Scorpio Tankers Inc. · NYSE:STNG
Scorpio Tankers — Q1 2025 Earnings Presentation
26 slides from Scorpio Tankers's earnings presentation, May 1, 2025
Slide 1: Scorpio Tankers Inc. First Quarter 2025 Earnings Presentation
Scorpio Tankers Inc. First Quarter 2025 Earnings Presentation May 01, 2025
Slide 2: Disclaimer and Forward-looking Statements
Disclaimer and Forward-looking Statements This presentation includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Scorpio Tankers Inc.’s (“Scorpio’s”) curr
Slide 3: Q1 2025 Call Agenda
Q1 2025 Call Agenda 1. Financial Highlights 2. Product Tanker Market 3. Conclusion 4. Q&A
Slide 4: Financial Highlights
Financial Highlights 4
Slide 5: Financial Highlights
Financial Highlights Financial Results • Adj EBITDA of $123.7 million (1) Q1-25 Financial Highlights $USD millions • Adj net income of $49.0 million or $1.06 basic and $1.03 diluted earnings per share (1) $250 Time Charter Agreements $204.2 $200.0 • In April 2025, the Company entered into a time cha
Slide 6: Fortress Balance Sheet
Fortress Balance Sheet Cash & Liquidity (1) Net Debt $USD millions Cash & Cash Equivalents as of April 30, 2025 $1 Billion Credit Facility – Revolver Availability $USD millions Gross Debt Outstanding Cash & Cash Equivalents Feb 2025 Revolving Credit Facility 2023 $225.0 Million Revolving Credit Faci
Slide 7: Optimizing Balance Sheet through Lower Leverage & Cost of Debt
Optimizing Balance Sheet through Lower Leverage & Cost of Debt Outstanding Indebtedness by Type Debt Repayment from December 31, 2021, through June 30, 2025 $USD millions Lease Financing Bank Facilities Unsecured Notes Convertible Bonds $USD millions $3,500 $3,500 $3,164 $3,164 $3,000 $3,000 $70 $57
Slide 8: Debt Repayment & Drydock Schedule
Debt Repayment & Drydock Schedule Debt Repayment Schedule Completed & Estimated Drydock Schedule $USD millions Number of vessels Payments made through April 30, 2025 Scheduled repayments LR2 MR HM $80.0 20 18 17 17 $64.6 16 $8.0 14 12 10 $40.0 10 8 8 7 7 $56.6 6 4 4 4 $10.1 $10.1 $10.1 2 1 $10.1 $10
Slide 9: Significant Operating Leverage & Earnings Potential
Significant Operating Leverage & Earnings Potential Company Fleet TCE Rates Potential Annual Cash Flow Generation After Debt Repayment (1) $USD per day $USD millions $45,679 $44,222 $1,716 $39,660 $38,813 $37,500 $36,006 $32,949 $1,355 $32,154 $28,488 $33.6/Share $28,313 $26,139 $23,971 $994 $26.6/S
Slide 10: Product Tanker Market
Product Tanker Market 10
Slide 11: Short Term Market Update
Short Term Market Update Monthly MR & LR2 Spot Rates (1) Refinery Maintenance (Capacity Offline) (2) USD per day LR2 Eco Middle East to Japan MR Eco Avg Earnings Million barrels per day Asia Pacific North America Europe Latin America FSU Middle East Africa $100,000 9.6 10 8.9 7.7 $90,000 8 6.2 6 5.2
Slide 12: Seaborne Exports & Ton Miles Remains Strong
Seaborne Exports & Ton Miles Remains Strong Seaborne Refined Product Exports Ton Mile Demand Since 2019 Million barrels per day Index = 100, Base January 2019 Ton Mile Demand (Excl. Russia) Ton Mile Demand (Incl. Russia) Previous 5Y Range 2025 YTD CPP Exports Previous 5Y AVG 22.0 130 125 21.0 120 11
Slide 13: Limited Changes to Red Sea & Russian Refined Product Flows
Limited Changes to Red Sea & Russian Refined Product Flows Product Tankers Vessels Transiting Suez Canal Russian Clean Product Exports Million barrels per day Via COGH Via Suez Million barrels per day 4.5 2.5 4.0 3.8 3.6 3.5 2.0 3.5 3.3 3.3 3.2 3.2 3.2 3.1 3.1 3.2 3.0 3.0 3.0 3.0 3.1 3.0 3.0 3.0 3.0
Slide 14: USTR Revisions Expected to Have Minimal Impact on Product Tankers
USTR Revisions Expected to Have Minimal Impact on Product Tankers USTR Section 301 – Action on China’s Maritime Dominance (1) Tanker Fleet by Country of Build (2) Vessel count Non-Chinese Built Chinese Built • On April 17, 2025, the Office of the US Trade Representative (“USTR”) published a 2,000 1,
Slide 15: Refinery Closures Create Product Shortages and Generate Import Demand
Refinery Closures Create Product Shortages and Generate Import Demand Net Refining Additions from 2020-2025 (1) Australia’s CPP Import Requirements and Refinery Closures (1)(2) Million barrels per day Million barrels per day Cumulative Closures Since 2013 CPP Imports 5.0 1.2 4.5 0.15 0.18 0.46 1.0 4
Slide 16: Demand Has Recovered Quickly in Economic Slowdowns
Demand Has Recovered Quickly in Economic Slowdowns Global Refined Product Demand (Excluding fuel oil) Million barrels per day Diesel Gasoline Jet Naphtha Iraq’s Invasion of Asian Currency Tech Bubble & Global Financial COVID-19 Pandemic Kuwait Crisis Sept 11th Crisis 70.4 70.9 69.0 67.1 7.5 8.2 62.6
Slide 17: Seaborne Exports & Ton Mile Demand Has Been Resilient
Seaborne Exports & Ton Mile Demand Has Been Resilient Global Seaborne Ton Mile Demand & Exports YoY change Seaborne Exports Growth Ton Mile Demand Growth Iraq’s Invasion of Asian Currency Tech Bubble & Global Financial COVID-19 Pandemic Kuwait Crisis Sept 11th Crisis 10.0% 5.0% 0.0% -5.0% -10.0% -15
Slide 18: Supply Has Typically Been the Problem
Supply Has Typically Been the Problem Product Tanker Fleet Growth Product Tanker Orderbook as a % of Fleet YoY increase % of Fleet 16.0% 70% Product tanker net fleet growth of 114.6% (1) from 2003 to 2010 14.0% 14% 60% 12% 12.0% 12% 11% 50% 10% 10% 10.0% 40% 8.0% 30% 6% 6% 6.0% 6% 6% 5% 20% 4% 4% 4.
Slide 19: Majority of Aframax & LR2 Market is Focused on Crude Oil & Dirty Products
Majority of Aframax & LR2 Market is Focused on Crude Oil & Dirty Products Product Tanker Orderbook By Vessel Class (1) % of LR2 Fleet Trading in Crude Oil & Dirty Products (2) As % of total orderbook % trading dirty % Trading Dirty HM, 1.5% 55% 50% 49% MR, 35.6% LR2, 50.4% 45% 40% LR1, 12.5% 35% Jan
Slide 20: Lower Effective Fleet Growth Due to Decreased Utilization of Ageing Vessels
Lower Effective Fleet Growth Due to Decreased Utilization of Ageing Vessels 2004 Built Product Tanker CPP Ton Mile by Year & Age (1) Vessels At or Above 20 Years Old (2) Billion ton miles Non-Russia Russia Number of vessels HM MR LR1 LR2 20+ % of active fleet (RHS) 140.0 1400 35.0% 128.6 5.6 30.4% 1
Slide 21: Product Tanker Fleet Growth & Ton Mile Demand
Product Tanker Fleet Growth & Ton Mile Demand Product Tanker Fleet Growth (1) Ton Mile Demand Has Grown at a 3.6% CAGR Since 2000 Fleet growth Scenario 1 Scenario 2 Scenario 3 Billion ton miles 4,000 3,500 4.7% 3,000 4.3% 3.7% 3.5% 3.2% 2,500 2.3% 2,000 1.4% 0.7% 1,500 0.1% 1,000 500 0 2025e 2026e 2
Slide 22: Conclusion
Conclusion 22
Slide 23: Investment Highlights
Investment Highlights Company • One of the largest product tanker fleets in the world • 99 Eco (fuel-efficient) vessels on the water • Fully delivered fleet with an average age of 9.1 years New Slide • No newbuildings on order = $0 newbuild capex • Significant Operating Leverage • A $10,000/day incr
Slide 24: Time-Chartered Out Vessels
Time-Chartered Out Vessels Vessel Vessel Class Term Average Rate ($/day) Commencement date STI Battersea HM Two Years $24,000 April-25 STI Memphis MR Three Years $21,000 June-22 STI Miracle MR Three Years $21,000 August-22 STI Magnetic MR Three Years $23,000 July-22 STI Marshall MR Three Years $23,0
Slide 25: Q&A
Q&A 25
Slide 26: www.scorpiotankers.com
www.scorpiotankers.com