February 16, 2023 06:44 ET | Source: Scorpio Tankers Inc. Scorpio Tankers Inc.
New York, New York, UNITED STATES
MONACO, Feb. 16, 2023 (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, 2022. The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share on the Company’s common stock.
Results for the three months ended December 31, 2022 and 2021
For the three months ended December 31, 2022, the Company had net income of $264.4 million, or $4.74 basic and $4.37 diluted earnings per share.
For the three months ended December 31, 2022, the Company had adjusted net income (see Non-IFRS Measures section below) of $256.0 million, or $4.59 basic and $4.24 diluted earnings per share, which excludes from net income (i) a $12.7 million, or $0.23 per basic and $0.21 per diluted share, gain recorded upon the reversal of a previously recorded impairment, and (ii) $4.3 million, or $0.08 per basic and $0.07 per diluted share, write-off or acceleration of the amortization of deferred financing fees on certain debt or lease financing obligations and related debt extinguishment costs.
For the three months ended December 31, 2021, the Company had a net loss of $46.0 million, or $0.83 basic and diluted loss per share.
For the three months ended December 31, 2021, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $43.7 million, or $0.79 basic and diluted loss per share, which excludes from the net loss a $2.3 million, or $0.04 per basic and diluted share, write-off of deferred financing fees and unamortized fair value discounts on credit facilities that were refinanced during the period.
Results for the year ended December 31, 2022 and 2021
For the year ended December 31, 2022, the Company had net income of $637.3 million, or $11.49 basic and $10.34 diluted earnings per share.
For the year ended December 31, 2022, the Company had adjusted net income (see Non-IFRS Measures section below) of $702.0 million, or $12.66 basic and $11.36 diluted earnings per share, which excludes from net income (i) a $66.5 million, or $1.20 per basic and $1.05 per diluted share, aggregate net loss on the sale of vessels, (ii) a $12.7 million, or $0.23 per basic and $0.20 per diluted share, gain recorded upon the reversal of a previously recorded impairment, (iii) $11.5 million, or $0.21 per basic and $0.18 per diluted share, write-off or acceleration of the amortization of deferred financing fees on debt or lease financing obligations and related debt extinguishment costs, and (iv) $0.5 million, or $0.01 per basic and $0.01 per diluted share, gain recorded on the repurchases of the Company's Convertible Notes due 2025.
For the year ended December 31, 2021, the Company had a net loss of $234.4 million, or $4.28 basic and diluted loss per share.
For the year ended December 31, 2021, the Company had an adjusted net loss (see Non-IFRS Measures section below) of $228.2 million, or $4.17 basic and diluted loss per share, which excludes from the net loss (i) a $2.9 million, or $0.05 per basic and diluted share, gain recorded as part of the refinancing of the lease financing for five vessels, (ii) $5.5 million, or $0.10 per basic and diluted share, of aggregate losses recorded on the March 2021 and June 2021 transactions to exchange the Company’s existing Convertible Notes due 2022 for new Convertible Notes due 2025, and (iii) a $3.6 million, or $0.07 per basic and diluted share, write-off of deferred financing fees related to the refinancing of certain credit facilities.
On February 15, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.20 per common share, payable on or about March 31, 2023 to all shareholders of record as of March 7, 2023 (the record date). As of February 15, 2023, there were 59,371,535 common shares of the Company outstanding.
Summary of Fourth Quarter 2022 and Other Recent Significant Events
(1) Expected Revenue Days are the total number of calendar days in the quarter for each vessel, less the total number of expected off-hire days during the period associated with major repairs or drydockings. Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days. The Company uses revenue days to show changes in net vessel revenues between periods.
New $250 Million Securities Repurchase Program
On February 15, 2023, the Company’s Board of Directors authorized a new Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company’s securities which, in addition to its common shares also currently consist of its Senior Unsecured Notes due 2025 (NYSE: SBBA). As of the date of this press release, there is $250 Million available under the new $250 Million Securities Repurchase Program.
Below are purchases of the Company’s securities made in the fourth quarter of 2022 and first quarter of 2023 under previous repurchase programs.
In September and October 2022, the Company gave notice to exercise its purchase options on three LR2 product tankers (STI Sanctity, STI Steadfast, and STI Supreme). These vessels are currently financed under the Ocean Yield Lease Financing. The purchases, which are expected to occur in the first, second, and third quarters of 2023, are expected to result in a debt reduction of $83.4 million.
In October 2022, the Company repaid the outstanding debt on an LR2 product tanker (STI Madison), which was financed under the 2021 $21.0 Million Credit Facility. This transaction resulted in a debt reduction of $17.5 million.
In December 2022, the Company exercised its purchase options on six MR product tankers (STI Seneca, STI Milwaukee, STI Battery, STI Bronx, STI Manhattan, and STI Tribeca) which were previously financed under the 2018 CMBFL Lease Financing. These purchases resulted in a debt reduction of $99.0 million.
In December 2022, the Company exercised its purchase options on two Handymax product tankers (STI Battersea and STI Wembley) and two MR product tankers (STI Texas City and STI Meraux) which were previously financed under the COSCO Lease Financing. These purchases resulted in a debt reduction of $55.3 million.
In December 2022, the Company exercised its purchase options on an LR2 product tanker (STI Alexis) and five MR product tankers (STI Duchessa, STI San Antonio, STI Mayfair, STI St. Charles, and STI Yorkville) which were previously financed under the $157.5 Million Lease Financing. These purchases resulted in a debt reduction of $85.8 million.
In November 2022, the Company sent a notice of redemption to all holders of the Convertible Notes Due 2025 pursuant to Section 16.01 of the indenture dated March 25, 2021. Holders were entitled to convert their Notes into shares of common stock of the Company at any time prior to the Redemption Date (of December 1, 2022), at a conversion rate equal to 30.6806 common shares per $1,000 principal amount of each note.
All of the holders of the Convertible Notes Due 2025 fully converted their notes prior to the Redemption Date, resulting in the issuance of 5,757,698 common shares to settle all amounts outstanding. The principal amount of the debt (which includes the accreted principal balance which has accrued since the March 2021 issuance date) was $205.1 million at the time of conversion.
In January 2023, the Company exercised its purchase options on two MR product tankers (STI Brooklyn and STI Ville) and two LR2 product tankers (STI Rose and STI Rambla) which were previously financed under the AVIC Lease Financing. These purchases resulted in a debt reduction of $77.8 million.
The Company has executed or received commitments for three separate credit facilities for up to $391.5 million in aggregate.
The first credit facility is from a group of European financial institutions for a credit facility of up to $225.0 million, or the 2023 $225.0 Million Credit Facility. The 2023 $225.0 Million Credit Facility was executed in January 2023 and $184.9 million was drawn in February 2023. Eleven product tankers (ten MRs and one LR2) were collateralized under this facility as part of the initial drawdown and the remaining amount available is expected to finance two product tankers (one MR and one LR2) and be drawn before the end of the first quarter of 2023. The credit facility has a final maturity of five years from the signing date and bears interest at SOFR plus a margin of 1.975% per annum. The borrowings for the MRs are expected to be repaid in equal quarterly installments of $0.63 million per vessel for the first two years, and $0.33 million per vessel for the remaining term of the loan. The borrowings for the LR2s are expected to be repaid in equal quarterly installments of $0.8 million per vessel for the first two years, and $0.45 million per vessel for the remaining term of the loan. The remaining terms and conditions of this credit facility, including financial covenants, are similar to those set forth in the Company’s existing credit facilities.
The second credit facility commitment is from a North American financial institution for a credit facility of up to $49.1 million. The credit facility is expected to be used to finance two LR2 product tankers, has a final maturity of five years from the drawdown date of each vessel and bears interest at SOFR plus a margin of 1.90% per annum. The terms and conditions of this credit facility, including financial covenants, are similar to those set forth in the Company's existing credit facilities. This credit facility is subject to customary conditions precedent, and the execution of definitive documentation, and is expected to close within the first quarter of 2023.
The third credit facility commitment is from a European financial institution for a credit facility of up to $117.4 million. The credit facility is expected to be used to finance two Handymax product tankers, four MR product tankers and one LR2 product tanker. This credit facility has a final maturity of five years from the drawdown date of each vessel and bears interest at SOFR plus a margin of 1.925% per annum. The terms and conditions of this credit facility, including financial covenants, are similar to those set forth in the Company's existing credit facilities. This credit facility is subject to customary conditions precedent, and the execution of definitive documentation, and is expected to close in the first or second quarter of 2023.
The proceeds of these new facilities are expected to be used to repay more expensive lease financing.
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, (ii) the Company’s Convertible Notes Due 2025, which were fully converted into common shares of the Company in December 2022, and (iii) the Company’s Convertible Notes Due 2022, which were repaid in cash in May 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 Company’s convertible notes 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 were converted into common shares at the beginning of each period. More specifically:
The if-converted method also assumes that the interest and non-cash amortization expense associated with these notes of $2.8 million and $19.6 million during the three months and year ended December 31, 2022, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.
For the three months and year ended December 31, 2022, the Company’s basic weighted average number of shares outstanding were 55,814,716 and 55,455,277, respectively. For the three months and year ended December 31, 2022, there were 58,052,049 and 58,065,821 weighted average shares outstanding, respectively, including the potentially dilutive impact of restricted shares issued under the Company's equity incentive plan.
For the three months and year ended December 31, 2022, there were 61,096,967 and 63,511,276 weighted average shares outstanding, respectively, under the if-converted method.
Diluted earnings per share for both the three months and year ended December 31, 2022 were calculated under the if-converted method.
The Company has scheduled a conference call on February 16, 2023 at 8:30 AM Eastern Standard Time and 2:30 PM Central European Time. The dial-in information is as follows:
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/rxqzfgam
As of February 15, 2023, the Company had $596.9 million in unrestricted cash and cash equivalents. The Company is expected to draw down approximately $206.6 million from credit facilities that have been committed but are pending drawdown or closing (described above, under the heading "New Financings").
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 2022 and the estimated expected payments to be made, and offhire days that are expected to be incurred, for the Company's drydocks, ballast water treatment system installations, and scrubber installations through 2023 and 2024:
(1) These costs include 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) Represents the total estimated off-hire days during the period, including vessels that commenced work in a previous period.
(3) 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. The number of vessels in these tables may reflect a certain amount of overlap where certain vessels are expected to be drydocked and have ballast water treatment systems and/or scrubbers installed simultaneously. Additionally, the timing set forth in these tables may vary as drydock, ballast water treatment system installation and scrubber installation times are finalized.
(a) Includes four BWTS installations.
(b) Includes one BWTS installation.
(c) Includes four scrubber installations.
(d) Includes five scrubber installations.
(e) Includes three scrubber installations.
Set forth below is a summary of the principal balances of the Company’s outstanding indebtedness as of the dates presented:
(1) In October 2022, the Company prepaid $17.5 million on the 2021 $21.0 Million Credit Facility that was originally scheduled to mature in December 2022.
(2) In February 2023, the Company drew down $184.9 million on the 2023 $225.0 Million Credit Facility. The 2023 $225.0 Million Credit Facility was executed in January 2023 and $184.9 million was drawn shortly after execution. Eleven product tankers (10 MRs and one LR2) were collateralized under this facility as part of the initial drawdown and the remaining amount available is expected to finance two product tankers (one MR and one LR2) and be drawn before the end of the first quarter of 2023. The credit facility has a final maturity of five years from the signing date and bears interest at SOFR plus a margin of 1.975% per annum. The borrowings for the MRs are expected to be repaid in equal quarterly installments of $0.63 million per vessel for the first two years, and $0.33 million per vessel for the remaining term of the loan. The borrowings for the LR2s, when drawn, are expected to be repaid in equal quarterly installments of $0.8 million per vessel for the first two years, and $0.45 million per vessel for the remaining term of the loan. The remaining terms and conditions of this credit facility, including financial covenants, are similar to those set forth in the Company’s existing credit facilities.
(3) In September and October 2022, the Company gave notice to exercise the repurchase options on STI Sanctity, STI Steadfast, and STI Supreme on the Ocean Yield Lease Financing. These transactions are expected to occur in the first, second, and third quarters of 2023.
(4) In December 2022, the Company exercised the repurchase options on STI Battery, STI Bronx, STI Manhattan, STI Milwaukee, STI Seneca and STI Tribeca on the 2018 CMBFL Lease Financing and repaid the aggregate outstanding lease obligation of $99.0 million as part of these transactions.
(5) In January 2023, the Company exercised the repurchase options on STI Brooklyn, STI Rambla, STI Rose and STI Ville on the AVIC Lease Financing and repaid the aggregate outstanding lease obligation of $77.8 million as part of these transactions.
(6) In December 2022, the Company exercised the repurchase options on STI Alexis, STI Duchessa, STI Mayfair, STI St. Charles, STI San Antonio and STI Yorkville on the $157.5 Million Lease Financing and repaid the aggregate outstanding lease obligation of $85.8 million as part of these transactions.
(7) In December 2022, the Company exercised the repurchase options on STI Battersea, STI Meraux, STI Texas City and STI Wembley on the COSCO Lease Financing and repaid the aggregate outstanding lease obligation of $55.3 million as part of these transactions.
(8) In November 2022, the Company sent a notice of redemption to all holders of our Convertible Notes Due 2025 pursuant to Section 16.01 of the indenture dated March 25, 2021. Holders were entitled to convert their Notes into shares of common stock of the Company at any time prior to the Redemption Date of December 1, 2022. All of the holders of the Convertible Notes Due 2025 fully converted their notes prior to the Redemption Date, resulting in the issuance of 5,757,698 common shares to settle all amounts outstanding. As a result of the conversion, the Company’s outstanding debt was reduced by $205.1 million, which was the accreted principal amount outstanding upon conversion.
Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness as of December 31, 2022, which includes principal amounts due under the Company's secured credit facilities, lease financing arrangements, Senior Notes Due 2025, and lease liabilities under IFRS 16 (which also include actual scheduled payments made during the first quarter of 2023 through February 15, 2023):
(1) Amounts represent the principal payments due on the Company’s outstanding indebtedness as of December 31, 2022.
(2) Repayments include the Company's January 2023 exercise of its purchase options on two MR product tankers (STI Brooklyn and STI Ville) and two LR2 product tankers (STI Rose and STI Rambla) which were previously financed under the AVIC Lease Financing. These purchases resulted in a debt reduction of $77.8 million.
(3) Repayments include the Company’s exercise of its purchase options on three LR2 product tankers (STI Sanctity, STI Steadfast, and STI Supreme). These vessels are currently financed under the Ocean Yield Lease Financing. The purchases are expected to occur in the first, second and third quarters of 2023.
(4) Repayments include (i) $15.0 million for the scheduled purchase options on three MR product tankers (STI Topaz, STI Ruby, and STI Garnet) financed under the BCFL Lease Financing (MRs); and (ii) $27.7 million for the scheduled maturity payments on the 2019 DNB / GIEK Credit Facility.
(5) Repayments include (i) $10.2 million for the scheduled purchase options on two MR product tankers (STI Onyx and STI Amber) financed under the BCFL Lease Financing (MRs); and (ii) $28.0 million for the scheduled maturity payments on the Hamburg Commercial Credit Facility.
Explanation of Variances on the Fourth Quarter of 2022 Financial Results Compared to the Fourth Quarter of 2021
For the three months ended December 31, 2022, the Company recorded net income of $264.4 million compared to a net loss of $46.0 million for the three months ended December 31, 2021. The following were the significant changes between the two periods:
The Company also had an increased number of vessels operating outside of the Scorpio pools during the three months ended December 31, 2022 which led to an increase in voyage revenue and voyage expenses for this period.
(1) The computation of diluted earnings per share for the three months and year ended December 31, 2022 includes the effect of potentially dilutive unvested shares of restricted stock and the effect of the Convertible Notes Due 2022 and Convertible Notes Due 2025 under the if-converted method. The computation of diluted loss per share for the three months and year ended December 31, 2021 excludes the effect of potentially dilutive unvested shares of restricted stock and the Convertible Notes Due 2022 and Convertible Notes Due 2025 because their effect would have been anti-dilutive.
The declaration and payment of dividends is subject at all times to the discretion of the Company's Board of Directors. The timing and the amount of dividends, if any, depends on the Company's earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors.
The Company's dividends paid during 2021 and 2022 were as follows:
On February 15, 2023, the Company's Board of Directors declared a quarterly cash dividend of $0.20 per common share, payable on or about March 31, 2023 to all shareholders of record as of March 7, 2023 (the record date). As of February 15, 2023, there were 59,371,535 common shares of the Company outstanding.
Since the beginning of calendar year 2020, the outbreak of the COVID-19 virus has resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets, the effects of which continued throughout 2021 and 2022. The easing of restrictive measures that were put in place to combat the spread of the virus, and the successful roll-out of vaccines, has served as a catalyst for an economic recovery in many countries throughout the world, which has, in part, led to a vastly improved financial performance starting in the second quarter of 2022. Nevertheless, the Company expects that the COVID-19 virus will continue to cause volatility in the commodities markets in the future. In particular, the spread of more contagious and vaccine resistant variants, along with the continued implementation of restrictive measures by governments in certain parts of the world, have hampered a full re-opening of the global economy. The scale and duration of these circumstances is unknowable but could have a material impact on the Company's earnings, cash flow and financial condition. An estimate of the impact on the Company's results of operations, financial condition, and future performance cannot be made at this time.
The ongoing military conflict in Ukraine has had a significant direct and indirect impact on the trade of refined petroleum products. This conflict has resulted in the United States, United Kingdom, and the European Union, among other countries, implementing sanctions and executive orders against citizens, entities, and activities connected to Russia. Some of these sanctions and executive orders target the Russian oil sector, including a prohibition on the import of oil from Russia to the United States or the United Kingdom, and the European Union's recent ban on Russian crude oil and petroleum products which took effect in December 2022 and February 2023, respectively. The Company cannot foresee what other sanctions or executive orders may arise that affect the trade of petroleum products. Furthermore, the conflict and ensuing international response has disrupted the supply of Russian oil to the global market, and as a result, the price of oil and petroleum products has experienced significant volatility. The Company cannot predict what effect the higher price of oil and petroleum products will have on demand, and it is possible that the current conflict in Ukraine could adversely affect the Company's financial condition, results of operations, and future performance.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.1 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.
Reconciliation of IFRS Financial Information to Non-IFRS Financial Information
This press release describes time charter equivalent revenue, or TCE revenue, adjusted net income or loss, and adjusted EBITDA, which are not measures prepared in accordance with IFRS ("Non-IFRS" measures). The Non-IFRS measures are presented in this press release as we believe that they provide investors and other users of our financial statements, such as our lenders, with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. These Non-IFRS measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with IFRS.
The Company believes that the presentation of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful to investors or other users of our financial statements, such as our lenders, because they facilitate the comparability and the evaluation of companies in the Company’s industry. In addition, the Company believes that TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful in evaluating its operating performance compared to that of other companies in the Company’s industry. The Company’s definitions of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries.
TCE revenue, on a historical basis, is reconciled above in the section entitled "Explanation of Variances on the Fourth Quarter of 2022 Financial Results Compared to the Fourth Quarter of 2021". The Company has not provided a reconciliation of forward-looking TCE revenue because the most directly comparable IFRS measure on a forward-looking basis is not available to the Company without unreasonable effort.
(1) Summation difference due to rounding.
(1) Summation difference due to rounding.
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, including the impact of the conflict in Ukraine, 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. James Doyle - Head of Corporate Development & Investor Relations Tel: +1 646-432-1678 Email: investor.relations@scorpiotankers.com