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 April 2022

Commission File Number: 001-34677

SCORPIO TANKERS INC.
(Translation of registrant’s name into English)

9, Boulevard Charles III, Monaco 98000
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X] Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b) (1): [  ]

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ]

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.














INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a press release issued by Scorpio Tankers Inc. (the "Company") on April 28, 2022 announcing financial results for the first quarter of 2022 and declaration of a quarterly dividend.

The information contained in this Report on Form 6-K, with the exception of the information contained on page 3 of Exhibit 99.1 under the heading "Conference Call," is hereby incorporated by reference into the Company's registration statement on Form F-3 (Registration No. 333-264084) that was filed with the U.S. Securities and Exchange Commission with an effective date of April 1, 2022.






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: April 28, 2022
By:/s/ Brian Lee
Brian Lee
Chief Financial Officer

Document

Exhibit 99.1
https://cdn.kscope.io/12fbc226cd2b53501efd219b9873a37d-stnglogoa89.jpg
Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2022 and Declaration of a Quarterly Dividend
MONACO--(GLOBE NEWSWIRE - April 28, 2022) - Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months ended March 31, 2022. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on the Company’s common stock.
Results for the three months ended March 31, 2022 and 2021
For the three months ended March 31, 2022, the Company had a net loss of $84.4 million, or $1.52 basic and diluted loss per share.
For the three months ended March 31, 2022, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $14.9 million, or $0.27 basic and diluted loss per share, which excludes from the net loss (i) a $67.7 million, or $1.22 per basic and diluted share, aggregate write-down of vessels held for sale and loss on the sale of vessels, and (ii) $1.9 million, or $0.03 per basic and diluted share, write-off or acceleration of the amortization of deferred financing fees on the debt or lease financing obligations relating to these vessel sales and related debt extinguishment costs.
For the three months ended March 31, 2021, the Company had a net loss of $62.4 million, or $1.15 basic and diluted loss per share.
For the three months ended March 31, 2021, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $57.3 million, or $1.05 basic and diluted loss per share, which excludes from the net loss $3.9 million, or $0.07 per basic and diluted share, of losses recorded on the transaction to exchange $62.1 million in aggregate principal amount of its existing Convertible Notes due 2022 for $62.1 million in aggregate principal amount of new Convertible Notes due 2025, and $1.3 million, or $0.02 per basic and diluted share, of write-offs of deferred financing fees related to the refinancing of certain credit facilities.
Declaration of Dividend
On April 27, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about June 15, 2022 to all shareholders of record as of May 20, 2022 (the record date). As of April 27, 2022, there were 59,401,013 common shares of the Company outstanding.
Summary of First Quarter 2022 and Other Recent Significant Events
During the first quarter of 2022, the Company entered into agreements to sell 17 vessels, consisting of two LR2s, 12 LR1s, and three MRs. Seven of these sales closed within the first quarter of 2022 (six LR1s and one MR), raising $91.6 million in aggregate new liquidity after the repayment of debt and selling costs, three of these sales have closed within April 2022 (two LR1s and one MR), raising $39.8 million in aggregate new liquidity after the repayment of debt and selling costs, and the remaining seven vessels are expected to close before the end of the third quarter 2022. These remaining vessels are expected to raise $112.7 million in aggregate new liquidity after the repayment of debt and estimated selling costs.
In April 2022, the Company entered into an agreement to sell an LR2 tanker, STI Nautilus, for $42.7 million. This sale is expected to raise approximately $22.0 million in aggregate new liquidity after the repayment of debt and estimated selling costs, and it is expected to close before the end of the third quarter of 2022.
Below is a summary of the average daily Time Charter Equivalent ("TCE") revenue (see Non-IFRS Measures section below) and duration of contracted voyages and time charters for the Company's vessels (both in the pools and directly in the spot market) thus far in the second quarter of 2022 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue):
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Total
Vessel classAverage daily TCE revenue% of Days
LR2$24,30044 %
MR$30,00042 %
Handymax$30,00033 %

Below is a summary of the average daily TCE revenue earned by the Company's vessels (both in the pools and directly in the spot market) during the first quarter of 2022:
Vessel classAverage daily TCE revenue
LR2$14,475
LR1$12,320
MR$16,305
Handymax$15,949
The Company has $38.3 million of additional liquidity available from previously announced financings or refinancings that have been committed. These drawdowns are expected to occur at varying points in the future as certain of these financings are tied to scrubber installations on the Company’s vessels.


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Sales of Vessels
During the first quarter of 2022, the Company entered into agreements to sell 17 vessels, consisting of two LR2s, 12 LR1s, and three MRs. The sales prices of the two LR2s (STI Savile Row and STI Carnaby) are $43.0 million per vessel, the 12 LR1s (STI Excelsior, STI Executive, STI Excellence, STI Pride, STI Providence, STI Prestige, STI Experience, STI Express, STI Exceed, STI Excel, STI Expedite, and STI Precision) are $413.8 million in aggregate, and each of the three MRs (STI Fontvieille, STI Benicia, and STI Majestic) are $23.5 million, $26.5 million, and $34.9 million, respectively.
Seven of these sales closed within the first quarter of 2022 (six LR1s and one MR), raising $91.6 million in aggregate new liquidity after the repayment of debt and selling costs, three of these sales have closed within April 2022 (two LR1s and one MR), raising $39.8 million in aggregate new liquidity after the repayment of debt and selling costs, and the remaining seven vessels are expected to close before the end of the third quarter 2022. These remaining vessels are expected to raise approximately $112.7 million in aggregate new liquidity after the repayment of debt and selling costs.
During the first quarter, the Company recorded an aggregate loss on the sale of vessels or write-down of vessels held for sale of $67.7 million for the 17 vessels that were agreed to be sold. Additionally, the Company wrote-off, or accelerated the amortization of deferred financing fees of $1.9 million with respect to the debt or lease financings relating to these vessels during the first quarter of 2022.
Additionally, in April 2022, the Company entered into an agreement to sell an LR2 tanker, STI Nautilus, for $42.7 million. This sale is expected to raise approximately $22.0 million in aggregate new liquidity, after the repayment of debt and estimated selling costs. This sale is expected to result in a gain of approximately $2.5 million in the second quarter of 2022, and it is expected to close before the end of the third quarter of 2022.
Diluted Weighted Number of Shares
The computation of earnings or loss per share is determined by taking into consideration the potentially dilutive shares arising from (i) the Company’s equity incentive plan, and (ii) the Company’s Convertible Notes due 2022 and Convertible Notes due 2025. These potentially dilutive shares are excluded from the computation of earnings or loss per share to the extent they are anti-dilutive.
The impact of the Convertible Notes due 2022 and Convertible Notes due 2025 on earnings or loss per share is computed using the if-converted method. Under this method, the Company first includes the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan, and then assumes that its Convertible Notes due 2022 and Convertible Notes due 2025, which were issued in March and June 2021 were converted into common shares at the beginning of each period. The if-converted method also assumes that the interest and non-cash amortization expense associated with these notes of $6.4 million during the three months ended March 31, 2022 were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three months ended March 31, 2022, the Company’s basic weighted average number of shares outstanding were 55,409,131. There were 57,130,119 weighted average shares outstanding including the potentially dilutive impact of restricted shares issued under the Company's equity incentive plan for the three months ended March 31, 2022. There were 64,467,902 weighted average shares outstanding for the three months ended March 31, 2022 under the if-converted method. Since the Company was in a net loss position in both periods, the potentially dilutive shares arising from both restricted shares issued under the Company's equity incentive plan and under the if-converted method were anti-dilutive for purposes of calculating the loss per share. Accordingly, basic weighted average shares outstanding were used to calculate both basic and diluted loss per share for this period.
Conference Call
The Company has scheduled a conference call on April 28, 2022 at 11:00 AM Eastern Daylight Time and 5:00 PM Central European Summer Time. The dial-in information is as follows:
US Dial-In Number: 1 (855) 861-2416
International Dial-In Number: 1 (703) 736-7422
Conference ID: 3295797
Participants should dial into the call 10 minutes before the scheduled time. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.
There will also be a simultaneous live webcast over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Webcast URL: https://edge.media-server.com/mmc/p/u6omf566
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Current Liquidity
As of April 27, 2022, the Company had $280.5 million in unrestricted cash and cash equivalents. In the next few days, the Company is expected to receive $33.8 million from the sale of one LR1 tanker (after estimated selling costs). The debt for this vessel was repaid prior to April 27, 2022. Our pro-forma cash balance, including the net proceeds from the sale of this vessel, was $314.3 million as of April 27, 2022.
Drydock, Scrubber and Ballast Water Treatment Update
Set forth below is a table summarizing the drydock, scrubber, and ballast water treatment system activity that occurred during the first quarter of 2022 and that is in progress as of April 1, 2022.
Number of VesselsDrydock Ballast Water Treatment SystemsScrubbers
Aggregate Costs (in millions of U.S. Dollars) (1)
Aggregate Off-hire Days in Q1 2022
Completed in the first quarter of 2022
LR233$4.493
LR1227.365
MR
Handymax
532$11.7158
In progress as of April 1, 2022
LR211$2.511
LR13311.0104
MR222.024
Handymax
624$15.5139

(1)    Aggregate costs for vessels completed in the quarter represent the total costs incurred, some of which may have been incurred in prior periods.
Set forth below are the estimated expected payments to be made for the Company's drydocks, ballast water treatment system installations, and scrubber installations through 2023 (which also include actual payments made during the second quarter of 2022 and through April 27, 2022): 
In millions of U.S. dollars
As of March 31, 2022 (1) (2)
Q2 2022 - payments made through April 27, 2022$3.4 
Q2 2022 - remaining payments14.1 
Q3 202210.5 
Q4 20227.5 
FY 202316.8 
(1)    Includes estimated cash payments for drydocks, ballast water treatment system installations and scrubber installations.  These amounts include installment payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual installation. In addition to these installment payments, these amounts also include estimates of the installation costs of such systems.  The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks and installations finalize. 
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(2)    Based upon the commitments received to date, which include the remaining availability under certain financing transactions that have been previously announced, the Company expects to raise approximately $11.3 million of aggregate additional liquidity to finance the purchase and installations of scrubbers once all of the agreements are closed and drawn.  These drawdowns are expected to occur at varying points in the future as these financings are tied to scrubber installations on the Company’s vessels.
Set forth below are the estimated expected number of vessels and estimated expected off-hire days for the Company's drydocks, ballast water treatment system installations, and scrubber installations (1):
5


Q2 2022
Vessels Scheduled for (2):
Off-hire
DrydockBallast Water Treatment SystemsScrubbers
Days (3)
LR2— — 70 
LR1— — — 81 
MR— — 46 
Handymax— — — — 
Total Q2 20222  1 197 
Q3 2022
Vessels Scheduled for (2):
Off-hire
DrydockBallast Water Treatment SystemsScrubbers
Days (3)
LR2— — — — 
LR1— — — — 
MR140 
Handymax— — — — 
Total Q3 20226 4 1 140 
Q4 2022
Vessels Scheduled for (2):
Off-hire
DrydockBallast Water Treatment SystemsScrubbers
Days (3)
LR2— — — — 
LR1— — — — 
MR100 
Handymax— — — — 
Total Q4 20223 1 2 100 
FY 2023
Vessels Scheduled for (2):
Off-hire
DrydockBallast Water Treatment SystemsScrubbers
Days (3)
LR2— — — — 
LR1— — — — 
MR— 240 
Handymax— — — — 
Total FY 20236  6 240 
(1)    The number of vessels in these tables may reflect a certain amount of overlap where certain vessels are expected to be drydocked and have ballast water treatment systems and/or scrubbers installed simultaneously.  Additionally, the timing set forth in these tables may vary as drydock, ballast water treatment system installation and scrubber installation times are finalized.
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(2)    Represents the number of vessels scheduled to commence drydock, ballast water treatment system, and/or scrubber installations during the period. It does not include vessels that commenced work in prior periods but will be completed in the subsequent period.
(3)    Represents total estimated off-hire days during the period, including vessels that commenced work in a previous period.

Debt
Set forth below is a summary of the principal balances of the Company’s outstanding indebtedness as of the dates presented.
In thousands of U.S. DollarsOutstanding Principal as of December 31, 2021Outstanding Principal as of March 31, 2022Outstanding Principal as of April 27, 2022
1
Credit Agricole Credit Facility (1)
$73,591 $53,578 $17,535 
2
Citibank / K-Sure Credit Facility (2)
78,401 37,881 18,736 
3Hamburg Commercial Credit Facility37,024 36,201 36,201 
4Prudential Credit Facility44,832 43,445 42,983 
52019 DNB / GIEK Credit Facility45,450 43,672 43,672 
6BNPP Sinosure Credit Facility86,314 89,761 84,402 
7
2020 $225 Million Credit Facility (3)
145,636 103,818 103,818 
82021 $21.0 Million Credit Facility19,245 18,660 18,660 
9
2021 $43.6 Million Credit Facility (4)
43,550 21,222 21,222 
10Ocean Yield Lease Financing127,263 124,460 123,525 
11BCFL Lease Financing (LR2s)79,321 76,560 75,630 
12CSSC Lease Financing135,843 132,202 130,988 
13BCFL Lease Financing (MRs)68,888 65,115 63,793 
142018 CMBFL Lease Financing111,986 108,734 108,734 
15$116.0 Million Lease Financing95,789 93,246 92,345 
16
AVIC Lease Financing (5)
106,405 86,316 86,316 
17China Huarong Lease Financing103,416 99,208 99,208 
18$157.5 Million Lease Financing109,657 106,121 106,121 
19COSCO Lease Financing61,050 59,125 59,125 
202020 CMBFL Lease Financing41,332 40,521 40,521 
212020 TSFL Lease Financing43,928 43,098 43,098 
222020 SPDBFL Lease Financing90,006 88,382 88,382 
232021 AVIC Lease Financing91,886 90,073 90,073 
242021 CMBFL Lease Financing74,565 72,935 72,530 
252021 TSFL Lease Financing54,377 53,282 53,282 
262021 CSSC Lease Financing53,893 52,577 52,139 
272021 $146.3 Million Lease Financing146,250 143,583 140,288 
282021 Ocean Yield Lease Financing69,783 68,341 67,860 
29IFRS 16 - Leases - 3 MR29,268 27,314 26,630 
30
$670.0 Million Lease Financing (6)
546,730 535,061 505,743 
31Unsecured Senior Notes Due 202570,209 70,571 70,571 
32Convertible Notes Due 202269,695 69,695 69,695 
33
Convertible Notes Due 2025 (7)
208,133 210,897 211,702 
Gross debt outstanding3,163,716 2,965,655 2,865,528 
Cash and cash equivalents230,415 242,684 280,527 
Net debt$2,933,301 $2,722,971 $2,585,001 
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(1)    In March 2022, the Company closed on the sale of STI Excelsior and repaid $18.4 million on the Credit Agricole Credit Facility as a result of this sale. In April 2022, the Company repaid $36.0 million on the Credit Agricole Credit Facility related to STI Exceed and STI Expedite. The sales of both vessels have closed as of April 27, 2022.
(2)    In March 2022, the Company closed on the sales of STI Executive and STI Excellence and repaid $39.5 million on the Citibank / K-Sure Credit Facility as a result of these sales. In April 2022, the Company repaid $19.1 million on the Citibank / K-Sure Credit Facility related to STI Express, the sale of which is expected to close in the next few days.
(3)    In March 2022, the Company closed on the sales of STI Pride and STI Providence and repaid $38.7 million on the 2020 $225.0 Million Credit Facility as a result of these sales.
(4)    In March 2022, the Company closed on the sale of STI Prestige and repaid $21.2 million on the 2021 $43.6 Million Credit Facility as a result of this sale.
(5)    In February 2022, the Company exercised the option to repurchase STI Fontvieille and repaid $17.2 million on the AVIC Lease Financing in advance of the sale of the vessel, which closed shortly thereafter.
(6)    In April 2022, the Company exercised the option to repurchase STI Majestic and repaid $25.6 million on the $670.0 Million Lease Financing in advance of the sale of the vessel. The sale of this vessel has closed as of April 27, 2022.
(7)    The outstanding principal balance reflects the par value of the Convertible Notes Due 2025 of $200.0 million plus the accreted principal balance as of each date presented. The Convertible Notes Due 2025 are scheduled to accrete at an annualized rate of approximately 5.52% per annum, with the total balance due at maturity equal to 125.3% of par. The Convertible Notes Due 2025 also bear interest at a cash coupon rate of 3.0% per annum, which is calculated based upon the par value of the instrument.


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Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of March 31, 2022, which includes principal amounts due under the Company's secured credit facilities, Convertible Notes due 2022, Convertible Notes due 2025, lease financing arrangements, Senior Notes due 2025, and lease liabilities under IFRS 16 (which also include actual scheduled payments made during the second quarter of 2022 through April 27, 2022):
As of March 31, 2022 (1)
 In millions of U.S. dollarsTotal
Less: scheduled repayments on vessels to be sold (2)
Pro forma total - excluding scheduled repayments vessels to be soldMaturities of unsecured debtVessel financings - 2022 and 2023 maturities, excluding vessels to be soldVessel financings - scheduled repayments, in addition to maturities in 2024 and thereafter, excluding vessels to be sold
Q2 2022 - principal payments made through April 27, 2022$100.9 $80.8 $20.1 $— $— $20.1 
Q2 2022 (3)
233.0 113.9 119.1 69.7 — 49.4 
Q3 202284.3 20.0 64.3 — — 64.3 
Q4 2022 (4)
86.7 — 86.7 — 17.5 69.2 
Q1 202363.8 — 63.8 — — 63.8 
Q2 202369.6 — 69.6 — — 69.6 
Q3 202363.8 — 63.8 — — 63.8 
Q4 202368.7 — 68.7 — — 68.7 
2024 and thereafter2,194.9 — 2,194.9 281.5 — 1,913.4 
$2,965.7 $214.7 $2,751.0 $351.2 $17.5 $2,382.3 
(1)    Amounts represent the principal payments due on the Company’s outstanding indebtedness as of March 31, 2022 and do not incorporate the impact of any of the Company’s new financing initiatives which have not closed as of that date.
(2)    The repayments of debt set forth in this column represent the previously scheduled repayments due on vessels that have recently been agreed to be sold whose sales had not yet closed as of March 31, 2022. These credit facilities and lease financing arrangements are expected to be repaid in full prior to the closing of each vessel sale, which have occurred, or are expected to occur during the second and third quarters of 2022. The repayments include two LR1s under the Citibank / K-Sure Credit Facility, three LR1s under the Credit Agricole Credit Facility, one LR1 under the 2021 $43.6 Million Credit Facility, one MR under the $157.5 Million Lease Financing, one MR under the $670.0 Million Lease Financing and three LR2s under the 2020 $225.0 Million Credit Facility.
(3)    Repayments include the scheduled maturity of the outstanding face value of the Convertible Notes due 2022 of $69.7 million.
(4)    Repayments include the scheduled maturity of the outstanding debt related to one vessel under the 2021 $21.0 Million Credit Facility for $17.5 million.

Explanation of Variances on the First Quarter of 2022 Financial Results Compared to the First Quarter of 2021
For the three months ended March 31, 2022, the Company recorded a net loss of $84.4 million compared to a net loss of $62.4 million for the three months ended March 31, 2021. The following were the significant changes between the two periods:
TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot voyages, time charters, and pool charters), and it provides useful information to investors and management. The following table sets forth TCE revenue for the three months ended March 31, 2022 and 2021:
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For the three months ended March 31,
In thousands of U.S. dollars20222021
Vessel revenue$174,047 $134,165 
Voyage expenses(2,023)(1,385)
TCE revenue$172,024 $132,780 

TCE revenue for the three months ended March 31, 2022 increased by $39.2 million to $172.0 million, from $132.8 million for the three months ended March 31, 2021. Overall average TCE revenue per day increased to $15,415 per day during the three months ended March 31, 2022, from $11,166 per day during the three months ended March 31, 2021.
TCE revenue for the three months ended March 31, 2022 reflected an improving spot market for product tankers, particularly at the end of quarter, which was triggered by myriad factors including (i) the easing of COVID-19 restrictions around the globe which triggered increased personal mobility and the demand for refined petroleum products; (ii) strengthening refining margins which, combined with low global refined petroleum product inventories, increased demand for the seaborne transportation of refined petroleum products, and; (iii) the volatility brought on by the conflict in Ukraine, which has disrupted supply chains for crude oil and refined petroleum products, changing volumes and trade routes, and thus increased ton-mile demand for refined petroleum products.
TCE revenue for the three months ended March 31, 2021 reflected the adverse market conditions brought on by the COVID-19 pandemic. Demand for crude and refined petroleum products remained low during this period as inventories that built up during 2020 continued to be drawn, and most countries throughout the world continued to implement restrictive policies in an effort to control the spread of the virus.
Vessel operating costs for the three months ended March 31, 2022 increased by $1.5 million to $84.8 million, from $83.3 million for the three months ended March 31, 2021. Vessel operating costs per day increased to $7,290 per day for the three months ended March 31, 2022 from $6,891 per day for the three months ended March 31, 2021. Vessel operating costs per day increased across most vessel classes, driven by increased repairs and maintenance, and spares and stores expenses.
Depreciation expense – owned or sale leaseback vessels for the three months ended March 31, 2022 decreased by $4.7 million to $44.1 million, from $48.8 million for the three months ended March 31, 2021. This decrease is attributable to 17 of the Company's vessels being designated as held for sale during the three months ended March 31, 2022. These vessels were written down to their net realizable value upon being designated as held for sale, and depreciation expense ceased being recorded upon that designation. Therefore, depreciation expense for these vessels only reflected a partial period during the three months ended March 31, 2022, and the Company expects depreciation expense to decrease slightly in subsequent quarters to reflect the full impact of these vessel sales.
Depreciation expense - right of use assets for the three months ended March 31, 2022 decreased by $2.1 million to $9.7 million from $11.8 million for the three months ended March 31, 2021. 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 expiration of the bareboat charter-in agreements on four Handymax vessels at the end of the first quarter of 2021. The Company had four LR2s and 18 MRs that were accounted for under IFRS 16 - Leases during the three months ended March 31, 2022.
General and administrative expenses for the three months ended March 31, 2022, decreased by $1.1 million to $12.5 million, from $13.6 million for the three months ended March 31, 2021. This decrease was primarily due to a reduction in restricted stock amortization.
Financial expenses for the three months ended March 31, 2022 increased by $3.9 million to $38.0 million, from $34.1 million for the three months ended March 31, 2021. This increase was primarily attributable to the increase in the accretion of convertible notes, which increased to $4.1 million from $1.9 million for the three months ended March 31, 2022 and 2021, respectively. This increase was due to the issuance of the Convertible Notes due 2025 in March and June 2021.

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Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Income or Loss
(unaudited)
For the three months ended March 31,
In thousands of U.S. dollars except per share and share data20222021
Revenue
Vessel revenue$174,047 $134,165 
Operating expenses
Vessel operating costs(84,832)(83,302)
Voyage expenses(2,023)(1,385)
Depreciation - owned or sale leaseback vessels(44,108)(48,784)
Depreciation - right of use assets(9,720)(11,841)
General and administrative expenses(12,454)(13,560)
Loss on sale of vessels(67,738)— 
Total operating expenses(220,875)(158,872)
Operating loss(46,828)(24,707)
Other (expense) and income, net
Financial expenses(38,001)(34,067)
Loss on Convertible Notes exchange— (3,856)
Financial income188 225 
Other income and (expense), net193 11 
Total other expense, net(37,620)(37,687)
Net loss$(84,448)$(62,394)
Loss per share
Basic$(1.52)$(1.15)
Diluted$(1.52)$(1.15)
Basic weighted average shares outstanding55,409,131 54,318,792 
Diluted weighted average shares outstanding (1)
55,409,131 54,318,792 

(1)     The computation of diluted loss per share for the three months ended March 31, 2022 and 2021 excludes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 and Convertible Notes due 2025 because their effect would have been anti-dilutive.



11


Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)
As of
In thousands of U.S. dollarsMarch 31, 2022December 31, 2021
Assets
Current assets
Cash and cash equivalents$242,684 $230,415 
Accounts receivable70,274 38,069 
Prepaid expenses and other current assets11,110 7,954 
Inventories15,373 8,781 
Restricted cash2,006 4,008 
Assets held for sale342,760 — 
Total current assets684,207 289,227 
Non-current assets
Vessels and drydock3,217,112 3,842,071 
Right of use assets for vessels718,933 764,025 
Other assets93,190 108,963 
Goodwill8,900 8,900 
Restricted cash783 783 
Total non-current assets4,038,918 4,724,742 
Total assets$4,723,125 $5,013,969 
Current liabilities
Current portion of long-term debt$274,636 $235,278 
Lease liability - sale and leaseback vessels189,293 178,062 
Lease liability - IFRS 1678,067 54,515 
Accounts payable16,689 35,080 
Accrued expenses31,079 24,906 
Total current liabilities589,764 527,841 
Non-current liabilities
Long-term debt508,507 666,409 
Lease liability - sale and leaseback vessels1,390,073 1,461,929 
Lease liability - IFRS 16483,644 520,862 
Total non-current liabilities2,382,224 2,649,200 
Total liabilities2,971,988 3,177,041 
Shareholders' equity
Issued, authorized and fully paid-in share capital:
Share capital659 659 
Additional paid-in capital2,854,455 2,855,798 
Treasury shares(480,172)(480,172)
Accumulated deficit(623,805)(539,357)
Total shareholders' equity1,751,137 1,836,928 
Total liabilities and shareholders' equity$4,723,125 $5,013,969 


12


Scorpio Tankers Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
For the three months ended March 31,
In thousands of U.S. dollars20222021
Operating activities
Net loss$(84,448)$(62,394)
Depreciation - owned or finance leased vessels44,108 48,784 
Depreciation - right of use assets9,720 11,841 
Amortization of restricted stock4,494 6,192 
Amortization of deferred financing fees1,806 1,825 
Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities1,586 1,275 
Accretion of convertible notes4,128 1,922 
Loss on sales of vessels67,738 — 
Accretion of fair value measurement on debt assumed in business combinations889 847 
Loss on Convertible Notes transactions— 3,856 
Share of income from dual fuel tanker joint venture(174)— 
49,847 14,148 
Changes in assets and liabilities:
(Increase) / decrease in inventories(2,589)1,157 
Increase in accounts receivable(27,137)(12,069)
Increase in prepaid expenses and other current assets(3,156)(600)
Increase in other assets(27)(147)
(Decrease) / increase in accounts payable (17,162)2,428 
Increase / (decrease) in accrued expenses5,758 (6,745)
(44,313)(15,976)
Net cash inflow / (outflow) from operating activities5,534 (1,828)
Investing activities
Net proceeds from sales of vessels225,815 — 
Distributions from dual fuel tanker joint venture240 — 
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, leased financed and bareboat-in vessels)(14,279)(16,601)
Net cash inflow / (outflow) from investing activities211,776 (16,601)
Financing activities
Debt repayments(191,163)(224,757)
Issuance of debt3,806 273,421 
Debt issuance costs(184)(3,643)
Principal repayments on lease liability - IFRS 16(13,666)(14,856)
Issuance of convertible notes— 76,100 
Decrease in restricted cash2,003 — 
Dividends paid(5,837)(5,809)
Net cash (outflow) / inflow from financing activities(205,041)100,456 
Increase in cash and cash equivalents12,269 82,027 
Cash and cash equivalents at January 1,230,415 187,511 
Cash and cash equivalents at March 31,$242,684 $269,538 
13


Scorpio Tankers Inc. and Subsidiaries
Other operating data for the three months ended March 31, 2022 and 2021
(unaudited)
For the three months ended March 31,
20222021
Adjusted EBITDA(1) (in thousands of U.S. dollars except Fleet Data)
$79,425 $42,121 
Average Daily Results
TCE per revenue day(2)
$15,415 $11,166 
Vessel operating costs per day (3)
$7,290 $6,891 
LR2
TCE per revenue day (2)
$14,475 $11,947 
Vessel operating costs per day (3)
$7,228 $6,675 
Average number of vessels42.0 42.0 
LR1
TCE per revenue day (2)
$12,320 $11,228 
Vessel operating costs per day (3)
$7,170 $6,646 
Average number of vessels10.7 12.0 
MR
TCE per revenue day (2)
$16,305 $11,281 
Vessel operating costs per day (3)
$7,364 $6,974 
Average number of vessels62.6 63.0 
Handymax
TCE per revenue day (2)
$15,949 $8,844 
Vessel operating costs per day (3)
$7,231 $7,280 
Average number of vessels14.0 17.3 
Fleet data
Average number of vessels129.3 134.3 
Drydock
Drydock, scrubber, ballast water treatment system and other vessel related payments for owned, sale leaseback and bareboat chartered-in vessels (in thousands of U.S. dollars)$14,279 $16,601 
14


(1)
See Non-IFRS Measures section below.
(2)
Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days the vessel is owned, sale leasebacked, or chartered-in less the number of days the vessel is off-hire for drydock and repairs.
(3)
Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to the owned, sale leasebacked 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 owned, sale leasebacked, or bareboat chartered-in vessels, not time chartered-in vessels.
15


Fleet list as of April 27, 2022
Vessel NameYear BuiltDWTIce classEmploymentVessel typeScrubber
Owned, sale leaseback and bareboat chartered-in vessels
1STI Brixton201438,734 1A SHTP (1) HandymaxN/A
2STI Comandante201438,734 1A SHTP (1) HandymaxN/A
3STI Pimlico201438,734 1A SHTP (1) HandymaxN/A
4STI Hackney201438,734 1A SHTP (1) HandymaxN/A
5STI Acton201438,734 1A SHTP (1) HandymaxN/A
6STI Fulham201438,734 1A SHTP (1) HandymaxN/A
7STI Camden201438,734 1A SHTP (1) HandymaxN/A
8STI Battersea201438,734 1A SHTP (1) HandymaxN/A
9STI Wembley201438,734 1A SHTP (1) HandymaxN/A
10STI Finchley201438,734 1A SHTP (1) HandymaxN/A
11STI Clapham201438,734 1A SHTP (1) HandymaxN/A
12STI Poplar201438,734 1A SHTP (1) HandymaxN/A
13STI Hammersmith201538,734 1A SHTP (1) HandymaxN/A
14STI Rotherhithe201538,734 1A SHTP (1) HandymaxN/A
15STI Amber201249,990 SMRP (2)MRYes
16STI Topaz201249,990 SMRP (2)MRYes
17STI Ruby201249,990 SMRP (2)MRNot Yet Installed
18STI Garnet201249,990 SMRP (2)MRYes
19STI Onyx201249,990 SMRP (2)MRYes
20STI Ville201349,990 SMRP (2)MRNot Yet Installed
21STI Duchessa201449,990 SMRP (2)MRNot Yet Installed
22STI Opera201449,990 SMRP (2)MRNot Yet Installed
23STI Texas City201449,990 SMRP (2)MRYes
24STI Meraux201449,990 SMRP (2)MRYes
25STI San Antonio201449,990 SMRP (2)MRYes
26STI Venere201449,990 SMRP (2)MRYes
27STI Virtus201449,990 SMRP (2)MRYes
28STI Aqua201449,990 SMRP (2)MRYes
29STI Dama201449,990 SMRP (2)MRYes
30STI Benicia201449,990 SMRP (2)MRYes (5)
31STI Regina201449,990 SMRP (2)MRYes
32STI St. Charles201449,990 SMRP (2)MRYes
33STI Mayfair201449,990 SMRP (2)MRYes
34STI Yorkville201449,990 SMRP (2)MRYes
35STI Milwaukee201449,990 SMRP (2)MRYes
36STI Battery201449,990 SMRP (2)MRYes
37STI Soho201449,990 SMRP (2)MRYes
38STI Memphis201449,990 SMRP (2)MRYes
39STI Tribeca201549,990 SMRP (2)MRYes
40STI Gramercy201549,990 SMRP (2)MRYes
41STI Bronx201549,990 SMRP (2)MRYes
42STI Pontiac201549,990 SMRP (2)MRYes
43STI Manhattan201549,990 SMRP (2)MRYes
44STI Queens201549,990 SMRP (2)MRYes
45STI Osceola201549,990 SMRP (2)MRYes
16


Vessel NameYear BuiltDWTIce classEmploymentVessel typeScrubber
46STI Notting Hill201549,687 1BSMRP (2)MRYes
47STI Seneca201549,990 SMRP (2)MRYes
48STI Westminster201549,687 1BSMRP (2)MRYes
49STI Brooklyn201549,990 SMRP (2)MRYes
50STI Black Hawk201549,990 SMRP (2)MRYes
51STI Galata201749,990 SMRP (2)MRYes
52STI Bosphorus201749,990 SMRP (2)MRNot Yet Installed
53STI Leblon201749,990 SMRP (2)MRYes
54STI La Boca201749,990 SMRP (2)MRYes
55STI San Telmo201749,990 1BSMRP (2)MRNot Yet Installed
56STI Donald C Trauscht201749,990 1BSMRP (2)MRNot Yet Installed
57STI Esles II201849,990 1BSMRP (2)MRNot Yet Installed
58STI Jardins201849,990 1BSMRP (2)MRNot Yet Installed
59STI Magic201950,000 SMRP (2)MRYes
60STI Mystery201950,000 SMRP (2)MRYes
61STI Marvel201950,000 SMRP (2)MRYes
62STI Magnetic201950,000 SMRP (2)MRYes
63STI Millennia201950,000 SMRP (2)MRYes
64STI Magister201950,000 SMRP (2)MRYes
65STI Mythic201950,000 SMRP (2)MRYes
66STI Marshall201950,000 SMRP (2)MRYes
67STI Modest201950,000 SMRP (2)MRYes
68STI Maverick201950,000 SMRP (2)MRYes
69STI Miracle202050,000 SMRP (2)MRYes
70STI Maestro202050,000 SMRP (2)MRYes
71STI Mighty202050,000 SMRP (2)MRYes
72STI Maximus202050,000 SMRP (2)MRYes
73STI Excel201574,000 SLR1P (3)LR1Yes (5)
74STI Experience201674,000 SLR1P (3)LR1Not Yet Installed (5)
75STI Express201674,000 SLR1P (3)LR1Yes (5)
76STI Precision201674,000 SLR1P (3)LR1Yes (5)
77STI Elysees2014109,999 SLR2P (4)LR2Yes
78STI Madison2014109,999 SLR2P (4)LR2Yes
79STI Park2014109,999 SLR2P (4)LR2Yes
80STI Orchard2014109,999 SLR2P (4)LR2Yes
81STI Sloane2014109,999 SLR2P (4)LR2Yes
82STI Broadway2014109,999 SLR2P (4)LR2Yes
83STI Condotti2014109,999 SLR2P (4)LR2Yes
84STI Rose2015109,999 SLR2P (4)LR2Yes
85STI Veneto2015109,999 SLR2P (4)LR2Yes
86STI Alexis2015109,999 SLR2P (4)LR2Yes
87STI Winnie2015109,999 SLR2P (4)LR2Yes
88STI Oxford2015109,999 SLR2P (4)LR2Yes
89STI Lauren2015109,999 SLR2P (4)LR2Yes
90STI Connaught2015109,999 SLR2P (4)LR2Yes
91STI Spiga2015109,999 SLR2P (4)LR2Yes
92STI Savile Row2015109,999 SLR2P (4)LR2Yes (5)
93STI Kingsway2015109,999 SLR2P (4)LR2Yes
94STI Carnaby2015109,999 SLR2P (4)LR2Yes (5)
95STI Solidarity2015109,999 SLR2P (4)LR2Yes
96STI Lombard2015109,999 SLR2P (4)LR2Yes
97STI Grace2016109,999 SLR2P (4)LR2Yes
17


Vessel NameYear BuiltDWTIce classEmploymentVessel typeScrubber
98STI Jermyn2016109,999 SLR2P (4)LR2Yes
99STI Sanctity2016109,999 SLR2P (4)LR2Yes
100STI Solace2016109,999 SLR2P (4)LR2Yes
101STI Stability2016109,999 SLR2P (4)LR2Yes
102STI Steadfast2016109,999 SLR2P (4)LR2Yes
103STI Supreme2016109,999 SLR2P (4)LR2Not Yet Installed
104STI Symphony2016109,999 SLR2P (4)LR2Yes
105STI Gallantry2016113,000 SLR2P (4)LR2Yes
106STI Goal2016113,000 SLR2P (4)LR2Yes
107STI Nautilus2016113,000 SLR2P (4)LR2Yes (5)
108STI Guard2016113,000 SLR2P (4)LR2Yes
109STI Guide2016113,000 SLR2P (4)LR2Yes
110STI Selatar2017109,999 SLR2P (4)LR2Yes
111STI Rambla2017109,999 SLR2P (4)LR2Yes
112STI Gauntlet2017113,000 SLR2P (4)LR2Yes
113STI Gladiator2017113,000 SLR2P (4)LR2Yes
114STI Gratitude2017113,000 SLR2P (4)LR2Yes
115STI Lobelia2019110,000 SLR2P (4)LR2Yes
116STI Lotus2019110,000 SLR2P (4)LR2Yes
117STI Lily2019110,000 SLR2P (4)LR2Yes
118STI Lavender2019110,000 SLR2P (4)LR2Yes
119STI Beryl201349,990 SMRP (2)MRNot Yet Installed
120STI Le Rocher201349,990 SMRP (2)MRNot Yet Installed
121STI Larvotto201349,990 SMRP (2)MRNot Yet Installed
Total owned, sale leaseback and bareboat chartered-in fleet DWT9,223,160
(1)This vessel operates in, or is expected to operate in, the Scorpio Handymax Tanker Pool, or SHTP. SHTP is a Scorpio Pool and is operated by Scorpio Commercial Management S.A.M. (SCM). SHTP and SCM are related parties to the Company.
(2)This vessel operates in, or is expected to operate 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, or is expected to operate 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)The Company has entered into an agreement to sell this vessel, which is expected to close before the end of the third quarter of 2022.
18


Dividend Policy
The declaration and payment of dividends is subject at all times to the discretion of the Company's Board of Directors. The timing and the amount of dividends, if any, depends on the Company's earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors.
The Company's dividends paid during 2021 and 2022 were as follows:
Date paidDividends per common
share
March 2021$0.10
June 2021$0.10
September 2021$0.10
December 2021$0.10
March 2022$0.10

On April 27, 2022, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about June 15, 2022 to all shareholders of record as of May 20, 2022 (the record date). As of April 27, 2022, there were 59,401,013 common shares of the Company outstanding.
$250 Million Securities Repurchase Program
In September 2020, the Company's Board of Directors authorized a new Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its Senior Notes due 2025 (NYSE: SBBA), which were originally issued in May 2020, Convertible Notes due 2022, which were issued in May and July 2018, and Convertible Notes due 2025, which were issued in March and June 2021. No securities have been repurchased under the new program since its inception through the date of this press release.
COVID-19
Since the beginning of calendar year 2020, the outbreak of the COVID-19 virus has resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets, the effects of which continued throughout 2021. While the easing of restrictive measures that were put in place to combat the spread of the virus, and the successful roll-out of vaccines in certain countries served as a catalyst for an economic recovery in many countries throughout the world, the Company expects that the COVID-19 virus will continue to cause volatility in the commodities markets. In particular, the spread of more contagious and vaccine resistant variants, along with the continued implementation of restrictive measures by governments in certain parts of the world, have hampered a full re-opening of the global economy, thus preventing demand for refined petroleum products from reaching pre-pandemic levels. The scale and duration of these circumstances is unknowable but could continue to have a material impact on the Company's earnings, cash flow and financial condition. An estimate of the impact on the Company's results of operations, financial condition, and future performance cannot be made at this time.
Conflict in Ukraine
The recent military conflict in Ukraine has had a significant direct and indirect impact on the trade of refined petroleum products. This conflict has resulted in the United States, United Kingdom, and the European Union, among other countries, implementing sanctions and executive orders against citizens, entities, and activities connected to Russia. Some of these sanctions and executive orders target the Russian oil sector, including a prohibition on the import of oil from Russia to the United States or the United Kingdom. The Company cannot foresee what other sanctions or executive orders may arise that affect the trade of petroleum products. Furthermore, the conflict and ensuing international response has disrupted the supply of Russian oil to the global market, and as a result, the price of oil and petroleum products has experienced significant volatility. The Company cannot predict what effect the higher price of oil and petroleum products will have on demand, and it is possible that the current conflict in Ukraine could adversely affect the Company's financial condition, results of operations, and future performance.
19


About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, lease finances or bareboat charters-in 121 product tankers (42 LR2 tankers, four LR1 tankers, 61 MR tankers and 14 Handymax tankers) with an average age of 6.3 years. The Company has recently agreed to sell four LR1 tankers, three LR2 tankers and one MR tanker. These sales are expected to close before the end of the third quarter of 2022. Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of this press release.

Non-IFRS Measures
Reconciliation of IFRS Financial Information to Non-IFRS Financial Information
This press release describes time charter equivalent revenue, or TCE revenue, adjusted net income or loss, and adjusted EBITDA, which are not measures prepared in accordance with IFRS ("Non-IFRS" measures). The Non-IFRS measures are presented in this press release as we believe that they provide investors and other users of our financial statements, such as our lenders, with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. These Non-IFRS measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with IFRS.
The Company believes that the presentation of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful to investors or other users of our financial statements, such as our lenders, because they facilitate the comparability and the evaluation of companies in the Company’s industry. In addition, the Company believes that TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful in evaluating its operating performance compared to that of other companies in the Company’s industry. The Company’s definitions of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries.
TCE revenue, on a historical basis, is reconciled above in the section entitled "Explanation of Variances on the First Quarter of 2022 Financial Results Compared to the First Quarter of 2021". The Company has not provided a reconciliation of forward-looking TCE revenue because the most directly comparable IFRS measure on a forward-looking basis is not available to the Company without unreasonable effort.
Reconciliation of Net Loss to Adjusted Net Loss
For the three months ended March 31, 2022
  Per sharePer share
In thousands of U.S. dollars except per share dataAmount basic diluted
Net loss$(84,448)$(1.52)$(1.52)
Adjustments:
Loss on sales of vessels67,738 $1.22 $1.22 
Write-offs of deferred financing fees and debt extinguishment costs1,855 0.03 0.03 
Adjusted net loss$(14,855)$(0.27)$(0.27)


For the three months ended March 31, 2021
Per sharePer share
In thousands of U.S. dollars except per share dataAmount basic diluted
Net loss$(62,394)$(1.15)$(1.15)
Adjustment:
Loss on Convertible Notes exchange3,856 0.07 0.07 
Write-off of deferred financing fees1,275 0.02 0.02 
Adjusted net loss$(57,263)$(1.05)(1)$(1.05)(1)

20


(1) Summation difference due to rounding.


Reconciliation of Net Loss to Adjusted EBITDA

For the three months ended March 31,
In thousands of U.S. dollars20222021
Net Loss$(84,448)$(62,394)
   Financial expenses38,001 34,067 
   Financial income(188)(225)
   Depreciation - owned or finance leased vessels44,108 48,784 
   Depreciation - right of use assets9,720 11,841 
   Amortization of restricted stock4,494 6,192 
   Loss on Convertible Notes exchange— 3,856 
   Loss on sales of vessels67,738 — 
Adjusted EBITDA$79,425 $42,121 


21


Forward-Looking Statements

Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "will," "would," "could" and similar expressions identify forward‐looking statements.

The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effect on demand for petroleum products and the transportation thereof, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off‐hires, and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties.


Scorpio Tankers Inc.
212-542-1616

22