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Scorpio Tankers Inc. 7.00% Seni (SBBA)

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    • Scorpio Tankers Inc. Announces Financial Results for the Fourth Quarter of 2020 and Declaration of a Quarterly Dividend
      GlobeNewswire

      Scorpio Tankers Inc. Announces Financial Results for the Fourth Quarter of 2020 and Declaration of a Quarterly Dividend

      MONACO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months and year ended December 31, 2020. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on the Company’s common stock. Results for the three months ended December 31, 2020 and 2019 For the three months ended December 31, 2020, the Company had a net loss of $76.3 million, or $1.41 basic and diluted loss per share. For the three months ended December 31, 2020, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $56.6 million, or $1.04 basic and diluted loss per share, which excludes from the net loss (i) $2.8 million, or $0.05 per basic and diluted share, of losses recorded on the extinguishment of debt during the period, which resulted from the refinancing of certain credit facilities and lease financing arrangements, and (ii) impairment charges of $16.8 million, or $0.31 per basic and diluted share. For the three months ended December 31, 2019, the Company had net income of $12.0 million, or $0.22 basic and $0.21 diluted earnings per share. For the three months ended December 31, 2019, the Company’s adjusted net income (see Non-IFRS Measures section below) was $12.8 million, or $0.23 basic and diluted earnings per share, which excludes from net income a $0.7 million, or $0.01 per basic and diluted share, write-off of deferred financing fees. Results for the year ended December 31, 2020 and 2019 For the year ended December 31, 2020, the Company had net income of $94.1 million, or $1.72 basic and $1.67 diluted earnings per share. For the year ended December 31, 2020, the Company had an adjusted net income (see Non-IFRS Measures section below) of $114.0 million, or $2.09 basic and $2.02 diluted earnings per share, which excludes from net income (i) a $1.0 million, or $0.02 per basic and diluted share, gain recorded on the Company's repurchase of its Convertible Notes due 2022 during the third quarter of 2020, (ii) $4.1 million, or $0.07 per basic and diluted share, of losses recorded on the extinguishment of debt during the year, which resulted from the refinancing of certain credit facilities and lease financing arrangements, and (iii) impairment charges of $16.8 million, or $0.31 per basic and $0.30 per diluted share. For the year ended December 31, 2019, the Company had a net loss of $48.5 million, or $0.97 basic and diluted loss per share. For the year ended December 31, 2019, the Company’s adjusted net loss (see Non-IFRS Measures section below) was $47.0 million, or $0.94 basic and diluted loss per share, which excludes from the net loss a $1.5 million, or $0.03 per basic and diluted share, write-off of deferred financing fees. Declaration of Dividend On February 17, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about March 15, 2021 to all shareholders of record as of March 2, 2021 (the record date). As of February 17, 2021, there were 58,093,147 common shares of the Company outstanding. Summary of Fourth Quarter and Other Recent Significant Events Below is a summary of the average daily Time Charter Equivalent ("TCE") revenue (see Non-IFRS Measures section below) and duration of contracted pool voyages and time charters for the Company's vessels thus far in the first quarter of 2021 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue): TotalPoolAverage daily TCE revenue% of DaysLR2$15,20048%LR1$11,00058%MR$11,50058%Handymax$6,80050% Below is a summary of the average daily TCE revenue earned by the Company's vessels in each of the pools during the fourth quarter of 2020: PoolAverage daily TCE revenueLR2$16,026LR1$11,765MR$9,991Handymax$7,773 In January 2021, the Company entered into a note distribution agreement with B. Riley Securities, Inc., as sales agent, pursuant to which the Company may offer and sell, from time to time, up to $75.0 million of additional aggregate principal amount of its 7.00% Senior Unsecured Notes due 2025 (the "Senior Notes due 2025"). Since its inception, the Company has issued $7.6 million aggregate principal amount of Senior Notes due 2025 under the program, resulting in $7.4 million in aggregate net proceeds (net of underwriters commissions and expenses). See “Distribution Agreement of Additional Senior Notes due 2025” below for additional information.The Company has committed financing to increase liquidity by approximately $20.8 million, consisting of: $18.9 million from the refinancing of two vessels (after the repayment of existing debt).$1.9 million from the drawdown of financing for a scrubber that has been previously paid for and installed (i.e. there are no additional payments needed in order to drawdown these funds).All of the above funds are expected to be drawn down before the end of the first quarter of 2021. The Company is also in discussions with financial institutions to further increase liquidity by up to $61.2 million in connection with the refinancing of 15 vessels.In addition to the above, the Company has $20.0 million of additional liquidity available (after the repayment of existing debt) from previously announced financings that have been committed. 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.The Company has $204.1 million in cash and cash equivalents as of February 17, 2021.The Company recorded an aggregate impairment charge to certain of its vessels and goodwill of $16.8 million as of December 31, 2020. Under IFRS, impairment losses are calculated as the excess of a vessel’s carrying amount over its recoverable amount. Recoverable amount is the higher of an asset’s (i) fair value less costs to sell and (ii) value in use. Value in use is determined by discounting the estimated future cash flows of each vessel to their present value using a discount rate that reflects the risks specific to the asset. At December 31, 2020, the Company’s value in use calculations for certain of the MRs in its fleet were below their carrying amounts which resulted in an impairment charge of $14.2 million. The recoverable amount of goodwill is tested in a similar manner, and the Company’s testing of the carrying value of its goodwill relating to its LR1 reportable segment (which arose from the Company’s acquisition of Navig8 Product Tankers Inc. in 2017), resulted in an additional impairment charge of $2.6 million. Distribution Agreement of Additional Senior Notes due 2025 In January 2021, the Company entered into a note distribution agreement (the “Distribution Agreement”) with B. Riley Securities, Inc., as sales agent (the “Agent”), under which the Company may offer and sell, from time to time, up to an additional $75.0 million aggregate principal amount of its Senior Notes due 2025 (the "Additional Notes"). Any Additional Notes sold will be issued under the Indenture pursuant to which the Company previously issued $28.1 million aggregate principal amount of the Senior Notes due 2025 on May 29, 2020 (the "Initial Notes"). The Additional Notes will have the same terms as (other than date of issuance), form a single series of debt securities with and have the same CUSIP number and be fungible with, the Initial Notes immediately upon issuance, including for purposes of notices, consents, waivers, amendments and any other action permitted under the Indenture. The Senior Notes due 2025 are listed on the New York Stock Exchange (the “NYSE”) under the symbol "SBBA." Sales of the Additional Notes may be made over a period of time, and from time to time, through the Agent, in transactions involving an offering of the Senior Notes due 2025 into the existing trading market at prevailing market prices. Since inception of this program, the Company has sold 302,566 Additional Notes for aggregate net proceeds (net of underwriting commissions and expenses) of $7.4 million. 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. 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 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, which were issued in May and July 2018, 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 $2.9 million and $13.9 million, during the three months and year ended December 31, 2020, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive. The Company's basic weighted average number of shares outstanding were 54,265,313 for the three months ended December 31, 2020. There were 55,117,113 weighted average shares outstanding including the potentially dilutive impact of restricted shares, and 59,100,976 weighted average shares outstanding under the if-converted method. Since the Company was in a net loss position, the potentially dilutive shares arising from both the Company’s restricted shares, 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. The Company's basic weighted average number of shares outstanding were 54,665,898 for the year ended December 31, 2020. There were 56,392,311 weighted average shares outstanding including the potentially dilutive impact of restricted shares, and 61,182,447 weighted average shares outstanding under the if-converted method. The calculation of diluted earnings per share for this period was calculated by including the potentially dilutive impact of restricted shares. The calculation of diluted earnings per share under the if-converted method was anti-dilutive on the basis that under this computation, the interest and non-cash amortization expense associated with these notes of $13.9 million is assumed to have not been incurred. COVID-19 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). Initially, the onset of the COVID-19 pandemic 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 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. These market dynamics led to a build up of global oil and refined petroleum product inventories. In June 2020, the underlying oil markets stabilized and global economies began to recover, albeit at a slow pace. These conditions led to the gradual unwinding of excess inventories and thus a reduction in spot TCE rates. Spot TCE rates have remained subdued ever since, as the continuation of the unwinding of inventories, coupled with tepid demand for oil, have had an adverse impact on the demand for our vessels. We expect that the COVID-19 virus will continue to cause volatility in the commodities markets. The scale and duration of these circumstances is unknowable but could have a material impact on our earnings, cash flow and financial condition in 2021. An estimate of the impact on our results of operations and financial condition cannot be made at this time. $250 Million Securities Repurchase Program In September 2020, the Company's Board of Directors authorized a Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its Senior Notes due 2025 (NYSE: SBBA), which were issued in May 2020, and Convertible Notes due 2022, which were issued in May and July 2018. No securities have been repurchased under this program since its inception through the date of this press release. Conference Call The Company has scheduled a conference call on February 18, 2021 at 8:30 AM Eastern Standard Time and 2:30 PM Central European Time. The dial-in information is as follows: US Dial-In Number: 1 (855) 861-2416International Dial-In Number: 1 (703) 736-7422Conference ID: 3055659 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/gp5u9drq Current Liquidity As of February 17, 2021, the Company had $204.1 million in unrestricted cash and cash equivalents. Drydock, Scrubber and Ballast Water Treatment Update Set forth below is a table summarizing the drydock, scrubber and ballast water treatment system activity that occurred during the fourth quarter of 2020 and that is in progress as of January 1, 2021: Number of VesselsDrydock Ballast Water Treatment SystemsScrubbersAggregate Costs ($ in millions) (1)Aggregate Off-hire Days in Q4 2020Completed in the fourth quarter of 2020 LR244—4$16.5220LR122——2.257MR21127.381Handymax—————— 8716$26.0358 In progress as of January 1, 2021 LR233—1$6.186LR133——3.328MR——————Handymax—————— 66—1$9.4114 (1) Aggregate costs for vessels completed in the quarter represent the total costs incurred, some of which may have been incurred in prior periods. Aggregate costs for vessels in progress as of January 1, 2021 represent the total costs incurred through that date, some of which may have been incurred in prior periods. Set forth below are the estimated expected payments to be made for the Company's drydocks, ballast water treatment system installations, and scrubber installations through 2021 (which also include actual payments made during the fourth quarter of 2020 and through February 17, 2021): In millions of U.S. dollarsAs of February 17, 2021 (1) (2) Q1 2021 - payments made through February 17, 2021$7.8Q1 2021 - remaining payments13.2Q2 20216.6Q3 202110.2Q4 20216.2FY 202240.6 (1) Includes estimated cash payments for drydocks, ballast water treatment system installations and scrubber installations. These amounts include installment payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual installation. In addition to these installment payments, these amounts also include estimates of the installation costs of such systems. The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks and installations finalize. (2) Based upon the commitments received to date, which include the remaining availability under certain financing transactions that have been previously announced, the Company expects to raise approximately $21.9 million of aggregate additional liquidity to finance the purchase and installations of scrubbers (after the repayment of existing debt) once all of the agreements are closed and drawn. These drawdowns are expected to occur at varying points in the future as these financings are tied to scrubber installations on the Company’s vessels. Set forth below are the estimated expected number of ships and estimated expected off-hire days for the Company's drydocks, ballast water treatment system installations, and scrubber installations (1): Q1 2021 Ships Scheduled for (2):Off-hire DrydockBallast Water Treatment SystemsScrubbersDays (3)LR21 — — 102 LR1— — — 62 MR— — — — Handymax— — — — Total Q1 20211 — — 164 Q2 2021 Ships Scheduled for (2):Off-hire DrydockBallast Water Treatment SystemsScrubbersDays (3)LR23 — — 60 LR13 — — 60 MR— — — — Handymax— — — — Total Q2 20216 — — 120 Q3 2021 Ships Scheduled for (2):Off-hire DrydockBallast Water Treatment SystemsScrubbersDays (3)LR22 — — 40 LR12 — — 40 MR— — — — Handymax— — — — Total Q3 20214 — — 80 Q4 2021 Ships Scheduled for (2):Off-hire Drydock Ballast Water Treatment SystemsScrubbersDays (3)LR22 — — 40 LR12 — — 40 MR— — — — Handymax— — — — Total Q4 20214 — — 80 FY 2022 Ships Scheduled for (2):Off-hire Drydock Ballast Water Treatment SystemsScrubbersDays (3)LR25 — 1 140 LR1— — 3 120 MR11 5 4 295 Handymax— — — — Total FY 202216 5 8 555 (1) The number of vessels in these tables reflect a certain amount of overlap where certain vessels are expected to be drydocked and have ballast water treatment systems and/or scrubbers installed simultaneously. Additionally, the timing set forth may vary as drydock, ballast water treatment system installation and scrubber installation times are finalized.(2) Represents the number of vessels scheduled to commence drydock, ballast water treatment system, and/or scrubber installations during the period. It does not include vessels that commenced work in prior periods but will be completed in the subsequent period. (3) Represents total estimated off-hire days during the period, including vessels that commenced work in a previous period. Debt Set forth below is a summary of the Company’s outstanding indebtedness as of the dates presented: In thousands of U.S. DollarsOutstanding Principal as of September 30, 2020Drawdowns and (repayments), netOutstanding Principal as of December 31, 2020Drawdowns and (repayments), netOutstanding Principal as of February 17, 20211KEXIM Credit Facility (1)(2)(4)$41,722 $(25,791) $15,931 (15,931) $— 2ING Credit Facility (10)197,660 (6,312) 191,348 203 191,551 32018 NIBC Credit Facility (8)32,098 (1,032) 31,066 (31,066) — 42017 Credit Facility (6) (7)92,247 (92,247) — — — 5Credit Agricole Credit Facility84,302 (2,142) 82,160 — 82,160 6ABN AMRO / K-Sure Credit Facility42,791 (964) 41,827 — 41,827 7Citibank / K-Sure Credit Facility88,922 (2,104) 86,818 — 86,818 8ABN / SEB Credit Facility99,513 (1,657) 97,856 — 97,856 9Hamburg Commercial Credit Facility41,138 (823) 40,315 — 40,315 10Prudential Credit Facility51,765 (1,387) 50,378 (924) 49,454 112019 DNB / GIEK Credit Facility (1)29,892 22,671 52,563 — 52,563 12BNPP Sinosure Credit Facility (2)89,781 4,952 94,733 — 94,733 132020 $225.0 Million Credit Facility (3)142,365 66,525 208,890 — 208,890 142021 $21.0 Million Credit Facility (4)— — — 21,000 21,000 15Ocean Yield Lease Financing141,322 (2,814) 138,508 (1,773) 136,735 16BCFL Lease Financing (LR2s) (10)88,539 (2,342) 86,197 2,155 88,352 17CSSC Lease Financing (3)216,234 (81,926) 134,308 (1,821) 132,487 18CSSC Scrubber Lease Financing (3)8,363 (3,920) 4,443 (588) 3,855 19BCFL Lease Financing (MRs) (10)80,871 (3,123) 77,748 3,483 81,231 202018 CMBFL Lease Financing128,245 (3,252) 124,993 (2,550) 122,443 21$116.0 Million Lease Financing (10)106,047 (2,246) 103,801 310 104,111 22AVIC Lease Financing (5)118,464 1,268 119,732 — 119,732 23China Huarong Lease Financing (10)113,625 (3,375) 110,250 10,000 120,250 24$157.5 Million Lease Financing127,336 (3,536) 123,800 — 123,800 25COSCO Lease Financing70,675 (1,925) 68,750 — 68,750 262020 CMB Lease Financing45,383 (810) 44,573 — 44,573 272020 TSFL Lease Financing (6)— 47,250 47,250 (830) 46,420 282020 SPDB-FL Lease Financing (7)— 96,500 96,500 — 96,500 292021 AVIC Lease Financing (8)— — — 44,200 44,200 30IFRS 16 - Leases - 7 Handymax4,513 (2,266) 2,247 (1,469) 778 31IFRS 16 - Leases - 3 MR38,777 (1,841) 36,936 (1,278) 35,658 32$670.0 Million Lease Financing606,675 (13,384) 593,291 (7,524) 585,767 33Unsecured Senior Notes Due 2025 (9)28,100 — 28,100 7,564 35,664 34Convertible Notes Due 2022151,229 — 151,229 — 151,229 Gross debt outstanding$3,108,594 $(22,053) 3,086,541 $23,161 $3,109,702 Cash and cash equivalents218,095 187,511 204,055 Net debt$2,890,499 $2,899,030 $2,905,647 (1) In December 2020, the Company drew down $23.7 million from its 2019 DNB / GIEK Credit Facility to refinance the existing indebtedness on an LR2 product tanker, STI Condotti, which was previously financed under the KEXIM Credit Facility. The Company repaid $15.9 million on the KEXIM Credit Facility as part of this transaction. The 2019 DNB / GIEK Credit Facility matures in July 2024, bears interest at LIBOR plus a margin of 2.5% per annum, and is expected to be repaid in equal quarterly installments of approximately $1.8 million per quarter in aggregate (which includes this, and previous drawdowns), with a balloon payment due at maturity. (2) In December 2020, the Company drew down $9.6 million from its BNPP Sinosure Credit Facility to partially finance the purchase of scrubbers on five vessels. This borrowing is collateralized by a Handymax product tanker, STI Hackney, which was previously financed under the KEXIM Credit Facility. The Company repaid $9.9 million on the KEXIM Credit Facility as part of this transaction. A total of $101.5 million has been drawn and there is $32.6 million of remaining availability under the BNPP Sinosure Credit Facility. Each drawdown is split evenly into two facilities, (i) a commercial facility (the "Commercial Facility"), and (ii) a Sinosure facility (the "Sinosure Facility"), which is being funded by the lenders under the Commercial Facility and insured by the China Export & Credit Insurance Corporation ("Sinosure"). The BNPP Sinosure Credit Facility is split into 70 tranches each of which represent the lesser of 85% of the purchase and installation price of 70 scrubbers, or $1.9 million per scrubber (not to exceed 65% of the fair market value of the collateral vessels). The Sinosure Facility and the Commercial Facility bear interest at LIBOR plus a margin of 1.80% and 2.80% per annum, respectively. The Sinosure Facility is expected to be repaid in 10 equal semi-annual installments, and the Commercial Facility is expected to be repaid at the final maturity date of the facility, or October 2025. In January 2021, the Company signed an agreement to extend the availability period under this loan facility to June 15, 2022 from March 15, 2021. (3) In October and November 2020, the Company drew down an aggregate of $71.8 million from its 2020 $225.0 Million Credit Facility to refinance the existing debt on three LR2 product tankers, STI Nautilus, STI Guard, and STI Gallantry, all of which were previously financed under the CSSC Lease Financing arrangement. The Company repaid $81.7 million on the CSSC Lease Financing and CSSC Scrubber Lease Financing arrangements, in addition to a $1.6 million prepayment fee as part of these transactions during the three months ended December 31, 2020. The remaining availability of $2.2 million under the 2020 $225.0 Million Credit Facility to partially finance the purchase and installation of scrubbers on two LR2s was terminated in December 2020. This facility has a final maturity of five years from the closing date of the loan, bears interest at LIBOR plus a margin, and is expected to be repaid in equal quarterly installments of approximately $5.3 million per quarter, in aggregate, with a balloon payment due at maturity. (4) In February 2021, the Company drew down $21.0 million on a term loan facility with a European financial institution. The proceeds of this loan facility were used to refinance the outstanding debt on an LR2 product tanker, STI Madison, that was previously financed under our KEXIM Credit Facility. The Company repaid $15.9 million on the KEXIM Credit Facility in January 2021 upon its maturity. The loan facility has a final maturity of December 2022, bears interest at LIBOR plus a margin of 2.65% per annum, and is expected to be repaid in equal quarterly installments of approximately $0.6 million, with a balloon payment due upon maturity. The remaining terms and conditions, including financial covenants, are similar to those set forth in the Company's existing credit facilities. (5) In December 2020, the Company drew down $4.6 million from the upsized portion of the AVIC Lease Financing arrangement to partially finance the purchase and installation of scrubbers on three vessels, one MR and two LR2s, that are currently part of this arrangement. The upsized portion of the lease financing has a final maturity of three years after the first drawdown, bears interest at LIBOR plus a margin of 4.20% per annum and will be repaid in quarterly principal payments of approximately $0.4 million, in aggregate, for all three vessels. (6) In November 2020, the Company closed on the sale and leaseback of two vessels, STI Galata and STI La Boca, to Taiping & Sinopec Financial Leasing Co., Ltd. ("2020 TSFL Lease Financing") for aggregate proceeds of $47.3 million. The Company repaid the outstanding indebtedness of $29.3 million related to these vessels on the 2017 Credit Facility as part of these transactions. Under the 2020 TSFL Lease Financing arrangement, each vessel is subject to a seven year bareboat charter agreement. The lease financings bear interest at LIBOR plus a margin of 3.2% per annum and are scheduled to be repaid in equal quarterly repayments of approximately $0.4 million per vessel. The lease arrangement contains purchase options to re-acquire each of the subject vessels beginning on the third anniversary date from the delivery date of the respective vessel, with a purchase obligation upon the expiration of each lease. This transaction is being accounted for as a financing transaction under IFRS 9 as the transaction does not qualify as a ‘sale’ under IFRS 15 given the Company’s right to repurchase the asset during the lease period. Accordingly, no gain or loss is recorded, and the Company will continue to recognize the vessel as an asset and recognize a financial liability (i.e. debt) for the consideration received (similar to the Company’s other sale and leaseback transactions). (7) In November and December 2020, the Company closed on the sale and leaseback of four vessels, STI Donald C Trauscht, STI Esles II, STI San Telmo, and STI Jardins with SPDB Financial Leasing Co., Ltd for aggregate proceeds of $96.5 million (the "2020 SPDB-FL Lease Financing"). The Company repaid the outstanding indebtedness of $62.9 million related to these vessels on the 2017 Credit Facility as part of these transactions. In connection with these repayments, approximately $5.0 million was released from restricted cash that was previously held in a debt service reserve account under the terms and conditions of the 2017 Credit Facility. Under the 2020 SPDB-FL Lease Financing arrangements, STI Donald C Trauscht and STI San Telmo, are subject to seven-year bareboat charter agreements, and STI Esles II and STI Jardins are subject to eight-year bareboat charter agreements. The lease financings bear interest at LIBOR plus a margin and are scheduled to be repaid in equal quarterly repayments of approximately $0.4 million per vessel. Each agreement contains purchase options to re-acquire each of the subject vessels beginning on the third anniversary date from the delivery date of the respective vessel, with a purchase obligation upon the expiration of each lease. This transaction is being accounted for as a financing transaction under IFRS 9 as the transaction does not qualify as a ‘sale’ under IFRS 15 given the Company’s right to repurchase the asset during the lease period. Accordingly, no gain or loss is recorded, and the Company will continue to recognize the vessel as an asset and recognize a financial liability (i.e. debt) for the consideration received (similar to the Company’s other sale and leaseback transactions). (8) In February 2021, the Company closed on the sale and leaseback of two vessels, STI Memphis and STI Soho, with AVIC International Leasing Co., Ltd. for aggregate proceeds of $44.2 million (the "2021 AVIC Lease Financing"). The Company repaid the outstanding indebtedness of $30.0 million related to these vessels on the 2018 NIBC Credit Facility as part of these transactions. Under the 2021 AVIC Lease Financing, STI Memphis and STI Soho, are subject to nine-year bareboat charter agreements. The lease financings bear interest at LIBOR plus a margin of 3.45% per annum and are scheduled to be repaid in equal quarterly repayments of approximately $0.4 million per vessel. Each agreement contains purchase options to re-acquire each of the subject vessels beginning on the second anniversary date from the delivery date of the respective vessel, with a purchase obligation upon the expiration of each lease. (9) In January 2021, the Company entered into a distribution agreement with the Agent, under which the Company may offer and sell, from time to time, up to an additional $75.0 million aggregate principal amount Additional Notes. The Additional Notes will have the same terms as (other than date of issuance), form a single series of debt securities with and have the same CUSIP number and be fungible with, the Initial Notes immediately upon issuance. Sales of the Additional Notes may be made over a period of time, and from time to time, through the Agent, in transactions involving an offering of the Senior Notes due 2025 into the existing trading market at prevailing market prices. Since its inception, the Company has issued $7.6 million aggregate principal amount of Additional Notes under the program, resulting in $7.4 million in aggregate net proceeds, (net of underwriters commissions and expenses). (10) Activity in 2021 includes drawdowns to partially finance the purchase and installation of scrubbers on certain vessels in the amounts of: (i) $2.1 million under the ING Credit Facility; (ii) $3.8 million under the BCFL Lease Financing (LR2s); (iii) $5.8 million under the BCFL Lease Financing (MRs); (iv) $1.9 million under the $116.0 Million Lease Financing; and (v) $10.0 million under the China Huarong Lease Financing. Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of December 31, 2020, which includes principal amounts due under the Company's secured credit facilities, Convertible Notes due 2022, lease financing arrangements, Senior Notes due 2025, and lease liabilities under IFRS 16 (which also include actual payments made during the fourth quarter of 2020 and through February 17, 2021): In millions of U.S. dollars As of February 17, 2021 (1)Q1 2021 - principal payments made through February 17, 2021 (2) $73.3 Q1 2021 - remaining principal payments (3) 75.2 Q2 2021 74.5 Q3 2021 69.5 Q4 2021 74.5 Q1 2022 (4) 87.4 Q2 2022 (5) 356.7 Q3 2022 (6) 82.2 Q4 2022 (7) 101.5 2023 and thereafter 2,091.7 $3,086.5 (1) Amounts represent the principal payments due on the Company’s outstanding indebtedness as of December 31, 2020 and do not incorporate the impact of any of the Company’s new financing initiatives which have not closed as of that date. (2) Repayments include (i) the maturity of the Company's KEXIM Credit Facility for $15.9 million, which was refinanced in February 2021 as part of the 2021 $21.0 Million Credit Facility, and (ii) $30.0 million on the NIBC Credit Facility, which was refinanced in February 2021 as part of the 2021 AVIC Lease Financing. (3) Repayments include the maturities of two tranches on the ING Credit Facility for $28.8 million. The Company has received a commitment to refinance this facility within the first quarter of 2021. (4) Repayments include the maturity of the outstanding debt related to one vessel under the Citi/K-Sure Credit Facility of $19.3 million. (5) Repayments include the maturity of the outstanding debt related to (i) three vessels under the Citi/K-Sure Credit Facility of $57.6 million in aggregate, (ii) the Company's Convertible Notes due 2022 of $151.2 million, and (iii) six vessels under the ING Credit Facility for $76.7 million in aggregate. (6) Repayments include the maturity of the outstanding debt related to one vessel under the ABN AMRO/K-Sure Credit Facility of $18.4 million. (7) Repayments include the maturity of the outstanding debt related to (i) one vessel under the ABN AMRO/K-Sure Credit Facility of $17.2 million and (ii) one vessel under the Credit Agricole Credit Facility of $16.5 million Explanation of Variances on the Fourth Quarter of 2020 Financial Results Compared to the Fourth Quarter of 2019 For the three months ended December 31, 2020, the Company recorded a net loss of $76.3 million compared to net income of $12.0 million for the three months ended December 31, 2019. The following were the significant changes between the two periods: TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot voyages, time charters, and pool charters), and it provides useful information to investors and management. The following table sets forth TCE revenue for the three months ended December 31, 2020 and 2019: For the three months ended December 31,In thousands of U.S. dollars 2020 2019 Vessel revenue $138,236 $221,622 Voyage expenses (241) (2,483) TCE revenue $137,995 $219,139 TCE revenue for the three months ended December 31, 2020 decreased by $81.1 million to $138.0 million, from $219.1 million for the three months ended December 31, 2019. Overall average TCE revenue per day decreased to $11,608 per day during the three months ended December 31, 2020, from $19,910 per day during the three months ended December 31, 2019. Given the onset of the COVID-19 pandemic, market fundamentals underlying TCE revenue during these periods differed significantly. TCE revenue for the three months ended December 31, 2020 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 most countries throughout the world continued to implement restrictive policies in an effort to control the spread of the virus, particularly as a second wave of infections took hold. These headwinds were exacerbated by the continued unwinding of excess inventories that built up in the first half of 2020.TCE revenue for the three months ended December 31, 2019 reflected a favorable shift in supply and demand dynamics driven by the January 1, 2020 implementation date of the International Maritime Organization’s (“IMO”) low sulfur emissions standards. The implementation of these standards impacted the trade flows of both crude and refined petroleum products which, combined with favorable supply and demand dynamics at the time, resulted in strengthening spot market TCE rates across all of the Company’s operating segments during the fourth quarter of 2019. Vessel operating costs for the three months ended December 31, 2020 remained consistent, increasing slightly by $1.4 million to $86.8 million, from $85.4 million for the three months ended December 31, 2019. Vessel operating costs were impacted by a net increase of one average vessel for the three months ended December 31, 2020 when compared to the three months ended December 31, 2019. This net increase was due to the delivery of four vessels that were previously under construction (three MRs in the first quarter of 2020 and one MR in September 2020), offset by the redelivery of three Handymax vessels upon the expiration of their bareboat charters in the second and third quarters of 2020.Vessel operating costs per day also remained consistent, increasing slightly to $6,987 per day for the three months ended December 31, 2020 from $6,928 per day for the three months ended December 31, 2019. Depreciation expense - owned or sale leaseback vessels for the three months ended December 31, 2020 increased by $3.5 million to $49.9 million, from $46.5 million for the three months ended December 31, 2019. The increase was due to the Company's drydock, scrubber and ballast water treatment system installations that have taken place over the preceding 12-month period. While the Company has completed most of its scrubber and ballast water treatment installations over the past two years, depreciation expense in future periods is expected to increase, albeit at a lower rate, as the Company continues the installation of ballast water treatment systems and/or scrubbers on certain remaining vessels in 2021 and beyond. The Company expects to depreciate the majority of the cost of this equipment over each vessel's remaining useful life.Depreciation expense - right of use assets for the three months ended December 31, 2020 remained consistent, decreasing slightly by $0.1 million to $12.6 million from $12.6 million for the three months ended December 31, 2019. 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 four vessels that were previously under construction (three MRs in the first quarter of 2020 and one MR in September 2020), offset by the redelivery of three Handymax vessels upon the expiration of their bareboat charters in the second and third quarters of 2020. The Company had four LR2s, 18 MRs, and four Handymax vessels that were accounted for under IFRS 16 - Leases during the three months ended December 31, 2020. The right of use asset depreciation for these vessels is approximately $0.2 million per MR and Handymax per month, and $0.3 million per LR2 per month. The leases on the four Handymax vessels are scheduled to expire in March 2021.Impairment - At December 31, 2020, the Company reviewed the carrying amount of its vessels to determine whether there was an indication that these assets had suffered an impairment. As part of this assessment, the Company determined that impairment indicators existed as a result of the adverse market conditions brought on by the COVID-19 pandemic. An indicator of impairment prompts the Company to perform a calculation of the potentially impaired vessel’s value in use in order to appropriately determine the “higher of” its value in use and its fair value less costs to sell (market value). The higher of the two values is then determined to be the vessel’s recoverable amount.Under IFRS, impairment losses are calculated as the excess of a vessel’s carrying amount over its recoverable amount. Value in use is determined by discounting the estimated future cash flows of each vessel to its present value using a discount rate that reflects the risks specific to the asset. At December 31, 2020, the Company’s value in use calculations for certain of the MRs in its fleet were below their carrying amounts, which resulted in an aggregate impairment charge of $14.2 million. The recoverable amount of goodwill is tested in a similar manner by estimating the future cash flows of the reportable segments to which the goodwill is allocated. The Company’s assessment of the carrying value of its goodwill that was allocated to its LR1 reportable segment, which arose from its acquisition of Navig8 Product Tankers Inc. in 2017, resulted in an additional impairment charge of $2.6 million. General and administrative expenses for the three months ended December 31, 2020, decreased by $1.4 million to $14.3 million, from $15.8 million for the three months ended December 31, 2019. This decrease was due to an overall reduction in costs during the three months ended December 31, 2020, including reductions in restricted stock amortization and compensation expenses.Financial expenses for the three months ended December 31, 2020 decreased by $11.4 million to $35.9 million, from $47.3 million for the three months ended December 31, 2019. The decrease was primarily driven by significant decreases in LIBOR rates, which underpin all of the Company's variable rate borrowings, and which have collapsed since the onset of the COVID-19 pandemic. Scorpio Tankers Inc. and Subsidiaries Condensed Consolidated Statements of Income or Loss(unaudited) For the three months ended December 31, For the year ended December 31,In thousands of U.S. dollars except per share and share data2020 2019 2020 2019Revenue Vessel revenue$138,236 $221,622 $915,892 $704,325 Operating expenses Vessel operating costs(86,775) (85,412) (333,748) (294,531) Voyage expenses(241) (2,483) (7,959) (6,160) Charterhire— — — (4,399) Depreciation - owned or sale leaseback vessels(49,948) (46,477) (194,268) (180,052) Depreciation - right of use assets(12,578) (12,636) (51,550) (26,916) Impairment of vessels(14,207) — (14,207) — Impairment of goodwill(2,639) — (2,639) — General and administrative expenses(14,318) (15,758) (66,187) (62,295) Total operating expenses(180,706) (162,766) (670,558) (574,353)Operating income(42,470) 58,856 245,334 129,972 Other (expense) and income, net Financial expenses(35,888) (47,287) (154,971) (186,235) Gain on repurchase of Convertible Notes— — 1,013 — Financial income181 756 1,249 8,182 Other income and (expense), net1,916 (283) 1,499 (409) Total other expense, net(33,791) (46,814) (151,210) (178,462)Net (loss) / income$(76,261) $12,042 $94,124 $(48,490) (Loss) / Earnings per share Basic$(1.41) $0.22 $1.72 $(0.97) Diluted$(1.41) $0.21 $1.67 $(0.97) Basic weighted average shares outstanding54,265,313 54,626,119 54,665,898 49,857,998 Diluted weighted average shares outstanding (1)54,265,313 56,780,849 56,392,311 49,857,998 (1) The computation of diluted loss per share for the three months ended December 31, 2020 excludes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 because their effect would have been anti-dilutive. The computation of diluted earnings per share for the year ended December 31, 2020 includes the effect of potentially dilutive unvested shares of restricted stock but excludes the effect of the Convertible Notes due 2022 under the if-converted method because their effect would have been anti-dilutive. The computation of diluted earnings per share for the three months ended December 31, 2019 includes the effect of potentially dilutive unvested shares of restricted stock but excludes the effect of the Convertible Notes due 2022 under the if-converted method because their effect would have been anti-dilutive. The computation of diluted loss per share for the year ended December 31, 2019 excludes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 because their effect would have been anti-dilutive. Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Balance Sheets(unaudited) As ofIn thousands of U.S. dollarsDecember 31, 2020 December 31, 2019Assets Current assets Cash and cash equivalents$187,511 $202,303 Accounts receivable58,217 78,174 Prepaid expenses and other current assets12,430 13,855 Inventories9,261 8,646 Total current assets267,419 302,978 Non-current assets Vessels and drydock4,002,888 4,008,158 Right of use assets807,179 697,903 Other assets66,945 131,139 Goodwill8,900 11,539 Restricted cash5,293 12,293 Total non-current assets4,891,205 4,861,032 Total assets$5,158,624 $5,164,010 Current liabilities Current portion of long-term debt$172,705 $235,482 Lease liability - sale and leaseback vessels131,736 122,229 Lease liability - IFRS 1656,678 63,946 Accounts payable12,863 23,122 Accrued expenses32,193 41,452 Total current liabilities406,175 486,231 Non-current liabilities Long-term debt971,172 999,268 Lease liability - sale and leaseback vessels1,139,713 1,195,494 Lease liability - IFRS 16575,796 506,028 Total non-current liabilities2,686,681 2,700,790 Total liabilities3,092,856 3,187,021 Shareholders' equity Issued, authorized and fully paid-in share capital: Share capital656 646 Additional paid-in capital2,850,206 2,842,446 Treasury shares(480,172) (467,057)Accumulated deficit(304,922) (399,046)Total shareholders' equity2,065,768 1,976,989 Total liabilities and shareholders' equity$5,158,624 $5,164,010 Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows (unaudited) For the year ended December 31,In thousands of U.S. dollars2020 2019Operating activities Net income / (loss)$94,124 $(48,490)Depreciation - owned or finance leased vessels194,268 180,052 Depreciation - right of use assets51,550 26,916 Amortization of restricted stock28,506 27,421 Impairment of vessels and goodwill16,846 — Amortization of deferred financing fees6,657 7,041 Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities2,025 1,466 Accretion of convertible notes8,413 11,375 Accretion of fair value measurement on debt assumed in business combinations3,422 3,615 Gain on repurchases of convertible notes(1,013) — 404,798 209,396 Changes in assets and liabilities: Increase in inventories(615) (346)Decrease / (increase) in accounts receivable19,957 (8,458)Decrease in prepaid expenses and other current assets1,424 1,816 Decrease / (increase) in other assets856 (7,177)(Decrease) / increase in accounts payable(5,094) 4,019 (Decrease) / increase in accrued expenses(1,945) 10,262 14,583 116 Net cash inflow from operating activities419,381 209,512 Investing activities Acquisition of vessels and payments for vessels under construction— (2,998)Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, finance leased and bareboat-in vessels)(174,477) (203,975)Net cash outflow from investing activities(174,477) (206,973)Financing activities Debt repayments(800,072) (343,351)Issuance of debt705,390 108,589 Debt issuance costs(13,523) (5,744)Principal repayments on lease liability - IFRS 16(77,913) (36,761)Decrease / (increase) in restricted cash7,001 (9)Repurchase / repayment of convertible notes(46,737) (145,000)Gross proceeds from issuance of common stock2,601 50,000 Equity issuance costs(26) (333)Dividends paid(23,302) (21,278)Repurchase of common stock(13,115) (1)Net cash outflow from financing activities(259,696) (393,888)Decrease in cash and cash equivalents(14,792) (391,349)Cash and cash equivalents at January 1,202,303 593,652 Cash and cash equivalents at December 31,$187,511 $202,303 Scorpio Tankers Inc. and SubsidiariesOther operating data for the three months and year ended December 31, 2020 and 2019 (unaudited) For the three months ended December 31, For the year ended December 31, 2020 2019 2020 2019Adjusted EBITDA(1) (in thousands of U.S. dollars except Fleet Data) $45,190 $124,399 $538,003 $363,952 Average Daily Results TCE per day(2) $11,608 $19,910 $19,655 $16,682 Vessel operating costs per day(3) $6,987 $6,928 $6,734 $6,563 LR2 TCE per revenue day (2) $15,995 $24,987 $26,786 $20,254 Vessel operating costs per day(3) $7,396 $7,123 $7,007 $6,829 Average number of vessels 42.0 42.0 42.0 39.1 LR1 TCE per revenue day (2) $11,739 $17,648 $21,579 $15,846 Vessel operating costs per day(3) $7,178 $7,570 $6,921 $6,658 Average number of vessels 12.0 12.0 12.0 12.0 MR TCE per revenue day (2) $9,962 $17,261 $16,224 $15,095 Vessel operating costs per day(3) $6,658 $6,505 $6,520 $6,312 Average number of vessels 63.0 59.0 62.0 51.0 Handymax TCE per revenue day (2) $7,769 $19,294 $14,835 $14,575 Vessel operating costs per day(3) $7,055 $7,351 $6,710 $6,621 Average number of vessels 18.0 21.0 19.5 21.0 Fleet data Average number of vessels 135.0 134.0 135.4 123.1 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) $21,863 $75,406 $174,477 $203,975 (1)See Non-IFRS Measures section below.(2)Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days the vessel is owned, finance leased or chartered-in less the number of days the vessel is off-hire for drydock and repairs.(3)Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to the owned, finance leased or bareboat chartered-in vessels, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to our owned, finance leased or bareboat chartered-in vessels, not our time chartered-in vessels. Fleet list as of February 17, 2021 Vessel Name Year Built DWT Ice class Employment Vessel type Scrubber Owned, sale leaseback and bareboat chartered-in vessels 1STI Brixton 2014 38,734 1A SHTP (1) Handymax N/A 2STI Comandante 2014 38,734 1A SHTP (1) Handymax N/A 3STI Pimlico 2014 38,734 1A SHTP (1) Handymax N/A 4STI Hackney 2014 38,734 1A SHTP (1) Handymax N/A 5STI Acton 2014 38,734 1A SHTP (1) Handymax N/A 6STI Fulham 2014 38,734 1A SHTP (1) Handymax N/A 7STI Camden 2014 38,734 1A SHTP (1) Handymax N/A 8STI Battersea 2014 38,734 1A SHTP (1) Handymax N/A 9STI Wembley 2014 38,734 1A SHTP (1) Handymax N/A 10STI Finchley 2014 38,734 1A SHTP (1) Handymax N/A 11STI Clapham 2014 38,734 1A SHTP (1) Handymax N/A 12STI Poplar 2014 38,734 1A SHTP (1) Handymax N/A 13STI Hammersmith 2015 38,734 1A SHTP (1) Handymax N/A 14STI Rotherhithe 2015 38,734 1A SHTP (1) Handymax N/A 15STI Amber 2012 49,990 — SMRP (2) MR Yes 16STI Topaz 2012 49,990 — SMRP (2) MR Yes 17STI Ruby 2012 49,990 — SMRP (2) MR Not Yet Installed 18STI Garnet 2012 49,990 — SMRP (2) MR Yes 19STI Onyx 2012 49,990 — SMRP (2) MR Yes 20STI Fontvieille 2013 49,990 — SMRP (2) MR Not Yet Installed 21STI Ville 2013 49,990 — SMRP (2) MR Not Yet Installed 22STI Duchessa 2014 49,990 — SMRP (2) MR Not Yet Installed 23STI Opera 2014 49,990 — SMRP (2) MR Not Yet Installed 24STI Texas City 2014 49,990 — SMRP (2) MR Yes 25STI Meraux 2014 49,990 — SMRP (2) MR Yes 26STI San Antonio 2014 49,990 — SMRP (2) MR Yes 27STI Venere 2014 49,990 — SMRP (2) MR Yes 28STI Virtus 2014 49,990 — SMRP (2) MR Yes 29STI Aqua 2014 49,990 — SMRP (2) MR Yes 30STI Dama 2014 49,990 — SMRP (2) MR Yes 31STI Benicia 2014 49,990 — SMRP (2) MR Yes 32STI Regina 2014 49,990 — SMRP (2) MR Yes 33STI St. Charles 2014 49,990 — SMRP (2) MR Yes 34STI Mayfair 2014 49,990 — SMRP (2) MR Yes 35STI Yorkville 2014 49,990 — SMRP (2) MR Yes 36STI Milwaukee 2014 49,990 — SMRP (2) MR Yes 37STI Battery 2014 49,990 — SMRP (2) MR Yes 38STI Soho 2014 49,990 — SMRP (2) MR Yes 39STI Memphis 2014 49,990 — SMRP (2) MR Yes 40STI Tribeca 2015 49,990 — SMRP (2) MR Yes 41STI Gramercy 2015 49,990 — SMRP (2) MR Yes 42STI Bronx 2015 49,990 — SMRP (2) MR Yes 43STI Pontiac 2015 49,990 — SMRP (2) MR Yes 44STI Manhattan 2015 49,990 — SMRP (2) MR Yes 45STI Queens 2015 49,990 — SMRP (2) MR Yes 46STI Osceola 2015 49,990 — SMRP (2) MR Yes 47STI Notting Hill 2015 49,687 1B SMRP (2) MR Yes 48STI Seneca 2015 49,990 — SMRP (2) MR Yes 49STI Westminster 2015 49,687 1B SMRP (2) MR Yes 50STI Brooklyn 2015 49,990 — SMRP (2) MR Yes 51STI Black Hawk 2015 49,990 — SMRP (2) MR Yes 52STI Galata 2017 49,990 — SMRP (2) MR Yes 53STI Bosphorus 2017 49,990 — SMRP (2) MR Not Yet Installed 54STI Leblon 2017 49,990 — SMRP (2) MR Yes 55STI La Boca 2017 49,990 — SMRP (2) MR Yes 56STI San Telmo 2017 49,990 1B SMRP (2) MR Not Yet Installed 57STI Donald C Trauscht 2017 49,990 1B SMRP (2) MR Not Yet Installed 58STI Esles II 2018 49,990 1B SMRP (2) MR Not Yet Installed 59STI Jardins 2018 49,990 1B SMRP (2) MR Not Yet Installed 60STI Magic 2019 50,000 — SMRP (2) MR Yes 61STI Majestic 2019 50,000 — SMRP (2) MR Yes 62STI Mystery 2019 50,000 — SMRP (2) MR Yes 63STI Marvel 2019 50,000 — SMRP (2) MR Yes 64STI Magnetic 2019 50,000 — SMRP (2) MR Yes 65STI Millennia 2019 50,000 — SMRP (2) MR Yes 66STI Master 2019 50,000 — SMRP (2) MR Yes 67STI Mythic 2019 50,000 — SMRP (2) MR Yes 68STI Marshall 2019 50,000 — SMRP (2) MR Yes 69STI Modest 2019 50,000 — SMRP (2) MR Yes 70STI Maverick 2019 50,000 — SMRP (2) MR Yes 71STI Miracle 2020 50,000 — SMRP (2) MR Yes 72STI Maestro 2020 50,000 — SMRP (2) MR Yes 73STI Mighty 2020 50,000 — SMRP (2) MR Yes 74STI Maximus 2020 50,000 — SMRP (2) MR Yes 75STI Excel 2015 74,000 — SLR1P (3) LR1 Not Yet Installed 76STI Excelsior 2016 74,000 — SLR1P (3) LR1 Not Yet Installed 77STI Expedite 2016 74,000 — SLR1P (3) LR1 Not Yet Installed 78STI Exceed 2016 74,000 — SLR1P (3) LR1 Not Yet Installed 79STI Executive 2016 74,000 — SLR1P (3) LR1 Yes 80STI Excellence 2016 74,000 — SLR1P (3) LR1 Yes 81STI Experience 2016 74,000 — SLR1P (3) LR1 Not Yet Installed 82STI Express 2016 74,000 — SLR1P (3) LR1 Yes 83STI Precision 2016 74,000 — SLR1P (3) LR1 Yes 84STI Prestige 2016 74,000 — SLR1P (3) LR1 Yes 85STI Pride 2016 74,000 — SLR1P (3) LR1 Yes 86STI Providence 2016 74,000 — SLR1P (3) LR1 Yes 87STI Elysees 2014 109,999 — SLR2P (4) LR2 Yes 88STI Madison 2014 109,999 — SLR2P (4) LR2 Yes 89STI Park 2014 109,999 — SLR2P (4) LR2 Yes 90STI Orchard 2014 109,999 — SLR2P (4) LR2 Yes 91STI Sloane 2014 109,999 — SLR2P (4) LR2 Yes 92STI Broadway 2014 109,999 — SLR2P (4) LR2 Yes 93STI Condotti 2014 109,999 — SLR2P (4) LR2 Yes 94STI Rose 2015 109,999 — SLR2P (4) LR2 Yes 95STI Veneto 2015 109,999 — SLR2P (4) LR2 Yes 96STI Alexis 2015 109,999 — SLR2P (4) LR2 Yes 97STI Winnie 2015 109,999 — SLR2P (4) LR2 Yes 98STI Oxford 2015 109,999 — SLR2P (4) LR2 Yes 99STI Lauren 2015 109,999 — SLR2P (4) LR2 Yes 100STI Connaught 2015 109,999 — SLR2P (4) LR2 Yes 101STI Spiga 2015 109,999 — SLR2P (4) LR2 Yes 102STI Savile Row 2015 109,999 — SLR2P (4) LR2 Yes 103STI Kingsway 2015 109,999 — SLR2P (4) LR2 Yes 104STI Carnaby 2015 109,999 — SLR2P (4) LR2 Yes 105STI Solidarity 2015 109,999 — SLR2P (4) LR2 Yes 106STI Lombard 2015 109,999 — SLR2P (4) LR2 Yes 107STI Grace 2016 109,999 — SLR2P (4) LR2 Yes 108STI Jermyn 2016 109,999 — SLR2P (4) LR2 Yes 109STI Sanctity 2016 109,999 — SLR2P (4) LR2 Yes 110STI Solace 2016 109,999 — SLR2P (4) LR2 Yes 111STI Stability 2016 109,999 — SLR2P (4) LR2 Yes 112STI Steadfast 2016 109,999 — SLR2P (4) LR2 Yes 113STI Supreme 2016 109,999 — SLR2P (4) LR2 Not Yet Installed 114STI Symphony 2016 109,999 — SLR2P (4) LR2 Yes 115STI Gallantry 2016 113,000 — SLR2P (4) LR2 Yes 116STI Goal 2016 113,000 — SLR2P (4) LR2 Yes 117STI Nautilus 2016 113,000 — SLR2P (4) LR2 Yes 118STI Guard 2016 113,000 — SLR2P (4) LR2 Yes 119STI Guide 2016 113,000 — SLR2P (4) LR2 Yes 120STI Selatar 2017 109,999 — SLR2P (4) LR2 Yes 121STI Rambla 2017 109,999 — SLR2P (4) LR2 Yes 122STI Gauntlet 2017 113,000 — SLR2P (4) LR2 Yes 123STI Gladiator 2017 113,000 — SLR2P (4) LR2 Yes 124STI Gratitude 2017 113,000 — SLR2P (4) LR2 Yes 125STI Lobelia 2019 110,000 — SLR2P (4) LR2 Yes 126STI Lotus 2019 110,000 — SLR2P (4) LR2 Yes 127STI Lily 2019 110,000 — SLR2P (4) LR2 Yes 128STI Lavender 2019 110,000 — SLR2P (4) LR2 Yes 129Sky 2007 37,847 1A SHTP (1) Handymax N/A(5)130Steel 2008 37,847 1A SHTP (1) Handymax N/A(5)131Stone I 2008 37,847 1A SHTP (1) Handymax N/A(5)132Style 2008 37,847 1A SHTP (1) Handymax N/A(5)133STI Beryl 2013 49,990 — SMRP (2) MR Not Yet Installed(6)134STI Le Rocher 2013 49,990 — SMRP (2) MR Not Yet Installed(6)135STI Larvotto 2013 49,990 — SMRP (2) MR Not Yet Installed(6) Total owned, sale leaseback and bareboat chartered-in fleet DWT 9,374,548 (1)This vessel operates in the Scorpio Handymax Tanker Pool, or SHTP. SHTP is a Scorpio Pool and is operated by Scorpio Commercial Management S.A.M. (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)In March 2019, we entered into a new bareboat charter-in agreement on a previously bareboat chartered-in vessel. The term of the agreement is for two years at a bareboat rate of $6,300 per day. The agreement is expected to expire on March 31, 2021.(6)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. 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 2019 and 2020 were as follows: Date paidDividends per common shareMarch 2019$0.100June 2019$0.100September 2019$0.100December 2019$0.100March 2020$0.100June 2020$0.100September 2020$0.100December 2020$0.100 On February 17, 2021, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about March 15, 2021 to all shareholders of record as of March 2, 2021 (the record date). As of February 17, 2021, there were 58,093,147 common shares of the Company outstanding. $250 Million Securities Repurchase Program In May 2015, the Company's Board of Directors authorized a Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its Senior Notes due 2025 (NYSE: SBBA), which were issued in May 2020, and Convertible Notes due 2022, which were issued in May and July 2018. Between July 1, 2020 and September 7, 2020, the Company repurchased $52.3 million face value of its Convertible Notes due 2022 at an average price of $894.12 per $1,000 principal amount, or $46.7 million.In September 2020, the Company acquired an aggregate of 1,170,000 of its common shares at an average price of $11.18 per share for a total of $13.1 million. The repurchased shares are being held as treasury shares. 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. The aforementioned repurchases of common stock and convertible notes were executed under the previous securities repurchase program which has since been terminated. No securities have been repurchased under the new program since its inception through the date of this press release. At the Market Offering Program In November 2019, the Company entered into an “at the market” offering program (the "ATM Program") pursuant to which it may sell up to $100 million of its common shares, par value $0.01 per share. As part of the ATM Program, the Company entered into an equity distribution agreement dated November 7, 2019 (the “Sales Agreement”), with BTIG, LLC, as sales agent (the "Equity ATM Agent"). In accordance with the terms of the Sales Agreement, the Company may offer and sell its common shares from time to time through the Equity ATM Agent by means of ordinary brokers’ transactions on the NYSE at market prices, in block transactions, or as otherwise agreed upon by the Equity ATM Agent and the Company. In June 2020, the Company sold an aggregate of 137,067 of its common shares at an average price of $18.79 per share for aggregate net proceeds of $2.6 million. No additional sales have been made under this program and there is $97.4 million of remaining availability under the ATM Program as of February 17, 2021. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, finance leases or bareboat charters-in 135 product tankers (42 LR2 tankers, 12 LR1 tankers, 63 MR tankers and 18 Handymax tankers) with an average age of 5.2 years. 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 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 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 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 Fourth Quarter of 2020 Financial Results Compared to the Fourth Quarter of 2019". 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) / Income to Adjusted Net (Loss) / Income For the three months ended December 31, 2020 Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted Net loss $(76,261) $(1.41) $(1.41) Adjustments: Loss on extinguishment of debt 2,788 0.05 0.05 Impairment of vessels 14,207 0.26 0.26 Impairment of goodwill 2,639 0.05 0.05 Adjusted net loss $(56,627) $(1.04)(1)$(1.04)(1) For the three months ended December 31, 2019 Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted Net income $12,042 $0.22 $0.21 Adjustment: Deferred financing fees write-off 748 0.01 0.01 Adjusted net income $12,790 $0.23 $0.23 (1) For the year ended December 31, 2020 Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted Net income $94,124 $1.72 $1.67 Adjustments: Loss on extinguishment of debt 4,056 0.07 0.07 Gain on repurchase of Convertible Notes (1,013) $(0.02) $(0.02) Impairment of vessels 14,207 0.26 0.25 Impairment of goodwill 2,639 0.05 0.05 Adjusted net income $114,013 $2.09 (1)$2.02 For the year ended December 31, 2019 Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted Net loss $(48,490) $(0.97) $(0.97) Adjustment: Deferred financing fees write-off 1,466 0.03 0.03 Adjusted net loss $(47,024) $(0.94) $(0.94) (1) Summation differences due to rounding Reconciliation of Net (Loss) / Income to Adjusted EBITDA For the three months ended December 31, For the year ended December 31,In thousands of U.S. dollars 2020 2019 2020 2019 Net (loss) / income $(76,261) $12,042 $94,124 $(48,490) Financial expenses 35,888 47,287 154,971 186,235 Financial income (181) (756) (1,249) (8,182) Depreciation - owned or finance leased vessels 49,948 46,477 194,268 180,052 Depreciation - right of use assets 12,578 12,636 51,550 26,916 Impairment of vessels 14,207 — 14,207 — Impairment of goodwill 2,639 — 2,639 — Amortization of restricted stock 6,372 6,713 28,506 27,421 Gain on repurchase of Convertible Notes — — (1,013) — Adjusted EBITDA $45,190 $124,399 $538,003 $363,952 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

    • Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2020 and Declaration of a Quarterly Dividend
      GlobeNewswire

      Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2020 and Declaration of a Quarterly Dividend

      MONACO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three and nine months ended September 30, 2020.  The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share on the Company’s common stock. Results for the three months ended September 30, 2020 and 2019        For the three months ended September 30, 2020, the Company had a net loss of $20.2 million, or $0.37 basic and diluted loss per share.  For the three months ended September 30, 2020, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $20.2 million, or $0.37 basic and diluted loss per share, which excludes from net loss (i) a $1.0 million, or $0.02 per basic and diluted share, gain recorded on the Company's repurchase of its Convertible Notes due 2022 and (ii) a $1.0 million, or $0.02 per basic and diluted share, write-off of deferred financing fees and unamortized fair value discounts on sale and leaseback liabilities that were refinanced during the period.For the three months ended September 30, 2019, the Company had a net loss of $45.3 million, or $0.93 basic and diluted loss per share.  For the three months ended September 30, 2019, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $44.8 million, or $0.92 basic and diluted loss per share, which excludes from the net loss a $0.4 million, or $0.01 per basic and diluted share, write-off of deferred financing fees.Results for the nine months ended September 30, 2020 and 2019        For the nine months ended September 30, 2020, the Company had net income of $170.4 million, or $3.11 basic and $2.95 diluted earnings per share.  For the nine months ended September 30, 2020, the Company had an adjusted net income (see Non-IFRS Measures section below) of $170.6 million, or $3.11 basic and $2.95 diluted earnings per share, which excludes from net income (i) a $1.0 million, or $0.02 per basic and diluted share, gain recorded on the Company's repurchase of its Convertible Notes due 2022 and (ii) a $1.3 million, or $0.02 per basic and diluted share, write-off of deferred financing fees and unamortized fair value discounts on sale and leaseback liabilities that were refinanced during the period.For the nine months ended September 30, 2019, the Company had a net loss of $60.5 million, or $1.25 basic and diluted loss per share.  For the nine months ended September 30, 2019, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $59.8 million, or $1.24 basic and diluted loss per share, which excludes from the net loss a $0.7 million, or $0.01 per basic and diluted share, write-off of deferred financing fees.Declaration of DividendOn November 3, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about December 14, 2020 to all shareholders of record as of November 23, 2020 (the record date).  As of November 4, 2020, there were 58,000,147 common shares of the Company outstanding.Summary of Third Quarter and Other Recent Significant Events * Below is a summary of the average daily Time Charter Equivalent ("TCE") revenue (see Non-IFRS Measures section below) and duration of contracted pool voyages and time charters for the Company's vessels thus far in the fourth quarter of 2020 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue):  Total PoolAverage daily TCE revenue% of Days LR2$18,25051 % LR1$12,50063 % MR$11,00048 % Handymax$8,50047 % * Below is a summary of the average daily TCE revenue earned by the Company's vessels in each of the pools during the third quarter of 2020:PoolAverage daily TCE revenue LR2$19,131 LR1$17,632 MR$13,530 Handymax$9,899 * The Company has committed financing to increase liquidity by approximately $63.9 million, which includes: o $47.1 million from the refinancing of eight vessels (after the repayment of existing debt)  o $16.8 million from the drawdown of financing for scrubbers that have been previously paid for and installed (i.e. there are no additional payments needed in order to drawdown these funds) o These funds will be drawn down in the coming weeks * The Company is also in discussions with financial institutions to further increase liquidity by up to $75 million from the refinancing of 11 vessels. * In addition to the above, the Company has $44.2 million of additional liquidity available (after the repayment of existing debt) from previously announced financings that have been committed.  These drawdowns are expected to occur at varying points in the future as several of these financings are tied to scrubber installations on the Company’s vessels. * In the third quarter of 2020, the Company repurchased $52.3 million face value of its Convertible Notes due 2022 at an average price of $894.12 per $1,000 principal amount, or $46.7 million. * In September 2020, the Company acquired an aggregate of 1,170,000 of its common shares at an average price of $11.18 per share for a total of $13.1 million.  * 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 securities which, in addition to the Company's common shares, currently consist of the Convertible Notes due 2022 and Senior Notes due 2025 (NYSE: SBBA).  The aforementioned repurchases of common stock and our convertible notes were executed under the previous securities repurchase program.  This program has since been terminated and any future purchases of the Company's securities will be made under the new $250 million securities repurchase program. * In September 2020, the Company took delivery of a scrubber-fitted MR product tanker, STI Maximus, under an eight-year bareboat charter agreement. The leasehold interest in this vessel was acquired as part of the transaction with Trafigura Maritime Logistics Pte. Ltd. (the “Trafigura Transaction”) that was announced in September 2019. The bareboat lease has similar terms and conditions as the other leased vessels in the Trafigura Transaction.Diluted Weighted Number of Shares Diluted earnings per share is determined using the if-converted method. Under this method, the Company assumes that its Convertible Notes due 2022, which were issued in May and July 2018, were converted into common shares at the beginning of each period and the interest and non-cash amortization expense associated with these notes of $3.4 million and $11.0 million, respectively, during the three and nine months ended September 30, 2020 were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.For the three and nine months ended September 30, 2020, the Company's basic weighted average number of shares were 54,905,361 and 54,800,402, respectively.  For the three and nine months ended September 30, 2020, the Company's diluted weighted average number of shares were 55,850,026 and 56,516,982 (which includes the potentially dilutive impact of unvested shares of restricted stock and excludes the impact of the Convertible Notes due 2022), respectively, and 60,486,468 and 61,578,016, respectively, under the if-converted method.  The Company's earnings per share for the nine months ended September 30, 2020 was calculated under the if-converted method as the result of this calculation was dilutive.  The Company's diluted loss per share for the three months ended September 30, 2020 was calculated using the basic weighted average number of shares outstanding, as the calculation using both diluted weighted average shares outstanding and under the if-converted method were anti-dilutive. Novel Coronavirus (COVID-19) Since the beginning of calendar year 2020, the outbreak of COVID-19 that originated in China and that has spread to most developed nations of the world has resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial and commodities markets (including oil).While the reduction of economic activity significantly reduced global demand for oil and refined petroleum products, the extreme volatility in the oil markets and the steep contango that developed in the prices of oil and refined petroleum products in March 2020 resulted in record increases in spot TCE rates during the second quarter of 2020 as an abundance of arbitrage and floating storage opportunities opened up.  These market dynamics led to a build up of global oil and refined petroleum product inventories during that time period.  In June 2020, the underlying oil markets stabilized and these excess inventories began to unwind which, along with customary seasonal weakness, led to a reduction in spot TCE rates through the third quarter of 2020. We expect that the COVID-19 virus will continue to cause volatility in the commodities markets. The scale and duration of these circumstances is unknowable but could have a material impact on our earnings, cash flow and financial condition for the remainder of 2020 and beyond. An estimate of the impact on our results of operations and financial condition cannot be made at this time.$250 Million Securities Repurchase ProgramIn May 2015, the Company's Board of Directors authorized a Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its Senior Notes due 2025 (NYSE: SBBA), which were issued in May 2020, and Convertible Notes due 2022, which were issued in May and July 2018. * Between July 1, 2020 and September 7, 2020, the Company repurchased $52.3 million face value of its Convertible Notes due 2022 at an average price of $894.12 per $1,000 principal amount, or $46.7 million. * In September 2020, the Company acquired an aggregate of 1,170,000 of its common shares at an average price of $11.18 per share for a total of $13.1 million.  The repurchased shares are being held as treasury shares.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.  The aforementioned repurchases of common stock and our convertible notes were executed under the previous securities repurchase program which has since been terminated and any future purchases of the Company's securities will be made under the new $250 million securities repurchase program.Conference Call The Company has scheduled a conference call on November 5, 2020 at 9:00 AM Eastern Standard Time and 3:00 PM Central European 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:  9535429Participants 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/gpx2hp37.Current Liquidity As of November 4, 2020, the Company had $209.7 million in unrestricted cash and cash equivalents. Drydock, Scrubber and Ballast Water Treatment Update Set forth below is a table summarizing the drydock, scrubber and ballast water treatment system activity that occurred during the third quarter of 2020 and that is in progress as of October 1, 2020: Number of VesselsDrydock Ballast Water Treatment SystemsScrubbersAggregate Costs ($ in millions) (1)Aggregate Off-hire Days in Q3 2020 Completed in the third quarter of 2020       LR24 2 1 4$14.5163 LR11 — — 1 2.564 MR6 3 3 6 22.1197 Handymax— — — — ——  11 5 4 11$39.1424         In progress as of October 1, 2020       LR23 3 — 3$11.190 LR1— — — — —— MR1 1 1 1 4.556 Handymax— — — — ——  4 4 1 4$15.6146 (1) Aggregate costs for vessels completed in the quarter represent the total costs incurred, some of which may have been incurred in prior periods.  Aggregate costs for vessels in progress as of October 1, 2020 represent the total costs incurred through that date, some of which may have been incurred in prior periods. Set forth below are the estimated expected payments to be made for the Company's drydocks, ballast water treatment system installations, and scrubber installations through 2020 (which also include actual payments made during the third quarter of 2020 and through November 4, 2020): In millions of U.S. dollars As of November 4, 2020 (1) (2)     Q4 2020 - payments made through November 4, 2020$3.1 Q4 2020 - remaining payments 17.2 Q1 2021 10.8 Q2 2021 7.5 Q3 2021 7.5 Q4 2021 14.5 FY 2022 49.0 (1) Includes estimated cash payments for drydocks, ballast water treatment system installations and scrubber installations.  These amounts include installment payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual installation.  In addition to these installment payments, these amounts also include estimates of the installation costs of such systems.  The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks and installations finalize. (2) Based upon the commitments received to date, which include the remaining availability under the 2020 $225.0 Million Credit Facility and certain financing transactions that have been previously announced, the Company expects to raise approximately $61 million of aggregate additional liquidity to finance the purchase and installations of scrubbers (after the repayment of existing debt) once all of the agreements are closed and drawn.  These drawdowns are expected to occur at varying points in the future as several of these financings are tied to scrubber installations on the Company’s vessels.Set forth below are the estimated expected number of ships and estimated expected off-hire days for the Company's drydocks, ballast water treatment system installations, and scrubber installations (1):   Q4 2020   Ships Scheduled for (2):Off-hire  Drydock Ballast Water Treatment SystemsScrubbersDays (3) LR22  —  2  194   LR11  —  —  20   MR—  —  1  76   Handymax—  —  —  —         Total Q4 20203  —  3  290                Q1 2021   Ships Scheduled for (2):Off-hire  DrydockBallast Water Treatment SystemsScrubbersDays (3) LR23  —  —  60   LR14  —  —  80   MR—  —  —  —   Handymax—  —  —  —         Total Q1 20217  —  —  140          Q2 2021   Ships Scheduled for (2):Off-hire  DrydockBallast Water Treatment SystemsScrubbersDays (3) LR23  —  —  60   LR13  —  —  60   MR—  —  —  —   Handymax—  —  —  —         Total Q2 20216  —  —  120          Q3 2021   Ships Scheduled for (2):Off-hire  DrydockBallast Water Treatment SystemsScrubbersDays (3) LR22  —  —  40   LR12  —  —  40   MR—  —  —  —   Handymax—  —  —  —         Total Q3 20214  —  —  80          Q4 2021   Ships Scheduled for (2):Off-hire  Drydock Ballast Water Treatment SystemsScrubbersDays (3) LR22  —  1  80   LR12  —  —  40   MR—  —  8  293   Handymax—  —  —  —         Total Q4 20214  —  9  413          FY 2022   Ships Scheduled for (2):Off-hire  Drydock Ballast Water Treatment SystemsScrubbersDays (3) LR25  —  —  100   LR1—  —  5  200   MR11  5  5  402   Handymax—  —  —  —         Total FY 202216  5  10  702   (1) The number of vessels in these tables reflect a certain amount of overlap where certain vessels are expected to be drydocked and have ballast water treatment systems and/or scrubbers installed simultaneously.  Additionally, the timing set forth may vary as drydock, ballast water treatment system installation and scrubber installation times are finalized. (2) Represents the number of vessels scheduled to commence drydock, ballast water treatment system, and/or scrubber installations during the period. It does not include vessels that commenced work in prior periods but will be completed in the subsequent period.  (3)  Represents total estimated off-hire days during the period, including vessels that commenced work in a previous period.Debt Set forth below is a summary of the Company’s outstanding indebtedness as of the dates presented: In thousands of U.S. DollarsOutstanding Principal as of June 30, 2020Drawdowns and (repayments), netOutstanding Principal as of September 30, 2020Drawdowns and (repayments), netOutstanding Principal as of November 4, 2020 1KEXIM Credit Facility (3)$62,158  $(20,436) $41,722  —   $41,722   2ING Credit Facility (1)197,195  465   197,660  (1,925) 195,735   32018 NIBC Credit Facility33,131  (1,033) 32,098  (1,032) 31,066   42017 Credit Facility (7)124,867  (32,620) 92,247  —   92,247   5Credit Agricole Credit Facility86,444  (2,142) 84,302  —   84,302   6ABN AMRO / K-Sure Credit Facility43,753  (962) 42,791  —   42,791   7Citibank / K-Sure Credit Facility91,025  (2,103) 88,922  —   88,922   8ABN / SEB Credit Facility (2)100,824  (1,311) 99,513  —   99,513   9Hamburg Commercial Credit Facility41,961  (823) 41,138  —   41,138   10Prudential Credit Facility53,152  (1,387) 51,765  (924) 50,841   112019 DNB / GIEK Credit Facility30,871  (979) 29,892  —   29,892   12BNPP Sinosure Credit Facility (3)64,886  24,895   89,781  (4,623) 85,158   132020 $225.0 Million Credit Facility (4)101,200  41,165   142,365  23,925   166,290   14Ocean Yield Lease Financing144,100  (2,778) 141,322  (951) 140,371   15CMBFL Lease Financing (4)54,609  (54,609) —  —   —   16BCFL Lease Financing (LR2s) (5)89,037  (498) 88,539  (777) 87,762   17CSSC Lease Financing (4)220,562  (4,328) 216,234  (27,578) 188,656   18CSSC Scrubber Lease Financing (6)8,232  131   8,363  (1,437) 6,926   19BCFL Lease Financing (MRs) (5)82,032  (1,161) 80,871  (1,020) 79,851   202018 CMBFL Lease Financing131,496  (3,251) 128,245  —   128,245   21$116.0 Million Lease Financing (5)102,538  3,509   106,047  (730) 105,317   22AVIC Lease Financing121,413  (2,949) 118,464  —   118,464   23China Huarong Lease Financing117,000  (3,375) 113,625  —   113,625   24$157.5 Million Lease Financing130,871  (3,535) 127,336  —   127,336   25COSCO Lease Financing72,600  (1,925) 70,675  —   70,675   262020 CMB Lease Financing (7)—  45,383   45,383   45,383   27IFRS 16 - Leases  - 7 Handymax6,792  (2,279) 4,513  —   4,513   28IFRS 16 - Leases  - 3 MR40,617  (1,840) 38,777  —   38,777   29$670.0 Million Lease Financing (8)586,141  20,534   606,675  (4,193) 602,482   30Unsecured Senior Notes Due 202528,100  —   28,100  —   28,100   31Convertible Notes Due 2022 (9)203,500  (52,271) 151,229  —   151,229    Gross debt outstanding$3,171,107  $(62,513) 3,108,594  $(21,265) $3,087,329    Cash and cash equivalents250,592  —   218,095  —    209,694    Net debt$2,920,515  $(62,513) $2,890,499  $(21,265) $2,877,635   (1) In July 2020, the Company drew an aggregate of $3.3 million under the scrubber portion of its $251.4 million credit facility with ING Bank N.V. to partially finance the purchase and installation of scrubbers on two MRs and one LR2 that are currently part of this arrangement.  The drawdowns of  approximately $1.1 million per vessel bear interest at LIBOR plus a margin of 1.95%.  One MR will be repaid in seven quarterly principal payments of approximately $0.1 million with the balance due upon maturity in June 2022.  The other two vessels will be repaid in two quarterly principal payments of approximately $0.7 million in aggregate with the balance due upon maturity in March 2021. (2) In July 2020, the Company drew $1.6 million from its upsized ABN / SEB Credit Facility to partially finance the purchase and installation of a scrubber on one of its vessels.  The upsized portion of this facility matures in June 2023, bears interest at LIBOR plus a margin of 2.60% per annum and is expected to be repaid in equal quarterly installments of approximately $0.1 million per vessel, with a balloon payment due at maturity. (3) In September 2020, the Company drew $24.9 million under its BNPP Sinosure Credit Facility to partially finance the purchase and installation of scrubbers on 13 vessels. This borrowing is collateralized by one of its LR2 product tankers which was previously financed under the KEXIM Credit Facility.  The Company repaid the outstanding debt of $16.2 million on the KEXIM Credit Facility related to this vessel as part of this transaction.A total of approximately $91.9 million has been drawn and there is $45.7 million of remaining availability under the BNPP Sinosure Credit Facility.  Each drawdown is split evenly into two facilities, (i) a commercial facility (the "Commercial Facility"), and (ii) a Sinosure facility (the "Sinosure Facility"), which is being funded by the lenders under the Commercial Facility and insured by the China Export & Credit Insurance Corporation ("Sinosure").   The BNPP Sinosure Credit Facility is split into 70 tranches each of which represent the lesser of 85% of the purchase and installation price of 70 scrubbers, or $1.9 million per scrubber (not to exceed 65% of the fair market value of the collateral vessels).  The Sinosure Facility and the Commercial Facility bear interest at LIBOR plus a margin of 1.80% and 2.80% per annum, respectively.  The remaining availability under this loan facility is available for en bloc drawdowns on December 15, 2020 and March 15, 2021.  The Sinosure Facility is expected to be repaid in 10 equal semi-annual installments and the Commercial Facility is expected to be repaid at the final maturity date of the facility, or October 2025.(4) In September 2020 the Company drew $43.7 million from its 2020 $225.0 Million Credit Facility to refinance the existing debt on two LR2s that were previously financed under the CMBFL Lease Financing arrangement. The Company repaid $54.0 million on the CMBFL Lease Financing arrangement as part of this transaction. In connection with this repayment, approximately $2.0 million was released from restricted cash that was previously held in a deposit account under the terms and conditions of the CMBFL Lease Financing Arrangement.In October 2020, the Company drew down $23.9 million from its 2020 $225.0 Million Credit Facility to refinance the existing debt on an LR2 product tanker that was previously financed under the CSSC Lease Financing arrangement.  The Company repaid $27.8 million (including a 2% prepayment fee) on the CSSC Lease Financing arrangement as part of this transaction.  The remaining availability under the 2020 $225.0 Million Credit Facility is expected to be used to refinance the existing debt on two of the Company's vessels and scrubbers on two LR2s.  This facility has a final maturity of five years from the closing date of the loan, bears interest at LIBOR plus a margin, and is expected to be repaid in equal quarterly installments of approximately $0.6 million per vessel per quarter with a balloon payment due at maturity.  The remaining terms and conditions, including financial covenants, are similar to the Company’s existing credit facilities.(5) In July 2020, the Company drew an aggregate of $9.4 million on these agreements to partially finance the purchase and installation of scrubbers on five vessels as follows: (i) $1.8 million on one vessel under the BCFL Lease Financing (LR2s) arrangement; (ii)  $1.9 million on one vessel under the BCFL Lease Financing (MRs) arrangement; and (iii) $5.7 million on three vessels under the  $116.0 Million Lease Financing arrangement.  Each agreement will be for a fixed term of three years at the rate of up to $1,910 per vessel per day to be allocated to principal and interest.(6) In August 2020, the Company drew down an aggregate of $1.6 million from its upsized lease financing agreement with CSSC to partially finance the purchase and installation of scrubbers on one of the Company’s vessels.  The upsized portion of the lease financing bears interest at LIBOR plus a margin of 3.8% per annum, matures two years from the date of the drawdown and will be repaid in monthly installment payments of approximately $0.5 million in aggregate.(7) In September 2020, the Company executed an agreement with CMB Financial Leasing Co., Ltd to sell and leaseback two MR product tankers. The aggregate borrowing amount under the arrangement was $45.4 million, which was drawn in September 2020. A portion of the proceeds were utilized to repay $30.1 million of the outstanding indebtedness relating to these two vessels under the 2017 Credit Facility.  Under the agreement, each vessel is subject to a seven year bareboat charter agreement. The lease financing bears interest at LIBOR plus a margin of 3.20% and is expected to be repaid in 28 equal quarterly repayments of approximately $0.4 million per vessel.  The Company has purchase options to re-acquire each of the subject vessels during the bareboat charter period, with the first of such options exercisable on the third anniversary date from the delivery date of the respective vessel.   This transaction is being accounted for as a financing transaction under IFRS 9 as the transaction does not qualify as a ‘sale’ under IFRS 15 given the Company’s right to repurchase the asset during the lease period.  Accordingly, no gain or loss is recorded, and the Company will continue to recognize the vessel as an asset and recognize a financial liability (i.e. debt) for the consideration received (similar to the Company’s other sale and leaseback transactions). (8)  In September 2020, the Company took delivery of a scrubber-fitted MR product tanker (STI Maximus) under an eight-year bareboat lease.  The leasehold interest in this vessel was acquired as part of the Trafigura Transaction and a $35.2 million lease liability was recorded at the commencement date of these leases, which is being accounted for as a lease liability under IFRS 16.(9) Between July 1, 2020 and September 7, 2020, the Company repurchased $52.3 million face value of its Convertible Notes due 2022 at an average price of $894.12 per $1,000 principal amount, or $46.7 million.Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of September 30, 2020, which includes principal amounts due under secured credit facilities, Convertible Notes due 2022, lease financing arrangements, the Senior Notes due 2025, and lease liabilities under IFRS 16 (which also include actual payments made during the fourth quarter of 2020 and through November 4, 2020):  In millions of U.S. dollars As of September 30, 2020 (1) Q4 2020 - principal payments made through November 4, 2020 $45.2 Q4 2020 - remaining principal payments 33.1 Q1 2021 (2) 144.4 Q2 2021 (3) 103.2 Q3 2021 68.8 Q4 2021 73.3 2022 and thereafter 2,640.6   $3,108.6 (1) Amounts represent the principal payments due on the Company’s outstanding indebtedness as of September 30, 2020 and do not incorporate the impact of any of the Company’s new financing initiatives which have not closed as of that date.(2) Repayments include the maturities of the Company's KEXIM Credit Facility for $42.1 million and two tranches of the ING Credit Facility for $29.6 million.  As of the date of this press release, the Company has received commitments to refinance the amounts borrowed on the KEXIM Credit Facility (the timing of this refinancing may be impacted by the timing of installations of scrubbers on certain vessels).  The Company is currently in discussions to refinance the ING Credit Facility.   (3) Repayments include the maturity of the Company's 2018 NIBC Credit Facility for $30.0 million.  The Company is currently in discussions to refinance the 2018 NIBC Credit Facility.   Explanation of Variances on the Third Quarter of 2020 Financial Results Compared to the Third Quarter of 2019 For the three months ended September 30, 2020, the Company recorded a net loss of $20.2 million compared to a net loss of $45.3 million for the three months ended September 30, 2019. The following were the significant changes between the two periods: * TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot voyages, time charters, and pool charters), and it provides useful information to investors and management. The following table sets forth TCE revenue for the three months ended September 30, 2020 and 2019:      For the three months ended September 30, In thousands of U.S. dollars 2020 2019  Vessel revenue $177,250  $136,067   Voyage expenses (592) (2,055)  TCE revenue $176,658  $134,012  * TCE revenue for the three months ended September 30, 2020 increased by $42.6 million to $176.7 million, from $134.0 million for the three months ended September 30, 2019. Overall average TCE revenue per day increased to $15,100 per day during the three months ended September 30, 2020, from $13,560 per day during the three months ended September 30, 2019.  This increase was primarily the result of relative strength in the larger LR2 and LR1 vessel classes as floating storage contracts, increased light distillate volumes to the far east, and increased arbitrage opportunities drove demand for these types of vessels. The increase in TCE revenue in the third quarter of 2020 as compared to the third quarter of 2019 was also affected by an increase in the number of the Company's vessels to an average of 134.1 operating vessels during the three months ended September 30, 2020 from an average of 119.7 operating vessels during the three months ended September 30, 2019.  This increase was the result of the Trafigura Transaction, whereby the Company acquired the leasehold interests in 19 vessels (11 MRs, four LR2s, and four MRs then under construction). Three of the MRs acquired that were then under construction were delivered in the first quarter of 2020 and one of the MRs was delivered in September 2020. * Vessel operating costs for the three months ended September 30, 2020 increased by $14.8 million to $85.8 million, from $71.0 million for the three months ended September 30, 2019.  This increase was primarily due to the Trafigura Transaction whereby the Company acquired the leasehold interests in 19 vessels in September 2019 (11 MRs, four LR2s, and four MRs then under construction).  Three of the MRs acquired that were then under construction were delivered in the first quarter of 2020 and thus operated for the entirety of the third quarter of 2020 and one MR was delivered in September 2020. Vessel operating costs per day increased to $6,950 per day for the three months ended September 30, 2020 from $6,449 per day for the three months ended September 30, 2019.  This increase was largely driven by the impact of the implementation of worldwide travel restrictions in response to the COVID-19 pandemic, which resulted in the extension and prolongation of the crew contracts on many of the Company's vessels.  During the third quarter of 2020, the Company incurred increased travel costs and crew wages as the seafarers impacted by these restrictions were repatriated and awarded extended stay bonuses.  Additionally, certain repairs and maintenance expenditures, along with purchases of spares and stores increased during the third quarter of 2020 as the onset of the COVID-19 pandemic in March 2020 resulted in delays in the procurement and delivery of necessary supplies. * Depreciation expense - owned or sale leaseback vessels for the three months ended September 30, 2020 increased by $4.0 million to $49.4 million, from $45.4 million for the three months ended September 30, 2019.  The increase was due to the Company's drydock, scrubber and ballast water treatment system installations that have taken place over the preceding 12-month period.  Depreciation expense in future periods is expected to increase as the Company continues the installation of ballast water treatment systems and/or scrubbers on certain of its vessels in 2020 and beyond. The Company expects to depreciate the majority of the cost of this equipment over each vessel's remaining useful life.  * Depreciation expense - right of use assets for the three months ended September 30, 2020 increased by $5.9 million to $12.2 million from $6.3 million for the three months ended September 30, 2019.  Depreciation expense - right of use assets reflects the straight-line depreciation expense recorded under IFRS 16 \- Leases.  Right of use asset depreciation expense increased as a result of the Trafigura Transaction.  Three of the MRs acquired that were then under construction were delivered in the first quarter of 2020 and one MR was delivered at the end of September 2020.  All of the vessels acquired as part of the Trafigura Transaction are being accounted for as right of use assets under IFRS 16 \- Leases.  The right of use asset depreciation for these vessels is approximately $0.2 million per MR per month and $0.3 million per LR2 per month.  In addition to the leasehold interests acquired as part of the Trafigura Transaction, the Company also had three MRs and five Handymax leases that were accounted for under IFRS 16 during the third quarter of 2020.  The bareboat charters on one of these Handymax vessels expired in July 2020.  * General and administrative expenses for the three months ended September 30, 2020, increased by $0.6 million to $15.9 million, from $15.3 million for the three months ended September 30, 2019.  This increase was primarily due to the growth in the Company's fleet resulting from the Trafigura Transaction.  * Financial expenses for the three months ended September 30, 2020 decreased by $7.7 million to $35.2 million, from $42.9 million for the three months ended September 30, 2019.  The decrease was primarily driven by significant decreases in LIBOR rates, which underpin all of the Company's variable rate borrowings, and which have collapsed since the onset of the COVID-19 pandemic.  Scorpio Tankers Inc. and Subsidiaries Condensed Consolidated Statements of Income or Loss (unaudited)  For the three months ended September 30, For the nine months ended September 30, In thousands of U.S. dollars except per share and share data2020 2019 2020 2019 Revenue         Vessel revenue$177,250  $136,067  $777,656  $482,703            Operating expenses         Vessel operating costs(85,752) (70,967) (246,973) (209,119)  Voyage expenses(592) (2,055) (7,718) (3,678)  Charterhire—  —  —  (4,399)  Depreciation - owned or sale leaseback vessels(49,377) (45,392) (144,320) (133,575)  Depreciation - right of use assets(12,166) (6,250) (38,972) (14,280)  General and administrative expenses(15,861) (15,296) (51,870) (46,536)  Total operating expenses(163,748) (139,960) (489,853) (411,587) Operating income13,502  (3,893) 287,803  71,116  Other (expense) and income, net         Financial expenses(35,191) (42,865) (119,084) (138,948)  Gain on repurchase of Convertible Notes1,013  —  1,013  —   Financial income208  1,582  1,068  7,426   Other expenses, net285  (113) (417) (126)  Total other expense, net(33,685) (41,396) (117,420) (131,648) Net (loss) / income$(20,183) $(45,289) $170,383  $(60,532)           (Loss) / Earnings per share                   Basic$(0.37) $(0.93) $3.11  $(1.25)  Diluted$(0.37) $(0.93) $2.95  $(1.25)  Basic weighted average shares outstanding54,905,361  48,529,024  54,800,402  48,251,159   Diluted weighted average shares outstanding (1)54,905,361  48,529,024  61,578,016  48,251,159  (1) The computation of diluted earnings per share includes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes due 2022 for the three and nine months ended September 30, 2020.  The effect of potentially dilutive securities relating to the Company's Convertible Notes due 2022 was included in the computation of diluted earnings per share for the nine months ended September 30, 2020 as their effect was dilutive under the if-converted method.  The dilutive effects of unvested shares of restricted stock and the potentially dilutive securities relating to the Company’s Convertible Notes due 2022 were excluded from the computation of diluted earnings per share for the three months ended September 30, 2020 and the three and nine months ended September 30, 2019 because their effect would have been anti-dilutive. Scorpio Tankers Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited)    As of In thousands of U.S. dollarsSeptember 30, 2020 December 31, 2019 Assets    Current assets    Cash and cash equivalents$218,095  $202,303  Accounts receivable59,814  78,174  Prepaid expenses and other current assets12,402  13,855  Inventories9,034  8,646  Total current assets299,345  302,978  Non-current assets    Vessels and drydock4,044,288  4,008,158  Right of use assets819,444  697,903  Other assets71,422  131,139  Goodwill11,539  11,539  Restricted cash10,291  12,293  Total non-current assets4,956,984  4,861,032  Total assets$5,256,329  $5,164,010  Current liabilities    Current portion of long-term debt$199,407  $235,482  Lease liability - sale and leaseback vessels128,979  122,229  Lease liability - IFRS 1660,511  63,946  Accounts payable13,807  23,122  Accrued expenses31,709  41,452  Total current liabilities434,413  486,231  Non-current liabilities    Long-term debt981,631  999,268  Lease liability - sale and leaseback vessels1,109,378  1,195,494  Lease liability - IFRS 16589,452  506,028  Total non-current liabilities2,680,461  2,700,790  Total liabilities3,114,874  3,187,021  Shareholders' equity    Issued, authorized and fully paid-in share capital:    Share capital655  646  Additional paid-in capital2,849,635  2,842,446  Treasury shares(480,172) (467,057) Accumulated deficit(228,663) (399,046) Total shareholders' equity2,141,455  1,976,989  Total liabilities and shareholders' equity$5,256,329  $5,164,010  Scorpio Tankers Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited)  For the nine months ended September 30, In thousands of U.S. dollars2020 2019 Operating activities    Net income / (loss)$170,383  $(60,532) Depreciation - owned or finance leased vessels144,320  133,575  Depreciation - right of use assets38,972  14,280  Amortization of restricted stock22,134  20,707  Amortization of deferred financing fees4,823  5,673  Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities1,268  711  Accretion of convertible notes6,623  9,162  Accretion of fair value measurement on debt assumed in business combinations2,598  2,725  Gain on repurchases of convertible notes(1,013) —   390,108  126,301  Changes in assets and liabilities:    Increase in inventories(388) (1,231) Decrease in accounts receivable18,359  8,060  Decrease / (increase) in prepaid expenses and other current assets1,452  (1,023) Decrease / (increase) in other assets1,058  (3,289) (Decrease) / increase in accounts payable(4,820) 7,899  (Decrease) / increase in accrued expenses(3,029) 3,731   12,632  14,147  Net cash inflow from operating activities402,740  140,448  Investing activities    Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, finance leased and bareboat-in vessels)(152,614) (128,569) Net cash outflow from investing activities(152,614) (128,569) Financing activities    Debt repayments(540,732) (230,123) Issuance of debt450,610  —  Debt issuance costs(11,011) (1,701) Principal repayments on lease liability - IFRS 16(60,424) (18,450) Decrease / (increase) in restricted cash2,002  (9) Repurchase / repayment of convertible notes(46,737) (144,974) Gross proceeds from issuance of common stock2,601  50,000  Equity issuance costs(26) (329) Dividends paid(17,502) (15,464) Repurchase of common stock(13,115) (1)  Net cash outflow from financing activities(234,334) (361,051) Increase / (decrease) in cash and cash equivalents15,792  (349,172) Cash and cash equivalents at January 1,202,303  593,652  Cash and cash equivalents at September 30,$218,095  $244,480  Scorpio Tankers Inc. and Subsidiaries Other operating data for the three and nine months ended September 30, 2020 and 2019 (unaudited)   For the three months ended September 30, For the nine months ended September 30,   2020 2019 2020 2019 Adjusted EBITDA(1)   (in thousands of U.S. dollars except Fleet Data) $82,109  $54,484  $492,812  $239,552            Average Daily Results         TCE per day(2) $15,100  $13,560  $22,447  $15,538  Vessel operating costs per day(3) $6,950  $6,449  $6,649  $6,426            LR2         TCE per revenue day (2) $19,182  $15,974  $30,492  $18,689  Vessel operating costs per day(3) $7,227  $6,683  $6,876  $6,726  Average number of vessels 42.0  38.2  42.0  38.1            LR1         TCE per revenue day (2) $17,619  $12,942  $24,899  $15,243  Vessel operating costs per day(3) $6,933  $6,297  $6,834  $6,350  Average number of vessels 12.0  12.0  12.0  12.0            MR         TCE per revenue day (2) $13,512  $13,531  $18,515  $14,246  Vessel operating costs per day(3) $6,829  $6,220  $6,472  $6,230  Average number of vessels 62.0  48.5  61.6  48.3            Handymax         TCE per revenue day (2) $9,892  $9,760  $16,990  $13,057  Vessel operating costs per day(3) $6,736  $6,642  $6,605  $6,375  Average number of vessels 18.1  21.0  20.0  21.0            Fleet data         Average number of vessels 134.1  119.7  135.6  119.3            Drydock         Drydock, scrubber, ballast water treatment system and other vessel related payments for owned, sale leaseback and bareboat chartered-in vessels (in thousands of U.S. dollars) $32,809  $68,881  $152,614  $128,569  (1)See Non-IFRS Measures section below. (2)Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days the vessel is owned, finance leased or chartered-in less the number of days the vessel is off-hire for drydock and repairs. (3)Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to the owned, finance leased or bareboat chartered-in vessels, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to our owned, finance leased or bareboat chartered-in vessels, not our time chartered-in vessels. Fleet list as of November 4, 2020  Vessel Name Year Built DWT Ice class Employment Vessel type Scrubber   Owned, sale leaseback and bareboat chartered-in vessels          1STI Brixton 2014 38,734   1A  SHTP (1) Handymax N/A  2STI Comandante 2014 38,734   1A  SHTP (1) Handymax N/A  3STI Pimlico 2014 38,734   1A  SHTP (1) Handymax N/A  4STI Hackney 2014 38,734   1A  SHTP (1) Handymax N/A  5STI Acton 2014 38,734   1A  SHTP (1) Handymax N/A  6STI Fulham 2014 38,734   1A  SHTP (1) Handymax N/A  7STI Camden 2014 38,734   1A  SHTP (1) Handymax N/A  8STI Battersea 2014 38,734   1A  SHTP (1) Handymax N/A  9STI Wembley 2014 38,734   1A  SHTP (1) Handymax N/A  10STI Finchley 2014 38,734   1A  SHTP (1) Handymax N/A  11STI Clapham 2014 38,734   1A  SHTP (1) Handymax N/A  12STI Poplar 2014 38,734   1A  SHTP (1) Handymax N/A  13STI Hammersmith 2015 38,734   1A  SHTP (1) Handymax N/A  14STI Rotherhithe 2015 38,734   1A  SHTP (1) Handymax N/A  15STI Amber 2012 49,990   — SMRP (2) MR Yes  16STI Topaz 2012 49,990   — SMRP (2) MR Not Yet Installed  17STI Ruby 2012 49,990   — SMRP (2) MR Not Yet Installed  18STI Garnet 2012 49,990   — SMRP (2) MR Yes  19STI Onyx 2012 49,990   — SMRP (2) MR Yes  20STI Fontvieille 2013 49,990   — SMRP (2) MR Not Yet Installed  21STI Ville 2013 49,990   — SMRP (2) MR Not Yet Installed  22STI Duchessa 2014 49,990   — SMRP (2) MR Not Yet Installed  23STI Opera 2014 49,990   — SMRP (2) MR Not Yet Installed  24STI Texas City 2014 49,990   — SMRP (2) MR Yes  25STI Meraux 2014 49,990   — SMRP (2) MR Yes  26STI San Antonio 2014 49,990   — SMRP (2) MR Yes  27STI Venere 2014 49,990   — SMRP (2) MR Yes  28STI Virtus 2014 49,990   — SMRP (2) MR Yes  29STI Aqua 2014 49,990   — SMRP (2) MR Yes  30STI Dama 2014 49,990   — SMRP (2) MR Yes  31STI Benicia 2014 49,990   — SMRP (2) MR Yes  32STI Regina 2014 49,990   — SMRP (2) MR Yes  33STI St. Charles 2014 49,990   — SMRP (2) MR Yes  34STI Mayfair 2014 49,990   — SMRP (2) MR Yes  35STI Yorkville 2014 49,990   — SMRP (2) MR Yes  36STI Milwaukee 2014 49,990   — SMRP (2) MR Yes  37STI Battery 2014 49,990   — SMRP (2) MR Yes  38STI Soho 2014 49,990   — SMRP (2) MR Yes  39STI Memphis 2014 49,990   — SMRP (2) MR Yes  40STI Tribeca 2015 49,990   — SMRP (2) MR Yes  41STI Gramercy 2015 49,990   — SMRP (2) MR Yes  42STI Bronx 2015 49,990   — SMRP (2) MR Yes  43STI Pontiac 2015 49,990   — SMRP (2) MR Yes  44STI Manhattan 2015 49,990   — SMRP (2) MR Yes  45STI Queens 2015 49,990   — SMRP (2) MR Yes  46STI Osceola 2015 49,990   — SMRP (2) MR Yes  47STI Notting Hill 2015 49,687   1B SMRP (2) MR Yes  48STI Seneca 2015 49,990   — SMRP (2) MR Yes  49STI Westminster 2015 49,687   1B SMRP (2) MR Yes  50STI Brooklyn 2015 49,990   — SMRP (2) MR Yes  51STI Black Hawk 2015 49,990   — SMRP (2) MR Yes  52STI Galata 2017 49,990   — SMRP (2) MR Yes  53STI Bosphorus 2017 49,990   — SMRP (2) MR Not Yet Installed  54STI Leblon 2017 49,990   — SMRP (2) MR Yes  55STI La Boca 2017 49,990   — SMRP (2) MR Yes  56STI San Telmo 2017 49,990   1B SMRP (2) MR Not Yet Installed  57STI Donald C Trauscht 2017 49,990   1B SMRP (2) MR Not Yet Installed  58STI Esles II 2018 49,990   1B SMRP (2) MR Not Yet Installed  59STI Jardins 2018 49,990   1B SMRP (2) MR Not Yet Installed  60STI Magic 2019 50,000   — SMRP (2) MR Yes  61STI Majestic 2019 50,000   — SMRP (2) MR Yes  62STI Mystery 2019 50,000   — SMRP (2) MR Yes  63STI Marvel 2019 50,000   — SMRP (2) MR Yes  64STI Magnetic 2019 50,000   — SMRP (2) MR Yes  65STI Millennia 2019 50,000   — SMRP (2) MR Yes  66STI Master 2019 50,000   — SMRP (2) MR Yes  67STI Mythic 2019 50,000   — SMRP (2) MR Yes  68STI Marshall 2019 50,000   — SMRP (2) MR Yes  69STI Modest 2019 50,000   — SMRP (2) MR Yes  70STI Maverick 2019 50,000   — SMRP (2) MR Yes  71STI Miracle 2020 50,000   — SMRP (2) MR Yes  72STI Maestro 2020 50,000   — SMRP (2) MR Yes  73STI Mighty 2020 50,000   — SMRP (2) MR Yes  74STI Maximus 2020 50,000   — SMRP (2) MR Yes  75STI Excel 2015 74,000   — SLR1P (3) LR1 Not Yet Installed  76STI Excelsior 2016 74,000   — SLR1P (3) LR1 Not Yet Installed  77STI Expedite 2016 74,000   — SLR1P (3) LR1 Not Yet Installed  78STI Exceed 2016 74,000   — SLR1P (3) LR1 Not Yet Installed  79STI Executive 2016 74,000   — SLR1P (3) LR1 Yes  80STI Excellence 2016 74,000   — SLR1P (3) LR1 Yes  81STI Experience 2016 74,000   — SLR1P (3) LR1 Not Yet Installed  82STI Express 2016 74,000   — SLR1P (3) LR1 Yes  83STI Precision 2016 74,000   — SLR1P (3) LR1 Yes  84STI Prestige 2016 74,000   — SLR1P (3) LR1 Yes  85STI Pride 2016 74,000   — SLR1P (3) LR1 Yes  86STI Providence 2016 74,000   — SLR1P (3) LR1 Yes  87STI Elysees 2014 109,999   — SLR2P (4) LR2 Yes  88STI Madison 2014 109,999   — SLR2P (4) LR2 Yes  89STI Park 2014 109,999   — SLR2P (4) LR2 Yes  90STI Orchard 2014 109,999   — SLR2P (4) LR2 Yes  91STI Sloane 2014 109,999   — SLR2P (4) LR2 Yes  92STI Broadway 2014 109,999   — SLR2P (4) LR2 Yes  93STI Condotti 2014 109,999   — SLR2P (4) LR2 Yes  94STI Rose 2015 109,999   — SLR2P (4) LR2 Yes  95STI Veneto 2015 109,999   — SLR2P (4) LR2 Yes  96STI Alexis 2015 109,999   — SLR2P (4) LR2 Yes  97STI Winnie 2015 109,999   — SLR2P (4) LR2 Yes  98STI Oxford 2015 109,999   — SLR2P (4) LR2 Yes  99STI Lauren 2015 109,999   — SLR2P (4) LR2 Yes  100STI Connaught 2015 109,999   — SLR2P (4) LR2 Yes  101STI Spiga 2015 109,999   — SLR2P (4) LR2 Yes  102STI Savile Row 2015 109,999   — SLR2P (4) LR2 Yes  103STI Kingsway 2015 109,999   — SLR2P (4) LR2 Yes  104STI Carnaby 2015 109,999   — SLR2P (4) LR2 Yes  105STI Solidarity 2015 109,999   — SLR2P (4) LR2 Not Yet Installed  106STI Lombard 2015 109,999   — SLR2P (4) LR2 Yes  107STI Grace 2016 109,999   — SLR2P (4) LR2 Not Yet Installed  108STI Jermyn 2016 109,999   — SLR2P (4) LR2 Not Yet Installed  109STI Sanctity 2016 109,999   — SLR2P (4) LR2 Yes  110STI Solace 2016 109,999   — SLR2P (4) LR2 Yes  111STI Stability 2016 109,999   — SLR2P (4) LR2 Not Yet Installed  112STI Steadfast 2016 109,999   — SLR2P (4) LR2 Yes  113STI Supreme 2016 109,999   — SLR2P (4) LR2 Not Yet Installed  114STI Symphony 2016 109,999   — SLR2P (4) LR2 Yes  115STI Gallantry 2016 113,000   — SLR2P (4) LR2 Yes  116STI Goal 2016 113,000   — SLR2P (4) LR2 Yes  117STI Nautilus 2016 113,000   — SLR2P (4) LR2 Yes  118STI Guard 2016 113,000   — SLR2P (4) LR2 Yes  119STI Guide 2016 113,000   — SLR2P (4) LR2 Yes  120STI Selatar 2017 109,999   — SLR2P (4) LR2 Yes  121STI Rambla 2017 109,999   — SLR2P (4) LR2 Yes  122STI Gauntlet 2017 113,000   — SLR2P (4) LR2 Yes  123STI Gladiator 2017 113,000   — SLR2P (4) LR2 Yes  124STI Gratitude 2017 113,000   — SLR2P (4) LR2 Yes  125STI Lobelia 2019 110,000   — SLR2P (4) LR2 Yes  126STI Lotus 2019 110,000   — SLR2P (4) LR2 Yes  127STI Lily 2019 110,000   — SLR2P (4) LR2 Yes  128STI Lavender 2019 110,000   — SLR2P (4) LR2 Yes  129Sky 2007 37,847   1A  SHTP (1) Handymax N/A(5) 130Steel 2008 37,847   1A  SHTP (1) Handymax N/A(5) 131Stone I 2008 37,847   1A  SHTP (1) Handymax N/A(5) 132Style 2008 37,847   1A  SHTP (1) Handymax N/A(5) 133STI Beryl 2013 49,990   — SMRP (2) MR Not Yet Installed(6) 134STI Le Rocher 2013 49,990   — SMRP (2) MR Not Yet Installed(6) 135STI Larvotto 2013 49,990   — SMRP (2) MR Not Yet Installed(6)                  Total owned, sale leaseback and bareboat chartered-in fleet DWT   9,374,548          (1)This vessel operates in the Scorpio Handymax Tanker Pool, or SHTP. SHTP is a Scorpio Pool and is operated by Scorpio Commercial Management S.A.M. (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)In March 2019, we entered into a new bareboat charter-in agreement on a previously bareboat chartered-in vessel. The term of the agreement is for two years at a bareboat rate of $6,300 per day. The agreement is expected to expire on March 31, 2021. (6)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. 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 2019 and 2020 were as follows: Date paidDividends per common share March 2019$0.100 June 2019$0.100 September 2019$0.100 December 2019$0.100 March 2020$0.100 June 2020$0.100 September 2020$0.100 On November 3, 2020, the Company's Board of Directors declared a quarterly cash dividend of $0.10 per common share, payable on or about December 14, 2020 to all shareholders of record as of November 23, 2020 (the record date).  As of November 4, 2020, there were 58,000,147 common shares of the Company outstanding.$250 Million Securities Repurchase ProgramIn May 2015, the Company's Board of Directors authorized a Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company's securities which, in addition to its common shares, currently consist of its Senior Notes due 2025 (NYSE: SBBA), which were issued in May 2020, and Convertible Notes due 2022, which were issued in May and July 2018. * Between July 1, 2020 and September 7, 2020, the Company repurchased $52.3 million face value of its Convertible Notes due 2022  at an average price of $894.12 per $1,000 principal amount, or $46.7 million. * In September 2020, the Company acquired an aggregate of 1,170,000 of its common shares at an average price of $11.18 per share for a total of $13.1 million.  The repurchased shares are being held as treasury shares.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.  The aforementioned repurchases of common stock and our convertible notes were executed under the previous securities repurchase program which has since been terminated and any future purchases of the Company's securities will be made under the new $250 million securities repurchase program.About Scorpio Tankers Inc.  Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, finance leases or bareboat charters-in 135 product tankers (42 LR2 tankers, 12 LR1 tankers, 63 MR tankers and 18 Handymax tankers) with an average age of 4.9 years. 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 MeasuresReconciliation of IFRS Financial Information to Non-IFRS Financial InformationThis 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 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 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 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 Third Quarter of 2020 Financial Results Compared to the Third Quarter of 2019".  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 Income / (Loss) to Adjusted Net Income / (Loss)   For the three months ended September 30, 2020      Per share Per share In thousands of U.S. dollars except per share data Amount  basic  diluted  Net loss $(20,183) $(0.37) $(0.37)  Adjustment:        Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities 955  0.02  0.02   Gain on repurchase of Convertible Notes (1,013) (0.02) (0.02)  Adjusted net loss $(20,241) $(0.37) $(0.37)    For the three months ended September 30, 2019      Per share Per share In thousands of U.S. dollars except per share data Amount  basic  diluted  Net loss $(45,289) $(0.93) $(0.93)  Adjustment:           Deferred financing fees write-off 443  0.01  0.01   Adjusted net loss $(44,846) $(0.92) $(0.92)    For the nine months ended September 30, 2020      Per share Per share In thousands of U.S. dollars except per share data Amount  basic  diluted  Net income $170,383  $3.11  $2.95   Adjustments:        Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities 1,268  0.02  0.02   Gain on repurchase of Convertible Notes (1,013) $(0.02) $(0.02)  Adjusted net income $170,638  $3.11  $2.95     For the nine months ended September 30, 2019      Per share Per share In thousands of U.S. dollars except per share data Amount  basic  diluted  Net loss $(60,532) $(1.25) $(1.25)  Adjustment:           Deferred financing fees write-off 718  0.01  0.01   Adjusted net loss $(59,814) $(1.24) $(1.24) Reconciliation of Net Income / (Loss) to Adjusted EBITDA   For the three months ended September 30, For the nine months ended September 30, In thousands of U.S. dollars 2020 2019 2020 2019  Net  (loss) / income $(20,183) $(45,289) $170,383  $(60,532)     Financial expenses 35,191  42,865  119,084  138,948      Financial income (208) (1,582) (1,068) (7,426)     Depreciation - owned or finance leased vessels 49,377  45,392  144,320  133,575    Depreciation - right of use assets 12,166  6,250  38,972  14,280      Amortization of restricted stock 6,779  6,848  22,134  20,707      Gain on repurchase of Convertible Notes  (1,013) —  (1,013) —   Adjusted EBITDA $82,109  $54,484  $492,812  $239,552  Forward-Looking StatementsMatters 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