000 SMRP (2)MRYes
2



64 STI Magnetic201950,000 SMRP (2)MRYes
65 STI Millennia201950,000 SMRP (2)MRYes
66 STI Master201950,000 SMRP (2)MRYes
67 STI Mythic201950,000 SMRP (2)MRYes
68 STI Marshall201950,000 SMRP (2)MRYes
69 STI Modest201950,000 SMRP (2)MRYes
70 STI Maverick201950,000 SMRP (2)MRYes
71 STI Miracle202050,000 SMRP (2)MRYes
72 STI Maestro202050,000 SMRP (2)MRYes
73 STI Mighty202050,000 SMRP (2)MRYes
74 STI Maximus202050,000 SMRP (2)MRYes
75 STI Excel201574,000 SLR1P (3)LR1Not Yet Installed
76 STI Excelsior201674,000 SLR1P (3)LR1Not Yet Installed
77 STI Expedite201674,000 SLR1P (3)LR1Not Yet Installed
78 STI Exceed201674,000 SLR1P (3)LR1Not Yet Installed
79 STI Executive201674,000 SLR1P (3)LR1Yes
80 STI Excellence201674,000 SLR1P (3)LR1Yes
81 STI Experience201674,000 SLR1P (3)LR1Not Yet Installed
82 STI Express201674,000 SLR1P (3)LR1Yes
83 STI Precision201674,000 SLR1P (3)LR1Yes
84 STI Prestige201674,000 SLR1P (3)LR1Yes
85 STI Pride201674,000 SLR1P (3)LR1Yes
86 STI Providence201674,000 SLR1P (3)LR1Yes
87 STI Elysees2014109,999 SLR2P (4)LR2Yes
88 STI Madison2014109,999 SLR2P (4)LR2Yes
89 STI Park2014109,999 SLR2P (4)LR2Yes
90 STI Orchard2014109,999 SLR2P (4)LR2Yes
91 STI Sloane2014109,999 SLR2P (4)LR2Yes
92 STI Broadway2014109,999 SLR2P (4)LR2Yes
93 STI Condotti2014109,999 SLR2P (4)LR2Yes
94 STI Rose2015109,999 SLR2P (4)LR2Yes
95 STI Veneto2015109,999 SLR2P (4)LR2Yes
96 STI Alexis2015109,999 SLR2P (4)LR2Yes
97 STI Winnie2015109,999 SLR2P (4)LR2Yes
98 STI Oxford2015109,999 SLR2P (4)LR2Yes
99 STI Lauren2015109,999 SLR2P (4)LR2Yes
100 STI Connaught2015109,999 SLR2P (4)LR2Yes
101 STI Spiga2015109,999 SLR2P (4)LR2Yes
102 STI Savile Row2015109,999 SLR2P (4)LR2Yes
103 STI Kingsway2015109,999 SLR2P (4)LR2Yes
104 STI Carnaby2015109,999 SLR2P (4)LR2Yes
105 STI Solidarity2015109,999 SLR2P (4)LR2Not Yet Installed
106 STI Lombard2015109,999 SLR2P (4)LR2Yes
107 STI Grace2016109,999 SLR2P (4)LR2Not Yet Installed
108 STI Jermyn2016109,999 SLR2P (4)LR2Not Yet Installed
109 STI Sanctity2016109,999 SLR2P (4)LR2Yes
110 STI Solace2016109,999 SLR2P (4)LR2Yes
3



111 STI Stability2016109,999 SLR2P (4)LR2Not Yet Installed
112 STI Steadfast2016109,999 SLR2P (4)LR2Yes
113 STI Supreme2016109,999 SLR2P (4)LR2Not Yet Installed
114 STI Symphony2016109,999 SLR2P (4)LR2Yes
115 STI Gallantry2016113,000 SLR2P (4)LR2Yes
116 STI Goal2016113,000 SLR2P (4)LR2Yes
117 STI Nautilus2016113,000 SLR2P (4)LR2Yes
118 STI Guard2016113,000 SLR2P (4)LR2Yes
119 STI Guide2016113,000 SLR2P (4)LR2Yes
120 STI Selatar2017109,999 SLR2P (4)LR2Yes
121 STI Rambla2017109,999 SLR2P (4)LR2Yes
122 STI Gauntlet2017113,000 SLR2P (4)LR2Yes
123 STI Gladiator2017113,000 SLR2P (4)LR2Yes
124 STI Gratitude2017113,000 SLR2P (4)LR2Yes
125 STI Lobelia2019110,000 SLR2P (4)LR2Yes
126 STI Lotus2019110,000 SLR2P (4)LR2Yes
127 STI Lily2019110,000 SLR2P (4)LR2Yes
128 STI Lavender2019110,000 SLR2P (4)LR2Yes
129 Sky200737,847 1A SHTP (1) HandymaxN/A(5), (6)
130 Steel200837,847 1A SHTP (1) HandymaxN/A(5), (6)
131 Stone I200837,847 1A SHTP (1) HandymaxN/A(5), (6)
132 Style200837,847 1A SHTP (1) HandymaxN/A(5), (6)
133 STI Beryl201349,990 SMRP (2)MRNot Yet Installed(5), (7)
134 STI Le Rocher201349,990 SMRP (2)MRNot Yet Installed(5), (7)
135 STI Larvotto201349,990 SMRP (2)MRNot Yet Installed(5), (7)
Total owned, finance leased or bareboat chartered-in DWT9,374,548 
(1)This vessel operates in the Scorpio Handymax Tanker Pool, or SHTP. SHTP is a Scorpio Pool and is operated by Scorpio Commercial Management S.A.M., or SCM. SHTP and SCM are related parties to the Company.
(2)This vessel operates in the Scorpio MR Pool, or SMRP. SMRP is a Scorpio Pool and is operated by SCM. SMRP and SCM are related parties to the Company.
(3)This vessel operates in the Scorpio LR1 Pool, or SLR1P. SLR1P is a Scorpio Pool and is operated by SCM. SLR1P and SCM are related parties to the Company.
(4)This vessel operates in the Scorpio LR2 Pool, or SLR2P. SLR2P is a Scorpio Pool and is operated by SCM. SLR2P and SCM are related parties to the Company.
(5)Redelivery from the charterer is plus or minus 30 days from the expiry date.
(6)In March 2019, we entered into a new bareboat charter-in agreement on this previously bareboat chartered-in vessel. The term of the agreement is for two years at a bareboat rate of $6,300 per day. The agreement is expected to expire on March 31, 2021.
(7)In April 2017, we sold and leased back this vessel, on a bareboat basis, for a period of up to eight years for $8,800 per day. The sales price was $29.0 million per vessel, and we have the option to purchase this vessel beginning at the end of the fifth year of this agreement through the end of the eighth year of the agreement, at market based prices. Additionally, a deposit of $4.35 million per vessel was retained by the buyer and will either be applied to the purchase price of the vessel if a purchase option is exercised or refunded to us at the expiration of the agreement.


4



RECENT DEVELOPMENTS
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 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.

We expect that the COVID-19 virus will continue to cause volatility in the commodities markets. The scale and duration of these circumstances is 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 our results of operations and financial condition cannot be made at this time.

Declaration of dividend
    In August 2020, our Board of Directors declared a quarterly cash dividend of $0.10 per common share, which was paid on September 29, 2020 to all shareholders of record as of September 9, 2020 (the record date).
Debt Drawdowns and Repayments    
In July 2020, we drew down $1.8 million under our BCFL Lease Financing (LR2s) to partially finance the purchase and installation of a scrubber on STI Solace.
In July 2020, we drew down $1.9 million under our BCFL Lease Financing (MRs) to partially finance the purchase and installation of a scrubber on STI Onyx.
In July 2020, we drew down an aggregate $5.7 million under our $116.0 Million Lease Financing to partially finance the purchase and installation of scrubbers on three product tankers, STI Gramercy, STI Oxford and STI Queens.
In July 2020, we drew down $1.6 million under our ABN AMRO / SEB Credit Facility to partially finance the purchase and installation of a scrubber on STI Connaught.
In July 2020, we drew down $3.3 million under our ING Credit Facility to partially finance the purchase and installation of scrubbers on three product tankers, STI Osceola, STI Pontiac and STI Lombard. In September 2020, we drew down $2.6 million under this facility to partially finance the purchase and installation of scrubbers on two product tankers, STI Black Hawk and STI Notting Hill.
In August 2020, we drew down $1.6 million under our CSSC Lease Financing to partially finance the purchase and installation of a scrubber on STI Gratitude.
In September 2020, we drew down $24.9 million under our BNPP Sinosure Credit Facility to partially finance the purchase and installation of scrubbers on 13 vessels. This borrowing is collateralized by STI Orchard. As part of this transaction, we repaid the outstanding indebtedness of $16.2 million related to STI Orchard on our KEXIM Credit Facility.
In September 2020, we drew down $43.7 million from our 2020 $225.0 Million Credit Facility. The proceeds were used to partially refinance the outstanding indebtedness of $54.0 million related to STI Pride and STI Providence, which were previously financed under our CMBFL Lease Financing.
In September 2020, we closed on the sale and leaseback of STI Leblon and STI Bosphorus, borrowing $45.4 million under our 2020 CMB Lease Financing (described below). As part of this transaction, we repaid the outstanding indebtedness of $30.1 million related to these vessels under our 2017 Credit Facility.
5



2020 CMB Lease Financing
In September 2020, we executed an agreement with CMB Financial Leasing Co., Ltd to sell and leaseback two MR product tankers: STI Leblon and STI Bosphorus. The aggregate borrowing amount under the arrangement was $45.4 million. A portion of the proceeds were utilized to repay the outstanding indebtedness related to these vessels under our 2017 Credit Facility. Under the agreement, each vessel is subject to a seven year bareboat charter agreement. The lease financing bears interest at LIBOR plus a margin and is expected to be repaid in 28 equal quarterly repayments. We have purchase options to re-acquire each of the subject vessels during the bareboat charter period, with the first of such options exercisable on the third anniversary date from the delivery date of the respective vessel.

SPDB Lease Financing
In September 2020, we received a commitment from SPDB Financial Leasing Co., Ltd to sell and leaseback four MR product tankers: STI San Telmo, STI Donald C. Trauscht, STI Esles II and STI Jardins. The aggregate net borrowing amount, which reflects the selling price less deposits to the lessor, under the arrangement is expected to be $93.6 million. A portion of the proceeds is expected to be utilized to repay the outstanding indebtedness related to these vessels under our 2017 Credit Facility. STI San Telmo and STI Donald C Trauscht are expected to be repaid in 28 equal quarterly installments and STI Esles II and STI Jardins are expected to be repaid in 32 equal quarterly installments. The lease financing bears interest at LIBOR plus a margin. We have purchase options to re-acquire each of the subject vessels during the bareboat charter period, with the first of such options exercisable on the third anniversary date from the delivery date of the respective vessel. There is a purchase obligation for each vessel upon the expiration of their respective agreement. The remaining terms and conditions, including financial covenants, are similar to those set forth in our existing lease financing facilities. These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.

$49.7 Million Lease Financing
In September 2020, we received a commitment from a financial institution to sell and leaseback two MR product tankers: STI Galata and STI La Boca. The aggregate borrowing amount under the arrangement is expected to be $49.7 million. A portion of the proceeds is expected to be utilized to repay the outstanding indebtedness related to these vessels under our 2017 Credit Facility relating to these two vessels. Under the agreement, each vessel is subject to a seven year bareboat charter agreement. The lease financing bears interest at LIBOR plus a margin and is expected to be repaid in 28 equal quarterly installments. We have purchase options to re-acquire each of the subject vessels during the bareboat charter period, with the first of such options exercisable on the third anniversary date from the delivery date of the respective vessel. There is a purchase obligation for each vessel upon the expiration of their respective agreement. The remaining terms and conditions, including financial covenants, are similar to those set forth in our existing lease financing facilities. These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.

$12.0 Million Scrubber Financing
In September 2020, we received a commitment to upsize the lease financing arrangement with a financial institution by $12.0 million to finance the purchase and installation of scrubbers on six MR product tankers. The upsized portion of the lease financing will be used to finance up to $2.0 million of the purchase and installation price of each scrubber. The leases bear interest at LIBOR plus a margin and are expected to be repaid in 12 equal quarterly installments. The remaining terms and conditions, including financial covenants, are similar to those set forth in our existing lease financing facilities. These lease financing arrangements are subject to customary conditions precedent and the execution of definitive documentation.
Convertible Notes
In September 2020, the conversion rate of our Convertible Notes due 2022 (the "2022 Notes") was adjusted to reflect the payment of a cash dividend with respect to our common shares. The new conversion rate for the 2022 Notes will be 26.2463 shares of common stock per $1,000 principal amount of the 2022 Notes, representing an increase of the prior conversion rate of 0.2263 common shares for each $1,000 principal amount of the 2022 Notes.

Between July 1, 2020 and October 7, 2020, we repurchased $52.3 million face value of our 2022 Notes at an average price of $894.12 per $1,000 principal amount, or $46.7 million.

6



Repurchase of Shares

In September 2020, we acquired an aggregate of 1,170,000 of our common shares at an average price of $11.18 per share for a total of $13.1 million; the repurchased shares are being held as treasury shares.

New $250 Million Securities Repurchase Program

In September 2020, our Board of Directors authorized a new Securities Repurchase Program to purchase up to an aggregate of $250 million of securities which, in addition to our common shares, currently consist of our Convertible Notes due 2022 and Senior Notes due 2025 (NYSE: SBBA). As of October 7, 2020, there is $250 million available under the new $250 Million Securities Repurchase Program, and any future purchases of the Company's securities will be made under this program.

Delivery of STI Maximus

In September 2020, we took delivery of a scrubber-fitted MR product tanker, STI Maximus, under an eight-year bareboat charter agreement. The leasehold interest in this vessel was acquired as part our Trafigura Transaction that was announced in September 2019. The bareboat lease has similar terms and conditions as the other leased vessels in the Trafigura Transaction.


2013 Equity Incentive Plan

In September 2020, we issued an aggregate of 220,500 shares of restricted stock to certain of our employees for no cash consideration pursuant to the 2013 Equity Incentive Plan, or the Plan. The share price on the issuance date was $11.15 per share. The vesting schedule for these restricted shares is (i) one-third of the shares will vest on June 5, 2023, (ii) one-third of the shares will vest on June 4, 2024, and (iii) one-third of the shares will vest on June 4, 2025, subject to certain conditions.

In September 2020, we issued an aggregate of 141,900 shares of restricted stock to certain SSH employees for no cash consideration pursuant to the Plan. The share price on the issuance date was $11.15 per share. The vesting schedule of the restricted stock issued to SSH employees is (i) one-third of the shares will vest on June 5, 2023, (ii) one-third of the shares will vest on June 4, 2024, and (iii) one-third of the shares will vest on June 4, 2025, subject to certain conditions.
7



Overview
We, or the commercial pools that we operate in, generate revenues by charging customers for the transportation of their refined oil and other petroleum products using our vessels. Historically, these services generally have been provided under the following basic types of contractual relationships:
Voyage charters, which are charters for short intervals that are priced on current, or “spot,” market rates.
Time or bareboat charters, which are vessels chartered to customers for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates.
Commercial pools, whereby we participate with other shipowners to operate a large number of vessels as an integrated transportation system, which offers customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Pools negotiate charters primarily in the spot market. The size and scope of these pools enable them to enhance utilization rates for pool vessels by securing backhaul voyages and contracts of affreightment (described below), thus generating higher effective time charter equivalent, or TCE, revenues than otherwise might be obtainable in the spot market.
    For all types of vessels in contractual relationships, we are responsible for crewing and other vessel operating costs for our owned, finance leased or bareboat chartered-in vessels and for the charterhire expense for vessels that we time or bareboat charter-in.
The table below illustrates the primary distinctions among these different employment arrangements:
Voyage CharterTime CharterBareboat CharterCommercial Pool
Typical contract lengthSingle voyageOne year or moreOne year or moreVaries
Hire rate basis(1)
VariesDailyDailyVaries
Voyage expenses(2)
We payCustomer paysCustomer paysPool pays
Crewing and other vessel operating costs for owned, finance leased, or bareboat chartered-in vessels(3)
We payWe payCustomer paysWe pay
Charterhire expense for time or bareboat chartered-in vessels(3)
We payWe payWe payWe pay
Off-hire(4)
Customer does not payCustomer does not payCustomer paysPool does not pay
(1)    “Hire rate” refers to the basic payment from the charterer for the use of the vessel.
(2)    “Voyage expenses” refers to expenses incurred due to a vessel’s traveling from a loading port to a discharging port, such as fuel (bunker) cost, port expenses, agent’s fees, canal dues and extra war risk insurance, as well as commissions.
(3)    "Vessel operating costs" and "Charterhire expense" are defined below under “Important Financial and Operational Terms and Concepts.”
(4)    “Off-hire” refers to the time a vessel is not available for service due primarily to scheduled and unscheduled repairs or drydockings. For time chartered-in vessels, we do not pay the charterhire expense when the vessel is off-hire.
Please see our fleet list for a description of the employment arrangement for each of our vessels.
Our vessels are commercially managed by SCM and technically managed by Scorpio Ship Management S.A.M., or SSM, pursuant to a Master Agreement, as amended and restated from time to time. SCM and SSM are controlled by the Lolli-Ghetti family, of which Emanuele Lauro, our founder, Chairman and Chief Executive Officer, and Filippo Lauro, our Vice President, are members. We expect that additional vessels that we may acquire in the future will also be managed under the Master Agreement or on substantially similar terms as those contained in the Master Agreement.
SCM’s commercial management services include securing employment, in the spot market and on time charters, for our vessels. SCM also manages the Scorpio Pools in which our vessels are employed.
8



SSM’s technical management services include day-to-day vessel operations, performing general maintenance, monitoring regulatory and classification society compliance, customer vetting procedures, supervising the maintenance and general efficiency of vessels, arranging the hiring of qualified officers and crew, arranging and supervising drydocking and repairs, purchasing supplies, spare parts and new equipment for vessels, appointing supervisors and technical consultants and providing technical support.
We have also entered into an Amended Administrative Services Agreement with Scorpio Services Holding Limited, or SSH, an entity controlled by the Lolli-Ghetti family. The administrative services provided under this agreement primarily include the provision of administrative staff and office space, and administrative services, including accounting, legal compliance, financial and information technology services. We reimburse SSH for direct or indirect expenses it incurs in providing us with the administrative services described above. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio group of companies, or Scorpio. Further, SSH has agreed, on behalf of itself and other members of Scorpio, that it will not directly own product or crude tankers ranging in size from 35,000 dwt to 200,000 dwt.
Our Amended Administrative Services Agreement may be terminated by us upon two years’ notice.
Important Financial and Operational Terms and Concepts
We use a variety of financial and operational terms and concepts. These include the following:
Vessel revenues. Vessel revenues primarily include revenues from time and bareboat charters, pool revenues and voyage charters (in the spot market). Vessel revenues are affected by hire rates and the number of days a vessel operates. Vessel revenues are also affected by the mix of business between vessels on time and bareboat charter, vessels in pools and vessels operating on voyage charter. Revenues from vessels in pools and on voyage charter are more volatile, as they are typically tied to prevailing market rates.
Voyage charters. Voyage charters or spot voyages are charters under which the customer pays a transportation charge for the movement of a specific cargo between two or more specified ports. We pay all of the voyage expenses for these types of charters.
Voyage expenses. Voyage expenses primarily include bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions paid by us under voyage charters. These expenses are subtracted from voyage charter revenues to calculate TCE revenues.
Vessel operating costs. For our owned, finance leased or bareboat chartered-in vessels, we are responsible for vessel operating costs, which include crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses, and technical management fees. The two largest components of our vessel operating costs are crew costs, and repairs and maintenance. Expenses for repairs and maintenance tend to fluctuate from period to period because most repairs and maintenance typically occur during periodic drydocking. Please read “Drydocking” below. We expect these expenses to increase as our fleet matures and to the extent that it expands.
Additionally, these costs include technical management fees that we paid to SSM, a related party which is controlled by the Lolli-Ghetti family. Pursuant to our Master Agreement, SSM provides us with technical services, and we provide them with the ability to subcontract technical management of our vessels.
Charterhire. Charterhire is the amount we pay the owner for time or bareboat chartered-in vessels. The amount is usually for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates.
Time chartered-in vessels. The vessel's owner is responsible for the vessel operating costs.
Bareboat chartered-in vessels. The charterer is responsible for the vessels operating costs.
Drydocking. We periodically drydock each of our owned or finance leased vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 to 60 months. We capitalize a substantial portion of the costs incurred during drydocking and amortize those costs on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking. We immediately expense costs for routine repairs and maintenance performed during drydocking that do not improve or extend the useful lives of the assets. The number of drydockings undertaken in a given period and the nature of the work performed determine the level of drydocking expenditures.
Depreciation. Depreciation expense typically consists of:
charges related to the depreciation of the historical cost of our owned or finance leased vessels (less an estimated residual value) over the estimated useful lives of the vessels; and
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charges related to the amortization of drydocking expenditures over the estimated number of years to the next scheduled drydocking.

    TCE revenue or rates. We report TCE revenue, a non-IFRS measure, because (i) we believe it provides additional meaningful information in conjunction with voyage revenues and voyage expenses, the most directly comparable IFRS measures, (ii) it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance, (iii) it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods, and (iv) we believe that it presents useful information to investors. TCE revenue is vessel revenue less voyage expenses, including bunkers and port charges. The TCE rate achieved on a given voyage is expressed in U.S. dollars per day and is generally calculated by taking TCE revenue and dividing that figure by the number of revenue days in the period.
    The following table reflects our daily TCE and operating expenses for the six months ended June 30, 2020 and 2019. For a reconciliation of TCE revenue, deduct voyage expenses from revenue on our unaudited condensed consolidated statements of income or loss. See the section below entitled "Results of Operations" for the reconciliation of these amounts.
For the six months ended June 30,
20202019
Average Daily Results
TCE per revenue day (1)
$26,250 $16,470 
Vessel operating costs per day(2)
$6,499 $6,414 
LR2
TCE per revenue day (1)
$36,503 $19,948 
Vessel operating costs per day(2)
$6,699 $6,748 
Average number of vessels 42.0 38.0 
LR1
TCE per revenue day (1)
$28,701 $16,221 
Vessel operating costs per day(2)
$6,785 $6,377 
Average number of vessels 12.0 12.0 
MR
TCE per revenue day (1)
$21,196 $14,594 
Vessel operating costs per day(2)
$6,291 $6,235 
Average number of vessels 61.4 48.2 
Handymax
TCE per revenue day (1)
$20,117 $14,644 
Vessel operating costs per day(2)
$6,548 $6,240 
Average number of vessels 20.9 21.0 
Fleet data
Average number of vessels 136.3 119.2 
Drydock
Expenditures for drydock, scrubbers and BWTS(3) (in thousands of U.S. dollars)
$119,805 $59,688 
(1)    Freight rates are commonly measured in the shipping industry in terms of TCE per day, which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount
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(TCE revenue) by the number of revenue days in the period. Revenue days are the number of days the vessel is owned or finance leased or chartered-in less the number of days the vessel is off-hire for drydock and repairs.
(2)    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.
(3)    Includes payments for drydock, scrubbers and ballast water treatment systems, or BWTS.
Revenue days. Revenue days are the total number of calendar days our vessels were in our possession during a period, less the total number of off-hire days during the period associated with major repairs or drydockings. Consequently, revenue days represent the total number of days available for the vessel to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days. We use revenue days to show changes in net vessel revenues between periods.
Average number of vessels. Historical average number of owned or finance leased vessels consists of the average number of vessels that were in our possession during a period. We use average number of vessels primarily to highlight changes in vessel operating costs and depreciation and amortization.
Contract of affreightment. A contract of affreightment, or COA, relates to the carriage of specific quantities of cargo with multiple voyages over the same route and over a specific period of time which usually spans a number of years. A COA does not designate the specific vessels or voyage schedules that will transport the cargo, thereby providing both the charterer and shipowner greater operating flexibility than with voyage charters alone. The charterer has the flexibility to determine the individual voyage scheduling at a future date while the shipowner may use different vessels to perform these individual voyages. As a result, COAs are mostly entered into by large fleet operators, such as pools or shipowners with large fleets of the same vessel type. When our vessels are employed on COAs, we pay the voyage expenses while the freight rate normally is agreed on a per cargo ton basis.
Commercial pools. To increase vessel utilization and revenues, we participate in commercial pools with other shipowners and operators of similar modern, well-maintained vessels. By operating a large number of vessels as an integrated transportation system, commercial pools offer customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Pools employ experienced commercial charterers and operators who have close working relationships with customers and brokers, while technical management is performed by each shipowner. Pools negotiate charters with customers primarily in the spot market. The size and scope of these pools enable them to enhance utilization rates for pool vessels by securing backhaul voyages and COAs, thus generating higher effective TCE revenue than otherwise might be obtainable in the spot market while providing a higher level of service offerings to customers.
Operating days. 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.
Items You Should Consider When Evaluating Our Results
You should consider the following factors when evaluating our historical financial performance and assessing our future prospects:
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Our vessel revenues are affected by cyclicality in the tanker markets. The cyclical nature of the tanker industry causes significant increases or decreases in the revenue we earn from our vessels, particularly those vessels we trade in the spot market. We employ a chartering strategy to capture upside opportunities in the spot market while using fixed-rate time charters to reduce downside risks, depending on our outlook for freight rates, oil tanker market conditions and global economic conditions. Historically, the tanker industry has been cyclical, experiencing volatility in profitability due to changes in the supply of, and demand for, tanker capacity. The supply of tanker capacity is influenced by the number and size of new vessels built, vessels scrapped, converted and lost, the number of vessels that are out of service, and regulations that may effectively cause early obsolescence of tonnage. The demand for tanker capacity is influenced by, among other factors:
global and regional economic and political conditions;
increases and decreases in production of and demand for crude oil and petroleum products;
increases and decreases in OPEC oil production quotas;
the distance crude oil and petroleum products need to be transported by sea; and
developments in international trade and changes in seaborne and other transportation patterns.
Tanker rates also fluctuate based on seasonal variations in demand. Tanker markets are typically stronger in the winter months as a result of increased oil consumption in the northern hemisphere but weaker in the summer months as a result of lower oil consumption in the northern hemisphere and refinery maintenance that is typically conducted in the summer months. In addition, unpredictable weather patterns during the winter months in the northern hemisphere tend to disrupt vessel routing and scheduling. The oil price volatility resulting from these factors has historically led to increased oil trading activities in the winter months. As a result, revenues generated by our vessels have historically been weaker during the quarters ended June 30 and September 30, and stronger during the quarters ended March 31 and December 31.
Our expenses were affected by the fees we pay SCM, SSM, and SSH for commercial management, technical management and administrative services, respectively. SCM, SSM and SSH, companies controlled by the Lolli-Ghetti family of which our founder, Chairman and Chief Executive Officer and our Vice President are members, provide commercial, technical and administrative management services to us, respectively. We pay fees under our Master Agreement with SCM and SSM for our vessels that operate both within and outside of the Scorpio Pools.  When our vessels are operating in one of the Scorpio Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to our LR1 vessels, $250 per vessel per day with respect to our LR2 vessels, and $325 per vessel per day with respect to each of our Handymax and MR vessels, plus 1.50% commission on gross revenues per charter fixture. For commercial management of our vessels that are not operating in any of the Scorpio Pools, we pay SCM a fee of $250 per vessel per day for each LR1 and LR2 vessel and $300 per vessel per day for each Handymax and MR vessel, plus 1.25% commission on gross revenues per charter fixture. Additionally, in September 2018, we entered into an agreement with SCM whereby SCM reimbursed a portion of the commissions that SCM charges our vessels to effectively reduce such commissions to 0.85% of gross revenue per charter fixture, effective from September 1, 2018 and ended on June 1, 2019.
    Pursuant to the Master Agreement, the fixed annual technical management fee that we pay to SSM was reduced from $250,000 per vessel to $175,000, effective January 1, 2018 and certain services previously provided as part of the fixed fee are now itemized.  The aggregate cost, including the costs that are now itemized, for the services provided under the technical management agreement did not and are not expected to materially differ from the annual management fee charged prior to the amendment.
We also reimburse SSH for direct or indirect expenses it incurs in providing us with the administrative services described above.

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Table of Contents
Results of Operations
Results of Operations for the six months ended June 30, 2020 compared to the six months ended June 30, 2019
For the six months ended June 30, Change Percentage
In thousands of U.S. dollars20202019 favorable / (unfavorable)  Change
Vessel revenue $600,407 $346,635 $253,772 73 %
Vessel operating costs (161,221)(138,152)(23,069)(17)%
Voyage expenses(7,125)(1,622)(5,503)(339)%
Charterhire— (4,399)