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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 2021
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, 2021 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 1, 2021
By:/s/ Brian Lee
Brian Lee
Chief Financial Officer






Exhibit 99.1
Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2021 and June 30, 2020
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, 2020 filed with the U.S. Securities and Exchange Commission, or the SEC, on March 31, 2021 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, 2021 and for the six months ended June 30, 2021 and 2020 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.

Information on the Company
General
We are a provider of marine transportation of petroleum products worldwide. As of September 29, 2021, we owned, finance leased or bareboat chartered-in 131 product tankers (42 LR2, 12 LR1, 63 MR and 14 Handymax) that have a weighted average age of 5.7 years, which we refer to collectively as our Operating Fleet.
The following table presents summary information concerning our Operating Fleet as of September 29, 2021:
Vessel NameYear BuiltDWTIce classEmploymentVessel typeScrubber
Owned, sale leaseback or bareboat chartered-in vessels
STI Brixton201438,734 1ASHTP (1)HandymaxN/A
STI Comandante201438,734 1ASHTP (1)HandymaxN/A
STI Pimlico201438,734 1ASHTP (1)HandymaxN/A
STI Hackney201438,734 1ASHTP (1)HandymaxN/A
STI Acton201438,734 1ASHTP (1)HandymaxN/A
STI Fulham201438,734 1ASHTP (1)HandymaxN/A
STI Camden201438,734 1ASHTP (1)HandymaxN/A
STI Battersea201438,734 1ASHTP (1)HandymaxN/A
STI Wembley201438,734 1ASHTP (1)HandymaxN/A
10 STI Finchley201438,734 1ASHTP (1)HandymaxN/A
11 STI Clapham201438,734 1ASHTP (1)HandymaxN/A
12 STI Poplar201438,734 1ASHTP (1)HandymaxN/A
13 STI Hammersmith201538,734 1ASHTP (1)HandymaxN/A
14 STI Rotherhithe201538,734 1ASHTP (1)HandymaxN/A
15 STI Amber201249,990 SMRP (2)MRYes
16 STI Topaz201249,990 SMRP (2)MRYes
17 STI Ruby201249,990 SMRP (2)MRNot Yet Installed
1



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)MRYes
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
64 STI Magnetic201950,000 SMRP (2)MRYes
2



65 STI Millennia201950,000 SMRP (2)MRYes
66 STI Magister (formerly STI Master)201950,000 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)LR2Yes
106 STI Lombard2015109,999 SLR2P (4)LR2Yes
107 STI Grace2016109,999 SLR2P (4)LR2Yes
108 STI Jermyn2016109,999 SLR2P (4)LR2Yes
109 STI Sanctity2016109,999 SLR2P (4)LR2Yes
110 STI Solace2016109,999 SLR2P (4)LR2Yes
3



111 STI Stability2016109,999 SLR2P (4)LR2Yes
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 STI Beryl201349,990 SMRP (2)MRNot Yet Installed(5)
130 STI Le Rocher201349,990 SMRP (2)MRNot Yet Installed(5)
131 STI Larvotto201349,990 SMRP (2)MRNot Yet Installed(5)
Total owned, finance leased or bareboat chartered-in DWT9,223,160 

(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 of 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 of 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 of 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 of the Company.
(5)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 the 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
Declaration of dividend
In August 2021, our Board of Directors declared a quarterly cash dividend of $0.10 per common share, which was paid on September 29, 2021 to all shareholders of record as of September 9, 2021.
Convertible Notes due 2022 and 2025
In September 2021, the conversion rates of the Convertible Notes due 2022 and Convertible Notes due 2025 were adjusted to reflect the payment of a cash dividend on September 29, 2021 to all shareholders of record as of September 9, 2021. The new conversion rates for each of the Convertible Notes due 2022 and Convertible Notes due 2025 is 26.9419 of the Company’s common shares, representing an increase of the prior conversion rates of 0.1540 shares for each $1,000 principal amount of the Convertible Notes due 2022 and Convertible Notes due 2025.
At the Market Offering Program of Senior Notes due 2025
During the third quarter of 2021, we issued $9.5 million aggregate principal amount of Senior Notes due 2025 under the Distribution Agreement for Additional Notes (each defined below under "Long Term Debt Obligations and Credit Arrangements") resulting in $9.3 million in aggregate net proceeds (net of underwriters commissions and expenses).
Scrubber purchases
In August 2021, we declared options to purchase and install scrubbers on six vessels (five LR1s and an LR2). The scrubbers are expected to be installed within the first half of 2022.
Investment in dual fuel tankers
During the third quarter of 2021, we acquired a minority interest in a portfolio of nine product tankers for approximately $7.0 million. As part of this agreement, we acquired a 50% interest in a joint venture that ultimately has a minority interest in the entities that own the vessels. The portfolio consists of five dual-fuel MR Methanol tankers (built between 2016 and 2021) which, in addition to traditional petroleum products, are designed to both carry methanol as a cargo and to consume it as a fuel, along with four ice class 1A LR1 product tankers. The dual-fuel MR methanol tankers are currently on long-term time charter contracts greater than five years.
CSSC Lease Financing and CSSC Scrubber Lease Financing
In September 2021, we amended and restated the terms of our sale and leaseback arrangement with CSSC (Hong Kong) Shipping Company Limited for five LR2 vessels (STI Gratitude, STI Gladiator, STI Gauntlet, STI Guide and STI Goal). Under the terms of the amended and restated agreement, the borrowing amount increased to $140.7 million from $128.9 million at the time of the transaction, resulting in a net additional borrowing of $11.8 million.
The tenor of the arrangement remained unchanged (with each lease scheduled to expire throughout 2026 and 2027), however, upon notice, we now have the option under the amended and restated arrangement to extend the lease for each vessel by an additional 24 months. The interest under the amended and restated agreement was reduced to LIBOR plus a margin of 3.50% per annum from LIBOR plus a margin of 4.60% and the principal balance is scheduled to be repaid in equal installments of approximately $0.2 million per vessel per month. Each lease also contains purchase options to re-acquire each of the subject vessels beginning on the second anniversary date from the effective date of the amended agreement, with a purchase obligation for each vessel upon the expiration of each agreement.
Our CSSC Lease Financing includes a covenant that requires that the fair market value of each vessel leased under the facility shall at all times be no less than 125% of the outstanding balance for such vessel.


5



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 payVariesPool 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 (the "Master Agreement"). 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.
6



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 (the "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 including 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
7



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, 2021 and 2020. 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,
Average Daily Results20212020
Fleet
TCE per revenue day (1)
$11,552 $26,250 
Vessel operating costs per day(2)
$6,848 $6,499 
Average number of vessels132.7136.3
LR2
TCE per revenue day (1)
$11,949 $36,503 
Vessel operating costs per day(2)
$6,687 $6,699 
Average number of vessels 42.0 42.0 
LR1
TCE per revenue day (1)
$11,378 $28,701 
Vessel operating costs per day(2)
$6,618 $6,785 
Average number of vessels 12.0 12.0 
MR
TCE per revenue day (1)
$11,871 $21,196 
Vessel operating costs per day(2)
$6,963 $6,291 
Average number of vessels 63.0 61.4 
Handymax
TCE per revenue day (1)
$9,286 $20,117 
Vessel operating costs per day(2)
$6,994 $6,548 
Average number of vessels 15.7 20.9 
Drydock
Expenditures for drydock, scrubbers and BWTS(3) (in thousands of U.S. dollars)
$27,308 $119,805 
(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 (TCE revenue) 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.
8



(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:
9



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.
    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.

10


Table of Contents
Results of Operations
Results of Operations for the six months ended June 30, 2021 compared to the six months ended June 30, 2020
For the six months ended June 30, Change Percentage
In thousands of U.S. dollars20212020 favorable / (unfavorable)  Change
Vessel revenue $273,607 $600,407 $(326,800)(54)%
Vessel operating costs (163,900)(161,221)(2,679)(2)%
Voyage expenses(2,781)(7,125)4,344 61 %
Depreciation - owned or sale leaseback vessels(98,006)(94,943)(3,063)(3)%
Depreciation - right of use assets(22,041)(26,806)4,765 18 %
General and administrative expenses (26,884)(36,010)9,126 25 %
Financial expenses(69,973)(83,892)13,919 17 %
Loss on Convertible Notes Exchange(5,504)— (5,504)N/A
Financial income 412 860 (448)(52)%
Other income and (expenses), net (106)(702)596 85 %
Net (loss) / income$(115,176)$190,568 $(305,744)(160)%
    Net income / (loss). Net loss for the six months ended June 30, 2021 was $115.2 million, a decrease of $305.7 million from the net income of $190.6 million for the six months ended June 30, 2020. The differences between the two periods are discussed below.
    Vessel revenue. Vessel revenue for the six months ended June 30, 2021 was $273.6 million, a decrease of $326.8 million, or 54%, from vessel revenue of $600.4 million for six months ended June 30, 2020. Consolidated TCE revenue per day decreased to $11,552 per day for the six months ended June 30, 2021 from $26,250 per day for the six months ended June 30, 2020. Our revenues during these periods were significantly impacted by the COVID-19 pandemic. Initially, the onset of the COVID-19 pandemic in March 2020 resulted in a sharp reduction of economic activity and a corresponding reduction in the global demand for oil and refined petroleum products. This period of time was also marked by extreme volatility in the oil markets and the development of a steep contango in the prices of oil and refined petroleum products. Consequently, an abundance of arbitrage and floating storage opportunities opened up, which resulted in record increases in spot TCE rates during the second quarter of 2020 and thus, record revenues. Due to a lack of demand for underlying oil consumption, these market dynamics led to a build-up of global oil and refined petroleum product inventories.
In June 2020, as underlying oil markets stabilized and global economies began to recover, the excess inventories that built up during this period began to slowly unwind. Nevertheless, global demand for oil and refined petroleum products remained subdued as governments around the world continued to impose travel restrictions and other measures in an effort to curtail the spread of the virus. These market conditions, marked by lower consumption and drawdowns from existing inventories, had an adverse impact on the demand for our vessels beginning in the third quarter of 2020 and continuing through the first half of 2021.
To a lesser extent, revenue also decreased as a result of a decrease in our number of operating vessels to an average of 132.7 operating vessels during the six months ended June 30, 2021 from an average of 136.3 operating vessels during the six months ended June 30, 2020 which was primarily the result of the expiration of bareboat charters on certain Handymax vessels. Daily TCE revenue, by operating segment is discussed below.
    The following table depicts the components of our revenue, our daily TCE revenue and revenue days for the six months ended June 30, 2021 and 2020.
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For the six months ended June 30, Change Percentage
In thousands of U.S. dollars20212020 favorable / (unfavorable)  Change
Pool revenue by operating segment
MR$131,272 $211,567 $(80,295)(38)%
LR288,278 244,046 (155,768)(64)%
Handymax25,783 76,012 (50,229)(66)%
LR123,344 56,855 (33,511)(59)%
Total pool revenue268,677 588,480 (319,803)(54)%
Voyage revenue (spot market)4,930 11,927 (6,997)(59)%
Gross revenue273,607 600,407 (326,800)(54)%
Voyage expenses(2,781)(7,125)4,344 61 %
TCE revenue (1)
$270,826 $593,282 $(322,456)(54)%
Daily pool TCE by operating segment: (1)
MR pool$11,919 $21,439 $(9,520)(44)%
LR2 pool11,982 37,406 (25,424)(68)%
Handymax pool9,320 20,145 (10,825)(54)%
LR1 pool11,411 28,713 (17,302)(60)%
Consolidated daily pool TCE11,588 26,575 (14,987)(56)%
Voyage (spot market) - daily TCE8,449 10,741 (2,292)(21)%
Consolidated daily TCE11,55226,250(14,698)(56)%
Pool revenue days per operating segment
MR11,013 9,869 1,144 12 %
LR27,368 6,524 844 13 %
Handymax2,725 3,764 (1,039)(28)%
LR12,046 1,980 66 %
Total pool revenue days23,152 22,137 1,015 %
Voyage (spot market) revenue days275 465 (190)(41)%
Total revenue days23,427 22,602 825 %
(1) We report TCE revenues, 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.
Pool revenue. Pool revenue for the six months ended June 30, 2021 was $268.7 million, a decrease of $319.8 million, or 54%, from $588.5 million for the six months ended June 30, 2020. Consolidated pool TCE per day decreased significantly while pool revenue days increased by 5%. The decrease in pool TCE revenue per day during the six months ended June 30, 2021 can be characterized as follows:
Towards the end of the first quarter of 2020, travel restrictions and other preventive measures to control the spread of the COVID-19 virus resulted in a precipitous decline in oil demand. Lack of corresponding production and refinery cuts resulted in a supply glut of oil and refined petroleum products, which was exacerbated by extreme oil price volatility from the Russia-Saudi Arabia oil price war. The oversupply of refined petroleum products and the contango in oil prices led to record floating storage and arbitrage opportunities of both crude and refined petroleum products. These market conditions, which began in March 2020, had a disruptive impact on the supply and demand balance of product tankers and resulted in significant and
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prolonged spikes in spot TCE rates as vessel availability tightened. These market conditions persisted for most of the second quarter of 2020 and began to abate in June 2020 as the underlying oil markets stabilized.
During the six months ended June 30, 2021, pool revenues reflected the adverse market conditions brought on by the COVID-19 pandemic. Demand for crude and refined petroleum products remained below pre-pandemic levels given the ongoing efforts around the world to control the spread of the virus, particularly in countries with low vaccine uptake. Additionally, inventories that built up during the early part of 2020 continued to be drawn, thus having an adverse impact on the demand for the seaborne transportation of refined petroleum products.
The decrease in pool revenue was partially offset by an increase in pool revenue days to 23,152 days during the six months ended June 30, 2021 from 22,137 days during the six months ended June 30, 2020. This increase was due to fewer offhire days incurred during the six months ended June 30, 2021. During the six months ended June 30, 2020, we incurred 2,204 offhire days as many of our vessels underwent drydocks and scrubber installations. In addition to a greater number of vessels being drydocked during that time period, the average drydock times were higher as a result of the lockdowns and supply chain delays brought on by the COVID-19 pandemic. We incurred 583 offhire days during the six months ended June 30, 2021.
MR pool revenue. MR pool revenue for the six months ended June 30, 2021 was $131.3 million, a decrease of $80.3 million, or 38% from $211.6 million for the six months ended June 30, 2020. The decrease in pool revenue was driven by the aforementioned shifts in global supply and demand dynamics brought on by the COVID-19 pandemic as evidenced by the decrease in daily pool TCE revenue to $11,919 per day during the six months ended June 30, 2021 from $21,439 per day during the six months ended June 30, 2020. Partially offsetting this decrease was the number of pool revenue days, which increased to 11,013 days from 9,869 days during the six months ended June 30, 2021 and 2020, respectively. This was primarily due to a 958 day decrease in offhire days, substantially for drydock, BWTS, or scrubber installations, during the six months ended June 30, 2021 as compared to the six months ended June 30, 2020.
LR2 pool revenue. LR2 pool revenue for the six months ended June 30, 2021 was $88.3 million, a decrease of $155.8 million, or 64%, from $244.0 million for the six months ended June 30, 2020. Daily pool TCE revenue decreased to $11,982 per day during the six months ended June 30, 2021 from $37,406 per day during the six months ended June 30, 2020. The decrease in pool revenue was driven by the aforementioned shifts in global supply and demand dynamics brought on by the COVID-19 pandemic, specifically as floating storage opportunities (which has a greater impact on larger vessel classes) all but evaporated as the contango in oil futures that developed during the six months ended June 30, 2020 reversed, and became inverted during the six months ended June 30, 2021. This decrease was partially offset by an increase in pool revenue days to 7,368 from 6,524 days during the six months ended June 30, 2021 and 2020, respectively. This was primarily due to a 653 day decrease in offhire days, substantially for drydock, BWTS, or scrubber installations, and a 232 day decrease in the number of days our vessels operated in the spot market during the six months ended June 30, 2021 as compared to the six months ended June 30, 2020.
Handymax pool revenue. Handymax pool revenue for the six months ended June 30, 2021 was $25.8 million, a decrease of $50.2 million, or 66%, from $76.0 million for the six months ended June 30, 2020. The decrease in pool revenue was primarily driven by the aforementioned shifts in global supply and demand dynamics brought on by the COVID-19 pandemic as evidenced by the decrease in daily pool TCE revenue to $9,320 per day six months ended June 30, 2021 from $20,145 per day during the during the six months ended June 30, 2020. Pool revenue days also decreased to 2,725 days during the six months ended June 30, 2021 from 3,764 days during the six months ended June 30 2020 as a result of the redelivery of three Handymax vessels upon the expiration of their bareboat charters in the second and third quarters of 2020 and four Handymax vessels at the end of the first quarter of 2021, resulting in an aggregate decrease of 933 pool revenue days.
LR1 pool revenue. LR1 pool revenue for the six months ended June 30, 2021 was $23.3 million, a decrease of $33.5 million, or 59%, from $56.9 million for the six months ended June 30, 2020. Daily pool TCE revenue decreased to $11,411 per day during the six months ended June 30, 2021 from $28,713 per day during the six months ended June 30, 2020. The decrease in pool revenue was driven by the aforementioned shifts in global supply and demand dynamics brought on by the COVID-19 pandemic. The decrease in the daily TCE rate was offset by a slight increase in pool revenue days to 2,046 days from 1,980 days during the six months ended June 30, 2021 and 2020, respectively.
Voyage revenue (spot market). Voyage revenue for the six months ended June 30, 2021 was $4.9 million, a decrease of $7.0 million, or 59%, from $11.9 million for the six months ended June 30, 2020. This decrease was primarily the result of a decrease in the number of days our vessels operated in the spot market during the six months ended June 30, 2021. Six vessels operated in the spot market on a voyage charter for an aggregate of 275 days during the six months ended June 30, 2021 while 10 vessels operated in the spot market on voyage charters for an aggregate of 465 days during the six months ended June 30, 2020.
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Vessel operating costs. Vessel operating costs for the six months ended June 30, 2021 were $163.9 million, an increase of $2.7 million, or 2%, from $161.2 million for the six months ended June 30, 2020. Daily vessel operating costs increased slightly to $6,848 per day from $6,499 per day during the six months ended June 30, 2021 and 2020, respectively. This increase was partially offset by a decrease in operating days to 24,010 from 24,806 during the six months ended June 30, 2021 and 2020, respectively.
The following table is a summary of our vessel operating costs by operating segment:
For the six months ended June 30, Change Percentage
In thousands of U.S. dollars20212020 favorable / (unfavorable)  change
Vessel operating costs
MR$79,187 $70,213 $(8,974)(13)%
LR250,834 51,286 452 %
Handymax19,814 24,904 5,090 20 %
LR114,065 14,818 753 %
Total vessel operating costs$163,900 $161,221 $(2,679)(2)%
Vessel operating costs per day
MR$6,963 $6,291 $(672)(11)%
LR26,687 6,699 12 — %
Handymax6,994 6,548 (446)(7)%
LR16,618 6,785 167 %
Consolidated vessel operating costs per day6,8486,499(349)(5)%
Operating days
MR11,403 11,175 228 %
LR27,602 7,644 (42)(1)%
Handymax2,833 3,803 (970)(26)%
LR12,172 2,184 (12)(1)%
Total operating days24,010 24,806 (796)(3)%

MR vessel operating costs. Vessel operating costs for MR vessels for the six months ended June 30, 2021 were $79.2 million, an increase of $9.0 million, or 13%, from $70.2 million for the six months ended June 30, 2020. Daily vessel operating costs increased to $6,963 per day from $6,291 per day during the six months ended June 30, 2021 and 2020, respectively. This increase was primarily attributable to (i) costs incurred to transition technical managers for certain MRs that were acquired from Trafigura Maritime Logistics Pte. in September 2019 and (ii) increased crewing related costs (such as travel related costs, and extended stay bonuses) due to travel restrictions brought on by the COVID-19 pandemic.
LR2 vessel operating costs. Vessel operating costs for LR2 vessels for the six months ended June 30, 2021 were $50.8 million, a decrease of $0.5 million, or 1% from $51.3 million for the six months ended June 30, 2020. Operating days remained stable, decreasing slightly to 7,602 days from 7,644 days during the six months ended June 30, 2021 and 2020. Daily LR2 vessel operating costs also remained stable, decreasing slightly to $6,687 per day from $6,699 per day during the six months ended June 30, 2021 and 2020, respectively.
Handymax vessel operating costs. Vessel operating costs for Handymax vessels for the six months ended June 30, 2021 were $19.8 million, a decrease of $5.1 million, or 20%, from $24.9 million for the six months ended June 30, 2020. This decrease was primarily driven by the redelivery of three Handymax vessels upon the expiration of their bareboat charters in the second and third quarters of 2020 and four Handymax vessels at the end of the first quarter of 2021, as vessel operating days decreased to 2,833 during the six months ended June 30, 2021 from 3,803 days during the six months ended June 30, 2020. This decrease was slightly offset by an increase in daily vessel operating costs to $6,994 per day from $6,548 per day during the six months ended June 30, 2021 and 2020, respectively.
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LR1 vessel operating costs. Vessel operating costs for LR1 vessels for the six months ended June 30, 2021 were $14.1 million, a decrease of $0.8 million, or 5%, from $14.8 million for the six months ended June 30, 2020. Vessel operating costs per day remained stable, decreasing slightly to $6,618 per day during the six months ended June 30, 2021 from $6,785 per day during the six months ended June 30, 2020. Operating days remained consistent at 2,172 days during the six months ended June 30, 2021, from 2,184 days during the during the six months ended June 30, 2020.
    Depreciation - owned or sale leaseback vessels. Depreciation expense on owned or sale leaseback vessels for the six months ended June 30, 2021 was $98.0 million, an increase of $3.1 million, or 3%, from $94.9 million during the six months ended June 30, 2020. Depreciation expense increased as a result of the installation of ballast water treatment systems and/or scrubbers on certain vessels during the second half of 2020 and first half of 2021.
Depreciation - right of use assets. Depreciation - right of use assets for the six months ended June 30, 2021 was $22.0 million, a decrease of $4.8 million, or 18%, from $26.8 million during the six months ended June 30, 2020. Depreciation expense – right of use assets reflects the straight-line depreciation expense recorded under IFRS 16 – Leases. Right of use asset depreciation expense was impacted by the delivery of an MR that was previously under construction in the third quarter of 2020 offset by the redelivery of three Handymax vessels upon the expiration of their bareboat charters in the second and third quarters of 2020 and four Handymax vessels at the end of the first quarter of 2021.
General and administrative expenses. General and administrative expenses for the six months ended June 30, 2021 were $26.9 million, a decrease of $9.1 million, or 25% from $36.0 million during the six months ended June 30, 2020. This decrease was primarily driven by a decrease in restricted stock amortization and compensation expenses.
Financial expenses. Financial expenses for the six months ended June 30, 2021 were $70.0 million, a decrease of $13.9 million, or 17%, from $83.9 million during the six months ended June 30, 2020. This decrease was primarily driven by significant decreases in LIBOR rates, which underpin all of our variable rate borrowings, which decreased significantly since the onset of the COVID-19 pandemic and have continued to remain low.
Financial expenses for the six months ended June 30, 2021 consisted of interest expense of $57.9 million, non-cash accretion of our Convertible Notes due 2022 and 2025 of $5.4 million, amortization and write-off of deferred financing fees of $5.0 million, and non-cash accretion or amortization of the fair value adjustments recorded upon the assumption of indebtedness from Navig8 Product Tankers Inc., or NPTI, of $1.7 million.
Financial expenses for the six months ended June 30, 2020 consisted of interest expense of $74.2 million, non-cash accretion of our Convertible Notes due 2022 of $4.6 million, amortization and write-off of deferred financing fees of $3.4 million and non-cash accretion or amortization of the fair value adjustments recorded upon the assumption of indebtedness from NPTI of $1.7 million.
Financial income. Financial income for the six months ended June 30, 2021 was $0.4 million, a decrease of $0.4 million, or 52%, from $0.9 million during the six months ended June 30, 2020. Financial income primarily related to interest income earned on our interest bearing cash accounts.
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Liquidity and Capital Resources
Our primary source of funds for our short-term and long-term liquidity needs will be the cash flows generated from our vessels, which primarily operate in the Scorpio Pools or on time charter, in addition to cash on hand. The Scorpio Pools generally reduce volatility because (i) they aggregate the revenues and expenses of all pool participants and distribute net earnings to the participants based on an agreed upon formula and (ii) some of the vessels in the pool are on time charter.  Furthermore, spot charters provide flexibility and allow us to fix vessels at prevailing rates.
The financing for one vessel under our CITI / K-Sure Credit Facility of $19.3 million is scheduled to mature in March 2022. Additionally, during the second quarter of 2022, the following maturities are scheduled: (i) the financing for three vessels under the Citi/K-Sure Credit Facility of $57.6 million in aggregate, (ii) the Convertible Notes due 2022 of $69.7 million, and (iii) one vessel under the ING Credit Facility of $12.6 million in aggregate. While we believe our current financial position is adequate to address the maturity of these instruments, a deterioration in economic conditions could cause us to pursue other means to raise liquidity, such as through the sale of vessels, to meet these obligations.
Based on internal forecasts and projections, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including but not limited to our debt service obligations, obligations under sale and leaseback arrangements, commitments under other leasing arrangements, and commitments under our scrubber and BWTS contracts) for a period of at least twelve months from September 29, 2021.
Since the beginning of calendar year 2020, the outbreak of COVID-19 has spread throughout the world and 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 volatility in the global financial and commodities markets, including oil and refined petroleum products. We expect that the COVID-19 pandemic 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 2021 and 2022.
As of June 30, 2021, our cash balance was $282.2 million, which was $94.7 million higher than our cash balance of $187.5 million as of December 31, 2020.
We continuously evaluate potential transactions that we believe will be accretive to earnings, enhance shareholder value, or are in the best interests of the Company, which may include the pursuit of business combinations, the acquisition of vessels or related businesses, the expansion of our operations, repayment of existing debt, share repurchases, short-term investments or other uses. In connection with any transaction, we may enter into additional financing arrangements, refinance existing arrangements or raise capital through public or private debt or equity offerings of our securities. Any funds raised by us may be used for any corporate purpose. There is no guarantee that we will grow the size of our fleet or enter into transactions that are accretive to our shareholders.
Our long-term liquidity needs as of June 30, 2021 consisted of our debt repayment obligations for our secured credit facilities, sale and leaseback arrangements, Senior Notes due 2025, Convertible Notes due 2022, Convertible Notes due 2025, obligations under our bareboat charter-in arrangements (which are accounted for under IFRS 16 - Leases) and obligations for the purchase of scrubbers and ballast water treatment systems.
Cash Flows
    The table below summarizes our sources and uses of cash for the six months ended June 30, 2021 and 2020, respectively.
For the six months ended June 30,
In thousands of U.S. dollars20212020
Cash flow data
 Net cash inflow / (outflow)
 Operating activities$25,922 $292,095 
 Investing activities(27,308)(119,805)
 Financing activities96,104 (124,001)
Cash flows from operating activities
Six Months Ended June 30, 2021 compared to 2020
The following table sets forth the components of our operating cash flows for the six months ended June 30, 2021 and June 30, 2020, along with descriptions of the significant changes thereunder.
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For the six months ended June 30, ChangePercentage
In thousands of U.S. dollars20212020 favorable / (unfavorable) Change
Vessel revenue (1)
$273,607 $600,407 $(326,800)(54)%
Vessel operating costs (1)
(163,900)(161,221)(2,679)(2)%
Voyage expenses (1)
(2,781)(7,125)4,344 61 %
General and administrative expenses - cash (2)
(14,401)(20,655)6,254 30 %
Financial expenses - cash (3)
(57,888)(74,186)16,298 22 %
Change in working capital (4)
(9,021)(45,283)36,262 (80)%
Financial income - cash 116 580 (464)(80)%
Other190 (422)612 (145)%
Operating cash flow$25,922 $292,095 $(266,173)(91)%
(1)     See "Results of Operations" for information on these variations for the six months ended June 30, 2021 and 2020.
(2)     Cash general and administrative expenses are General and administrative expenses from our unaudited condensed consolidated statements of income or loss excluding the amortization of restricted stock of $12.5 million and $15.4 million for the six months ended June 30, 2021 and 2020, respectively.
(3)     Cash financial expenses are Financial expenses from our unaudited condensed consolidated statements of income or loss excluding the following non-cash items: (i) the write-off and amortization of deferred financing fees of $5.0 million and $3.4 million for the six months ended June 30, 2021 and six months ended June 30, 2020, respectively; (ii) accretion of our Convertible Notes due 2022 and 2025 of $5.4 million and $4.6 million for the six months ended June 30, 2021 and 2020, respectively; and (iii) accretion or amortization of the fair value measurement applied to the debt and sale and leaseback obligations assumed in the merger with NPTI of $1.7 million in each of the six months ended June 30, 2021 and 2020, respectively.
(4) The change in working capital for the six months ended June 30, 2021 was driven by decreases in accrued expenses, accounts payable, increases in prepaid expenses and other current and non-current assets offset by increases in accounts receivable and inventories. The most significant change was the decrease in accrued expenses which was due to the decrease in compensation expenses during the six months ended June 30, 2021. The other changes were primarily driven by the timing of cash receipts and payments.
    The change in working capital for the six months ended June 30, 2020 was driven by increases in inventories and accounts receivable, decreases in accounts payable and accrued expenses, offset by decreases in prepaid expenses and other current assets, and other assets. The most significant change was the increase in accounts receivable which was due to the significant increase in revenue during the six months ended June 30, 2020 and the timing of the related cash receipts. The other changes were primarily driven by the timing of cash receipts and payments.
Cash flows from investing activities
The following table depicts the components of our investing activities for the six months ended June 30, 2021 and 2020, along with descriptions of the significant changes thereunder.
For the six months ended June 30, ChangePercentage
In thousands of U.S. dollars20212020 favorable / (unfavorable) Change
Cash outflows
Drydock, scrubber and BWTS and other vessel related payments (owned, finance leased and bareboat-in vessels)(1)
(27,308)(119,805)92,497 77 %
Net cash outflow from investing activities(27,308)(119,805)92,497 77 %
(1)    Drydock, scrubbers and BWTS payments represent the cash paid for the six months ended June 30, 2021 and 2020 for the drydocking of our vessels, and payments made as part of the agreements to purchase and install scrubbers and BWTS. See the below section entitled "Capital Expenditures," for further discussion on vessels that were drydocked and had scrubber or BWTS installations during the six months ended June 30, 2021 and 2020.
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Cash flows from financing activities
The following table depicts the components of our financing activities for the six months ended June 30, 2021 and 2020 along with descriptions of the significant changes thereunder.
For the six months ended June 30, ChangePercentage
In thousands of U.S. dollars20212020 favorable / (unfavorable) Change
Cash inflows
Drawdowns from our secured credit facilities (1)
$25,043 $279,969 $(254,926)(91)%
Proceeds from issuance of Senior Notes due 2025 (1)
30,551 28,100 2,451 %
Proceeds from finance lease arrangements (1)
311,984 10,125 301,859 2,981 %
Issuance of unsecured Convertible Notes Due 2025 (1)
119,419 — 119,419 N/A
Gross proceeds from issuance of common stock (2)
— 2,601 (2,601)(100)%
Total financing cash inflows486,997 320,795 166,202 52 %
Cash outflows
Repayments into our secured credit facilities (1)
(264,424)(266,608)2,184 %
Payments under finance leases (1)
(77,025)(61,299)(15,726)(26)%
Right of use finance lease repayments (1)
(28,674)(41,668)12,994 31 %
Repayments of Unsecured Senior Notes due 2020 (1)
— (53,750)53,750 100 %
Dividend payments (3)
(11,646)(11,739)93 %
Debt issuance costs (4)
(9,124)(9,706)582 %
Equity issuance costs — (26)26 100 %
Total financing cash outflows(390,893)(444,796)53,903 12 %
Net cash outflow from financing activities$96,104 $(124,001)$220,105 178 %
(1)    Cash drawdowns and repayments on our secured credit facilities, unsecured debt, lease financing arrangements and leases being accounted for under IFRS 16 - Leases during the six months ended June 30, 2021 and 2020 consisted of:
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20212020
In thousands of U.S. dollarsDrawdownsRepaymentsDrawdownsRepayments
KEXIM Credit Facility— (15,932)— (136,856)
ABN AMRO Credit Facility— — — (91,954)
ING Credit Facility2,128 (161,090)72,125 (6,369)
2018 NIBC Credit Facility— (31,066)3,125 (1,615)
2017 Credit Facility— — — (6,632)
Credit Agricole Credit Facility— (4,283)— (4,284)
ABN AMRO / K-Sure Credit Facility— (1,926)— (1,926)
Citibank / K-Sure Credit Facility— (4,208)— (4,209)
ABN AMRO / SEB Credit Facility