SCORPIO TANKERS INC. | ||||||||||||||||||||
(registrant) | ||||||||||||||||||||
Dated: September 29, 2023 | ||||||||||||||||||||
By: | /s/ Brian Lee | |||||||||||||||||||
Brian Lee | ||||||||||||||||||||
Chief Financial Officer |
Vessel Name | Year Built | DWT | Ice class | Employment | Vessel type | Scrubber | ||||||||||||||||||||||||||||||||||||||
Owned, sale leaseback or bareboat chartered-in vessels | ||||||||||||||||||||||||||||||||||||||||||||
1 | STI Brixton | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
2 | STI Comandante | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
3 | STI Pimlico | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
4 | STI Hackney | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
5 | STI Acton | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
6 | STI Fulham | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
7 | STI Camden | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
8 | STI Battersea | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
9 | STI Wembley | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
10 | STI Finchley | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
11 | STI Clapham | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
12 | STI Poplar | 2014 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
13 | STI Hammersmith | 2015 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
14 | STI Rotherhithe | 2015 | 38,734 | 1A | SHTP (1) | Handymax | N/A | |||||||||||||||||||||||||||||||||||||
15 | STI Amber | 2012 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
16 | STI Topaz | 2012 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
17 | STI Ruby | 2012 | 49,990 | — | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
18 | STI Garnet | 2012 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
19 | STI Onyx | 2012 | 49,990 | — | SMRP (2) | MR | Yes |
20 | STI Duchessa | 2014 | 49,990 | — | Time Charter (4) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
21 | STI Opera | 2014 | 49,990 | — | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
22 | STI Texas City | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
23 | STI Meraux | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
24 | STI San Antonio | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
25 | STI Venere | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
26 | STI Virtus | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
27 | STI Aqua | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
28 | STI Dama | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
29 | STI Regina | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
30 | STI St. Charles | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
31 | STI Mayfair | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
32 | STI Yorkville | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
33 | STI Milwaukee | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
34 | STI Battery | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
35 | STI Soho | 2014 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
36 | STI Memphis | 2014 | 49,990 | — | Time Charter (5) | MR | Yes | |||||||||||||||||||||||||||||||||||||
37 | STI Tribeca | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
38 | STI Gramercy | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
39 | STI Bronx | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
40 | STI Pontiac | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
41 | STI Manhattan | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
42 | STI Queens | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
43 | STI Osceola | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
44 | STI Notting Hill | 2015 | 49,687 | 1B | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
45 | STI Seneca | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
46 | STI Westminster | 2015 | 49,687 | 1B | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
47 | STI Brooklyn | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
48 | STI Black Hawk | 2015 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
49 | STI Galata | 2017 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
50 | STI Bosphorus | 2017 | 49,990 | — | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
51 | STI Leblon | 2017 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
52 | STI La Boca | 2017 | 49,990 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
53 | STI San Telmo | 2017 | 49,990 | 1B | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
54 | STI Donald C Trauscht | 2017 | 49,990 | 1B | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
55 | STI Esles II | 2018 | 49,990 | 1B | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
56 | STI Jardins | 2018 | 49,990 | 1B | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
57 | STI Magic | 2019 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
58 | STI Mystery | 2019 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
59 | STI Marvel | 2019 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
60 | STI Magnetic | 2019 | 50,000 | — | Time Charter (6) | MR | Yes | |||||||||||||||||||||||||||||||||||||
61 | STI Millennia | 2019 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
62 | STI Magister | 2019 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
63 | STI Mythic | 2019 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
64 | STI Marshall | 2019 | 50,000 | — | Time Charter (7) | MR | Yes | |||||||||||||||||||||||||||||||||||||
65 | STI Modest | 2019 | 50,000 | — | SMRP (2) | MR | Yes |
66 | STI Maverick | 2019 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
67 | STI Miracle | 2020 | 50,000 | — | Time Charter (8) | MR | Yes | |||||||||||||||||||||||||||||||||||||
68 | STI Maestro | 2020 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
69 | STI Mighty | 2020 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
70 | STI Maximus | 2020 | 50,000 | — | SMRP (2) | MR | Yes | |||||||||||||||||||||||||||||||||||||
71 | STI Elysees | 2014 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
72 | STI Madison | 2014 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
73 | STI Park | 2014 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
74 | STI Orchard | 2014 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
75 | STI Sloane | 2014 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
76 | STI Broadway | 2014 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
77 | STI Condotti | 2014 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
78 | STI Rose | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
79 | STI Veneto | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
80 | STI Alexis | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
81 | STI Winnie | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
82 | STI Oxford | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
83 | STI Lauren | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
84 | STI Connaught | 2015 | 109,999 | — | Time Charter (9) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
85 | STI Spiga | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
86 | STI Kingsway | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
87 | STI Solidarity | 2015 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
88 | STI Lombard | 2015 | 109,999 | — | Time Charter (10) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
89 | STI Grace | 2016 | 109,999 | — | Time Charter (11) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
90 | STI Jermyn | 2016 | 109,999 | — | Time Charter (12) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
91 | STI Sanctity | 2016 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
92 | STI Solace | 2016 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
93 | STI Stability | 2016 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
94 | STI Steadfast | 2016 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
95 | STI Supreme | 2016 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
96 | STI Symphony | 2016 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
97 | STI Gallantry | 2016 | 113,000 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
98 | STI Goal | 2016 | 113,000 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
99 | STI Guard | 2016 | 113,000 | — | Time Charter (13) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
100 | STI Guide | 2016 | 113,000 | — | Time Charter (14) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
101 | STI Selatar | 2017 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
102 | STI Rambla | 2017 | 109,999 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
103 | STI Gauntlet | 2017 | 113,000 | — | Time Charter (15) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
104 | STI Gladiator | 2017 | 113,000 | — | Time Charter (14) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
105 | STI Gratitude | 2017 | 113,000 | — | Time Charter (16) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
106 | STI Lobelia | 2019 | 110,000 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
107 | STI Lotus | 2019 | 110,000 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
108 | STI Lily | 2019 | 110,000 | — | SLR2P (3) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
109 | STI Lavender | 2019 | 110,000 | — | Time Charter (17) | LR2 | Yes | |||||||||||||||||||||||||||||||||||||
110 | STI Beryl | 2013 | 49,990 | — | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
111 | STI Le Rocher | 2013 | 49,990 | — | SMRP (2) | MR | Not Yet Installed | |||||||||||||||||||||||||||||||||||||
112 | STI Larvotto | 2013 | 49,990 | — | SMRP (2) | MR | Not Yet Installed |
Total owned, sale leaseback or bareboat chartered-in DWT | 7,802,192 |
(1) | This vessel operates in, or is expected to operate in, the Scorpio Handymax Tanker Pool, or SHTP. SHTP is a Scorpio Pool and is operated by Scorpio Commercial Management S.A.M. (SCM). SHTP and SCM are related parties to the Company. | ||||
(2) | This vessel operates in, or is expected to operate in, the Scorpio MR Pool, or SMRP. SMRP is a Scorpio Pool and is operated by SCM. SMRP and SCM are related parties to the Company. | ||||
(3) | This vessel operates in, 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. | ||||
(4) | This vessel commenced a time charter in October 2022 for three years at an average rate of $25,000 per day. | ||||
(5) | This vessel commenced a time charter in June 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day. | ||||
(6) | This vessel commenced a time charter in July 2022 for three years at an average rate of $23,000 per day. The daily rate is the average rate over the three-year period, which is payable in years one, two, and three at $30,000 per day, $20,000 per day, and $19,000 per day, respectively. The charterers have the option to extend the term of this agreement for an additional year at $24,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day. | ||||
(7) | This vessel commenced a time charter in July 2022 for three years at a rate of $23,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $24,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $25,000 per day. If this second option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day. | ||||
(8) | This vessel commenced a time charter in August 2022 for three years at a rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day. | ||||
(9) | In April 2023, STI Connaught replaced STI Goal on a time charter which initially commenced in August 2022 for three years at a rate of $30,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $32,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $34,000 per day. | ||||
(10) | This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The charterer has the option to extend the term of this agreement for an additional year at $34,750 per day. If this option is declared, the charterer has the option to further extend the term of this agreement for an additional year at $36,750 per day. | ||||
(11) | This vessel commenced a time charter in December 2022 for three years at an average rate of $37,500 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $47,000 per day, the next 6 months are payable at $28,000 per day, and years two and three are payable at $37,500 per day. | ||||
(12) | This vessel commenced a time charter in April 2023 for three years at a rate of $40,000 per day. The charterer has the option to extend the term of this agreement for an additional year at $42,500 per day. | ||||
(13) | This vessel commenced a time charter in July 2022 for five years at a rate of $28,000 per day. The charterers have the option to convert the term of this agreement to three years at $30,000 per day, which must be declared within 30 months after the delivery date. | ||||
(14) | This vessel commenced a time charter in July 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day. | ||||
(15) | This vessel commenced a time charter in November 2022 for three years at an average rate of $32,750 per day. | ||||
(16) | This vessel commenced a time charter in May 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day. | ||||
(17) | This vessel commenced a time charter in December 2022 for three years at an average rate of $35,000 per day. |
Voyage Charter | Time Charter | Bareboat Charter | Commercial Pool | |||||||||||||||||||||||
Typical contract length | Single voyage | One year or more | One year or more | Varies | ||||||||||||||||||||||
Hire rate basis(1) | Varies | Daily | Daily | Varies | ||||||||||||||||||||||
Voyage expenses(2) | We pay | Customer pays | Customer pays | Pool pays | ||||||||||||||||||||||
Crewing and other vessel operating costs for owned, lease financed, or bareboat chartered-in vessels(3) | We pay | We pay | Customer pays | We pay | ||||||||||||||||||||||
Charterhire expense for time or bareboat chartered-in vessels(3) | We pay | We pay | We pay | We pay | ||||||||||||||||||||||
Off-hire(4) | Customer does not pay | Customer does not pay | Varies | Pool does not pay |
For the six months ended June 30, | ||||||||||||||
Average Daily Results | 2023 | 2022 | ||||||||||||
Fleet | ||||||||||||||
TCE per revenue day (1) | $ | 34,810 | $ | 25,444 | ||||||||||
Vessel operating costs per day (2) | $ | 7,458 | $ | 7,173 | ||||||||||
Average number of vessels | 113.0 | 124.6 | ||||||||||||
LR2 | ||||||||||||||
TCE per revenue day (1) | $ | 41,395 | $ | 25,287 | ||||||||||
Vessel operating costs per day (2) | $ | 7,785 | $ | 7,258 | ||||||||||
Average number of vessels | 39.0 | 41.9 | ||||||||||||
LR1 | ||||||||||||||
TCE per revenue day (1) | N/A | $ | 13,690 | |||||||||||
Vessel operating costs per day (2) | N/A | $ | 7,286 | |||||||||||
Average number of vessels | N/A | 6.7 | ||||||||||||
MR | ||||||||||||||
TCE per revenue day (1) | $ | 31,037 | $ | 25,583 | ||||||||||
Vessel operating costs per day (2) | $ | 7,337 | $ | 7,166 | ||||||||||
Average number of vessels | 60.0 | 62.0 | ||||||||||||
Handymax | ||||||||||||||
TCE per revenue day (1) | $ | 32,534 | $ | 29,119 | ||||||||||
Vessel operating costs per day (2) | $ | 7,083 | $ | 6,890 | ||||||||||
Average number of vessels | 14.0 | 14.0 | ||||||||||||
Drydock | ||||||||||||||
Expenditures for drydock, scrubbers and BWTS(3) (in thousands of U.S. dollars) | $ | 13,545 | $ | 22,779 |
For the six months ended June 30, | Change | Percentage | ||||||||||||||||||||||||
In thousands of U.S. dollars | 2023 | 2022 | favorable / (unfavorable) | Change | ||||||||||||||||||||||
Vessel revenue | $ | 713,730 | $ | 579,120 | $ | 134,610 | 23 | % | ||||||||||||||||||
Vessel operating costs | (152,532) | (161,755) | 9,223 | 6 | % | |||||||||||||||||||||
Voyage expenses | (9,013) | (25,508) | 16,495 | 65 | % | |||||||||||||||||||||
Depreciation - owned or sale leaseback vessels | (82,688) | (85,159) | 2,471 | 3 | % | |||||||||||||||||||||
Depreciation - right of use assets | (18,003) | (19,488) | 1,485 | 8 | % | |||||||||||||||||||||
General and administrative expenses | (49,480) | (35,257) | (14,223) | (40) | % | |||||||||||||||||||||
Loss on sales of vessels | — | (69,218) | 69,218 | 100 | % | |||||||||||||||||||||
Financial expenses | (87,252) | (78,710) | (8,542) | (11) | % | |||||||||||||||||||||
Financial income | 8,544 | 1,024 | 7,520 | 734 | % | |||||||||||||||||||||
Other income and (expenses), net | 2,332 | 1,634 | 698 | 43 | % | |||||||||||||||||||||
Net income | $ | 325,638 | $ | 106,683 | $ | 218,955 | 205 | % |
For the six months ended June 30, | Change | Percentage | ||||||||||||||||||||||||
In thousands of U.S. dollars | 2023 | 2022 | favorable / (unfavorable) | Change | ||||||||||||||||||||||
Pool and spot market revenue by operating segment | ||||||||||||||||||||||||||
MR | $ | 314,986 | $ | 289,382 | $ | 25,604 | 9 | % | ||||||||||||||||||
LR2 | 239,623 | 188,986 | 50,637 | 27 | % | |||||||||||||||||||||
Handymax | 85,118 | 88,508 | (3,390) | (4) | % | |||||||||||||||||||||
LR1 | — | 11,169 | (11,169) | (100) | % | |||||||||||||||||||||
Total pool and spot market revenue | 639,727 | 578,045 | 61,682 | 11 | % | |||||||||||||||||||||
Time charter-out revenue | 74,003 | 1,075 | 72,928 | 6,784 | % | |||||||||||||||||||||
Gross revenue | 713,730 | 579,120 | 134,610 | 23 | % | |||||||||||||||||||||
Voyage expenses | (9,013) | (25,508) | 16,495 | 65 | % | |||||||||||||||||||||
TCE revenue (1) | $ | 704,717 | $ | 553,612 | $ | 151,105 | 27 | % | ||||||||||||||||||
Daily pool and spot market TCE per revenue day by operating segment: (1) | ||||||||||||||||||||||||||
MR pool and spot market | $ | 31,893 | $ | 25,586 | $ | 6,307 | 25 | % | ||||||||||||||||||
LR2 pool and spot market | 45,022 | 25,279 | 19,743 | 78 | % | |||||||||||||||||||||
Handymax pool and spot market | 32,534 | 29,119 | 3,415 | 12 | % | |||||||||||||||||||||
LR1 pool and spot market | — | 13,690 | N/A | N/A | ||||||||||||||||||||||
Consolidated daily pool and spot market TCE | 35,931 | 25,443 | 10,488 | 41 | % | |||||||||||||||||||||
Time charter-out - daily TCE | 27,216 | 26,224 | 992 | 4 | % | |||||||||||||||||||||
Consolidated daily TCE | 34,810 | 25,444 | 9,366 | 37 | % | |||||||||||||||||||||
Pool and spot market revenue days per operating segment | ||||||||||||||||||||||||||
MR | 9,802 | 11,110 | (1,308) | (12) | % | |||||||||||||||||||||
LR2 | 5,306 | 7,290 | (1,984) | (27) | % | |||||||||||||||||||||
Handymax | 2,533 | 2,503 | 30 | 1 | % | |||||||||||||||||||||
LR1 | — | 816 | (816) | (100) | % | |||||||||||||||||||||
Total pool and spot market revenue days | 17,641 | 21,719 | (4,078) | (19) | % | |||||||||||||||||||||
Time charter-out revenue days | 2,603 | 40 | 2,563 | 6,408 | % | |||||||||||||||||||||
Total revenue days | 20,244 | 21,759 | (1,515) | (7) | % |
Vessel | Vessel class | Term | Rate | Commencement date | ||||||||||
STI Gratitude | LR2 | Three years | $28,000/day | May 2022 | ||||||||||
STI Memphis | MR | Three years | $21,000/day | June 2022 | ||||||||||
STI Marshall | MR | Three years | $23,000/day | July 2022 | ||||||||||
STI Magnetic | MR | Three years | $23,000/day | July 2022 | ||||||||||
STI Gladiator | LR2 | Three years | $28,000/day | July 2022 | ||||||||||
STI Guide | LR2 | Three years | $28,000/day | July 2022 | ||||||||||
STI Guard | LR2 | Five years | $28,000/day | July 2022 | ||||||||||
STI Miracle | MR | Three years | $21,000/day | August 2022 | ||||||||||
STI Connaught (1) | LR2 | Three years | $30,000/day | August 2022 | ||||||||||
STI Lombard | LR2 | Three years | $32,750/day | September 2022 | ||||||||||
STI Duchessa | MR | Three years | $25,000/day | October 2022 | ||||||||||
STI Gauntlet | LR2 | Three years | $32,750/day | November 2022 | ||||||||||
STI Lavender | LR2 | Three years | $35,000/day | December 2022 | ||||||||||
STI Grace | LR2 | Three years | $37,500/day | December 2022 | ||||||||||
STI Jermyn | LR2 | Three years | $40,000/day | April 2023 |
For the six months ended June 30, | Change | Percentage | ||||||||||||||||||||||||
In thousands of U.S. dollars | 2023 | 2022 | favorable / (unfavorable) | change | ||||||||||||||||||||||
Vessel operating costs | ||||||||||||||||||||||||||
MR | $ | 79,630 | $ | 80,371 | $ | 741 | 1 | % | ||||||||||||||||||
LR2 | 54,955 | 55,077 | 122 | — | % | |||||||||||||||||||||
Handymax | 17,947 | 17,460 | (487) | (3) | % | |||||||||||||||||||||
LR1 | — | 8,847 | 8,847 | 100 | % | |||||||||||||||||||||
Total vessel operating costs | $ | 152,532 | $ | 161,755 | $ | 9,223 | 6 | % | ||||||||||||||||||
Vessel operating costs per day | ||||||||||||||||||||||||||
MR | $ | 7,337 | $ | 7,166 | $ | (171) | (2) | % | ||||||||||||||||||
LR2 | 7,785 | 7,258 | (527) | (7) | % | |||||||||||||||||||||
Handymax | 7,083 | 6,890 | (193) | (3) | % | |||||||||||||||||||||
LR1 | — | 7,286 | N/A | N/A | ||||||||||||||||||||||
Consolidated vessel operating costs per day | 7,458 | 7,173 | (285) | (4) | % | |||||||||||||||||||||
Operating days | ||||||||||||||||||||||||||
MR | 10,860 | 11,215 | (355) | (3) | % | |||||||||||||||||||||
LR2 | 7,059 | 7,589 | (530) | (7) | % | |||||||||||||||||||||
Handymax | 2,534 | 2,534 | — | — | % | |||||||||||||||||||||
LR1 | — | 1,214 | (1,214) | (100) | % | |||||||||||||||||||||
Total operating days | 20,453 | 22,552 | (2,099) | (9) | % |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars | 2023 | 2022 | |||||||||
Cash flow data | |||||||||||
Net cash inflow / (outflow) | |||||||||||
Operating activities | $ | 501,349 | $ | 139,802 | |||||||
Investing activities | (12,056) | 518,648 | |||||||||
Financing activities | (552,240) | (529,337) |
For the six months ended June 30, | Change | Percentage | ||||||||||||||||||||||||
In thousands of U.S. dollars | 2023 | 2022 | favorable / (unfavorable) | Change | ||||||||||||||||||||||
Vessel revenue (1) | $ | 713,730 | $ | 579,120 | $ | 134,610 | 23 | % | ||||||||||||||||||
Vessel operating costs (1) | (152,532) | (161,755) | 9,223 | 6 | % | |||||||||||||||||||||
Voyage expenses (1) | (9,013) | (25,508) | 16,495 | 65 | % | |||||||||||||||||||||
General and administrative expenses - cash (1) (2) | (32,906) | (24,581) | (8,325) | (34) | % | |||||||||||||||||||||
Financial expenses - cash (1) (3) | (83,224) | (61,539) | (21,685) | (35) | % | |||||||||||||||||||||
Change in working capital (4) | 56,813 | (168,048) | 224,861 | 134 | % | |||||||||||||||||||||
Financial income - cash | 8,544 | 298 | 8,246 | 2,767 | % | |||||||||||||||||||||
Other | (64) | 1,815 | (1,879) | (104) | % | |||||||||||||||||||||
Operating cash flow | $ | 501,348 | $ | 139,802 | $ | 361,546 | 259 | % |
For the six months ended June 30, | Change | Percentage | ||||||||||||||||||||||||
In thousands of U.S. dollars | 2023 | 2022 | favorable / (unfavorable) | Change | ||||||||||||||||||||||
Cash outflows | ||||||||||||||||||||||||||
Net proceeds from the sales of vessels (1) | $ | — | $ | 541,187 | $ | (541,187) | (100) | % | ||||||||||||||||||
Distributions from dual fuel tanker joint venture (2) | 1,489 | 240 | 1,249 | 520 | % | |||||||||||||||||||||
Cash inflow from investing activities | 1,489 | 541,427 | (539,938) | (100) | % | |||||||||||||||||||||
Drydock, scrubber and BWTS and other vessel related payments (owned, lease financed and bareboat chartered-in vessels) (3) | (13,545) | (22,779) | 9,234 | 41 | % | |||||||||||||||||||||
Net cash (outflow) / inflow from investing activities | $ | (12,056) | $ | 518,648 | $ | (530,704) | (102) | % |
For the six months ended June 30, | Change | Percentage | ||||||||||||||||||||||||
In thousands of U.S. dollars | 2023 | 2022 | favorable / (unfavorable) | Change | ||||||||||||||||||||||
Cash inflows | ||||||||||||||||||||||||||
Drawdowns from our secured credit facilities (1) | $ | 391,482 | $ | 5,075 | $ | 386,407 | 7,614 | % | ||||||||||||||||||
Issuance of Unsecured Senior Notes Due 2025 (1) | — | 358 | (358) | (100) | % | |||||||||||||||||||||
Proceeds from sale and leaseback transactions (1) | — | 117,204 | (117,204) | (100) | % | |||||||||||||||||||||
Decrease in restricted cash (4) | — | 4,008 | (4,008) | (100) | % | |||||||||||||||||||||
Total financing cash inflows | 391,482 | 126,645 | 264,837 | 209 | % | |||||||||||||||||||||
Cash outflows | ||||||||||||||||||||||||||
Repayments on our secured credit facilities (1) | (25,627) | (295,376) | 269,749 | 91 | % | |||||||||||||||||||||
Repayments under sale and leaseback liabilities (1) | (235,323) | (212,388) | (22,935) | (11) | % | |||||||||||||||||||||
Repayments under IFRS 16 lease liabilities (1) | (250,626) | (52,568) | (198,058) | (377) | % | |||||||||||||||||||||
Repurchase / repayment of convertible notes (1) | — | (82,251) | 82,251 | 100 | % | |||||||||||||||||||||
Dividend payments (2) | (25,678) | (11,778) | (13,900) | (118) | % | |||||||||||||||||||||
Debt issuance costs (3) | (7,524) | (1,621) | (5,903) | (364) | % | |||||||||||||||||||||
Repurchase of common stock (5) | (398,944) | — | (398,944) | N/A | ||||||||||||||||||||||
Total financing cash outflows | (943,722) | (655,982) | (287,740) | (44) | % | |||||||||||||||||||||
Net cash outflow from financing activities | $ | (552,240) | $ | (529,337) | $ | (22,903) | (4) | % |
For the six months ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
In thousands of U.S. dollars | Drawdowns | Repayments | Drawdowns | Repayments | ||||||||||||||||||||||
2023 $225.0 Million Credit Facility | $ | 225,000 | $ | (8,475) | $ | — | $ | — | ||||||||||||||||||
2023 $49.1 Million Credit Facility | 49,088 | (1,154) | — | — | ||||||||||||||||||||||
2023 $117.4 Million Credit Facility | 117,394 | — | — | — | ||||||||||||||||||||||
Credit Agricole Credit Facility | — | — | — | (73,591) | ||||||||||||||||||||||
Citibank / K-Sure Credit Facility | — | — | — | (78,401) | ||||||||||||||||||||||
Hamburg Commercial Credit Facility | — | (1,646) | — | (1,646) | ||||||||||||||||||||||
Prudential Credit Facility | — | (2,773) | — | (2,773) | ||||||||||||||||||||||
2019 DNB / GIEK Credit Facility | — | (3,557) | — | (3,556) | ||||||||||||||||||||||
BNPP Sinosure Credit Facility | — | (5,455) | 5,075 | (5,359) | ||||||||||||||||||||||
2020 $225 Million Credit Facility | — | (2,567) | — | (85,330) | ||||||||||||||||||||||
2021 $21.0 Million Credit Facility | — | — | — | (1,170) | ||||||||||||||||||||||
2021 $43.6 Million Credit Facility | — | — | — | (43,550) | ||||||||||||||||||||||
Total Secured Credit Facilities | $ | 391,482 | $ | (25,627) | $ | 5,075 | $ | (295,376) | ||||||||||||||||||
Unsecured Senior Notes Due 2025 | — | — | 358 | — | ||||||||||||||||||||||
Convertible Notes Due 2022 | — | — | — | (69,695) | ||||||||||||||||||||||
Convertible Notes Due 2025 | — | — | — | (12,556) | ||||||||||||||||||||||
Total Unsecured Senior Notes | $ | — | $ | — | $ | 358 | $ | (82,251) | ||||||||||||||||||
Ocean Yield Lease Financing | (59,965) | — | (5,659) | |||||||||||||||||||||||
BCFL Lease Financing (LR2s) | — | (5,473) | — | (5,538) | ||||||||||||||||||||||
CSSC Lease Financing | — | (5,453) | — | (7,281) | ||||||||||||||||||||||
CSSC Scrubber Lease Financing | — | (1,829) | — | — | ||||||||||||||||||||||
BCFL Lease Financing (MRs) | — | (8,162) | — | (7,705) | ||||||||||||||||||||||
2018 CMBFL Lease Financing | — | — | — | (6,504) | ||||||||||||||||||||||
$116.0 Million Lease Financing | — | — | — | (95,789) | ||||||||||||||||||||||
AVIC Lease Financing | — | (77,769) | — | (22,938) | ||||||||||||||||||||||
China Huarong Lease Financing | — | — | — | (8,416) | ||||||||||||||||||||||
$157.5 Million Lease Financing | — | — | — | (20,835) | ||||||||||||||||||||||
COSCO Lease Financing | — | — | — | (3,850) | ||||||||||||||||||||||
2020 CMBFL Lease Financing | — | (1,622) | — | (1,621) | ||||||||||||||||||||||
2020 TSFL Lease Financing | — | (1,660) | — | (1,661) | ||||||||||||||||||||||
2020 SPDBFL Lease Financing | — | (3,247) | — | (3,248) | ||||||||||||||||||||||
2021 AVIC Lease Financing | — | (3,626) | — | (3,626) | ||||||||||||||||||||||
2021 CMBFL Lease Financing | — | (3,260) | — | (3,260) | ||||||||||||||||||||||
2021 TSFL Lease Financing | — | (2,190) | — | (2,190) | ||||||||||||||||||||||
2021 CSSC Lease Financing | — | (48,631) | — | (2,631) | ||||||||||||||||||||||
2021 $146.3 Million Lease Financing | — | (6,589) | — | (5,962) | ||||||||||||||||||||||
2021 Ocean Yield Lease Financing | — | (2,901) | — | (2,901) | ||||||||||||||||||||||
2022 AVIC Lease Financing | — | (4,584) | 117,204 | — | ||||||||||||||||||||||
Decrease / (increase) in prepaid interest expense | — | 1,638 | — | (773) | ||||||||||||||||||||||
Total Finance Leases | $ | — | $ | (235,323) | $ | 117,204 | $ | (212,388) | ||||||||||||||||||
IFRS 16 - Leases - Three MRs | — | (4,234) | — | (3,991) | ||||||||||||||||||||||
$670.0 Million Lease Financing | — | (247,132) | — | (48,418) | ||||||||||||||||||||||
Decrease / (increase) in prepaid interest expense | — | 740 | — | (159) | ||||||||||||||||||||||
Total Lease Liability - IFRS 16 | $ | — | $ | (250,626) | $ | — | $ | (52,568) |
In thousands of U.S. Dollars | Amount outstanding at June 30, 2023 | Amount outstanding at September 29, 2023 | ||||||||||||
Hamburg Commercial Credit Facility(1) | $ | 32,086 | $ | — | ||||||||||
Prudential Credit Facility | 36,513 | 35,126 | ||||||||||||
2019 DNB / GIEK Credit Facility (2) | 34,781 | — | ||||||||||||
BNPP Sinosure Credit Facility | 75,121 | 75,121 | ||||||||||||
2020 $225.0 Million Credit Facility (3) | 35,198 | — | ||||||||||||
2023 $225.0 Million Credit Facility | 216,525 | 208,050 | ||||||||||||
2023 $49.1 Million Credit Facility | 47,934 | 46,780 | ||||||||||||
2023 $117.4 Million Credit Facility | 117,394 | 113,142 | ||||||||||||
2023 $1.0 Billion Credit Facility (4) | — | 269,344 | ||||||||||||
2023 $94.0 Million Credit Facility (5) | — | 43,750 | ||||||||||||
Ocean Yield Lease Financing (6) | 54,895 | 26,142 | ||||||||||||
BCFL Lease Financing (LR2s) (7) | 62,837 | 60,157 | ||||||||||||
CSSC Lease Financing (8) | 113,994 | 110,353 | ||||||||||||
BCFL Lease Financing (MRs) (9) | 45,040 | 40,951 | ||||||||||||
2020 CMBFL Lease Financing (10) | 36,468 | — | ||||||||||||
2020 TSFL Lease Financing (11) | 38,947 | 38,117 | ||||||||||||
2020 SPDBFL Lease Financing (12) | 80,264 | 78,640 | ||||||||||||
2021 AVIC Lease Financing | 81,009 | 79,196 | ||||||||||||
2021 CMBFL Lease Financing | 64,785 | 63,155 | ||||||||||||
2021 TSFL Lease Financing | 47,807 | 46,712 | ||||||||||||
2021 $146.3 Million Lease Financing | 127,110 | 123,815 | ||||||||||||
2021 Ocean Yield Lease Financing | 61,032 | 59,557 | ||||||||||||
2022 AVIC Lease Financing | 109,220 | 106,928 | ||||||||||||
IFRS 16 - Leases - Three MRs | 16,904 | 14,713 | ||||||||||||
IFRS 16 - Leases - $670.0 Million (13) | 231,015 | 85,508 | ||||||||||||
Senior Notes Due 2025 | 70,571 | 70,571 | ||||||||||||
Total | $ | 1,837,450 | $ | 1,795,828 |
Drydock | Total | |||||||||||||
Cost in thousands of U.S. dollars | Vessels | Off-hire days | Cost | |||||||||||
Drydock in-progress at December 31, 2022 | $ | 708 | ||||||||||||
Add: costs incurred (1) | 8,296 | |||||||||||||
Less: drydock completed (2) | 4 | 127 | 8,198 | |||||||||||
Drydock in-progress at June 30, 2023 | $ | 806 |
Ballast Water Treatment System | Total | |||||||||||||
Cost in thousands of U.S. dollars | Vessels | Off-hire days | Cost | |||||||||||
BWTS in-progress at December 31, 2022 | $ | 733 | ||||||||||||
Add: costs incurred (1) | 2,739 | |||||||||||||
Less: drydock completed (2) | 2 | 90 | 3,263 | |||||||||||
BWTS in-progress at June 30, 2023 | $ | 209 |
In thousands of U.S. dollars | As of June 30, 2023 | ||||
Less than 1 month | $ | — | |||
1-3 months | 236 | ||||
3 months to 1 year | 12,291 | ||||
1-5 years | 305 | ||||
5+ years | — | ||||
Total | $ | 12,832 |
Less than | 1 to 3 | 3 to 5 | More than | ||||||||||||||||||||
In thousands of U.S. dollars | 1 year | years | years | 5 years | |||||||||||||||||||
Principal obligations under secured credit facilities (1) | $ | 87,516 | $ | 273,123 | $ | 234,913 | $ | — | |||||||||||||||
Principal obligations under sale and leaseback liabilities (1) | 131,082 | 205,362 | 347,977 | 238,987 | |||||||||||||||||||
Principal obligations under IFRS 16 - lease liabilities (1) | 160,937 | 24,061 | 47,700 | 15,221 | |||||||||||||||||||
Estimated interest payments on secured credit facilities (2) | 44,109 | 49,008 | 20,654 | — | |||||||||||||||||||
Estimated interest payments on sale and leaseback liabilities (2) | 75,024 | 103,055 | 59,954 | 25,136 | |||||||||||||||||||
Estimated interest payments on IFRS 16 - lease liabilities (2) | 9,282 | 11,317 | 6,077 | 395 | |||||||||||||||||||
Technical management fees (3) | 13,929 | — | — | — | |||||||||||||||||||
Commercial management fees (4) | 20,171 | — | — | — | |||||||||||||||||||
Ballast Water Treatment System purchase commitments (5) | 443 | — | — | — | |||||||||||||||||||
Exhaust Gas Cleaning System purchase commitments (6) | 12,084 | 305 | — | — | |||||||||||||||||||
Senior unsecured notes (7) | — | 70,571 | — | — | |||||||||||||||||||
Senior unsecured notes - estimated interest payments (8) | 4,940 | 4,940 | — | — | |||||||||||||||||||
Total | $ | 559,517 | $ | 741,742 | $ | 717,275 | $ | 279,739 |
Year 1 | 5.67 | % | ||||||
Year 2 | 4.50 | % | ||||||
Year 3 | 3.76 | % | ||||||
Year 4 | 3.67 | % | (A) | |||||
Year 5 | 3.34 | % | ||||||
Year 6 | 3.54 | % | (A) | |||||
Year 7 | 3.40 | % | ||||||
Year 8 | 3.59 | % | (A) | |||||
Year 9 | 3.52 | % | (A) | |||||
Year 10 | 3.49 | % |
As of June 30, 2023 | ||||||||||||||||||||||||||
Less than | 1 to 3 | 3 to 5 | More than | |||||||||||||||||||||||
In thousands of U.S. dollars | 1 year | years | years | 5 years | ||||||||||||||||||||||
Principal payments floating rate debt (unhedged) | $ | 354,148 | $ | 465,136 | $ | 630,590 | $ | 254,208 | ||||||||||||||||||
Principal payments fixed rate debt | 25,387 | 107,981 | — | — | ||||||||||||||||||||||
Total principal payments on outstanding debt | $ | 379,535 | $ | 573,117 | $ | 630,590 | $ | 254,208 |
Page | |||||
Unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 | F-2 | ||||
Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2023 and 2022 | F-3 | ||||
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2023 and 2022 | F-4 | ||||
Unaudited Condensed Consolidated Statements of Cash Flow for the six months ended June 30, 2023 and 2022 | F-5 | ||||
Notes to the Unaudited Condensed Consolidated Financial Statements | F-7 |
As of | |||||||||||||||||
In thousands of U.S. dollars | Notes | June 30, 2023 | December 31, 2022 | ||||||||||||||
Assets | |||||||||||||||||
Current assets | |||||||||||||||||
Cash and cash equivalents | $ | $ | |||||||||||||||
Accounts receivable | |||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||
Inventories | |||||||||||||||||
Assets held for sale | |||||||||||||||||
Total current assets | |||||||||||||||||
Non-current assets | |||||||||||||||||
Vessels and drydock | |||||||||||||||||
Right of use assets for vessels | |||||||||||||||||
Other assets | |||||||||||||||||
Goodwill | |||||||||||||||||
Restricted cash | |||||||||||||||||
Total non-current assets | |||||||||||||||||
Total assets | $ | $ | |||||||||||||||
Current liabilities | |||||||||||||||||
Current portion of long-term bank debt | |||||||||||||||||
Sale and leaseback liability | |||||||||||||||||
IFRS 16 - lease liability | |||||||||||||||||
Accounts payable | |||||||||||||||||
Accrued expenses | |||||||||||||||||
Total current liabilities | |||||||||||||||||
Non-current liabilities | |||||||||||||||||
Long-term bank debt and bonds | |||||||||||||||||
Sale and leaseback liability | |||||||||||||||||
IFRS 16 - lease liability | |||||||||||||||||
Total non-current liabilities | |||||||||||||||||
Total liabilities | |||||||||||||||||
Shareholders’ equity | |||||||||||||||||
Issued, authorized and fully paid-in share capital: | |||||||||||||||||
Common stock, $ | |||||||||||||||||
Additional paid-in capital | |||||||||||||||||
Treasury shares | ( | ( | |||||||||||||||
Retained earnings | |||||||||||||||||
Total shareholders’ equity | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
For the six months ended June 30, | ||||||||||||||||||||
In thousands of U.S. dollars except per share and share data | Notes | 2023 | 2022 | |||||||||||||||||
Revenue | ||||||||||||||||||||
Vessel revenue | $ | $ | ||||||||||||||||||
Operating expenses | ||||||||||||||||||||
Vessel operating costs | ( | ( | ||||||||||||||||||
Voyage expenses | ( | ( | ||||||||||||||||||
Depreciation - owned or sale and leaseback vessels | ( | ( | ||||||||||||||||||
Depreciation - right of use assets for vessels | ( | ( | ||||||||||||||||||
General and administrative expenses | ( | ( | ||||||||||||||||||
Loss on sales of vessels and write-down of vessel held for sale | ( | |||||||||||||||||||
Total operating expenses | ( | ( | ||||||||||||||||||
Operating income | ||||||||||||||||||||
Other (expense) and income, net | ||||||||||||||||||||
Financial expenses | ( | ( | ||||||||||||||||||
Financial income | ||||||||||||||||||||
Other income, net | ||||||||||||||||||||
Total other expense, net | ( | ( | ||||||||||||||||||
Net income | $ | $ | ||||||||||||||||||
Attributable to: | ||||||||||||||||||||
Equity holders of the parent | $ | $ | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||
Basic | $ | $ | ||||||||||||||||||
Diluted | $ | $ | ||||||||||||||||||
Basic weighted average shares outstanding | ||||||||||||||||||||
Diluted weighted average shares outstanding |
In thousands of U.S. dollars except share data | Number of shares outstanding | Share capital | Additional paid-in capital | Treasury shares | (Accumulated deficit) / Retained earnings | Total | |||||||||||||||||||||||||||||
Balance as of January 1, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net income for the period | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | ( | — | — | ( | |||||||||||||||||||||||||||||||
Amortization of restricted stock, net of forfeitures | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends paid, $ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Write off of equity portion of Convertible Notes Due 2025 | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Balance as of January 1, 2023 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income for the period | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of restricted stock, net of forfeitures | ( | — | — | ||||||||||||||||||||||||||||||||
Amortization of restricted stock, net of forfeitures | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase of Treasury Shares | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Dividends paid, $ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | $ | $ | ( | $ | $ |
For the six months ended June 30, | |||||||||||||||||
In thousands of U.S. dollars | Notes | 2023 | 2022 | ||||||||||||||
Operating activities | |||||||||||||||||
Net income | $ | $ | |||||||||||||||
Depreciation - owned or sale and leaseback vessels | |||||||||||||||||
Depreciation - right of use assets for vessels | |||||||||||||||||
Amortization of restricted stock | |||||||||||||||||
Amortization of deferred financing fees | |||||||||||||||||
Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities | |||||||||||||||||
Loss on sales of vessels and write-down of vessels held for sale | |||||||||||||||||
Accretion of Convertible Notes | |||||||||||||||||
Accretion of fair value measurement on debt assumed from historical acquisitions | |||||||||||||||||
Gain on Convertible Notes exchange | ( | ||||||||||||||||
Share of income from dual fuel tanker joint venture | ( | ( | |||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Decrease in inventories | |||||||||||||||||
Decrease / (increase) in accounts receivable | ( | ||||||||||||||||
Decrease / (increase) in prepaid expenses and other current assets | ( | ||||||||||||||||
Decrease / (increase) in other assets | ( | ||||||||||||||||
Decrease in accounts payable | ( | ( | |||||||||||||||
(Decrease) / increase in accrued expenses | ( | ||||||||||||||||
( | |||||||||||||||||
Net cash inflow from operating activities | |||||||||||||||||
Investing activities | |||||||||||||||||
Net proceeds from sales of vessels | |||||||||||||||||
Distributions from dual fuel tanker joint venture | |||||||||||||||||
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, lease financed and bareboat-in vessels) | ( | ( | |||||||||||||||
Net cash (outflow) / inflow from investing activities | ( | ||||||||||||||||
Financing activities | |||||||||||||||||
Principal repayments on debt and sale and leaseback obligations | ( | ( | |||||||||||||||
Issuance of debt | |||||||||||||||||
Debt issuance costs | ( | ( | |||||||||||||||
Principal repayments on IFRS 16 lease liabilities | ( | ( | |||||||||||||||
Decrease in restricted cash | |||||||||||||||||
Repurchase / repayment of convertible notes | ( | ||||||||||||||||
Dividends paid | ( | ( | |||||||||||||||
Repurchase of common stock | ( | ||||||||||||||||
Net cash outflow from financing activities | ( | ( | |||||||||||||||
(Decrease) / increase in cash and cash equivalents | ( | ||||||||||||||||
Cash and cash equivalents at January 1, | |||||||||||||||||
Cash and cash equivalents at June 30, | $ | $ | |||||||||||||||
Supplemental information: | |||||||||||||||||
Interest paid (which includes $ | $ | $ |
As of | |||||||||||
In thousands of U.S. dollars | June 30, 2023 | December 31, 2022 | |||||||||
Prepaid vessel operating expenses - SSM | $ | $ | |||||||||
Prepaid expenses - SCM | |||||||||||
Prepaid expenses - Scorpio Handymax Tanker Pool Limited | |||||||||||
Prepaid expenses - related party port agent | |||||||||||
Prepaid expenses - Scorpio MR Pool Limited | |||||||||||
Prepaid expenses - Scorpio LR2 Pool Limited | |||||||||||
Prepaid expenses and other current assets - related parties | |||||||||||
Third party - prepaid vessel operating expenses | |||||||||||
Prepaid insurance | |||||||||||
Prepaid port agent advances | |||||||||||
Other prepaid expenses | |||||||||||
$ | $ |
As of | |||||||||||
In thousands of U.S. dollars | June 30, 2023 | December 31, 2022 | |||||||||
Scorpio MR Pool Limited | $ | $ | |||||||||
Scorpio LR2 Pool Limited | |||||||||||
Scorpio Handymax Tanker Pool Limited | |||||||||||
Scorpio Services Holding Limited (SSH) | |||||||||||
Scorpio LR1 Pool Limited | |||||||||||
Receivables from related parties | |||||||||||
Insurance receivables | |||||||||||
Spot voyage and time charter receivables | |||||||||||
$ | $ |
In thousands of U.S. dollars | Vessels | Drydock | Total | |||||||||||||||||
Cost | ||||||||||||||||||||
As of January 1, 2023 | $ | $ | $ | |||||||||||||||||
Transfer from right of use assets, net (1) | ||||||||||||||||||||
Additions (2) | ||||||||||||||||||||
Vessels held for sale (3) | ( | ( | ( | |||||||||||||||||
Fully depreciated assets (4) | ( | ( | ||||||||||||||||||
As of June 30, 2023 | ||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||
As of January 1, 2023 | ( | ( | ( | |||||||||||||||||
Charge for the period | ( | ( | ( | |||||||||||||||||
Vessels held for sale (3) | ||||||||||||||||||||
Fully depreciated assets (4) | ||||||||||||||||||||
As of June 30, 2023 | ( | ( | ( | |||||||||||||||||
Net book value | ||||||||||||||||||||
As of June 30, 2023 | $ | $ | $ | |||||||||||||||||
Net book value | ||||||||||||||||||||
As of December 31, 2022 | $ | $ | $ |
In thousands of U.S. dollars | Drydock (1) | Notional component of scrubber | Total drydock additions | Scrubber (1) | BWTS (1) | Other equipment | Capitalized interest | Total vessel additions | |||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
In thousands of U.S. dollars | As of June 30, 2023 | ||||
Less than 1 month | $ | ||||
1-3 months | |||||
3 months to 1 year | |||||
1-5 years | |||||
5+ years | |||||
Total | $ |
In thousands of U.S. dollars | Vessels | Drydock | Total | |||||||||||||||||
Cost | ||||||||||||||||||||
As of January 1, 2023 | $ | $ | $ | |||||||||||||||||
Transfer to vessels, net (1) | ( | ( | ( | |||||||||||||||||
Additions (2) | ||||||||||||||||||||
Fully depreciated assets | ( | ( | ||||||||||||||||||
As of June 30, 2023 | ||||||||||||||||||||
Accumulated depreciation and impairment | ||||||||||||||||||||
As of January 1, 2023 | ( | ( | ( | |||||||||||||||||
Charge for the period | ( | ( | ( | |||||||||||||||||
Transfer to vessels, net (1) | ||||||||||||||||||||
Fully depreciated assets | ||||||||||||||||||||
As of June 30, 2023 | ( | ( | ( | |||||||||||||||||
As of June 30, 2023 | $ | $ | $ | |||||||||||||||||
As of December 31, 2022 | $ | $ | $ |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars | 2023 | 2022 | |||||||||
Interest expense recognized in the unaudited condensed consolidated statements of operations | $ | $ | |||||||||
Principal repayments recognized in unaudited condensed consolidated cash flow statements | |||||||||||
Net decrease / (increase) in accrued interest expense | ( | ||||||||||
Total payments on lease liabilities under IFRS 16 | $ | $ |
As of | |||||
In thousands of U.S. dollars | June 30, 2023 | ||||
Less than 1 year | $ | ||||
1 - 5 years | |||||
5+ years | |||||
Total | $ | ||||
Discounting effect | ( | ||||
Prepaid interest expense | ( | ||||
Lease liability | $ |
As of | |||||||||||
In thousands of U.S. dollars | June 30, 2023 | December 31, 2022 | |||||||||
Scorpio LR2 Pool Ltd. pool working capital contributions (1) | $ | $ | |||||||||
Scorpio MR Pool Ltd. pool working capital contributions (1) | |||||||||||
Scorpio Handymax Tanker Pool Ltd. pool working capital contributions (1) | |||||||||||
Working capital contributions to Scorpio Pools | |||||||||||
Seller's credit on sale leaseback vessels (2) | |||||||||||
Deposits for scrubbers (3) | |||||||||||
Investment in dual fuel tanker joint venture (4) | |||||||||||
Investment in BWTS supplier (5) | |||||||||||
Capitalized loan fees | |||||||||||
Other assets | $ | $ |
As of | |||||||||||
In thousands of U.S. dollars | June 30, 2023 | December 31, 2022 | |||||||||
Scorpio MR Pool Limited | $ | $ | |||||||||
Scorpio Ship Management S.A.M. (SSM) | |||||||||||
Scorpio Services Holding Limited (SSH) | |||||||||||
Amounts due to a related party port agent | |||||||||||
Scorpio Commercial Management S.A.M. (SCM) | |||||||||||
Scorpio LR2 Pool Limited | |||||||||||
Scorpio Handymax Tanker Pool Limited | |||||||||||
Amounts due to a related party bunker supplier | |||||||||||
Accounts payable to related parties | |||||||||||
Suppliers | |||||||||||
$ | $ |
As of | |||||||||||
In thousands of U.S. dollars | June 30, 2023 | December 31, 2022 | |||||||||
Accrued expenses to a related party port agent | $ | $ | |||||||||
Scorpio Ship Management S.A.M (SSM) | |||||||||||
Scorpio Commercial Management S.A.M. (SCM) | |||||||||||
Scorpio Holdings Limited | |||||||||||
Accrued expenses to related parties | |||||||||||
Suppliers | |||||||||||
Accrued short-term employee benefits | |||||||||||
Accrued interest | |||||||||||
Deferred income | |||||||||||
$ | $ |
Activity | Balance as of June 30, 2023 consists of: | |||||||||||||||||||||||||||||||||||||
In thousands of U.S. dollars | Carrying Value as of December 31, 2022 | Drawdowns | Repayments | Other Activity(1) | Carrying Value as of June 30, 2023 | Current | Non-Current | |||||||||||||||||||||||||||||||
Hamburg Commercial Credit Facility | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Prudential Credit Facility | ( | |||||||||||||||||||||||||||||||||||||
2019 DNB / GIEK Credit Facility | ( | |||||||||||||||||||||||||||||||||||||
BNPP Sinosure Credit Facility | ( | |||||||||||||||||||||||||||||||||||||
2020 $225.0 Million Credit Facility | ( | |||||||||||||||||||||||||||||||||||||
2023 $225.0 Million Credit Facility | ( | |||||||||||||||||||||||||||||||||||||
2023 $49.1 Million Credit Facility | ( | |||||||||||||||||||||||||||||||||||||
2023 $117.4 Million Credit Facility | ||||||||||||||||||||||||||||||||||||||
Ocean Yield Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
BCFL Lease Financing (LR2s) | ( | |||||||||||||||||||||||||||||||||||||
CSSC Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
BCFL Lease Financing (MRs) | ( | |||||||||||||||||||||||||||||||||||||
AVIC Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2020 CMBFL Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2020 TSFL Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2020 SPDBFL Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2021 AVIC Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2021 CMBFL Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2021 TSFL Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2021 CSSC Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2021 $146.3 Million Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2021 Ocean Yield Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
2022 AVIC Lease Financing | ( | |||||||||||||||||||||||||||||||||||||
IFRS 16 - Leases - 3 MR | ( | |||||||||||||||||||||||||||||||||||||
IFRS 16 - Leases - $670.0 Million | ( |
Unsecured Senior Notes Due 2025 | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Less: deferred financing fees | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Less: prepaid interest expense | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | $ |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Outstanding and non-vested, December 31, 2022 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Vested | ( | ||||||||||||||||
Forfeited | ( | ||||||||||||||||
Outstanding and non-vested, June 30, 2023 | $ |
In thousands of U.S. dollars | Employees | Directors | Total | |||||||||||||||||
From July 1, 2023 through December 31, 2023 | $ | $ | $ | |||||||||||||||||
For the year ending December 31, 2024 | ||||||||||||||||||||
For the year ending December 31, 2025 | ||||||||||||||||||||
For the year ending December 31, 2026 | ||||||||||||||||||||
For the year ending December 31, 2027 | ||||||||||||||||||||
$ | $ | $ |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars | 2023 | 2022 | |||||||||
Pool revenue (1) | |||||||||||
Scorpio MR Pool Limited | $ | $ | |||||||||
Scorpio LR2 Pool Limited | |||||||||||
Scorpio Handymax Tanker Pool Limited | |||||||||||
Scorpio LR1 Pool Limited | |||||||||||
Time charter-out revenue (2) | |||||||||||
Voyage expenses (3) | ( | ( | |||||||||
Vessel operating costs (4) | ( | ( | |||||||||
Administrative expenses (5) | ( | ( | |||||||||
Purchases of bunkers (6) | ( | ( |
As of | |||||||||||
In thousands of U.S. dollars | June 30, 2023 | December 31, 2022 | |||||||||
Assets: | |||||||||||
Accounts receivable and prepaid expenses (due from the Scorpio Pools) (1) | $ | $ | |||||||||
Prepaid expenses (SSM) (2) | |||||||||||
Accounts receivable and prepaid expenses (SSH) | |||||||||||
Prepaid expenses (SCM) | |||||||||||
Prepaid expenses (related party port agents) | |||||||||||
Other assets (pool working capital contributions) (3) | |||||||||||
Liabilities: | |||||||||||
Accounts payable and accrued expenses (owed to the Scorpio Pools) | |||||||||||
Accounts payable and accrued expenses (related party port agents) | |||||||||||
Accounts payable and accrued expenses (SSM) | |||||||||||
Accounts payable and accrued expenses (SSH) | |||||||||||
Accounts payable and accrued expenses (SCM) | |||||||||||
Accounts payable and accrued expenses (related party bunker supplier) |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars | 2023 | 2022 | |||||||||
Short-term employee benefits (salaries) | $ | $ | |||||||||
Share-based compensation (1) | |||||||||||
Total | $ | $ |
In thousands of U.S. dollars | LR1 | Handymax | LR2 | MR | Reportable segments subtotal | Corporate and eliminations | Total | |||||||||||||||||||||||||||||||||||||
Vessel revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Vessel operating costs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Voyage expenses | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Depreciation - owned or sale and leaseback vessels | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Depreciation - right of use assets for vessels | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Financial expenses | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Financial income | ||||||||||||||||||||||||||||||||||||||||||||
Other income and (expense), net | ||||||||||||||||||||||||||||||||||||||||||||
Segment (loss) / income | $ | $ | $ | $ | $ | $ | ( | $ |
In thousands of U.S. dollars | LR1 | Handymax | LR2 | MR | Reportable segments subtotal | Corporate and eliminations | Total | |||||||||||||||||||||||||||||||||||||
Vessel revenue | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Vessel operating costs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Voyage expenses | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Depreciation - owned or sale and leaseback vessels | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Depreciation - right of use assets for vessels | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Loss on sale of vessels | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Financial expenses | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Financial income | ||||||||||||||||||||||||||||||||||||||||||||
Other income and (expense), net | ||||||||||||||||||||||||||||||||||||||||||||
Segment (loss) / income | $ | ( | $ | $ | $ | $ | $ | ( | $ |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars | 2023 | 2022 | |||||||||
Pool revenue | $ | $ | |||||||||
Voyage revenue (spot market) | |||||||||||
Time charter revenue | |||||||||||
$ | $ |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars | 2023 | 2022 | |||||||||
Lease component of revenue from time charter-out and pool revenue | $ | $ | |||||||||
Non-lease component of revenue from time charter-out and pool revenue | |||||||||||
$ | $ |
Vessel | Vessel class | Term | Rate | Commencement date | ||||||||||
STI Gratitude | LR2 | $ | May 2022 | |||||||||||
STI Memphis | MR | $ | June 2022 | |||||||||||
STI Marshall | MR | $ | July 2022 | |||||||||||
STI Magnetic | MR | $ | July 2022 | |||||||||||
STI Gladiator | LR2 | $ | July 2022 | |||||||||||
STI Guide | LR2 | $ | July 2022 | |||||||||||
STI Guard | LR2 | $ | July 2022 | |||||||||||
STI Miracle | MR | $ | August 2022 | |||||||||||
STI Connaught (1) | LR2 | $ | August 2022 | |||||||||||
STI Lombard | LR2 | $ | September 2022 | |||||||||||
STI Duchessa | MR | $ | October 2022 | |||||||||||
STI Gauntlet | LR2 | $ | November 2022 | |||||||||||
STI Lavender | LR2 | $ | December 2022 | |||||||||||
STI Grace | LR2 | $ | December 2022 | |||||||||||
STI Jermyn | LR2 | $ | April 2023 |
For the six months ended June 30, | ||||||||||||||
In thousands of US dollars | 2023 | 2022 | ||||||||||||
Short-term crew benefits (i.e. wages, victualling, insurance) | $ | $ | ||||||||||||
Other crew related costs | ||||||||||||||
$ | $ |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars | 2023 | 2022 | |||||||||
Interest expense, net of capitalized interest (1) | $ | $ | |||||||||
Loss on extinguishment of debt and write-off of deferred financing fees (2) | |||||||||||
Accretion of convertible notes (3) | |||||||||||
Amortization of deferred financing fees | |||||||||||
Accretion of premiums and discounts on debt assumed in historical acquisitions | |||||||||||
Total financial expenses | $ | $ |
For the six months ended June 30, | |||||||||||
In thousands of U.S. dollars except for share data | 2023 | 2022 | |||||||||
Net income attributable to equity holders of the parent - basic | $ | $ | |||||||||
Convertible notes interest expense | |||||||||||
Net income attributable to equity holders of the parent - diluted | $ | $ | |||||||||
Basic weighted average number of shares | |||||||||||
Effect of dilutive potential basic shares: | |||||||||||
Restricted stock | |||||||||||
Convertible notes | |||||||||||
Diluted weighted average number of shares | |||||||||||
Earnings Per Share: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
As of June 30, 2023 | As of December 31, 2022 | |||||||||||||||||||
Amounts in thousands of U.S. dollars | Fair value | Carrying Value | Fair value | Carrying Value | ||||||||||||||||
Financial assets | ||||||||||||||||||||
Cash and cash equivalents (1) | $ | $ | $ | $ | ||||||||||||||||
Restricted cash (2) | ||||||||||||||||||||
Accounts receivable (3) | ||||||||||||||||||||
Investment in ballast water treatment supplier (4) | ||||||||||||||||||||
Working capital contributions to Scorpio Pools (5) | ||||||||||||||||||||
Sellers credit on sale leaseback vessels (6) | ||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||
Accounts payable (7) | $ | $ | $ | $ | ||||||||||||||||
Accrued expenses (7) | ||||||||||||||||||||
Secured bank loans (8) | ||||||||||||||||||||
Sale and leaseback liability (9) | ||||||||||||||||||||
IFRS 16 - Lease liability (10) | ||||||||||||||||||||
Unsecured Senior Notes Due 2025 (11) |
Cover Page |
6 Months Ended |
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Jun. 30, 2023 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | Scorpio Tankers Inc. |
Entity Central Index Key | 0001483934 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2023 |
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - Common stock - $ / shares |
Jun. 30, 2023 |
Dec. 31, 2022 |
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Disclosure of classes of share capital [line items] | ||
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Number of shares authorised (in shares) | 150,000,000 | 150,000,000 |
Number of shares outstanding (in shares) | 54,999,908 | 61,262,838 |
Number of shares issued (in shares) | 54,999,908 | 61,262,838 |
Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
1 Months Ended | 6 Months Ended | ||
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May 31, 2023 |
Feb. 28, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Statement of changes in equity [abstract] | ||||
Dividends paid, ordinary shares per share (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.45 | $ 0.20 |
Unaudited Condensed Consolidated Cash Flow Statements - USD ($) $ in Thousands |
6 Months Ended | |
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Jun. 30, 2023 |
Jun. 30, 2022 |
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Operating activities | ||
Net income | $ 325,638 | $ 106,683 |
Depreciation - owned or sale and leaseback vessels | 82,688 | 85,159 |
Depreciation - right of use assets for vessels | 18,003 | 19,488 |
Amortization of restricted stock | 16,574 | 10,676 |
Amortization of deferred financing fees | 2,548 | 3,484 |
Write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities | 824 | 4,543 |
Loss on sales of vessels and write-down of vessel held for sale | 0 | 69,218 |
Accretion of Convertible Notes | 0 | 7,748 |
Accretion of fair value measurement on debt assumed from historical acquisitions | 656 | 1,396 |
Gain on Convertible Notes exchange | 0 | (412) |
Share of income from dual fuel tanker joint venture | (2,395) | (133) |
Cash flows from (used in) operations before changes in working capital | 444,536 | 307,850 |
Changes in assets and liabilities: | ||
Decrease in inventories | 7,114 | 5,873 |
Decrease / (increase) in accounts receivable | 75,132 | (166,834) |
Decrease / (increase) in prepaid expenses and other current assets | 7,492 | (4,583) |
Decrease / (increase) in other assets | 918 | (185) |
Decrease in accounts payable | (16,497) | (20,740) |
(Decrease) / increase in accrued expenses | (17,346) | 18,421 |
Increase (decrease) in working capital | 56,813 | (168,048) |
Net cash inflow from operating activities | 501,349 | 139,802 |
Investing activities | ||
Net proceeds from sales of vessels | 0 | 541,187 |
Distributions from dual fuel tanker joint venture | 1,489 | 240 |
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, lease financed and bareboat-in vessels) | (13,545) | (22,779) |
Net cash (outflow) / inflow from investing activities | (12,056) | 518,648 |
Financing activities | ||
Principal repayments on debt and sale and leaseback obligations | (260,950) | (507,764) |
Issuance of debt | 391,482 | 122,637 |
Debt issuance costs | (7,524) | (1,621) |
Principal repayments on IFRS 16 lease liabilities | (250,626) | (52,568) |
Decrease in restricted cash | 0 | 4,008 |
Repurchase / repayment of convertible notes | 0 | (82,251) |
Dividends paid | (25,678) | (11,778) |
Repurchase of common stock | (398,944) | 0 |
Net cash outflow from financing activities | (552,240) | (529,337) |
(Decrease) / increase in cash and cash equivalents | (62,947) | 129,113 |
Cash and cash equivalents at beginning of period | 376,870 | 230,415 |
Cash and cash equivalents at end of period | 313,923 | 359,528 |
Supplemental information: | ||
Interest paid (which includes $7 thousand of interest capitalized during the six months ended June 30, 2023. $0.1 million of interest expense was capitalized during the six months ended June 30, 2022.) | $ 73,960 | $ 60,276 |
Unaudited Condensed Consolidated Cash Flow Statements (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | |
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Jun. 30, 2023 |
Jun. 30, 2022 |
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Cash flows from (used in) operating activities [abstract] | ||
Interest costs capitalised | $ 7 | $ 100 |
General information and significant accounting policies |
6 Months Ended |
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Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
General information and significant accounting policies | General information and significant accounting policies Company Scorpio Tankers Inc. and its subsidiaries (together “we”, “our” or the “Company”) are engaged in the seaborne transportation of refined petroleum products in the international shipping markets. Scorpio Tankers Inc. was incorporated in the Republic of the Marshall Islands on July 1, 2009. On April 6, 2010, we closed on our initial public offering, and our common stock currently trades on the New York Stock Exchange under the symbol STNG. Our fleet as of June 30, 2023 consisted of 113 owned, sale and leaseback, or bareboat chartered-in product tankers (14 Handymax, 60 MR and 39 LR2). An MR product tanker was classified as held for sale as of June 30, 2023 and was subsequently sold in July 2023. Our vessels are commercially managed by Scorpio Commercial Management S.A.M., or SCM, which is majority owned by the Lolli-Ghetti family of which Mr. Emanuele Lauro, our founder, Chairman and Chief Executive Officer, and Mr. Filippo Lauro, our Vice President, are members. SCM’s services include securing employment for our vessels in pools, in the spot market, and on time charters. Our vessels are technically managed by Scorpio Ship Management S.A.M., or SSM, which is majority owned by the Lolli-Ghetti family. SSM facilitates vessel support such as crew, provisions, deck and engine stores, insurance, maintenance and repairs, and other services necessary to operate the vessels such as drydocks and vetting/inspection under a technical management agreement. We also have an administrative services agreement with Scorpio Services Holding Limited, or SSH, which is majority owned by the Lolli-Ghetti family. The administrative services provided under this agreement primarily include accounting, legal compliance, financial, information technology services, and the provision of administrative staff and office space, which are contracted to subsidiaries of SSH. We pay our managers fees for these services and reimburse them for direct or indirect expenses that they incur in providing these services. Basis of accounting The unaudited condensed consolidated financial statements have been presented in United States dollars (“USD” or “$”), which is the functional currency of Scorpio Tankers Inc. and all of its subsidiaries. The unaudited condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, or IAS 34, Interim Financial Statements, as issued by the International Accounting Standards Board, or IASB, using the same accounting policies as adopted in the preparation of the consolidated financial statements for the year ended December 31, 2022. These unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards or IFRS. Going concern The unaudited condensed consolidated financial statements have been prepared in accordance with the going concern basis of accounting as described further in the "Liquidity risk" section of Note 20. Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. We manage liquidity risk by maintaining adequate reserves and borrowing facilities and by continuously monitoring forecast and actual cash flows. Liquidity risks can manifest themselves when economic conditions deteriorate or when we have significant maturities of our financial instruments. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including, but not limited to, debt service and lease financing obligations) for a period of at least twelve months from the date of approval of these unaudited condensed consolidated financial statements. Accordingly, we continue to adopt the going concern basis in preparing our financial statements. Adoption of new and amended IFRS and International Financial Reporting Interpretations Committee interpretations from January 1, 2023 IAS 1 - Disclosure of Accounting Policies - To require entities to disclose material accounting policies, instead of significant accounting policies. The amendments clarify, among other things, that accounting policy information may be material because of its nature, even if the related amounts are immaterial. This standard is effective for annual periods beginning on or after January 1, 2023. IAS 8 - Changes in Accounting Estimates - The definition of a change in accounting estimates is replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. The Board clarified that a change in accounting estimate that results from new information or new developments is not the correction of an error. In addition, the effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors. A change in an accounting estimate may affect only the current period’s profit or loss, or the profit or loss of both the current period and future periods. The effect of the change relating to the current period is recognized as income or expense in the current period. The effect, if any, on future periods is recognized as income or expense in those future periods. IAS 12 - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction - These amendments require companies to recognize deferred tax on transactions that, on initial recognition give rise to equal amounts of taxable and deductible temporary differences. IFRS 17 - Insurance Contracts - This new standard requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. The adoption of these standards did not have significant impact on our financial statements. No significant standards and interpretations were adopted during the six months ended June 30, 2022.
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Prepaid expenses and other assets |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets The following is a table summarizing our prepaid expenses and other current assets as of June 30, 2023 and December 31, 2022:
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Accounts receivable |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | Accounts receivable The following is a table summarizing our accounts receivable as of June 30, 2023 and December 31, 2022:
Scorpio MR Pool Limited, Scorpio LR2 Pool Limited, Scorpio Handymax Tanker Pool Limited, and Scorpio LR1 Pool Limited, or the Scorpio Pools, are related parties, as described in Note 13. Amounts due from the Scorpio Pools relate to income receivables and receivables for working capital contributions, which are expected to be collected within one year. Accounts receivable from SSH include revenue earned and expenses incurred for voyages in the spot market or on time charter through SSH, a related party. Insurance receivables primarily represent amounts collectible on our insurance policies in relation to vessel repairs. Freight and time charter receivables represent amounts collectible from customers for our vessels operating on time charter or in the spot market. Freight receivables decreased as a result of a fewer number of vessels operating in the spot market during the six months ended June 30, 2023 as compared to the year ended December 31, 2022. We consider that the carrying amount of accounts receivable approximates their fair value due to the relative short maturity thereof. Accounts receivable are non-interest bearing. Our accounts receivable mostly consist of accounts receivable from the Scorpio Pools or from vessels in the spot market or on time charter. Almost all of the accounts receivable as of June 30, 2023 relates to amounts due from the Scorpio Pools. We have never experienced a historical credit loss of amounts due from the Scorpio Pools and all amounts are considered current. Accordingly, there is no reserve for expected credit losses as of June 30, 2023.
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Assets held for sale and Vessels and drydock |
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Property, plant and equipment [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale and Vessels and drydock | Assets held for sale and Vessels and drydock Assets held for sale During the six months ended June 30, 2023, we entered into an agreement to sell an MR vessel, STI Ville, for a sales price of $32.5 million. The carrying amount of this vessel, which was previously recorded within Vessels and drydock, was classified as an asset held for sale as of June 30, 2023. In July 2023, we closed on the sale of STI Ville. Operating vessels and drydock The following is a rollforward of the activity within Vessels and drydock from January 1, 2023 through June 30, 2023.
(1)During the six months ended June 30, 2023, we exercised the purchase options on leases for seven MR vessels (STI Magnetic, STI Marshall, STI Magic, STI Mystery, STI Marvel, STI Magister and STI Mythic) and two LR2 vessels (STI Lavender and STI Lobelia) that had been previously recorded as Right of use assets for vessels. The carrying amounts of these Right of Use Assets were reclassified to Vessels and Drydock as a result of these transactions. These transactions are further described in Note 5. (2)Additions during the six months ended June 30, 2023 primarily relate to the various costs incurred for drydocks and ballast water treatment systems (which are reported as part of the Vessels component). (3)Represents the carrying value of an MR vessel (STI Ville) which was contracted to be sold and reclassified to Assets held for sale during the six months ended June 30, 2023. This transaction is described above. (4)Represents the write-offs of fully depreciated equipment and notional drydock costs on certain of our vessels. The following is a summary of the cost types that were capitalized during the six months ended June 30, 2023:
(1)Additions during the six months ended June 30, 2023 includes new costs and adjustments to costs accrued in prior periods relating to drydocks and ballast water treatment system installations. Exhaust Gas Cleaning Systems or Scrubbers, and Ballast Water Treatment Systems We previously commenced a program to retrofit the majority of our vessels with exhaust gas cleaning systems, or scrubbers and ballast water treatment systems, or BWTS. Costs capitalized for these systems include the cost of the base equipment that we have contracted to purchase in addition to directly attributable installation costs. We estimate the useful life of these systems to be for the duration of each vessel's remaining useful life, with the exception of approximately 10% of the scrubber cost, which is estimated to require replacement at each vessel's next scheduled drydock. This amount has been allocated as a notional component upon installation. As of June 30, 2023, we have retrofitted a total of 85 of our vessels with scrubbers and 56 vessels with BWTS (which includes vessels that have been sold and 55 BWTS that were previously contracted as described in Note 7). The following table is a timeline of future expected payments and dates for our commitments to purchase scrubbers and BWTS as of June 30, 2023 (1):
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Assets held for sale and Vessels and drydock | Assets held for sale and Vessels and drydock Assets held for sale During the six months ended June 30, 2023, we entered into an agreement to sell an MR vessel, STI Ville, for a sales price of $32.5 million. The carrying amount of this vessel, which was previously recorded within Vessels and drydock, was classified as an asset held for sale as of June 30, 2023. In July 2023, we closed on the sale of STI Ville. Operating vessels and drydock The following is a rollforward of the activity within Vessels and drydock from January 1, 2023 through June 30, 2023.
(1)During the six months ended June 30, 2023, we exercised the purchase options on leases for seven MR vessels (STI Magnetic, STI Marshall, STI Magic, STI Mystery, STI Marvel, STI Magister and STI Mythic) and two LR2 vessels (STI Lavender and STI Lobelia) that had been previously recorded as Right of use assets for vessels. The carrying amounts of these Right of Use Assets were reclassified to Vessels and Drydock as a result of these transactions. These transactions are further described in Note 5. (2)Additions during the six months ended June 30, 2023 primarily relate to the various costs incurred for drydocks and ballast water treatment systems (which are reported as part of the Vessels component). (3)Represents the carrying value of an MR vessel (STI Ville) which was contracted to be sold and reclassified to Assets held for sale during the six months ended June 30, 2023. This transaction is described above. (4)Represents the write-offs of fully depreciated equipment and notional drydock costs on certain of our vessels. The following is a summary of the cost types that were capitalized during the six months ended June 30, 2023:
(1)Additions during the six months ended June 30, 2023 includes new costs and adjustments to costs accrued in prior periods relating to drydocks and ballast water treatment system installations. Exhaust Gas Cleaning Systems or Scrubbers, and Ballast Water Treatment Systems We previously commenced a program to retrofit the majority of our vessels with exhaust gas cleaning systems, or scrubbers and ballast water treatment systems, or BWTS. Costs capitalized for these systems include the cost of the base equipment that we have contracted to purchase in addition to directly attributable installation costs. We estimate the useful life of these systems to be for the duration of each vessel's remaining useful life, with the exception of approximately 10% of the scrubber cost, which is estimated to require replacement at each vessel's next scheduled drydock. This amount has been allocated as a notional component upon installation. As of June 30, 2023, we have retrofitted a total of 85 of our vessels with scrubbers and 56 vessels with BWTS (which includes vessels that have been sold and 55 BWTS that were previously contracted as described in Note 7). The following table is a timeline of future expected payments and dates for our commitments to purchase scrubbers and BWTS as of June 30, 2023 (1):
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Right of use assets and related lease liabilities |
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Disclosure of quantitative information about right-of-use assets [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets and related lease liabilities | Right of use assets and related lease liabilities During the six months ended June 30, 2023, we had bareboat charter-in commitments on three vessels under fixed rate bareboat agreements and 18 vessels under variable rate bareboat agreements. All of these agreements have been accounted for under IFRS 16 - Leases. During the six months ended June 30, 2023, we committed to exercise the purchase options on 15 of the vessels under the IFRS 16 - Leases - $670.0 Million lease financing (STI Magnetic, STI Marshall, STI Miracle, STI Lavender, STI Magic, STI Mystery, STI Marvel, STI Magister, STI Mythic, STI Lobelia, STI Mighty, STI Modest, STI Millennia, STI Maverick and STI Maestro). Pursuant to IFRS 16, these commitments triggered a re-assessment of the lease liability which resulted in an increase of $3.6 million to the lease liability and a corresponding adjustment to the right of use assets (which was primarily the result of purchase option fees due to the lessor). In May 2023, we completed the purchase of three vessels (STI Magnetic, STI Marshall and STI Lavender) and repaid the aggregate outstanding lease obligations of $79.0 million related to these vessels as part of these transactions. In June 2023, we completed the purchase of six vessels (STI Magic, STI Mystery, STI Marvel, STI Magister, STI Mythic and STI Lobelia) and repaid the aggregate outstanding lease obligations of $148.7 million related to these vessels as part of these transactions. As a result of these purchases, the net book value of the vessel and drydock related to these vessels of $326.8 million and $1.8 million, respectively, was reclassified from Right of use assets for vessels to Vessels and drydock. The following is the activity of the right of use assets from January 1, 2023 through June 30, 2023:
(1) Primarily represents the transfer of the net book value of nine vessels purchased and transferred to Vessels and drydock. (2) Represents the adjustment to the right of use asset as a result of the remeasurement of the related lease liability upon the commitments to exercise the purchase options on 15 of the vessels under the IFRS 16 - Leases - $670.0 Million lease financing. Vessels recorded as right of use assets derive income from subleases through time charter-out and pool arrangements. For the six months ended June 30, 2023 and 2022, sublease income of $99.0 million and $98.9 million, respectively, is included in Vessel revenue. The following table summarizes the payments made for the six months ended June 30, 2023 and June 30, 2022 relating to lease liabilities accounted for under IFRS 16 - Leases:
The undiscounted remaining future minimum lease payments under bareboat charter-in arrangements that were accounted as lease liabilities under IFRS 16 - Leases as of June 30, 2023 were $276.4 million. The obligations under these agreements are expected to be repaid as follows:
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Carrying values of vessels |
6 Months Ended |
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Jun. 30, 2023 | |
Property, plant and equipment [abstract] | |
Carrying values of vessels | Carrying values of vessels At each balance sheet date, we review the carrying amounts of our goodwill, vessels and related drydock costs and right of use assets for vessels to determine if there is any indication that these amounts have suffered an impairment loss. If such indication exists, the recoverable amount of the vessels, right of use assets and related drydock costs is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. As part of this evaluation, we consider certain indicators of potential impairment, such as market conditions including forecast time charter rates and values for second-hand product tankers, discounted projected vessel operating cash flows, and the Company’s overall business plans. At June 30, 2023, we reviewed the carrying amount of our vessels and right of use assets for vessels to determine if there was an indication that these assets had suffered an impairment. First, we assessed the fair value less the cost to sell of our vessels taking into consideration vessel valuations from independent ship brokers. We then compared the fair value less selling costs to each vessel’s carrying value and, if the carrying value exceeded the vessel’s fair value less selling costs, an indicator of impairment existed. At June 30, 2023, our operating fleet consisted of 113 owned, sale and leaseback, or right of use vessels ("ROU vessels"), including one vessel that was held for sale. All of the vessels in our operating fleet had fair values less selling costs greater than their carrying amount at this date. As such, we determined that there were no indications of impairment on any of our vessels as of June 30, 2023. We also considered external factors as part of this assessment as the markets in which we operate experienced continued strength during the six months ended June 30, 2023. In addition to the increase in the fair value of second-hand product tankers, the strength in the market was also apparent by reference to: •The continued strength of the spot market TCE rates that our vessels earned during the past six months; •The time charter market for long-term fixtures, which also averaged record highs (with particular reference to the time charter that we entered into in 2023, as noted in Note 15). Our operating results for the six months ended June 30, 2023 are a reflection of these market conditions, with revenues, operating cash flows, and net income significantly exceeding historical averages.
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Other assets |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets
(1) Upon entrance into the Scorpio LR2, MR, and Handymax Pools, all vessels are required to make initial working capital contributions of both cash and bunkers. Initial working capital contributions are repaid, without interest, upon a vessel’s exit from the pool. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned vessels, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within Other Assets on the consolidated balance sheets. For chartered-in vessels we classify the amounts as current (within Accounts Receivable) or non-current (within Other Assets) according to the expiration of the contract. For vessels designated as held for sale, we classify the amounts as current (within Accounts Receivable). (2) The seller's credit on sale leaseback vessels represents the present value of the deposits of $4.35 million per vessel ($13.1 million in aggregate) that was retained by the buyer as part of the sale and operating leasebacks of STI Beryl, STI Le Rocher and STI Larvotto which occurred in April 2017. This deposit 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. The present value of this deposit has been calculated based on the interest rate that is implied in the lease, and the carrying value will accrete over the life of the lease, through interest income, until expiration. We recorded $0.3 million as interest income as part of these agreements during each of the six months ended June 30, 2023 and 2022. (3) Amounts represent deposits paid to the supplier of exhaust gas cleaning systems ("scrubbers"). Deposits paid for these systems are reflected as investing cash flows within the unaudited condensed consolidated statement of cash flows. (4) In August 2021, we acquired a minority interest in a portfolio of nine product tankers, consisting of five dual-fuel MR methanol tankers (built between 2016 and 2021) which, in addition to traditional petroleum products, are designed to both carry methanol as a cargo and to consume it as a fuel, along with four ice class 1A LR1 product tankers (two of which were sold during the fourth quarter of 2021). The dual-fuel MR methanol tankers are currently on long-term time charter contracts with initial terms of greater than five years. As part of this agreement, we acquired a 50% interest in a joint venture that ultimately has a minority interest in the entities that own the vessels for final consideration of $6.7 million. In November 2022, we contributed an additional $1.75 million to the joint venture to increase the joint venture's ownership interest in one of the LR1 tankers. We account for our interest in this joint venture using the equity method pursuant to IFRS 11 - Joint arrangements. Under this guidance, the investment is initially measured at cost, and the carrying amount of the investment is adjusted in subsequent periods based on our share of profits or losses from the joint venture (adjusted for any fair value adjustments made upon initial recognition). Any distributions received from the joint venture reduce the carrying amount. We recorded $2.4 million as our share of net income resulting from this joint venture during the six months ended June 30, 2023. Additionally, the joint venture issued a cash distribution of $1.5 million during this period. (5) In July 2018, we executed an agreement to purchase 55 ballast water treatment systems from an unaffiliated third-party supplier for total consideration of $36.2 million. These systems have all been installed as of June 30, 2023. Upon entry into this agreement, we also obtained a minority equity interest in this supplier for no additional consideration. We have determined that of the total consideration of $36.2 million, $1.8 million is attributable to the minority equity interest.
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Restricted cash |
6 Months Ended |
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Jun. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Restricted cash | Restricted cashRestricted cash as of June 30, 2023 primarily represents debt service reserve accounts that must be maintained as part of the terms and conditions of our Bank of Communications Financial Leasing (LR2s) sale and leaseback. The funds in these accounts will be released at the end of the lease term. |
Accounts payable |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | Accounts payable The following is a table summarizing our accounts payable as of June 30, 2023 and December 31, 2022:
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Accrued expenses |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | Accrued expenses The following is a table summarizing our accrued expenses as of June 30, 2023 and December 31, 2022:
Deferred income represents amounts collected in advance from customers for our vessels on time charter or deferred revenue on time charter out arrangements whose payment terms differ from the pattern of revenue recognition on a straight-line basis. The terms of these agreements are described in Note 15.
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Current and long-term debt |
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Borrowings [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current and long-term debt | Current and long-term debt The following is a roll forward of the activity within debt, sale and leaseback, and IFRS 16 - lease liability (current and non-current), by facility, for the six months ended June 30, 2023:
(1) Relates to (i) non-cash accretion, amortization or write-off of lease obligations assumed as part of the 2017 merger with Navig8 Product Tankers Inc. ("NPTI"), which were recorded at fair value upon closing, (ii) amortization and write-offs of deferred financing fees, (iii) accretion of discount on our Senior Notes Due 2025, and (iv) the remeasurement, upon the notification of the intent to exercise purchase options, of the right of use lease liability, IFRS 16 - Leases - $670.0 Million. Interest expense on all of our borrowings that has been incurred and is unpaid as of June 30, 2023 is accrued within Accrued Expenses (see Note 10). We were in compliance with all of the financial covenants set forth on the above borrowing arrangements as of June 30, 2023. Secured Debt 2023 $225.0 Million Credit Facility In January 2023, we executed the 2023 $225.0 Million Credit Facility with a group of European financial institutions. In February and March 2023, we drew down $184.9 million and $40.1 million, respectively, and 13 product tankers (STI Opera, STI Duchessa, STI Venere, STI Virtus, STI Aqua, STI Dama, STI Regina, STI San Antonio, STI Yorkville, STI Battery, STI Milwaukee, STI Madison, and STI Sanctity) were collateralized under this facility as part of these drawdowns. The 2023 $225.0 Million 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 11 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 two 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. Our 2023 $225.0 Million Credit Facility includes financial covenants that require us to maintain: •The ratio of net debt to total capitalization no greater than 0.65 to 1.00. •Consolidated tangible net worth of no less than $1.5 billion. •Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $250,000 per each time chartered-in vessel. •The aggregate of the fair market value of the vessels provided as collateral under the facility shall at all times be no less than 140% of the then aggregate of (i) principal amount of the loans outstanding and (ii) negative value of any hedging exposure under such facility. 2023 $49.1 Million Credit Facility In February 2023, we executed the 2023 $49.1 Million Credit Facility with a North American financial institution. In March 2023, we drew down $49.1 million and two LR2 product tankers (STI Rose and STI Rambla) were collateralized under this facility as part of this drawdown. The 2023 $49.1 Million Credit Facility has a final maturity of five years from the drawdown date and bears interest at SOFR plus a margin of 1.90% per annum. The borrowing is expected to be repaid in equal, aggregate, installments of $1.2 million per quarter, with a balloon payment upon maturity. Our 2023 $49.1 Million Credit Facility includes financial covenants that require us to maintain: •The ratio of net debt to total capitalization no greater than 0.65 to 1.00. •Consolidated tangible net worth of no less than $1.6 billion plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after October 1, 2022 and (ii) 50% of the net proceeds of new equity issues occurring on or after December 31, 2022. •Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $250,000 per each time chartered-in vessel. •The aggregate of the fair market value of the vessels provided as collateral under the facility shall at all times be no less than 150% of the then aggregate outstanding principal amount of the loans. 2023 $117.4 Million Credit Facility In May 2023, we executed the 2023 $117.4 Million Credit Facility with a European financial institution. This facility was fully drawn upon execution and seven vessels (STI Battersea, STI Wembley, STI Texas City, STI Meraux, STI Mayfair, STI St. Charles, and STI Alexis) were collateralized under this facility upon drawdown. The 2023 $117.4 Million 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 borrowing is expected to be repaid in equal, aggregate, installments of $4.3 million per quarter, with a balloon payment upon maturity. Our 2023 $117.4 Million Credit Facility includes financial covenants that require us to maintain: •The ratio of net debt to total capitalization no greater than 0.65 to 1.00. •Consolidated tangible net worth of no less than $1.0 billion plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after January 1, 2016 and (ii) 50% of the net proceeds of new equity issues occurring on or after January 1, 2016. •Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $250,000 per each time chartered-in vessel. •The aggregate of the fair market value of the vessels provided as collateral under the facility shall at all times be no less than 150% of the then aggregate of (i) principal amount of the loans outstanding and (ii) negative value of any hedging exposure under such credit facility. Lease Financing AVIC Lease Financing In January 2023, we exercised the purchase options on STI Brooklyn, STI Rambla, STI Rose and STI Ville on the AVIC Lease Financing and repaid the aggregate outstanding lease obligations of $77.8 million as part of these transactions. Ocean Yield Lease Financing In September and October 2022, we gave notice to exercise the purchase options on STI Sanctity, STI Steadfast, and STI Supreme on the Ocean Yield Lease Financing with a purchase option price of $27.8 million per vessel. The purchases of STI Sanctity and STI Steadfast closed in March and May 2023, respectively, and we repaid the aggregate outstanding lease obligations of $55.6 million as part of these transactions. The purchase of STI Supreme closed in August 2023. 2021 CSSC Lease Financing In May 2023, we exercised the purchase options on STI Grace and STI Jermyn on the 2021 CSSC Lease Financing and repaid the aggregate outstanding lease obligation of $46.9 million as part of these transactions.
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Common shares | Common shares 2013 Equity Incentive Plan In April 2013, we adopted an equity incentive plan, which was amended in March 2014 and which we refer to as the 2013 Equity Incentive Plan, under which directors, officers, employees, consultants and service providers of us and our subsidiaries and affiliates are eligible to receive incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and unrestricted common stock. Effective April 2023, our Board of Directors extended the term of 2013 Equity Incentive Plan to April 2033. In March and April 2023, we issued an aggregate of 1,817,750 shares of restricted stock to certain of our employees, SSH employees, and independent directors for no cash consideration. The share price on the issuance dates was $55.57 and $55.89 per share, respectively. The vesting schedule for these restricted shares for employees and SSH employees is (i) one-third of the shares vest on September 2, 2025, (ii) one-third of the shares vest on September 1, 2026, and (iii) one-third of the shares vest on September 1, 2027. The vesting schedule for these restricted shares for independent directors is (i) one-third of the shares vest on April 1, 2024 (ii) one-third of the shares vest on December 2, 2024, and (iii) one-third of the shares vest on December 2, 2025. The following is a summary of activity for awards of restricted stock that have been granted under our equity incentive plan during the six months ended June 30, 2023.
As of June 30, 2023, there were 4,142,266 unvested shares of restricted stock outstanding. Assuming that all the restricted stock will vest, the stock compensation expense in future periods, including that related to restricted stock issued in prior periods will be:
Dividend Payments In February 2023, our Board of Directors declared a quarterly cash dividend of $0.20 per common share, which was paid on March 31, 2023 to all shareholders of record as of March 7, 2023. In May 2023, our Board of Directors declared a quarterly cash dividend of $0.25 per common share, which was paid on June 30, 2023 to all shareholders of record as of June 13, 2023. 2023 Securities Repurchase Program On February 15, 2023, our Board of Directors authorized the 2023 Securities Repurchase Program to purchase up to an aggregate of $250 million of securities which, in addition to our common shares, currently consist of our Senior Notes Due 2025 (NYSE: SBBA). From January 1, 2023 through February 15, 2023, we repurchased an aggregate of 1,891,303 of our common shares in the open market at an average price of $50.27 per share. These purchases were made under the previous securities repurchase program, which ended on February 15, 2023. From February 16 through April 30, 2023, we repurchased an aggregate of 1,723,465 of our common shares in the open market at an average price of $54.37 per share. On May 1, 2023, our Board of Directors authorized to reset the 2023 Securities Repurchase Program up to an aggregate of $250 million of the Company’s securities, which went into effect for trades initiated on or after May 1, 2023. From May 1, 2023 through May 31, 2023, we repurchased an aggregate of 3,699,336 of our common shares in the open market at an average price of $47.54 per share. On May 31, 2023, the Board of Directors authorized to reset the 2023 Securities Repurchase Program up to an aggregate of $250.0 million of the Company’s securities, which went into effect for trades initiated on or after June 1, 2023. From June 1, 2023 through June 30, 2023, we repurchased an aggregate of 756,576 of our common shares in the open market at an average price of $45.33 per share. There was $235.3 million available under the 2023 Securities Repurchase Program as of June 30, 2023. There were 19,499,877 and 11,429,197 common shares held in treasury at June 30, 2023 and December 31, 2022, respectively. Shares outstanding As of June 30, 2023, we had 54,999,908 common shares outstanding. These shares provide the holders with dividends and voting rights.
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Related party transactions | Related party transactions Transactions with entities controlled by the Lolli-Ghetti family (herein referred to as related parties) in the unaudited condensed consolidated statements of operations and balance sheets are as follows:
(1)These transactions relate to revenue earned in the Scorpio Pools. The Scorpio Pools are related parties. When our vessels are in the Scorpio Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to our LR1 vessels, $250 per vessel per day with respect to our LR2 vessels, and $325 per vessel per day with respect to each of our Handymax and MR vessels, plus a commission of 1.50% on gross revenue per charter fixture. These are the same fees that SCM charges other vessels in these pools, including third party owned vessels. (2)These transactions relate to revenue earned for certain vessels on time charter, which have been time chartered out through SSH to the end customers. (3)Related party expenditures included within voyage expenses in the unaudited condensed consolidated statements of operations consist of expenses due to SCM, a related party, for commissions related to the commercial management services provided by SCM under the commercial management agreement for vessels that are not in one of the Scorpio Pools. SCM’s services include securing employment, in the spot market and on time charters, for our vessels. When not in one of the Scorpio Pools, each vessel pays (i) flat fees of $250 per day for LR1 and LR2 vessels and $300 per day for Handymax and MR vessels and (ii) commissions of 1.25% of their gross revenue per charter fixture. These expenses are included in voyage expenses in the unaudited condensed consolidated statements of operations. Voyage expenses also consist of $0.4 million and $0.8 million charged by related party port agents during the six months ended June 30, 2023 and 2022, respectively. SSH has a majority equity interest in port agents that provide supply and logistical services for vessels operating in their regions. (4)Related party expenditures included within vessel operating costs in the unaudited condensed consolidated statements of operations consist of the following: •Technical management fees of $14.2 million and $15.6 million charged by SSM (or its affiliates), a related party, during the six months ended June 30, 2023 and 2022, respectively. SSM’s services include day-to-day vessel operations, performing general maintenance, monitoring regulatory and classification society compliance, customer vetting procedures, supervising the maintenance and general efficiency of vessels, arranging the hiring of qualified officers and crew, arranging and supervising drydocking and repairs, purchasing supplies, spare parts and new equipment for vessels, appointing supervisors and technical consultants, and providing technical support. SSM administers the payment of salaries to our crew on our behalf. The crew wages that were administered by SSM (and disbursed through related party subcontractors of SSM) were $67.1 million and $73.0 million during the six months ended June 30, 2023 and 2022, respectively. SSM's fixed annual technical management fee is $175,000 per vessel plus certain itemized expenses in the technical management agreement. •Vessel operating expenses of $2.3 million and $1.0 million charged by related party port agents during the six months ended June 30, 2023 and 2022, respectively. (5)We have an Amended Administrative Services Agreement with SSH for the provision of administrative staff, office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH is a related party to us. We reimburse SSH for direct or indirect expenses that are incurred on our behalf. SSH also arranges vessel sales and purchases for us. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio group of companies, or Scorpio. The expenses incurred under this agreement were recorded in general and administrative expenses in the unaudited condensed consolidated statement of operations and consisted of the following: •The expense for the six months ended June 30, 2023 of $7.2 million included (i) administrative fees of $5.2 million charged by SSH, (ii) restricted stock amortization of $2.0 million, which relates to the issuance of an aggregate of 695,400 shares of restricted stock to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan, and (iii) the reimbursement of expenses of $25,126 to SSH. •The expense for the six months ended June 30, 2022 of $6.7 million included (i) administrative fees of $5.7 million charged by SSH, (ii) restricted stock amortization of $0.9 million, which relates to the issuance of an aggregate of 493,300 shares of restricted stock to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan, and (iii) the reimbursement of expenses of $8,443 to SSH and $25,834 to SCM. (6)These amounts represent bunkers purchased from a related party which, for vessels operating in the spot market, are initially recorded as part of inventory on the balance sheet prior to being consumed. We had the following balances with related parties, which have been included in the unaudited condensed consolidated balance sheets:
(1)Accounts receivable and prepaid expenses due from the Scorpio Pools relate to receivables for revenues earned and receivables from working capital contributions. Working capital contributions for the remaining vessels in the fleet are classified as non-current, within Other Assets. Upon entrance into such pools, all vessels are required to make working capital contributions of both cash and bunkers. Additional working capital contributions can be made from time to time based on the operating needs of the Scorpio Pools. These amounts are accounted for and repaid as follows: •For vessels in the Scorpio LR2 Pool, Scorpio LR1 Pool, Scorpio MR Pool, and Scorpio Handymax Tanker Pool, the initial contribution amount is repaid, without interest, upon a vessel’s exit from the pool no later than six months after the exit date. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or lease financed vessels, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. If a vessel has been sold or is held for sale, we classify these contributions as current. •For time or bareboat chartered-in vessels we classify the initial contributions as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. Any additional working capital contributions are repaid when sufficient net revenues become available to cover such amounts. (2) Prepaid expenses from SSM relate to advances made for vessel operating expenses (such as crew wages) that will either be reimbursed or applied against future costs. (3) Represents the non-current portion of working capital receivables as described above. Other transactions In August 2021, we acquired a minority interest in a portfolio of nine product tankers, consisting of five dual-fuel MR methanol tankers (built between 2016 and 2021) along with four ice class 1A LR1 product tankers (two of which were sold in 2021). The remaining two LR1 tankers that are part of this joint venture are commercially and technically managed by SCM and SSM, respectively. Pursuant to the Revised Master Agreement with SCM and SSM, in the event of the sale of one or more vessels, a notice period of three months and a payment equal to three months of commercial and technical management fees would be due and payable upon the sales of these vessels. During the six months ended June 30, 2023, we entered into an agreement to sell a 2013 built MR product tanker, STI Ville. The termination fees for the vessel sale, which had not closed as of June 30, 2023 is estimated to be $0.1 million and $0.2 million due to SSM and SCM, respectively. During the six months ended June 30, 2022, we entered into agreements to sell 18 vessels, consisting of three LR2s, 12 LR1s and three MRs. Sixteen of these sales closed during the six months ended June 30, 2022 (two LR2s, 12 LR1s and two MRs). Termination fees of $1.7 million and $1.0 million were paid to SCM and SSM respectively, during the six months ended June 30, 2022 as a result of 12 of these sales. Additionally, $0.3 million and $0.5 million to SSM and SCM, respectively, remained payable (and have been recorded within Accounts Payable) as of June 30, 2022 as a result of the remaining four vessel sales. SSH also owns a non-controlling 7.5% interest in the buyer of one of the MR product tankers that was sold in July 2022 (STI Benicia.). Key management remuneration The table below shows key management remuneration for the six months ended June 30, 2023 and 2022:
(1)Represents the amortization of restricted stock issued under the 2013 Equity Incentive Plan as described in Note 12. For the purpose of the table above, key management are those persons who have authority and responsibility for making strategic decisions, and managing operating, financial and legal activities. We have entered into employment agreements with the majority of our executives. These employment agreements remain in effect until terminated in accordance with their terms upon not less than between 24 months' and 36 months' prior written notice, depending on the terms of the employment agreement applicable to each executive. Pursuant to the terms of their respective employment agreements, our executives are prohibited from disclosing or unlawfully using any of our material confidential information. Upon a change in control of us, the annual bonus provided under the employment agreement becomes a fixed bonus of between 150% and 250% of the executive’s base salary, and the executive may receive an assurance bonus equal to the fixed bonus, depending on the terms of the employment agreement applicable to each executive. Any such executive may be entitled to receive upon termination an assurance bonus equal to such fixed bonus and an immediate lump-sum payment in an amount equal to three times the sum of the executive’s then current base salary and the assurance bonus, and the executive will continue to receive all salary, compensation payments and benefits, including additional bonus payments, otherwise due to the executive, to the extent permitted by applicable law, for the remaining balance of the executive's then-existing employment period. If an executive’s employment is terminated for cause or voluntarily by the employee, the executive shall not be entitled to any salary, benefits or reimbursements beyond those accrued through the date of the executive's termination, unless the executive voluntarily terminated the executive's employment in connection with certain conditions. Those conditions include a change in control combined with a significant geographic relocation of the executive's office, a material diminution of the executive's duties and responsibilities, and other conditions identified in the employment agreement. By law, our employees in Monaco are entitled to a one-time payment of up to two months salary upon retirement if they meet certain minimum service requirements. Other than as set forth above, there are no material post-employment benefits for our executive officers or directors.
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Segment reporting |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting | Segment reporting Information about our reportable segments for the six months ended June 30, 2023 and 2022 is as follows: For the six months ended June 30, 2023
For the six months ended June 30, 2022
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Vessel revenue |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessel revenue | Vessel revenue During the six months ended June 30, 2023 and 2022, we had 15 and two vessels, respectively, that earned revenue through long-term time charter contracts (with initial terms of one year or greater), respectively. The vessels that did not have long-term time charter contracts earned revenue from the Scorpio Pools or in the spot market. Revenue Sources
Seasonality The tanker market is typically stronger in the winter months of the northern hemisphere as a result of increased oil consumption but weaker in the summer months of the northern hemisphere as a result of lower oil consumption and refinery maintenance. In addition, unpredictable weather patterns during the winter months tend to disrupt vessel scheduling. The oil price volatility resulting from these factors has historically led to increased oil trading activities in the winter months. As a result, revenues generated by our vessels have historically been weaker during April to September and stronger during October to March. The six months ended June 30, 2022 began at a trough in the product tanker market as demand was hampered by the COVID-19 pandemic. Starting in March 2022, the easing of COVID-19 restrictions around the globe, the conflict in Ukraine, and strengthening refining margins resulted in significant increases in ton-mile demand as trade routes shifted and volumes increased in an abrupt manner. The confluence of these events served as a catalyst for robust demand that persisted for the remainder of 2022. The six months ended June 30, 2023 maintained this momentum, but was a reflection of a more normalized seasonal pattern whereby we experienced traditional seasonal strength in the first quarter (which was also supported by the implementation of sanctions on the export of Russian refined petroleum products in February 2023), and traditional seasonal weakness (albeit at elevated levels when compared to previous years) in the second quarter as extended refinery maintenance, lower refining margins and a reduction in arbitrage opportunities all led to reduced refinery throughput and decreased volumes from major export regions. Nevertheless, on a seasonally adjusted basis, demand for the Company’s vessels remained strong, driven by low refined petroleum product inventory levels, a modest newbuilding orderbook (with a dearth of deliveries expected in the next two years), and growing underlying consumption for refined petroleum products. IFRS 16 Lease Revenue In accordance with IFRS 16 - Leases, we are required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In time charter-out or pool arrangements, we have determined that the lease component is the vessel and the non-lease component is the technical management services provided to operate the vessel. Each component is quantified on the basis of the relative stand-alone price of each lease component; and on the aggregate stand-alone price of the non-lease components. These components are accounted for as follows: •All fixed lease revenue earned under these time charter-out arrangements is recognized on a straight-line basis over the term of the lease. •Lease revenue earned under our pool arrangements is recognized as it is earned, since it is 100% variable. •The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized “over time” as the customer (i.e. the pool or the charterer) is simultaneously receiving and consuming the benefits of the service. The following table summarizes the lease and non-lease components of revenue from time charter-out and pool revenue during the six months ended June 30, 2023 and 2022. These figures are not readily quantifiable as our contracts (with the Scorpio Pools or under time charter-out arrangements) do not separate these components. We do not view our pool and time charter-out revenue as two separate streams of revenue. Nevertheless, we have estimated these amounts by reference to (i) third party, published time charter rates for the lease component, and (ii) an approximation of the fair market value of vessel operating expenses for the non-lease component.
During the six months ended June 30, 2023, we entered into a time charter-out agreement on an LR2 product tanker, which commenced in April 2023. The terms of the agreements, including when the time charters commenced, are summarized as follows:
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Crewing costs |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crewing costs | Crewing costs The following table summarizes our crew expenses, including crew benefits, during the six months ended June 30, 2023 and 2022, respectively.
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General and administrative expenses |
6 Months Ended |
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Jun. 30, 2023 | |
Analysis of income and expense [abstract] | |
General and administrative expenses | General and administrative expensesGeneral and administrative expenses increased by $14.2 million to $49.5 million from $35.3 million for the six months ended June 30, 2023 and 2022, respectively. This increase was primarily driven by an increase in amortization of restricted stock and compensation related expenses. |
Financial expenses |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial expenses | Financial expenses The following table summarizes our financial expenses for the six months ended June 30, 2023 and 2022, respectively.
(1) The increase in interest expense, net of capitalized interest, for the six months ended June 30, 2023, was primarily attributable to an increase in the benchmark rates, primarily LIBOR, as compared to the six months ended June 30, 2022. During the six months ended June 30, 2023, benchmark interest rates increased as central banks around the world introduced measures to combat rising inflation. The increases in benchmark rates were partially offset by (i) the overall reductions in our indebtedness arising from the sales of 18 vessels (and repayments of the related debt or lease financing obligations), (ii) the exercise of purchase options on 39 lease financed vessels and (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and the conversion of the Convertible Notes Due 2025 in December 2022. These reductions were partially offset by new borrowings as discussed in Note 11. The combination resulted in higher interest expense for the six months ended June 30, 2023 compared to June 30, 2022 despite the reduction in the average debt balance to $2.0 billion from $2.9 billion, respectively. Included in interest expense for the six months ended June 30, 2023 is $0.6 million of accelerated effective interest amortization of lender fees under IFRS 16 - Leases related to the exercise of purchase options on vessels financed under the IFRS 16 - Leases - $670.0 Million lease financing. (2) The loss on extinguishment of debt and write-off of deferred financing fees during the six months ended June 30, 2023 include (i) $0.5 million of write-offs of deferred financing fees, (ii) $0.3 million of write-offs of the discounts, and (iii) $1.9 million of debt extinguishment costs, all of which related to the notifications to exercise purchase options on certain lease financed vessels during the period. The loss on extinguishment of debt and write-off of deferred financing fees during the six months ended June 30, 2022 include (i) $3.8 million of write-offs of deferred financing fees related to the refinancing of existing indebtedness on certain vessels, the repayment of debt on vessels prior to sale and the expiration of the availability period on certain facilities, (ii) $0.7 million of write-offs of the discounts related to the repayment of debt on certain vessels prior to sale, and (iii) $1.2 million of debt extinguishment costs related to the refinancing of the existing indebtedness on certain vessels and the repayment of debt of vessels prior to their sale. (3) The decrease in accretion of convertible notes for the six months ended June 30, 2023 as compared to the six months ended June 30, 2022 is attributable to the repayment in full of the Convertible Notes Due 2022 upon maturity in May 2022 and the conversion of the Convertible Notes Due 2025 to common shares in December 2022.
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Earnings per share |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Earnings per share The calculation of both basic and diluted earnings per share is based on net income attributable to equity holders of the parent and weighted average outstanding shares of:
During the six months ended June 30, 2023, the inclusion of potentially dilutive shares related to unvested restricted stock were included in the computation of diluted earnings per share because their effect was dilutive. The inclusion of potentially dilutive shares of unvested restricted stock reflects the dilutive impact of 4,142,266 unvested shares of restricted stock. During the six months ended June 30, 2022, the inclusion of potentially dilutive shares relating to unvested restricted stock and our Convertible Notes Due 2022 and Convertible Notes Due 2025 were included in the computation of diluted earnings per share because their effect was dilutive. The inclusion of potentially dilutive shares of unvested restricted stock reflects the dilutive impact of 3,559,109 unvested shares of restricted stock. The inclusion of potentially dilutive shares relating to our Convertible Notes Due 2022 and Convertible Notes Due 2025 represents the potentially dilutive shares arising from these instruments for an aggregate of 7,225,427 shares. The Convertible Notes Due 2022 (representing 1,903,663 of these potentially dilutive shares) matured in May 2022 and were repaid in cash. Accordingly, the potentially dilutive impact of this instrument is included in the weighted average number of shares for a portion of the period, through the maturity date.
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Financial instruments - financial and other risks |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments - financial and other risks | Financial instruments - financial and other risks Funding and capital risk management We manage our funding and capital resources to ensure our ability to continue as a going concern while maximizing the return to shareholders through the optimization of our debt and equity balance. IFRS 13 requires classifications of fair value measures into Levels 1, 2 and 3. Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values and carrying values of our financial instruments at June 30, 2023 and December 31, 2022, respectively, are shown in the table below. Categories of Financial Instruments
(1) Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. (2) Restricted cash are considered Level 1 items due to the liquid nature of these assets. (3) We consider that the carrying amount of accounts receivable approximate their fair value due to the relative short maturity of these instruments. (4) We consider the value of our minority interest in our BWTS supplier (as described in Note 7) to be a Level 3 fair value measurement, as this supplier is a private company and the value has been determined based on unobservable market data (i.e. the proceeds that we would receive if we exercised the put option set forth in the agreement in full). Moreover, we consider that its carrying value approximates fair value given that the value of this investment is contractually limited to the strike prices set forth in the put option that was granted to us and the call option that was granted to the supplier. The difference in the aggregate value of the investment, based on the spread between the exercise prices of the put and call options, is $0.6 million. (5) Non-current working capital contributions to the Scorpio Pools are repaid, without interest, upon a vessel’s exit from the pool. For owned vessels, excluding those classified as held for sale, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within Other Assets on the unaudited condensed consolidated balance sheets. We consider that their carrying values approximate fair value given that the amounts due are contractually fixed based on the terms of each pool agreement. (6) The seller's credit on sale and leaseback vessels represents the present value of the deposits of $4.35 million per vessel ($13.1 million in aggregate) that was retained by the buyer as part of the April 2017 sale and operating leasebacks of STI Beryl, STI Le Rocher and STI Larvotto. This deposit 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. This deposit has been recorded as a financial asset measured at amortized cost. The present value of this deposit has been calculated based on the interest rate that is implied in the leases, and the carrying value will accrete over the life of the lease using the effective interest method, through interest income, until expiration. We consider that its carrying value approximates fair value given that its value is contractually fixed based on the terms of each lease. (7) We consider that the carrying amounts of accounts payable and accrued expenses approximate fair value due to the relative short maturity of these amounts. (8) The carrying value of our secured bank loans are measured at amortized cost using the effective interest method. We consider that their carrying value approximates fair value because (i) the interest rates on these instruments change with, or approximate, market interest rates and (ii) the credit risk of the Company has remained stable. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $9.2 million and $2.8 million of unamortized deferred financing fees as of June 30, 2023 and December 31, 2022, respectively. (9) The carrying value of our obligations due under sale and leaseback arrangements are measured at amortized cost using the effective interest method. With the exception of our fixed rate sale and leaseback arrangements (as denoted in Note 12), we consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments are measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at June 30, 2023. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $6.8 million and $8.2 million of unamortized deferred financing fees as of June 30, 2023 and December 31, 2022, respectively. (10) The carrying values of our lease liabilities accounted for under IFRS 16 - Leases are measured at the present value of the minimum lease payments over the lease term, discounted at our incremental borrowing rate. We consider that the carrying value of leases with variable payments approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates. The fair value of leases with fixed payments are measured at the net discounted value of the remaining minimum lease payments using the Company's incremental borrowing rate at June 30, 2023 and December 31, 2022, respectively. Accordingly, we consider their fair value to be a Level 2 measurement. (11) The carrying value of our Senior Notes Due 2025 shown in the table above is their face value. The Senior Notes Due 2025 are shown net of $1.4 million of deferred financing fees and $0.1 million of unamortized discount on the unaudited condensed consolidated balance sheet as of June 30, 2023. The Senior Notes Due 2025 are shown net of $1.7 million of deferred financing fees and $0.1 million of unamortized discount on the audited condensed consolidated balance sheet as of December 31, 2022. Our Senior Notes Due 2025 are quoted on the New York Stock Exchange under the symbol 'SBBA'. We consider their fair value to be a Level 1 measurement due to their quotation on an active exchange. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. We manage liquidity risk by maintaining adequate reserves and borrowing facilities and by continuously monitoring forecast and actual cash flows. Liquidity risks can manifest themselves when economic conditions deteriorate or when we have significant maturities of our financial instruments. Financing risks In addition to our regularly scheduled debt and lease repayments, we have committed to, or completed the following: •The exercise of purchase options on six MR product tankers (STI Maestro, STI Mighty, STI Modest, STI Maverick, STI Miracle and STI Millennia) on our IFRS 16 - Leases - $670.0 Million lease financing. These purchases closed in July 2023 and resulted in a reduction of the related lease liability, inclusive of purchase option fees, of $145.0 million. •The exercise of the purchase option on an LR2 product tanker (STI Supreme) on our Ocean Yield Lease Financing. This purchase closed in August 2023 and resulted in a reduction of the related lease liability of $27.8 million. •The exercise of purchase options on two MR product tankers (STI Leblon and STI Bosphorus) on our 2020 CMBFL Lease Financing. These purchases closed in September 2023 and resulted in a reduction of the related lease liability of $36.5 million. •The exercise of purchase options on five LR2 product tankers (STI Gauntlet, STI Gladiator, STI Goal, STI Gratitude and STI Guide) on our CSSC Lease Financing. These purchases are expected to close in October 2023 and result in a reduction of the related lease liability of $110.4 million. •The exercise of purchase options on one MR and two LR2 product tankers (STI Maximus, STI Lily, and STI Lotus) on our IFRS 16 - Leases - $670.0 Million lease financing. These purchases are expected to close in October 2023 and result in a reduction of the related lease liability of $85.5 million. •The exercise of purchase options on three LR2 product tankers (STI Solace, STI Solidarity, and STI Stability) on our BCFL Lease Financing (LR2s). These purchases are expected to close in December 2023 and result in a reduction of the related lease liability of $58.4 million. •The exercise of purchase options on two MR product tankers (STI Galata, and STI La Boca) on our 2020 TSFL Lease Financing. These purchases are expected to close in November 2023 and result in a reduction of the related lease liability of $38.1 million. •The exercise of purchase options on four MR product tankers (STI Esles II, STI Donald C Trauscht, STI Jardins and STI San Telmo) on our 2020 SPDB Lease Financing. The purchases of STI Esles II and STI Donald C Trauscht are expected to close in November 2023 and result in a reduction of the related lease liability of $38.1 million, net of $1.5 million in deposits held by the lessor. The purchases of STI Jardins and STI San Telmo are expected to close in January 2024 and result in a reduction of the related lease liability of $36.9 million, net of $1.4 million in deposits held by the lessor. •The repayment of the debt relating to two vessels (STI Condotti and STI Sloane) on our 2019 DNB / GIEK Credit Facility. This repayment occurred in August 2023 for $34.8 million. •The exercise of the purchase option on an MR product tanker (STI Amber) on our BCFL Lease Financing (MRs). The purchase is expected to close in November 2023 and result in a reduction of the related lease liability of $8.2 million. •The repayment of the debt relating to two vessels (STI Spiga and STI Kingsway) on our 2020 $225.0 Million Credit Facility. This repayment occurred in August 2023 for $35.2 million. •The repayment of the debt relating to two vessels (STI Veneto and STI Poplar) on our Hamburg Commercial Credit Facility. This repayment occurred in September 2023 for $31.3 million. •The repayment of debt relating to the revolving credit facility on our 2023 $1.0 Billion Credit Facility. This repayment occurred in September 2023 for $288.2 million, which may be re-borrowed in the future. These repayments were financed, or are expected to be financed, with cash on hand or proceeds from our new 2023 $1.0 Billion Credit Facility or 2023 $94.0 Million Credit Facility, which are described in Note 21. Additionally, in September 2024, the sale and leaseback arrangements on three MR product tankers (STI Topaz, STI Ruby, and STI Garnet), which are currently financed under the BCFL Lease Financing (MRs), are scheduled to expire resulting in an aggregate repayment of $15.1 million upon expiration, inclusive of the scheduled purchase options. While we believe our current financial position is adequate to address these cash outflows, a deterioration in economic conditions could cause us to breach the covenants under our financing arrangements and could have a material adverse effect on our business, results of operations, cash flows and financial condition. These circumstances could cause us to seek covenant waivers from our lenders and to pursue other means to raise liquidity, such as through the sale of vessels or in the capital markets, to meet our obligations. Conflict in Ukraine and related risks 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. We 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. We 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 our financial condition, results of operations, and future performance.
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Subsequent events |
6 Months Ended |
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Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Subsequent events Declaration of dividend On August 1, 2023, our Board of Directors declared a quarterly cash dividend of $0.25 per common share, which was paid on September 15, 2023 to all shareholders of record as of August 15, 2023. Repurchase of Common Shares From July 1, 2023 through September 29, 2023, we repurchased an aggregate of 1,648,355 of our common shares in the open market at an average price of $47.74 per share under our 2023 Securities Repurchase Program. Vessel sale In July 2023, we closed on the sale of the MR product tanker, STI Ville (see Note 4). 2023 $1.0 Billion Credit Facility In July 2023, we executed the 2023 $1.0 Billion Credit Facility with a group of financial institutions for up to $1.0 billion, consisting of a term loan and a revolving credit facility. Upon execution, we drew down $440.6 million (split evenly between the term loan and the revolver) and 21 vessels (STI Lobelia, STI Lavender, STI Jermyn, STI Steadfast, STI Magic, STI Mystery, STI Marvel, STI Millennia, STI Magister, STI Mythic, STI Modest, STI Maverick, STI Miracle, STI Maestro, STI Mighty, STI Magnetic, STI Seneca, STI Brooklyn, STI Manhattan, STI Bronx, and STI Tribeca) were collateralized under this facility as part of this drawdown. In August 2023, we drew down $135.8 million (split evenly between the term loan and the revolver) and five LR2 product tankers (STI Supreme, STI Spiga, STI Kingsway, STI Sloane and STI Condotti) were collateralized under this facility as part of this drawdown. In September 2023, we repaid $288.2 million on the revolving portion of this credit facility, which may be re-borrowed in the future. The remaining availability of this facility is expected to be drawn in the fourth quarter of 2023 and first quarter of 2024. The 2023 $1.0 Billion Credit Facility has a final maturity of June 30, 2028 and bears interest at SOFR plus a margin of 1.95% per annum. The amounts drawn thus far are expected to be repaid in aggregate repayments of $18.9 million per quarter for the first two years, $12.2 million per quarter in years through , with a balloon payment at maturity. The scheduled repayments will be applied to the outstanding term loan for each vessel, until repaid in full, and then to the reduction of the revolver for each vessel. Our 2023 $1.0 Billion Credit Facility includes financial covenants that require us to maintain: •The ratio of net debt to total capitalization no greater than 0.65 to 1.00. •Consolidated tangible net worth of no less than $1.5 billion. •Minimum liquidity of not less than the greater of $25.0 million and $500,000 per each owned vessel plus $250,000 per each time chartered-in vessel. •The aggregate of the fair market value of the vessels provided as collateral under the facility shall at all times be no less than 140% of the then aggregate principal amount of the loans outstanding. 2023 $94.0 Million Credit Facility In September 2023, we executed the 2023 $94.0 Million Credit Facility with DekaBank Deutsche Girozentrale for up to $94.0 million. Upon execution, we drew down $43.8 million and two vessels (STI Marshall and STI Grace) were collateralized under this facility as part of this drawdown. The remaining availability of this facility is expected to be drawn in the fourth quarter of 2023. This 2023 $94.0 Million 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 1.70% per annum. The amounts drawn thus far are expected to be repaid in aggregate repayments of $1.1 million per quarter, with a balloon payment due at maturity. Our 2023 $94.0 Million Credit Facility includes financial covenants that require us to maintain: •The ratio of net debt to total capitalization no greater than 0.65 to 1.00. •Consolidated tangible net worth of no less than $1.5 billion. •Minimum liquidity of not less than the greater of $25.0 million and $500,000 per each owned vessel plus $250,000 per each time chartered-in vessel. •The aggregate of the fair market value of the vessels provided as collateral under the facility shall at all times be no less than 143% of the then aggregate of (i) principal amount of the loans outstanding and (ii) negative value of any hedging exposure under such credit facility. Debt repayments In August 2023, we repaid the debt relating to two vessels (STI Spiga and STI Kingsway) on the 2020 $225.0 Million Credit Facility for $35.2 million. In August 2023, we repaid the debt relating to two vessels (STI Condotti and STI Sloane) on the 2019 DNB/GIEK Credit Facility for $34.8 million. In September 2023, we repaid the debt relating to two vessels (STI Veneto and STI Poplar) on the Hamburg Commercial Credit Facility for $31.3 million. Exercise of Purchase Options on Lease Financed Vessels In July 2023, we exercised the purchase options on six MR product tankers (STI Miracle, STI Maestro, STI Mighty, STI Modest, STI Maverick, and STI Millennia) that were previously financed on the IFRS 16 – Leases – $670.0 Million lease financing and repaid the aggregate outstanding lease obligation, inclusive of purchase option fees, of $145.0 million as part of these transactions. In August 2023, we exercised the purchase option on an LR2 product tanker (STI Supreme), which was financed on the Ocean Yield Lease Financing, for $27.8 million. In August 2023, we gave notice to exercise the purchase options on an MR product tanker (STI Maximus) and two LR2 product tankers (STI Lily and STI Lotus) that are currently financed on the IFRS 16 - Leases - $670.0 Million lease financing. These purchases are expected to occur in the fourth quarter of 2023 and the aggregate outstanding lease liability is expected to be $85.5 million at the date of purchase. In August 2023, we gave notice to exercise the purchase options on two MR product tankers (STI Galata and STI La Boca) that are currently financed on the 2020 TSFL Lease Financing. The purchases are expected to occur in the fourth quarter of 2023 and the aggregate outstanding lease liability is expected to be $38.1 million at the date of purchase. In August 2023, we gave notice to exercise the purchase options on three LR2 product tankers (STI Stability, STI Solace and STI Solidarity) that are currently financed on the BCFL Lease Financing (LR2s). These purchases are expected to occur in the fourth quarter of 2023 and the aggregate outstanding lease liability is expected to be $58.4 million at the date of purchase. In August 2023, we gave notice to exercise the purchase options on five LR2 product tankers (STI Gauntlet, STI Gladiator, STI Goal, STI Gratitude and STI Guide) that are currently financed on the CSSC Lease Financing. These purchases are expected to occur in the fourth quarter of 2023 and the aggregate outstanding lease liability is expected to be $110.4 million at the date of purchase. In September 2023, we exercised the purchase options on two MR product tankers (STI Leblon and STI Bosphorus) that were previously financed under the 2020 CMBFL Lease Financing and resulted in an aggregate debt reduction of $36.5 million. In September 2023, we gave notice to exercise the purchase options on four MR product tankers (STI Esles II, STI Donald C Trauscht, STI Jardins and STI San Telmo) that are currently financed on the 2020 SPDB Lease Financing. The purchases of STI Esles II and STI Donald C Trauscht are expected to occur in the fourth quarter of 2023 and the aggregate outstanding lease liability, net of $1.5 million in deposits held by the lessor, is expected to be $38.1 million at the date of purchase. The purchases of STI Jardins and STI San Telmo are expected to occur in the first quarter of 2024 and the aggregate outstanding lease liability, net of $1.4 million in deposits held by the lessor, is expected to be $36.9 million at the date of purchase. In September 2023, we gave notice to exercise the purchase option on an MR product tanker (STI Amber) that is currently financed on the BCFL Lease Financing (MRs). The purchase is expected to occur in the fourth quarter of 2023 and the outstanding lease liability is expected to be $8.2 million at the date of purchase.
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General information and significant accounting policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Basis of accounting | Basis of accounting The unaudited condensed consolidated financial statements have been presented in United States dollars (“USD” or “$”), which is the functional currency of Scorpio Tankers Inc. and all of its subsidiaries. The unaudited condensed consolidated financial statements for the six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, or IAS 34, Interim Financial Statements, as issued by the International Accounting Standards Board, or IASB, using the same accounting policies as adopted in the preparation of the consolidated financial statements for the year ended December 31, 2022. These unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards
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Going concern | Going concern The unaudited condensed consolidated financial statements have been prepared in accordance with the going concern basis of accounting as described further in the "Liquidity risk" section of Note 20. Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. We manage liquidity risk by maintaining adequate reserves and borrowing facilities and by continuously monitoring forecast and actual cash flows. Liquidity risks can manifest themselves when economic conditions deteriorate or when we have significant maturities of our financial instruments. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including, but not limited to, debt service and lease financing obligations) for a period of at least twelve months from the date of approval of these unaudited condensed consolidated financial statements. Accordingly, we continue to adopt the going concern basis in preparing our financial statements.
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Adoption of new and amended IFRS and International Financial Reporting Interpretations Committee interpretations from January 1, 2023 | Adoption of new and amended IFRS and International Financial Reporting Interpretations Committee interpretations from January 1, 2023 IAS 1 - Disclosure of Accounting Policies - To require entities to disclose material accounting policies, instead of significant accounting policies. The amendments clarify, among other things, that accounting policy information may be material because of its nature, even if the related amounts are immaterial. This standard is effective for annual periods beginning on or after January 1, 2023. IAS 8 - Changes in Accounting Estimates - The definition of a change in accounting estimates is replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. The Board clarified that a change in accounting estimate that results from new information or new developments is not the correction of an error. In addition, the effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors. A change in an accounting estimate may affect only the current period’s profit or loss, or the profit or loss of both the current period and future periods. The effect of the change relating to the current period is recognized as income or expense in the current period. The effect, if any, on future periods is recognized as income or expense in those future periods. IAS 12 - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction - These amendments require companies to recognize deferred tax on transactions that, on initial recognition give rise to equal amounts of taxable and deductible temporary differences. IFRS 17 - Insurance Contracts - This new standard requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. The adoption of these standards did not have significant impact on our financial statements. No significant standards and interpretations were adopted during the six months ended June 30, 2022.
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IFRS 16 Lease Revenue | IFRS 16 Lease Revenue In accordance with IFRS 16 - Leases, we are required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In time charter-out or pool arrangements, we have determined that the lease component is the vessel and the non-lease component is the technical management services provided to operate the vessel. Each component is quantified on the basis of the relative stand-alone price of each lease component; and on the aggregate stand-alone price of the non-lease components. These components are accounted for as follows: •All fixed lease revenue earned under these time charter-out arrangements is recognized on a straight-line basis over the term of the lease. •Lease revenue earned under our pool arrangements is recognized as it is earned, since it is 100% variable. •The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized “over time” as the customer (i.e. the pool or the charterer) is simultaneously receiving and consuming the benefits of the service.
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Prepaid expenses and other assets (Tables) |
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Summary of prepaid expenses and other assets | The following is a table summarizing our prepaid expenses and other current assets as of June 30, 2023 and December 31, 2022:
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Accounts receivable (Tables) |
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Summary of the components of accounts receivable | The following is a table summarizing our accounts receivable as of June 30, 2023 and December 31, 2022:
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Assets held for sale and Vessels and drydock (Tables) |
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Property, plant and equipment [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating vessels rollforward | The following is a rollforward of the activity within Vessels and drydock from January 1, 2023 through June 30, 2023.
(1)During the six months ended June 30, 2023, we exercised the purchase options on leases for seven MR vessels (STI Magnetic, STI Marshall, STI Magic, STI Mystery, STI Marvel, STI Magister and STI Mythic) and two LR2 vessels (STI Lavender and STI Lobelia) that had been previously recorded as Right of use assets for vessels. The carrying amounts of these Right of Use Assets were reclassified to Vessels and Drydock as a result of these transactions. These transactions are further described in Note 5. (2)Additions during the six months ended June 30, 2023 primarily relate to the various costs incurred for drydocks and ballast water treatment systems (which are reported as part of the Vessels component). (3)Represents the carrying value of an MR vessel (STI Ville) which was contracted to be sold and reclassified to Assets held for sale during the six months ended June 30, 2023. This transaction is described above. (4)Represents the write-offs of fully depreciated equipment and notional drydock costs on certain of our vessels.
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Summary of cost capitalized | The following is a summary of the cost types that were capitalized during the six months ended June 30, 2023:
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Schedule of future expected payments for purchase commitments | The following table is a timeline of future expected payments and dates for our commitments to purchase scrubbers and BWTS as of June 30, 2023 (1):
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Right of use assets and related lease liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of quantitative information about right-of-use assets [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of quantitative information about right-of-use assets | The following is the activity of the right of use assets from January 1, 2023 through June 30, 2023:
(1) Primarily represents the transfer of the net book value of nine vessels purchased and transferred to Vessels and drydock. (2) Represents the adjustment to the right of use asset as a result of the remeasurement of the related lease liability upon the commitments to exercise the purchase options on 15 of the vessels under the IFRS 16 - Leases - $670.0 Million lease financing. The following table summarizes the payments made for the six months ended June 30, 2023 and June 30, 2022 relating to lease liabilities accounted for under IFRS 16 - Leases:
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Schedule of obligation repayments | The obligations under these agreements are expected to be repaid as follows:
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Other assets (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other non-current assets |
(1) Upon entrance into the Scorpio LR2, MR, and Handymax Pools, all vessels are required to make initial working capital contributions of both cash and bunkers. Initial working capital contributions are repaid, without interest, upon a vessel’s exit from the pool. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned vessels, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within Other Assets on the consolidated balance sheets. For chartered-in vessels we classify the amounts as current (within Accounts Receivable) or non-current (within Other Assets) according to the expiration of the contract. For vessels designated as held for sale, we classify the amounts as current (within Accounts Receivable). (2) The seller's credit on sale leaseback vessels represents the present value of the deposits of $4.35 million per vessel ($13.1 million in aggregate) that was retained by the buyer as part of the sale and operating leasebacks of STI Beryl, STI Le Rocher and STI Larvotto which occurred in April 2017. This deposit 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. The present value of this deposit has been calculated based on the interest rate that is implied in the lease, and the carrying value will accrete over the life of the lease, through interest income, until expiration. We recorded $0.3 million as interest income as part of these agreements during each of the six months ended June 30, 2023 and 2022. (3) Amounts represent deposits paid to the supplier of exhaust gas cleaning systems ("scrubbers"). Deposits paid for these systems are reflected as investing cash flows within the unaudited condensed consolidated statement of cash flows. (4) In August 2021, we acquired a minority interest in a portfolio of nine product tankers, consisting of five dual-fuel MR methanol tankers (built between 2016 and 2021) which, in addition to traditional petroleum products, are designed to both carry methanol as a cargo and to consume it as a fuel, along with four ice class 1A LR1 product tankers (two of which were sold during the fourth quarter of 2021). The dual-fuel MR methanol tankers are currently on long-term time charter contracts with initial terms of greater than five years. As part of this agreement, we acquired a 50% interest in a joint venture that ultimately has a minority interest in the entities that own the vessels for final consideration of $6.7 million. In November 2022, we contributed an additional $1.75 million to the joint venture to increase the joint venture's ownership interest in one of the LR1 tankers. We account for our interest in this joint venture using the equity method pursuant to IFRS 11 - Joint arrangements. Under this guidance, the investment is initially measured at cost, and the carrying amount of the investment is adjusted in subsequent periods based on our share of profits or losses from the joint venture (adjusted for any fair value adjustments made upon initial recognition). Any distributions received from the joint venture reduce the carrying amount. We recorded $2.4 million as our share of net income resulting from this joint venture during the six months ended June 30, 2023. Additionally, the joint venture issued a cash distribution of $1.5 million during this period. (5) In July 2018, we executed an agreement to purchase 55 ballast water treatment systems from an unaffiliated third-party supplier for total consideration of $36.2 million. These systems have all been installed as of June 30, 2023. Upon entry into this agreement, we also obtained a minority equity interest in this supplier for no additional consideration. We have determined that of the total consideration of $36.2 million, $1.8 million is attributable to the minority equity interest.
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Accounts payable (Tables) |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the components of accounts payable | The following is a table summarizing our accounts payable as of June 30, 2023 and December 31, 2022:
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Accrued expenses (Tables) |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the components of accrued expenses | The following is a table summarizing our accrued expenses as of June 30, 2023 and December 31, 2022:
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Current and long-term debt (Tables) |
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Borrowings [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of detailed information about current and long-term debt | The following is a roll forward of the activity within debt, sale and leaseback, and IFRS 16 - lease liability (current and non-current), by facility, for the six months ended June 30, 2023:
(1) Relates to (i) non-cash accretion, amortization or write-off of lease obligations assumed as part of the 2017 merger with Navig8 Product Tankers Inc. ("NPTI"), which were recorded at fair value upon closing, (ii) amortization and write-offs of deferred financing fees, (iii) accretion of discount on our Senior Notes Due 2025, and (iv) the remeasurement, upon the notification of the intent to exercise purchase options, of the right of use lease liability, IFRS 16 - Leases - $670.0 Million. The following table summarizes our financial expenses for the six months ended June 30, 2023 and 2022, respectively.
(1) The increase in interest expense, net of capitalized interest, for the six months ended June 30, 2023, was primarily attributable to an increase in the benchmark rates, primarily LIBOR, as compared to the six months ended June 30, 2022. During the six months ended June 30, 2023, benchmark interest rates increased as central banks around the world introduced measures to combat rising inflation. The increases in benchmark rates were partially offset by (i) the overall reductions in our indebtedness arising from the sales of 18 vessels (and repayments of the related debt or lease financing obligations), (ii) the exercise of purchase options on 39 lease financed vessels and (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and the conversion of the Convertible Notes Due 2025 in December 2022. These reductions were partially offset by new borrowings as discussed in Note 11. The combination resulted in higher interest expense for the six months ended June 30, 2023 compared to June 30, 2022 despite the reduction in the average debt balance to $2.0 billion from $2.9 billion, respectively. Included in interest expense for the six months ended June 30, 2023 is $0.6 million of accelerated effective interest amortization of lender fees under IFRS 16 - Leases related to the exercise of purchase options on vessels financed under the IFRS 16 - Leases - $670.0 Million lease financing. (2) The loss on extinguishment of debt and write-off of deferred financing fees during the six months ended June 30, 2023 include (i) $0.5 million of write-offs of deferred financing fees, (ii) $0.3 million of write-offs of the discounts, and (iii) $1.9 million of debt extinguishment costs, all of which related to the notifications to exercise purchase options on certain lease financed vessels during the period. The loss on extinguishment of debt and write-off of deferred financing fees during the six months ended June 30, 2022 include (i) $3.8 million of write-offs of deferred financing fees related to the refinancing of existing indebtedness on certain vessels, the repayment of debt on vessels prior to sale and the expiration of the availability period on certain facilities, (ii) $0.7 million of write-offs of the discounts related to the repayment of debt on certain vessels prior to sale, and (iii) $1.2 million of debt extinguishment costs related to the refinancing of the existing indebtedness on certain vessels and the repayment of debt of vessels prior to their sale. (3) The decrease in accretion of convertible notes for the six months ended June 30, 2023 as compared to the six months ended June 30, 2022 is attributable to the repayment in full of the Convertible Notes Due 2022 upon maturity in May 2022 and the conversion of the Convertible Notes Due 2025 to common shares in December 2022.
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Common shares (Tables) |
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Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of activity for awards of restricted stock | The following is a summary of activity for awards of restricted stock that have been granted under our equity incentive plan during the six months ended June 30, 2023.
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Summary of future stock compensation expense | Assuming that all the restricted stock will vest, the stock compensation expense in future periods, including that related to restricted stock issued in prior periods will be:
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Related party transactions (Tables) |
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Related party transactions [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of transactions between related parties | Transactions with entities controlled by the Lolli-Ghetti family (herein referred to as related parties) in the unaudited condensed consolidated statements of operations and balance sheets are as follows:
(1)These transactions relate to revenue earned in the Scorpio Pools. The Scorpio Pools are related parties. When our vessels are in the Scorpio Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to our LR1 vessels, $250 per vessel per day with respect to our LR2 vessels, and $325 per vessel per day with respect to each of our Handymax and MR vessels, plus a commission of 1.50% on gross revenue per charter fixture. These are the same fees that SCM charges other vessels in these pools, including third party owned vessels. (2)These transactions relate to revenue earned for certain vessels on time charter, which have been time chartered out through SSH to the end customers. (3)Related party expenditures included within voyage expenses in the unaudited condensed consolidated statements of operations consist of expenses due to SCM, a related party, for commissions related to the commercial management services provided by SCM under the commercial management agreement for vessels that are not in one of the Scorpio Pools. SCM’s services include securing employment, in the spot market and on time charters, for our vessels. When not in one of the Scorpio Pools, each vessel pays (i) flat fees of $250 per day for LR1 and LR2 vessels and $300 per day for Handymax and MR vessels and (ii) commissions of 1.25% of their gross revenue per charter fixture. These expenses are included in voyage expenses in the unaudited condensed consolidated statements of operations. Voyage expenses also consist of $0.4 million and $0.8 million charged by related party port agents during the six months ended June 30, 2023 and 2022, respectively. SSH has a majority equity interest in port agents that provide supply and logistical services for vessels operating in their regions. (4)Related party expenditures included within vessel operating costs in the unaudited condensed consolidated statements of operations consist of the following: •Technical management fees of $14.2 million and $15.6 million charged by SSM (or its affiliates), a related party, during the six months ended June 30, 2023 and 2022, respectively. SSM’s services include day-to-day vessel operations, performing general maintenance, monitoring regulatory and classification society compliance, customer vetting procedures, supervising the maintenance and general efficiency of vessels, arranging the hiring of qualified officers and crew, arranging and supervising drydocking and repairs, purchasing supplies, spare parts and new equipment for vessels, appointing supervisors and technical consultants, and providing technical support. SSM administers the payment of salaries to our crew on our behalf. The crew wages that were administered by SSM (and disbursed through related party subcontractors of SSM) were $67.1 million and $73.0 million during the six months ended June 30, 2023 and 2022, respectively. SSM's fixed annual technical management fee is $175,000 per vessel plus certain itemized expenses in the technical management agreement. •Vessel operating expenses of $2.3 million and $1.0 million charged by related party port agents during the six months ended June 30, 2023 and 2022, respectively. (5)We have an Amended Administrative Services Agreement with SSH for the provision of administrative staff, office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH is a related party to us. We reimburse SSH for direct or indirect expenses that are incurred on our behalf. SSH also arranges vessel sales and purchases for us. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio group of companies, or Scorpio. The expenses incurred under this agreement were recorded in general and administrative expenses in the unaudited condensed consolidated statement of operations and consisted of the following: •The expense for the six months ended June 30, 2023 of $7.2 million included (i) administrative fees of $5.2 million charged by SSH, (ii) restricted stock amortization of $2.0 million, which relates to the issuance of an aggregate of 695,400 shares of restricted stock to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan, and (iii) the reimbursement of expenses of $25,126 to SSH. •The expense for the six months ended June 30, 2022 of $6.7 million included (i) administrative fees of $5.7 million charged by SSH, (ii) restricted stock amortization of $0.9 million, which relates to the issuance of an aggregate of 493,300 shares of restricted stock to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan, and (iii) the reimbursement of expenses of $8,443 to SSH and $25,834 to SCM. (6)These amounts represent bunkers purchased from a related party which, for vessels operating in the spot market, are initially recorded as part of inventory on the balance sheet prior to being consumed. We had the following balances with related parties, which have been included in the unaudited condensed consolidated balance sheets:
(1)Accounts receivable and prepaid expenses due from the Scorpio Pools relate to receivables for revenues earned and receivables from working capital contributions. Working capital contributions for the remaining vessels in the fleet are classified as non-current, within Other Assets. Upon entrance into such pools, all vessels are required to make working capital contributions of both cash and bunkers. Additional working capital contributions can be made from time to time based on the operating needs of the Scorpio Pools. These amounts are accounted for and repaid as follows: •For vessels in the Scorpio LR2 Pool, Scorpio LR1 Pool, Scorpio MR Pool, and Scorpio Handymax Tanker Pool, the initial contribution amount is repaid, without interest, upon a vessel’s exit from the pool no later than six months after the exit date. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or lease financed vessels, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. If a vessel has been sold or is held for sale, we classify these contributions as current. •For time or bareboat chartered-in vessels we classify the initial contributions as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. Any additional working capital contributions are repaid when sufficient net revenues become available to cover such amounts. (2) Prepaid expenses from SSM relate to advances made for vessel operating expenses (such as crew wages) that will either be reimbursed or applied against future costs. (3) Represents the non-current portion of working capital receivables as described above.
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Disclosure of key management remuneration | Key management remuneration The table below shows key management remuneration for the six months ended June 30, 2023 and 2022:
(1)Represents the amortization of restricted stock issued under the 2013 Equity Incentive Plan as described in Note 12.
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Segment reporting (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments | Information about our reportable segments for the six months ended June 30, 2023 and 2022 is as follows: For the six months ended June 30, 2023
For the six months ended June 30, 2022
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Vessel revenue (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue sources | Revenue Sources
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Lease and non-lease components | Nevertheless, we have estimated these amounts by reference to (i) third party, published time charter rates for the lease component, and (ii) an approximation of the fair market value of vessel operating expenses for the non-lease component.
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Schedule of terms of time chartered-out vessels |
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Crewing costs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of crew expenses | The following table summarizes our crew expenses, including crew benefits, during the six months ended June 30, 2023 and 2022, respectively.
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Financial expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial expenses | The following is a roll forward of the activity within debt, sale and leaseback, and IFRS 16 - lease liability (current and non-current), by facility, for the six months ended June 30, 2023:
(1) Relates to (i) non-cash accretion, amortization or write-off of lease obligations assumed as part of the 2017 merger with Navig8 Product Tankers Inc. ("NPTI"), which were recorded at fair value upon closing, (ii) amortization and write-offs of deferred financing fees, (iii) accretion of discount on our Senior Notes Due 2025, and (iv) the remeasurement, upon the notification of the intent to exercise purchase options, of the right of use lease liability, IFRS 16 - Leases - $670.0 Million. The following table summarizes our financial expenses for the six months ended June 30, 2023 and 2022, respectively.
(1) The increase in interest expense, net of capitalized interest, for the six months ended June 30, 2023, was primarily attributable to an increase in the benchmark rates, primarily LIBOR, as compared to the six months ended June 30, 2022. During the six months ended June 30, 2023, benchmark interest rates increased as central banks around the world introduced measures to combat rising inflation. The increases in benchmark rates were partially offset by (i) the overall reductions in our indebtedness arising from the sales of 18 vessels (and repayments of the related debt or lease financing obligations), (ii) the exercise of purchase options on 39 lease financed vessels and (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and the conversion of the Convertible Notes Due 2025 in December 2022. These reductions were partially offset by new borrowings as discussed in Note 11. The combination resulted in higher interest expense for the six months ended June 30, 2023 compared to June 30, 2022 despite the reduction in the average debt balance to $2.0 billion from $2.9 billion, respectively. Included in interest expense for the six months ended June 30, 2023 is $0.6 million of accelerated effective interest amortization of lender fees under IFRS 16 - Leases related to the exercise of purchase options on vessels financed under the IFRS 16 - Leases - $670.0 Million lease financing. (2) The loss on extinguishment of debt and write-off of deferred financing fees during the six months ended June 30, 2023 include (i) $0.5 million of write-offs of deferred financing fees, (ii) $0.3 million of write-offs of the discounts, and (iii) $1.9 million of debt extinguishment costs, all of which related to the notifications to exercise purchase options on certain lease financed vessels during the period. The loss on extinguishment of debt and write-off of deferred financing fees during the six months ended June 30, 2022 include (i) $3.8 million of write-offs of deferred financing fees related to the refinancing of existing indebtedness on certain vessels, the repayment of debt on vessels prior to sale and the expiration of the availability period on certain facilities, (ii) $0.7 million of write-offs of the discounts related to the repayment of debt on certain vessels prior to sale, and (iii) $1.2 million of debt extinguishment costs related to the refinancing of the existing indebtedness on certain vessels and the repayment of debt of vessels prior to their sale. (3) The decrease in accretion of convertible notes for the six months ended June 30, 2023 as compared to the six months ended June 30, 2022 is attributable to the repayment in full of the Convertible Notes Due 2022 upon maturity in May 2022 and the conversion of the Convertible Notes Due 2025 to common shares in December 2022.
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Earnings per share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted earnings per share | The calculation of both basic and diluted earnings per share is based on net income attributable to equity holders of the parent and weighted average outstanding shares of:
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Financial instruments - financial and other risks (Tables) |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values and Carrying Values of Financial Liabilities | Categories of Financial Instruments
(1) Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. (2) Restricted cash are considered Level 1 items due to the liquid nature of these assets. (3) We consider that the carrying amount of accounts receivable approximate their fair value due to the relative short maturity of these instruments. (4) We consider the value of our minority interest in our BWTS supplier (as described in Note 7) to be a Level 3 fair value measurement, as this supplier is a private company and the value has been determined based on unobservable market data (i.e. the proceeds that we would receive if we exercised the put option set forth in the agreement in full). Moreover, we consider that its carrying value approximates fair value given that the value of this investment is contractually limited to the strike prices set forth in the put option that was granted to us and the call option that was granted to the supplier. The difference in the aggregate value of the investment, based on the spread between the exercise prices of the put and call options, is $0.6 million. (5) Non-current working capital contributions to the Scorpio Pools are repaid, without interest, upon a vessel’s exit from the pool. For owned vessels, excluding those classified as held for sale, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within Other Assets on the unaudited condensed consolidated balance sheets. We consider that their carrying values approximate fair value given that the amounts due are contractually fixed based on the terms of each pool agreement. (6) The seller's credit on sale and leaseback vessels represents the present value of the deposits of $4.35 million per vessel ($13.1 million in aggregate) that was retained by the buyer as part of the April 2017 sale and operating leasebacks of STI Beryl, STI Le Rocher and STI Larvotto. This deposit 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. This deposit has been recorded as a financial asset measured at amortized cost. The present value of this deposit has been calculated based on the interest rate that is implied in the leases, and the carrying value will accrete over the life of the lease using the effective interest method, through interest income, until expiration. We consider that its carrying value approximates fair value given that its value is contractually fixed based on the terms of each lease. (7) We consider that the carrying amounts of accounts payable and accrued expenses approximate fair value due to the relative short maturity of these amounts. (8) The carrying value of our secured bank loans are measured at amortized cost using the effective interest method. We consider that their carrying value approximates fair value because (i) the interest rates on these instruments change with, or approximate, market interest rates and (ii) the credit risk of the Company has remained stable. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $9.2 million and $2.8 million of unamortized deferred financing fees as of June 30, 2023 and December 31, 2022, respectively. (9) The carrying value of our obligations due under sale and leaseback arrangements are measured at amortized cost using the effective interest method. With the exception of our fixed rate sale and leaseback arrangements (as denoted in Note 12), we consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments are measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at June 30, 2023. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $6.8 million and $8.2 million of unamortized deferred financing fees as of June 30, 2023 and December 31, 2022, respectively. (10) The carrying values of our lease liabilities accounted for under IFRS 16 - Leases are measured at the present value of the minimum lease payments over the lease term, discounted at our incremental borrowing rate. We consider that the carrying value of leases with variable payments approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates. The fair value of leases with fixed payments are measured at the net discounted value of the remaining minimum lease payments using the Company's incremental borrowing rate at June 30, 2023 and December 31, 2022, respectively. Accordingly, we consider their fair value to be a Level 2 measurement. (11) The carrying value of our Senior Notes Due 2025 shown in the table above is their face value. The Senior Notes Due 2025 are shown net of $1.4 million of deferred financing fees and $0.1 million of unamortized discount on the unaudited condensed consolidated balance sheet as of June 30, 2023. The Senior Notes Due 2025 are shown net of $1.7 million of deferred financing fees and $0.1 million of unamortized discount on the audited condensed consolidated balance sheet as of December 31, 2022. Our Senior Notes Due 2025 are quoted on the New York Stock Exchange under the symbol 'SBBA'. We consider their fair value to be a Level 1 measurement due to their quotation on an active exchange.
|
General information and significant accounting policies - Narrative (Details) - Property, plant and equipment not subject to operating leases - Vessels |
Jun. 30, 2023
vessel
|
---|---|
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of vessels | 113 |
Non-current assets held for sale | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of vessels | 1 |
Handymax | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of vessels | 14 |
MR | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of vessels | 60 |
LR2 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of vessels | 39 |
Prepaid expenses and other assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of transactions between related parties [line items] | ||
Third party - prepaid vessel operating expenses | $ 2,404 | $ 2,787 |
Prepaid insurance | 1,655 | 744 |
Prepaid port agent advances | 3 | 3,086 |
Other prepaid expenses | 955 | 5,892 |
Current prepayments and other current assets | 10,667 | 18,159 |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 5,650 | 5,650 |
Prepaid vessel operating expenses - SSM | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 5,562 | 5,450 |
Prepaid expenses - SCM | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 85 | 84 |
Prepaid expenses - Scorpio Handymax Tanker Pool Limited | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 3 | 3 |
Prepaid expenses - related party port agent | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 0 | 98 |
Prepaid expenses - Scorpio MR Pool Limited | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 0 | 14 |
Prepaid expenses - Scorpio LR2 Pool Limited | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | $ 0 | $ 1 |
Accounts receivable - Summary of accounts receivable (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Disclosure of transactions between related parties [line items] | ||
Insurance receivables | $ 1,157,000 | $ 878,000 |
Spot voyage and time charter receivables | 554,000 | 34,475,000 |
Accounts receivable | $ 201,568,000 | 276,700,000 |
Expected time period of collections of receivables | 1 year | |
Reserve for credit losses | $ 0 | |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from related parties | 199,857,000 | 241,347,000 |
Other related parties | Scorpio MR Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from related parties | 106,233,000 | 115,092,000 |
Other related parties | Scorpio LR2 Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from related parties | 87,200,000 | 113,523,000 |
Other related parties | Scorpio Handymax Tanker Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from related parties | 4,238,000 | 7,149,000 |
Other related parties | Scorpio Services Holding Limited (SSH) | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from related parties | 1,635,000 | 4,976,000 |
Other related parties | Scorpio LR1 Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from related parties | $ 551,000 | $ 607,000 |
Assets held for sale and Vessels and drydock - Narrative (Details) $ in Millions |
1 Months Ended | 6 Months Ended |
---|---|---|
Jul. 31, 2018
equipment
|
Jun. 30, 2023
USD ($)
vessel
tanker
|
|
Disclosure of detailed information about property, plant and equipment [line items] | ||
Percentage of equipment cost estimated to require replacement value of vessel | 10.00% | |
Vessels | MR | Non-current assets held for sale | STI Ville | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Gross sales price of vessels | $ | $ 32.5 | |
Purchase and installation of scrubbers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of vessels | vessel | 85 | |
Ballast water treatment systems | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of vessels with BWTS | equipment | 55 | |
Number of vessels | tanker | 56 |
Assets held for sale and Vessels and drydock - Operating vessels and drydock rollforward (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
tanker
| |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | $ 3,089,254 |
Fully depreciated assets | (900) |
Fully depreciated assets | (900) |
Property, plant and equipment | 3,319,688 |
Cost | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | 4,162,703 |
Transfer from right of use assets, net | 326,645 |
Additions | 11,038 |
Disposals of vessels | (38,088) |
Fully depreciated assets | (1,500) |
Property, plant and equipment | 4,460,798 |
Accumulated depreciation and impairment | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | (1,073,449) |
Disposals of vessels | 13,527 |
Charge for the period | (82,688) |
Fully depreciated assets | (1,500) |
Property, plant and equipment | (1,141,110) |
Vessels | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | 3,028,804 |
Fully depreciated assets | 0 |
Fully depreciated assets | 0 |
Property, plant and equipment | $ 3,262,333 |
Vessels | MR | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Number of ships purchased, previously recorded as right-of-use assets | tanker | 7 |
Vessels | LR2 | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Number of ships purchased, previously recorded as right-of-use assets | tanker | 2 |
Vessels | Cost | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | $ 4,045,062 |
Transfer from right of use assets, net | 326,017 |
Additions | 2,742 |
Disposals of vessels | (36,853) |
Fully depreciated assets | 0 |
Property, plant and equipment | 4,336,968 |
Vessels | Accumulated depreciation and impairment | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | (1,016,258) |
Disposals of vessels | 12,574 |
Charge for the period | (70,951) |
Fully depreciated assets | 0 |
Property, plant and equipment | (1,074,635) |
Drydock | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | 60,450 |
Fully depreciated assets | (900) |
Fully depreciated assets | (900) |
Property, plant and equipment | 57,355 |
Drydock | Cost | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | 117,641 |
Transfer from right of use assets, net | 628 |
Additions | 8,296 |
Disposals of vessels | (1,235) |
Fully depreciated assets | (1,500) |
Property, plant and equipment | 123,830 |
Drydock | Accumulated depreciation and impairment | |
Reconciliation of changes in property, plant and equipment [abstract] | |
Property, plant and equipment | (57,191) |
Disposals of vessels | 953 |
Charge for the period | (11,737) |
Fully depreciated assets | (1,500) |
Property, plant and equipment | $ (66,475) |
Assets held for sale and Vessels and drydock- Summary of cost capitalized during the period (Details) - Capitalized cost $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Drydock | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Drydock | $ 8,296 |
Notional component of scrubber | 0 |
Total drydock additions | 8,296 |
Vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Scrubber | 0 |
BWTS | 2,732 |
Other equipment | 3 |
Capitalized interest | 7 |
Total vessel additions | $ 2,742 |
Assets held for sale and Vessels and drydock - Expected future purchase commitment payments (Details) - Ballast Water Treatment Systems and Scrubbers $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Disclosure of detailed information about property, plant and equipment [line items] | |
Contractual commitments for acquisition of property, plant and equipment | $ 12,832 |
Less than 1 month | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Contractual commitments for acquisition of property, plant and equipment | 0 |
1-3 months | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Contractual commitments for acquisition of property, plant and equipment | 236 |
3 months to 1 year | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Contractual commitments for acquisition of property, plant and equipment | 12,291 |
1 - 5 years | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Contractual commitments for acquisition of property, plant and equipment | 305 |
5+ years | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Contractual commitments for acquisition of property, plant and equipment | $ 0 |
Assets held for sale and Vessels and drydock - Carrying value of vessels (Details) - Vessels - Property, plant and equipment not subject to operating leases |
Jun. 30, 2023
vessel
|
---|---|
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |
Number of vessels | 113 |
Number of vessels | 113 |
Assets held for sale and Vessels and drydock - Vessel deliveries (Details) $ in Millions |
1 Months Ended | |
---|---|---|
Jul. 31, 2018
USD ($)
equipment
|
Jun. 30, 2023
vessel
tanker
|
|
Ballast water treatment systems | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of equipment | equipment | 55 | |
Payments to acquire property, plant, and equipment | $ | $ 36.2 | |
Number of vessels | tanker | 56 | |
Purchase and installation of scrubbers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of vessels | vessel | 85 |
Assets held for sale and Vessels and drydock - Vessel sales (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
vessel
|
|
Disclosure of detailed information about property, plant and equipment [line items] | ||
Repayments | $ 260,950 | $ 507,764 |
Loss on sales of vessels, net | $ 69,218 | |
Number of vessels in agreement to sell | vessel | 18 | |
Net proceeds from sales of vessels | 0 | $ 541,187 |
Write-off of deferred financing fees | $ 2,694 | $ 5,784 |
Right of use assets and related lease liabilities - Narrative (Details) $ in Thousands |
1 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
tanker
vessel
|
May 31, 2023
USD ($)
vessel
|
Jun. 30, 2023
USD ($)
tanker
vessel
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Payments of lease liabilities, classified as financing activities | $ 250,626 | $ 52,568 | |||
Right of use assets for vessels | $ 348,797 | 348,797 | $ 689,826 | ||
Income from subleasing right-of-use assets | 99,000 | $ 98,900 | |||
Minimum lease payments | 276,401 | 276,401 | |||
Vessels | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Right of use assets for vessels | 345,046 | 345,046 | 683,181 | ||
Vessels | STI Magnetic, STI Marshall and STI Lavender | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Number of vessels acquired | vessel | 3 | ||||
Payments of lease liabilities, classified as financing activities | $ 79,000 | ||||
Vessels | STI Magic, STI Mystery, STI Marvel, STI Magister, STI Mythic and STI Lobelia | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Number of vessels acquired | vessel | 6 | ||||
Payments of lease liabilities, classified as financing activities | 148,700 | ||||
Vessels | Nine Vessels | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Right of use assets for vessels | 326,800 | 326,800 | |||
Drydock | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Right of use assets for vessels | 3,751 | 3,751 | $ 6,645 | ||
Drydock | Nine Vessels | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Right of use assets for vessels | $ 1,800 | $ 1,800 | |||
IFRS 16 - Leases - $670.0 Million | Lease option to purchase, option exercised | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Number of vessels | tanker | 15 | 15 | |||
Increase (decrease) in net investment in finance lease | $ 3,600 | ||||
Bareboat charger agreements fixed rate | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Number of vessels | vessel | 3 | 3 | |||
Bareboat charter agreements variable rate | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Number of vessels | vessel | 18 | 18 |
Right of use assets and related lease liabilities - Activity of the right of use assets (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023
USD ($)
tanker
vessel
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Cost | |||
As of January 1, 2023 | $ 820,660 | ||
Transfer to vessels, net | (383,714) | ||
Additions | 3,619 | ||
Fully depreciated assets | (900) | ||
As of June 30, 2023 | 439,665 | ||
Accumulated depreciation and impairment | |||
As of January 1, 2023 | (130,834) | ||
Charge for the period | (18,003) | $ (19,488) | |
Transfer to vessels, net | 57,069 | ||
Fully depreciated assets | 900 | ||
As of June 30, 2023 | (90,868) | ||
Net book value | $ 348,797 | $ 689,826 | |
IFRS 16 - Leases - $670.0 Million | Commitments to exercise purchase options | |||
Accumulated depreciation and impairment | |||
Number of vessels | tanker | 15 | ||
IFRS 16 - Leases - $670.0 Million | Lease option to purchase, option exercised | |||
Accumulated depreciation and impairment | |||
Number of vessels | tanker | 15 | ||
Vessels | |||
Cost | |||
As of January 1, 2023 | $ 798,083 | ||
Transfer to vessels, net | (375,159) | ||
Additions | 3,619 | ||
Fully depreciated assets | 0 | ||
As of June 30, 2023 | 426,543 | ||
Accumulated depreciation and impairment | |||
As of January 1, 2023 | (114,902) | ||
Charge for the period | (15,737) | ||
Transfer to vessels, net | 49,142 | ||
Fully depreciated assets | 0 | ||
As of June 30, 2023 | (81,497) | ||
Net book value | $ 345,046 | 683,181 | |
Vessels | Lease option to purchase, option exercised | |||
Accumulated depreciation and impairment | |||
Number of vessels transferred to Vessels and Drydock | vessel | 9 | ||
Drydock | |||
Cost | |||
As of January 1, 2023 | $ 22,577 | ||
Transfer to vessels, net | (8,555) | ||
Additions | 0 | ||
Fully depreciated assets | (900) | ||
As of June 30, 2023 | 13,122 | ||
Accumulated depreciation and impairment | |||
As of January 1, 2023 | (15,932) | ||
Charge for the period | (2,266) | ||
Transfer to vessels, net | 7,927 | ||
Fully depreciated assets | 900 | ||
As of June 30, 2023 | (9,371) | ||
Net book value | $ 3,751 | $ 6,645 |
Right of use assets and related lease liabilities - Summary of payments related to lease liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disclosure of quantitative information about right-of-use assets [line items] | ||
Interest expense recognized in the unaudited condensed consolidated statements of operations | $ 19,975 | $ 12,328 |
Payments of lease liabilities, classified as financing activities | 250,626 | 52,568 |
Net decrease / (increase) in accrued interest expense | 22 | (70) |
Total payments on lease liabilities under IFRS 16 | $ 270,623 | $ 64,826 |
Right of use assets and related lease liabilities - Future minimum lease payments (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | $ 276,401 |
Discounting effect | (27,071) |
Prepaid interest expense | (462) |
Lease liabilities | 248,868 |
Less than 1 year | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 171,630 |
1 - 5 years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | 89,155 |
5+ years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total | $ 15,616 |
Carrying values of vessels (Details) |
Jun. 30, 2023
vessel
|
---|---|
Vessels | Property, plant and equipment not subject to operating leases | Non-current assets held for sale | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of vessels | 1 |
Other assets (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Aug. 31, 2021
USD ($)
vessel
|
Jul. 31, 2018
USD ($)
equipment
|
Dec. 31, 2021
vessel
|
Jun. 30, 2023
USD ($)
tanker
|
Jun. 30, 2022
USD ($)
vessel
|
Dec. 31, 2022
USD ($)
|
Nov. 01, 2022
USD ($)
|
Apr. 30, 2017
USD ($)
|
|
Disclosure Of Other Assets [Line Items] | ||||||||
Seller's credit on sale leaseback vessels | $ 11,762 | $ 11,430 | ||||||
Investment in joint venture and BWTS supplier | 8,578 | 7,672 | ||||||
Capitalized loan fees | 3 | 3 | ||||||
Other assets | 83,742 | 83,754 | ||||||
Number of sales completed | vessel | 16 | |||||||
Proportion of ownership interest in joint venture | 50.00% | |||||||
Distributions from dual fuel tanker joint venture | 1,489 | $ 240 | ||||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | $ 1,800 | |||||||
Joint ventures | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Aggregate proceeds | $ 6,700 | |||||||
Share of net income resulting from joint venture | 2,400 | |||||||
Distributions from dual fuel tanker joint venture | 1,500 | |||||||
Minority interest in portfolio acquired | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Investments in joint ventures accounted for using equity method | $ 1,750 | |||||||
MR | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Number of sales completed | vessel | 2 | |||||||
LR1 | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Number of sales completed | vessel | 12 | |||||||
Deposits for scrubbers | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Deposits for scrubbers | $ 9,737 | 9,737 | ||||||
Investment in BWTS supplier | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Number of vessels | tanker | 56 | |||||||
Number of vessels with BWTS | equipment | 55 | |||||||
Payments to acquire property, plant, and equipment | $ 36,200 | |||||||
Investment in BWTS supplier | Third party supplier | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Investment in joint venture and BWTS supplier | $ 1,751 | 1,751 | ||||||
Vessels | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Accretion of lease financed vessels | 300 | $ 300 | ||||||
Product tanker | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Number of vessels | vessel | 9 | |||||||
Product tanker | MR | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Number of vessels | vessel | 5 | |||||||
Term of charter contracts | 5 years | |||||||
Product tanker | LR1 | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Number of vessels | vessel | 4 | |||||||
Number of sales completed | vessel | 2 | |||||||
STI Beryl, STI Le Rocher, and STI Larvotto | Vessels | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Seller's credit on sale leaseback vessels | 13,100 | $ 13,100 | ||||||
Sale leaseback transaction, deposit per vessel | 4,350 | $ 4,350 | ||||||
Other related parties | Scorpio LR2 Pool Limited | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Non-current receivables due from related parties | 24,650 | 25,500 | ||||||
Other related parties | Scorpio MR Pool Limited | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Non-current receivables due from related parties | 21,600 | 22,000 | ||||||
Other related parties | Scorpio Handymax Tanker Pool Limited | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Non-current receivables due from related parties | 5,661 | 5,661 | ||||||
Other related parties | Scorpio Pools | ||||||||
Disclosure Of Other Assets [Line Items] | ||||||||
Non-current receivables due from related parties | $ 51,911 | $ 53,161 |
Accounts payable (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Accounts Payable | ||
Suppliers | $ 8,666,000 | $ 14,672,000 |
Accounts payable | $ 11,220,000 | 28,748,000 |
Accounts payable settlement days | 90 days | |
Interest charged on accounts payable | $ 0 | |
Other related parties | ||
Accounts Payable | ||
Related party payables | 2,554,000 | 14,076,000 |
Other related parties | Scorpio MR Pool Limited | ||
Accounts Payable | ||
Related party payables | 1,141,000 | 7,333,000 |
Other related parties | Scorpio Ship Management S.A.M. (SSM) | ||
Accounts Payable | ||
Related party payables | 577,000 | 734,000 |
Other related parties | Scorpio Services Holding Limited (SSH) | ||
Accounts Payable | ||
Related party payables | 407,000 | 286,000 |
Other related parties | Amounts due to a related party port agent | ||
Accounts Payable | ||
Related party payables | 249,000 | 137,000 |
Other related parties | Scorpio Commercial Management S.A.M. (SCM) | ||
Accounts Payable | ||
Related party payables | 171,000 | 507,000 |
Other related parties | Scorpio LR2 Pool Limited | ||
Accounts Payable | ||
Related party payables | 8,000 | 424,000 |
Other related parties | Scorpio Handymax Tanker Pool Limited | ||
Accounts Payable | ||
Related party payables | 1,000 | 2,333,000 |
Other related parties | Amounts due to a related party bunker supplier | ||
Accounts Payable | ||
Related party payables | $ 0 | $ 2,322,000 |
Accrued expenses (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Disclosure of transactions between related parties [line items] | ||
Suppliers | $ 25,404 | $ 32,051 |
Accrued short-term employee benefits | 20,915 | 40,295 |
Accrued interest | 11,354 | 7,200 |
Deferred income | 13,957 | 10,963 |
Accrued expenses | 72,893 | 91,508 |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 1,263 | 999 |
Other related parties | Accrued expenses to a related party port agent | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 1,093 | 876 |
Other related parties | Scorpio Ship Management S.A.M. (SSM) | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 133 | 89 |
Other related parties | Scorpio Commercial Management S.A.M. (SCM) | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 37 | 33 |
Other related parties | Scorpio Holdings Limited | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | $ 0 | $ 1 |
Current and long-term debt - Schedule of debt rollforward by facility (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Disclosure of detailed information about borrowings [line items] | |||
Drawdowns | $ 391,482 | $ 122,637 | |
Repayments | (260,950) | $ (507,764) | |
Non-Current | 569,327 | $ 264,106 | |
Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 1,948,592 | ||
Drawdowns | 391,482 | ||
Repayments | (513,954) | ||
Other Activity | 4,595 | ||
Carrying Value as of June 30, 2023 | 1,830,715 | ||
Current | 380,252 | ||
Non-Current | 1,450,463 | ||
Gross carrying amount | Hamburg Commercial Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 33,732 | ||
Drawdowns | 0 | ||
Repayments | (1,646) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 32,086 | ||
Current | 3,292 | ||
Non-Current | 28,794 | ||
Gross carrying amount | Prudential Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 39,286 | ||
Drawdowns | 0 | ||
Repayments | (2,773) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 36,513 | ||
Current | 5,546 | ||
Non-Current | 30,967 | ||
Gross carrying amount | 2019 DNB / GIEK Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 38,338 | ||
Drawdowns | 0 | ||
Repayments | (3,557) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 34,781 | ||
Current | 7,113 | ||
Non-Current | 27,668 | ||
Gross carrying amount | BNPP Sinosure Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 80,576 | ||
Drawdowns | 0 | ||
Repayments | (5,455) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 75,121 | ||
Current | 10,908 | ||
Non-Current | 64,213 | ||
Gross carrying amount | 2020 $225.0 Million Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 37,765 | ||
Drawdowns | 0 | ||
Repayments | (2,567) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 35,198 | ||
Current | 5,133 | ||
Non-Current | 30,065 | ||
Gross carrying amount | 2023 $225.0 Million Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 0 | ||
Drawdowns | 225,000 | ||
Repayments | (8,475) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 216,525 | ||
Current | 33,900 | ||
Non-Current | 182,625 | ||
Gross carrying amount | 2023 $49.1 Million Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 0 | ||
Drawdowns | 49,088 | ||
Repayments | (1,154) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 47,934 | ||
Current | 4,616 | ||
Non-Current | 43,318 | ||
Gross carrying amount | 2023 $117.4 Million Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 0 | ||
Drawdowns | 117,394 | ||
Repayments | 0 | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 117,394 | ||
Current | 17,008 | ||
Non-Current | 100,386 | ||
Gross carrying amount | Ocean Yield Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 114,273 | ||
Drawdowns | 0 | ||
Repayments | (59,965) | ||
Other Activity | 394 | ||
Carrying Value as of June 30, 2023 | 54,702 | ||
Current | 30,947 | ||
Non-Current | 23,755 | ||
Gross carrying amount | BCFL Lease Financing (LR2s) | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 67,058 | ||
Drawdowns | 0 | ||
Repayments | (5,473) | ||
Other Activity | 215 | ||
Carrying Value as of June 30, 2023 | 61,800 | ||
Current | 10,050 | ||
Non-Current | 51,750 | ||
Gross carrying amount | CSSC Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 119,165 | ||
Drawdowns | 0 | ||
Repayments | (7,282) | ||
Other Activity | 345 | ||
Carrying Value as of June 30, 2023 | 112,228 | ||
Current | 14,338 | ||
Non-Current | 97,890 | ||
Gross carrying amount | BCFL Lease Financing (MRs) | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 53,202 | ||
Drawdowns | 0 | ||
Repayments | (8,162) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 45,040 | ||
Current | 15,628 | ||
Non-Current | 29,412 | ||
Gross carrying amount | AVIC Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 77,769 | ||
Drawdowns | 0 | ||
Repayments | (77,769) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 0 | ||
Current | 0 | ||
Non-Current | 0 | ||
Gross carrying amount | 2020 CMBFL Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 38,090 | ||
Drawdowns | 0 | ||
Repayments | (1,622) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 36,468 | ||
Current | 3,242 | ||
Non-Current | 33,226 | ||
Gross carrying amount | 2020 TSFL Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 40,607 | ||
Drawdowns | 0 | ||
Repayments | (1,660) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 38,947 | ||
Current | 3,322 | ||
Non-Current | 35,625 | ||
Gross carrying amount | 2020 SPDBFL Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 80,616 | ||
Drawdowns | 0 | ||
Repayments | (3,247) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 77,369 | ||
Current | 6,495 | ||
Non-Current | 70,874 | ||
Gross carrying amount | 2021 AVIC Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 83,662 | ||
Drawdowns | 0 | ||
Repayments | (3,626) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 80,036 | ||
Current | 7,252 | ||
Non-Current | 72,784 | ||
Gross carrying amount | 2021 CMBFL Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 68,045 | ||
Drawdowns | 0 | ||
Repayments | (3,260) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 64,785 | ||
Current | 6,520 | ||
Non-Current | 58,265 | ||
Gross carrying amount | 2021 TSFL Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 49,997 | ||
Drawdowns | 0 | ||
Repayments | (2,190) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 47,807 | ||
Current | 4,380 | ||
Non-Current | 43,427 | ||
Gross carrying amount | 2021 CSSC Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 48,631 | ||
Drawdowns | 0 | ||
Repayments | (48,631) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 0 | ||
Current | 0 | ||
Non-Current | 0 | ||
Gross carrying amount | 2021 $146.3 Million Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 133,699 | ||
Drawdowns | 0 | ||
Repayments | (6,589) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 127,110 | ||
Current | 13,179 | ||
Non-Current | 113,931 | ||
Gross carrying amount | 2021 Ocean Yield Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 63,933 | ||
Drawdowns | 0 | ||
Repayments | (2,901) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 61,032 | ||
Current | 5,866 | ||
Non-Current | 55,166 | ||
Gross carrying amount | 2022 AVIC Lease Financing | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 112,620 | ||
Drawdowns | 0 | ||
Repayments | (4,584) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 108,036 | ||
Current | 9,168 | ||
Non-Current | 98,868 | ||
Gross carrying amount | IFRS 16 - Leases - 3 MR | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 21,138 | ||
Drawdowns | 0 | ||
Repayments | (4,234) | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 16,904 | ||
Current | 8,906 | ||
Non-Current | 7,998 | ||
Gross carrying amount | IFRS 16 - Leases - $670.0 Million | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 475,939 | ||
Drawdowns | 0 | ||
Repayments | (247,132) | ||
Other Activity | 3,619 | ||
Carrying Value as of June 30, 2023 | 232,426 | ||
Current | 153,443 | ||
Non-Current | 78,983 | ||
Gross carrying amount | Unsecured Senior Notes Due 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 70,451 | ||
Drawdowns | 0 | ||
Repayments | 0 | ||
Other Activity | 22 | ||
Carrying Value as of June 30, 2023 | 70,473 | ||
Current | 0 | ||
Non-Current | 70,473 | ||
Deferred financing fees | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 12,758 | ||
Drawdowns | 7,731 | ||
Repayments | 0 | ||
Other Activity | (3,052) | ||
Carrying Value as of June 30, 2023 | 17,437 | ||
Current | 2,098 | ||
Non-Current | 15,339 | ||
Deferred financing fees | Unsecured Senior Notes Due 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 1,700 | ||
Carrying Value as of June 30, 2023 | 1,400 | ||
Prepaid interest expense | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 3,735 | ||
Drawdowns | 0 | ||
Repayments | 2,378 | ||
Other Activity | 0 | ||
Carrying Value as of June 30, 2023 | 1,357 | ||
Current | 1,357 | ||
Non-Current | 0 | ||
Net carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying Value as of December 31, 2022 | 1,932,099 | ||
Drawdowns | 383,751 | ||
Repayments | (511,576) | ||
Other Activity | 7,647 | ||
Carrying Value as of June 30, 2023 | 1,811,921 | ||
Current | 376,797 | ||
Non-Current | $ 1,435,124 |
Current and long-term debt - 2023 $225.0 Million Credit Facility (Details) $ in Thousands |
1 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2023
USD ($)
tanker
|
Feb. 28, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
tanker
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
|
Disclosure of detailed information about borrowings [line items] | |||||
Issuance of debt | $ 391,482 | $ 122,637 | |||
Net debt to capitalization ratio | 65.00% | ||||
2023 $225.0 Million Credit Facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Net debt to capitalization ratio | 65.00% | ||||
Consolidated tangible net worth | $ 1,500,000 | ||||
Minimum percentage aggregate fair value of collateral | 140.00% | ||||
2023 $225.0 Million Credit Facility | Consolidated liquidity requirement - scenario one | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Liquidity requirement | $ 25,000 | ||||
2023 $225.0 Million Credit Facility | Consolidated liquidity requirement - scenario two | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Liquidity requirement per owned ship | 500 | ||||
Liquidity requirement per chartered-in ship | 250 | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 225,000 | ||||
Issuance of debt | $ 40,100 | $ 184,900 | |||
Number of vessels | tanker | 13 | ||||
Borrowings maturity, term | 5 years | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | MR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Number of vessels | tanker | 11 | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | MR | Repayment period one | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic borrowing payment, amount per vessel | $ 630 | ||||
Borrowings, repayment term | 2 years | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | MR | Repayment period two | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic borrowing payment, amount per vessel | $ 330 | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | LR2 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Number of vessels | tanker | 2 | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | LR2 | Repayment period one | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic borrowing payment, amount per vessel | $ 800 | ||||
Borrowings, repayment term | 2 years | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | LR2 | Repayment period two | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic borrowing payment, amount per vessel | $ 450 | ||||
13 product tankers | 2023 $225.0 Million Credit Facility | SOFR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Adjustment to interest rate basis | 1.975% |
Current and long-term debt - 2023 $49.1 Million Credit Facility (Details) $ in Thousands |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2023
USD ($)
tanker
|
Jan. 31, 2023 |
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
|
Disclosure of detailed information about borrowings [line items] | ||||
Issuance of debt | $ 391,482 | $ 122,637 | ||
Net debt to capitalization ratio | 65.00% | |||
2023 $49.1 Million Credit Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Net debt to capitalization ratio | 65.00% | |||
Consolidated tangible net worth | $ 1,600,000 | |||
Minimum percentage aggregate fair value of collateral | 150.00% | |||
2023 $49.1 Million Credit Facility | Cumulative positive net income, period one | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Cumulative positive net income as a percentage | 25.00% | |||
2023 $49.1 Million Credit Facility | Cumulative positive net income, period two | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Cumulative positive net income as a percentage | 50.00% | |||
2023 $49.1 Million Credit Facility | Consolidated liquidity requirement - scenario one | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Liquidity requirement | $ 25,000 | |||
2023 $49.1 Million Credit Facility | Consolidated liquidity requirement - scenario two | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Liquidity requirement per owned ship | 500 | |||
Liquidity requirement per chartered-in ship | 250 | |||
STI Rose And STI Rambla | 2023 $49.1 Million Credit Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 49,100 | |||
Issuance of debt | $ 49,100 | |||
Borrowings maturity, term | 5 years | |||
STI Rose And STI Rambla | 2023 $49.1 Million Credit Facility | SOFR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis | 1.90% | |||
STI Rose And STI Rambla | 2023 $49.1 Million Credit Facility | LR2 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of vessels | tanker | 2 | |||
Periodic borrowing payment, amount | $ 1,200 |
Current and long-term debt - 2023 $117.4 Million Credit Facility (Details) $ in Thousands |
1 Months Ended | |
---|---|---|
Jan. 31, 2023
USD ($)
|
Feb. 28, 2023
USD ($)
tanker
|
|
Disclosure of detailed information about borrowings [line items] | ||
Net debt to capitalization ratio | 65.00% | |
2023 $117.4 Million Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Consolidated tangible net worth | $ 1,000,000 | |
Minimum percentage aggregate fair value of collateral | 150.00% | |
2023 $117.4 Million Credit Facility | Cumulative positive net income, period one | ||
Disclosure of detailed information about borrowings [line items] | ||
Cumulative positive net income as a percentage | 25.00% | |
2023 $117.4 Million Credit Facility | Cumulative positive net income, period two | ||
Disclosure of detailed information about borrowings [line items] | ||
Cumulative positive net income as a percentage | 50.00% | |
2023 $117.4 Million Credit Facility | Consolidated liquidity requirement - scenario one | ||
Disclosure of detailed information about borrowings [line items] | ||
Liquidity requirement | $ 25,000 | |
2023 $117.4 Million Credit Facility | Consolidated liquidity requirement - scenario two | ||
Disclosure of detailed information about borrowings [line items] | ||
Liquidity requirement per owned ship | 500 | |
Liquidity requirement per chartered-in ship | $ 250 | |
Seven Vessels | 2023 $117.4 Million Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 117,400 | |
Number of vessels | tanker | 7 | |
Borrowings maturity, term | 5 years | |
Periodic borrowing payment, amount per vessel | $ 4,300 | |
Seven Vessels | 2023 $117.4 Million Credit Facility | SOFR | ||
Disclosure of detailed information about borrowings [line items] | ||
Adjustment to interest rate basis | 1.925% |
Current and long-term debt - Lease financing (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 31, 2023 |
May 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Aug. 31, 2023 |
Mar. 31, 2023 |
|
Disclosure of detailed information about borrowings [line items] | ||||||
Payments of lease liabilities, classified as financing activities | $ 250,626 | $ 52,568 | ||||
STI Brooklyn, STI Rambla, STI Rose, and STI Ville | AVIC Lease Financing | Vessels | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Payments of lease liabilities, classified as financing activities | $ 77,800 | |||||
STI Sanctity | Ocean Yield Lease Financing | Vessels | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Exercise of purchase options at expiration | $ 27,800 | |||||
STI Steadfast | Ocean Yield Lease Financing | Vessels | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Exercise of purchase options at expiration | $ 27,800 | |||||
STI Supreme | Ocean Yield Lease Financing | Vessels | Lease option to purchase, option exercised | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Exercise of purchase options at expiration | $ 27,800 | |||||
STI Sanctity and STI Steadfast | Ocean Yield Lease Financing | Vessels | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Payments of lease liabilities, classified as financing activities | 55,600 | |||||
STI Grace and STI Jermyn | 2021 CSSC Lease Financing | Vessels | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Payments of lease liabilities, classified as financing activities | $ 46,900 |
Common shares - Narrative (Details) |
1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
shares
$ / shares
|
May 31, 2023
USD ($)
$ / shares
shares
|
Apr. 30, 2023
$ / shares
|
Mar. 31, 2023
$ / shares
|
Feb. 28, 2023
$ / shares
|
Apr. 30, 2023
shares
|
Feb. 15, 2023
USD ($)
$ / shares
shares
|
Apr. 30, 2023
$ / shares
shares
|
Jun. 30, 2023
USD ($)
shares
$ / shares
|
Jun. 30, 2022
shares
$ / shares
|
May 01, 2023
USD ($)
|
Dec. 31, 2022
shares
|
|
Disclosure of classes of share capital [line items] | ||||||||||||
Dividends paid, ordinary shares per share (in dollars per share) | $ / shares | $ 0.25 | $ 0.20 | $ 0.45 | $ 0.20 | ||||||||
Common stock | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares outstanding (in shares) | 54,999,908 | 54,999,908 | 61,262,838 | |||||||||
Common stock | 2023 Securities Repurchase Program | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Authorized amount of share repurchase | $ | $ 250,000,000 | |||||||||||
Entity's shares acquired (in shares) | 756,576 | 3,699,336 | 1,891,303 | 1,723,465 | ||||||||
Weighted average share price (in dollars per share) | $ / shares | $ 45.33 | $ 47.54 | $ 50.27 | $ 54.37 | ||||||||
Reset of authorized amount of share repurchases | $ | $ 250,000,000 | $ 250,000,000 | ||||||||||
Authorized amount of share repurchase, remaining amount | $ | $ 235,300,000 | $ 235,300,000 | ||||||||||
Common shares held in treasury (in shares) | 19,499,877 | 19,499,877 | 11,429,197 | |||||||||
Restricted stock | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares granted (in shares) | 1,817,750 | |||||||||||
Restricted stock, share price (in dollars per share) | $ / shares | $ 55.61 | |||||||||||
Number of shares outstanding and non-vested (in shares) | 4,142,266 | 4,142,266 | 3,559,109 | 2,705,989 | ||||||||
Restricted stock | 2013 Equity Incentive Plan | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of shares granted (in shares) | 1,817,750 | |||||||||||
Restricted stock, share price (in dollars per share) | $ / shares | $ 55.89 | $ 55.57 | ||||||||||
Restricted stock | First vesting percentage | 2013 Equity Incentive Plan | Employees | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Vested rights, percentage | 33.33% | |||||||||||
Restricted stock | First vesting percentage | 2013 Equity Incentive Plan | Directors | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Vested rights, percentage | 33.33% | |||||||||||
Restricted stock | Second vesting percentage | 2013 Equity Incentive Plan | Employees | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Vested rights, percentage | 33.33% | |||||||||||
Restricted stock | Second vesting percentage | 2013 Equity Incentive Plan | Directors | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Vested rights, percentage | 33.33% | |||||||||||
Restricted stock | Third vesting percentage | 2013 Equity Incentive Plan | Employees | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Vested rights, percentage | 33.33% | |||||||||||
Restricted stock | Third vesting percentage | 2013 Equity Incentive Plan | Directors | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Vested rights, percentage | 33.33% |
Common shares - Summary of restricted stock awards (Details) - Restricted stock |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
shares
$ / shares
|
Jun. 30, 2022
shares
|
|
Reconciliation of Share-based Payment Awards in Period [Roll Forward] | ||
Number of shares outstanding and non-vested, beginning balance (in shares) | shares | 2,705,989 | |
Number of shares granted (in shares) | shares | 1,817,750 | |
Number of shares vested (in shares) | shares | (371,473) | |
Number of shares forfeited (in shares) | shares | (10,000) | |
Number of shares outstanding and non-vested, ending balance (in shares) | shares | 4,142,266 | 3,559,109 |
Weighted average grand date fair value, outstanding, beginning balance (in dollars per share) | $ / shares | $ 21.63 | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | 55.61 | |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 20.89 | |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 19.83 | |
Weighted average grand date fair value, outstanding, ending balance (in dollars per share) | $ / shares | $ 36.61 |
Common shares - Summary of future stock compensation expense (Details) - Restricted stock $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
From July 1, 2023 through December 31, 2023 | $ 22,504 |
For the year ending December 31, 2024 | 39,571 |
For the year ending December 31, 2025 | 29,354 |
For the year ending December 31, 2026 | 14,589 |
For the year ending December 31, 2027 | 4,844 |
Total expected stock compensation expense | 110,862 |
Employees | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
From July 1, 2023 through December 31, 2023 | 20,850 |
For the year ending December 31, 2024 | 37,753 |
For the year ending December 31, 2025 | 28,876 |
For the year ending December 31, 2026 | 14,589 |
For the year ending December 31, 2027 | 4,844 |
Total expected stock compensation expense | 106,912 |
Directors | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
From July 1, 2023 through December 31, 2023 | 1,654 |
For the year ending December 31, 2024 | 1,818 |
For the year ending December 31, 2025 | 478 |
For the year ending December 31, 2026 | 0 |
For the year ending December 31, 2027 | 0 |
Total expected stock compensation expense | $ 3,950 |
Related party transactions - Related party statement of income or loss (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
|
Disclosure of transactions between related parties [line items] | ||
Time charter-out revenue | $ 10,625,000 | $ 0 |
Voyage expenses | (2,503,000) | (2,404,000) |
Vessel operating costs | (16,401,000) | (16,618,000) |
Administrative expenses | $ (7,181,000) | (6,665,000) |
Restricted stock | ||
Disclosure of transactions between related parties [line items] | ||
Number of shares granted (in shares) | shares | 1,817,750 | |
Handymax and MR | ||
Disclosure of transactions between related parties [line items] | ||
Fees charged by pool manager, per vessel, per day when out of pools | $ 300 | |
LR1 And LR2 | ||
Disclosure of transactions between related parties [line items] | ||
Fees charged by pool manager, per vessel, per day when out of pools | 250 | |
Bunker Provider | ||
Disclosure of transactions between related parties [line items] | ||
Purchases of bunkers | (4,318,000) | (10,793,000) |
Other related parties | Scorpio MR Pool Limited | MR | ||
Disclosure of transactions between related parties [line items] | ||
Pool revenue | 305,534,000 | 271,013,000 |
Other related parties | Scorpio LR2 Pool Limited | LR2 | ||
Disclosure of transactions between related parties [line items] | ||
Pool revenue | 237,819,000 | 175,421,000 |
Other related parties | Scorpio Handymax Tanker Pool Limited | Handymax | ||
Disclosure of transactions between related parties [line items] | ||
Pool revenue | 69,044,000 | 34,190,000 |
Other related parties | Scorpio LR1 Pool Limited | LR1 | ||
Disclosure of transactions between related parties [line items] | ||
Pool revenue | $ 0 | 11,169,000 |
Other related parties | Scorpio Commercial Management S.A.M. (SCM) | ||
Disclosure of transactions between related parties [line items] | ||
Commission on gross revenue per charter fixture when included in pools, percent | 1.50% | |
Commission on gross revenue per charter fixture when excluded in pools, percent | 1.25% | |
Reimbursement of expenses | 25,834 | |
Other related parties | Scorpio Commercial Management S.A.M. (SCM) | LR2 | ||
Disclosure of transactions between related parties [line items] | ||
Fees charged by pool manager, per vessel, per day when in pools | $ 250 | |
Other related parties | Scorpio Commercial Management S.A.M. (SCM) | LR1 | ||
Disclosure of transactions between related parties [line items] | ||
Fees charged by pool manager, per vessel, per day when in pools | 300 | |
Other related parties | Scorpio Commercial Management S.A.M. (SCM) | Handymax and MR | ||
Disclosure of transactions between related parties [line items] | ||
Fees charged by pool manager, per vessel, per day when in pools | 325 | |
Other related parties | Amounts due to a related party port agent | ||
Disclosure of transactions between related parties [line items] | ||
Voyage expenses | (400,000) | (800,000) |
Vessel operating costs | (2,300,000) | (1,000,000) |
Other related parties | Scorpio Ship Management S.A.M. (SSM) | ||
Disclosure of transactions between related parties [line items] | ||
Technical management fee | 14,200,000 | 15,600,000 |
Crew wages | 67,100,000 | 73,000,000 |
Fixed annual technical management fee | 175,000 | |
Other related parties | Scorpio Services Holding Limited (SSH) | ||
Disclosure of transactions between related parties [line items] | ||
Administrative fees | 5,200,000 | 5,700,000 |
Reimbursement of expenses | 25,126 | 8,443 |
Other related parties | Scorpio Services Holding Limited (SSH) | Restricted stock | ||
Disclosure of transactions between related parties [line items] | ||
Restricted stock amortization | $ 2,000,000 | $ 900,000 |
Number of shares granted (in shares) | shares | 695,400 | 493,300 |
Related party transactions - Related party balance sheet (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Accounts receivable and prepaid expenses (due from the Scorpio Pools) | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Current receivables and prepaids due from related parties | $ 198,226 | $ 236,389 |
Other assets (pool working capital contributions) | 51,911 | 53,161 |
Accounts payable and accrued expenses | 1,150 | 10,090 |
Accounts receivable and prepaid expenses (SSM) | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Current prepaid expenses | 5,562 | 5,450 |
Accounts payable and accrued expenses | 709 | 823 |
Accounts receivable and prepaid expenses (SSH) | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Current receivables and prepaids due from related parties | 1,635 | 4,976 |
Accounts payable and accrued expenses | 407 | 287 |
Prepaid expenses (SCM) | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Current prepaid expenses | 85 | 84 |
Accounts payable and accrued expenses | 208 | 540 |
Prepaid expenses (related party port agents) | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Current prepaid expenses | 0 | 98 |
Accounts payable and accrued expenses | 1,342 | 955 |
Accounts payable and accrued expenses (related party bunker supplier) | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable and accrued expenses | $ 0 | 2,380 |
Scorpio Handymax Tanker Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Working capital repayment period upon vessel's exit from each pool | 6 months | |
Scorpio Handymax Tanker Pool Limited | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Other assets (pool working capital contributions) | $ 5,661 | $ 5,661 |
Related party transactions - Narrative (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2021
vessel
|
Jun. 30, 2023
USD ($)
payment
vessel
|
Jun. 30, 2022
USD ($)
vessel
tanker
|
Aug. 31, 2021
vessel
|
|
Disclosure of transactions between related parties [line items] | ||||
Number of vessels sold to trigger revised master agreement | 1 | |||
Period of notice of sale | 3 months | |||
Period of payments due for management fees | 3 months | |||
Number of vessels in agreement to sell | 18 | |||
Number of sales completed | 16 | |||
Number of vessels, termination fees paid | 12 | |||
Number of vessels, termination fees in accounts payable | tanker | 4 | |||
Post employment benefits, number of payments | payment | 1 | |||
Post employment benefits, number of months of salary paid | 2 months | |||
Material post employment benefits for executive offices and directors | $ | $ 0 | |||
Executive officer | ||||
Disclosure of transactions between related parties [line items] | ||||
Lump sum payment multiplier | 3 | |||
Bottom of range | Executive officer | ||||
Disclosure of transactions between related parties [line items] | ||||
Employment agreements, written termination required period, not less than | 24 months | |||
Top of range | Executive officer | ||||
Disclosure of transactions between related parties [line items] | ||||
Employment agreements, written termination required period, not less than | 36 months | |||
Scorpio Commercial Management S.A.M. (SCM) | ||||
Disclosure of transactions between related parties [line items] | ||||
Contract termination fees | $ | $ 1,700,000 | |||
Amounts payable, termination fees | $ | $ 500,000 | |||
Scorpio Commercial Management S.A.M. (SCM) | Non-current assets held for sale | ||||
Disclosure of transactions between related parties [line items] | ||||
Estimated contract termination fee | $ | 200,000 | |||
Scorpio Ship Management S.A.M. (SSM) | ||||
Disclosure of transactions between related parties [line items] | ||||
Contract termination fees | $ | 1,000,000 | |||
Amounts payable, termination fees | $ | $ 300,000 | |||
Scorpio Ship Management S.A.M. (SSM) | Non-current assets held for sale | ||||
Disclosure of transactions between related parties [line items] | ||||
Estimated contract termination fee | $ | $ 100,000 | |||
MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of sales completed | 2 | |||
LR1 | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of sales completed | 12 | |||
LR2 | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of sales completed | 2 | |||
Vessels | Minority interest in portfolio acquired, August 2021 | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels owned by joint venture sold | 2 | |||
Vessels | MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels in agreement to sell | 3 | |||
Vessels | LR1 | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels in agreement to sell | 12 | |||
Vessels | LR2 | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels in agreement to sell | 3 | |||
Product tanker | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels | 9 | |||
Product tanker | MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels | 5 | |||
Product tanker | LR1 | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels | 4 | |||
Number of sales completed | 2 | |||
Product tanker | LR1 | SCM and SSM | Management | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels | 2 | |||
Minimum | ||||
Disclosure of transactions between related parties [line items] | ||||
Change in control, annual bonus provided under employment agreement percentage | 150.00% | |||
Maximum | ||||
Disclosure of transactions between related parties [line items] | ||||
Change in control, annual bonus provided under employment agreement percentage | 250.00% | |||
Subsidiaries | STI Benicia | Vessels | MR | Scorpio Services Holding Limited (SSH) | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of non-controlling interest in buyer | 7.50% | |||
Subsidiaries | Scorpio Services Holding Limited (SSH) | STI Benicia | Vessels | MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels | 1 |
Related party transactions - Key management remuneration (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Related party transactions [abstract] | ||
Short-term employee benefits (salaries) | $ 14,642 | $ 9,258 |
Share-based compensation | 9,934 | 7,444 |
Total | $ 24,576 | $ 16,702 |
Segment reporting - Information about reportable segments (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disclosure of operating segments [line items] | ||
Vessel revenue | $ 713,730 | $ 579,120 |
Vessel operating costs | (152,532) | (161,755) |
Voyage expenses | (9,013) | (25,508) |
Depreciation - owned or sale and leaseback vessels | (82,688) | (85,159) |
Depreciation - right of use assets for vessels | (18,003) | (19,488) |
General and administrative expenses | (49,480) | (35,257) |
Loss on sale of vessels | (69,218) | |
Financial expenses | (87,252) | (78,710) |
Financial income | 8,544 | 1,024 |
Other income and (expense), net | 2,332 | 1,634 |
Equity holders of the parent | 325,638 | 106,683 |
Reportable segments | ||
Disclosure of operating segments [line items] | ||
Vessel revenue | 713,730 | 579,120 |
Vessel operating costs | (152,532) | (161,755) |
Voyage expenses | (9,013) | (25,508) |
Depreciation - owned or sale and leaseback vessels | (82,688) | (85,159) |
Depreciation - right of use assets for vessels | (18,003) | (19,488) |
General and administrative expenses | (5,598) | (6,078) |
Loss on sale of vessels | (69,218) | |
Financial expenses | 0 | 0 |
Financial income | 332 | 334 |
Other income and (expense), net | 0 | 0 |
Equity holders of the parent | 446,228 | 212,248 |
Reportable segments | LR1 | ||
Disclosure of operating segments [line items] | ||
Vessel revenue | 0 | 11,169 |
Vessel operating costs | 0 | (8,847) |
Voyage expenses | 0 | 0 |
Depreciation - owned or sale and leaseback vessels | 0 | (1,593) |
Depreciation - right of use assets for vessels | 0 | 0 |
General and administrative expenses | 0 | (335) |
Loss on sale of vessels | (44,560) | |
Financial expenses | 0 | 0 |
Financial income | 0 | 20 |
Other income and (expense), net | 0 | 0 |
Equity holders of the parent | 0 | (44,146) |
Reportable segments | Handymax | ||
Disclosure of operating segments [line items] | ||
Vessel revenue | 85,118 | 88,508 |
Vessel operating costs | (17,947) | (17,460) |
Voyage expenses | (2,702) | (15,634) |
Depreciation - owned or sale and leaseback vessels | (10,242) | (10,351) |
Depreciation - right of use assets for vessels | 0 | 0 |
General and administrative expenses | (683) | (684) |
Loss on sale of vessels | 0 | |
Financial expenses | 0 | 0 |
Financial income | 0 | 0 |
Other income and (expense), net | 0 | 0 |
Equity holders of the parent | 53,544 | 44,379 |
Reportable segments | LR2 | ||
Disclosure of operating segments [line items] | ||
Vessel revenue | 293,389 | 189,950 |
Vessel operating costs | (54,955) | (55,077) |
Voyage expenses | (3,069) | (4,743) |
Depreciation - owned or sale and leaseback vessels | (36,578) | (38,049) |
Depreciation - right of use assets for vessels | (3,708) | (4,169) |
General and administrative expenses | (1,925) | (2,051) |
Loss on sale of vessels | (15,093) | |
Financial expenses | 0 | 0 |
Financial income | 0 | 0 |
Other income and (expense), net | 0 | 0 |
Equity holders of the parent | 193,154 | 70,768 |
Reportable segments | MR | ||
Disclosure of operating segments [line items] | ||
Vessel revenue | 335,223 | 289,493 |
Vessel operating costs | (79,630) | (80,371) |
Voyage expenses | (3,242) | (5,131) |
Depreciation - owned or sale and leaseback vessels | (35,868) | (35,166) |
Depreciation - right of use assets for vessels | (14,295) | (15,319) |
General and administrative expenses | (2,990) | (3,008) |
Loss on sale of vessels | (9,565) | |
Financial expenses | 0 | 0 |
Financial income | 332 | 314 |
Other income and (expense), net | 0 | 0 |
Equity holders of the parent | 199,530 | 141,247 |
Corporate and eliminations | ||
Disclosure of operating segments [line items] | ||
Vessel revenue | 0 | 0 |
Vessel operating costs | 0 | 0 |
Voyage expenses | 0 | 0 |
Depreciation - owned or sale and leaseback vessels | 0 | 0 |
Depreciation - right of use assets for vessels | 0 | 0 |
General and administrative expenses | (43,882) | (29,179) |
Loss on sale of vessels | 0 | |
Financial expenses | (87,252) | (78,710) |
Financial income | 8,212 | 690 |
Other income and (expense), net | 2,332 | 1,634 |
Equity holders of the parent | $ (120,590) | $ (105,565) |
Vessel revenue - Narrative (Details) - vessel |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Analysis of income and expense [abstract] | ||
Number of vessels that earned revenue in long-term contracts | 15 | 2 |
Variability of lease revenue | 100.00% |
Vessel revenue - Revenue sources (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Analysis of income and expense [abstract] | ||
Pool revenue | $ 612,397 | $ 491,793 |
Voyage revenue (spot market) | 27,330 | 86,252 |
Time charter revenue | 74,003 | 1,075 |
Vessel revenue | $ 713,730 | $ 579,120 |
Vessel revenue - Lease and non-lease components (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Analysis of income and expense [abstract] | ||
Lease component of revenue from time charter-out and pool revenue | $ 540,240 | $ 303,268 |
Non-lease component of revenue from time charter-out and pool revenue | 146,160 | 189,600 |
Total lease and non-lease components of revenue | $ 686,400 | $ 492,868 |
Vessel revenue - Terms of time chartered vessels (Details) - Vessels - USD ($) |
3 Months Ended | 6 Months Ended |
---|---|---|
Mar. 31, 2023 |
Jun. 30, 2023 |
|
STI Gratitude | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 28,000 | |
STI Memphis | MR | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 21,000 | |
STI Marshall | MR | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 23,000 | |
STI Magnetic | MR | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 23,000 | |
STI Gladiator | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 28,000 | |
STI Guide | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 28,000 | |
STI Guard | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 5 years | |
Rate | $ 28,000 | |
STI Miracle | MR | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 21,000 | |
STI Connaught | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 30,000 | |
STI Lombard | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 32,750 | |
STI Duchessa | MR | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 25,000 | |
STI Gauntlet | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 32,750 | |
STI Lavender | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 35,000 | |
STI Grace | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 37,500 | |
STI Jermyn | LR2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 40,000 | |
STI Goal | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Term | 3 years | |
Rate | $ 30,000 |
Crewing costs - Summary of crew expenses (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Analysis of income and expense [abstract] | ||
Short-term crew benefits (i.e. wages, victualling, insurance) | $ 73,822 | $ 81,510 |
Other crew related costs | 11,225 | 12,775 |
Total crewing cost | $ 85,047 | $ 94,285 |
General and administrative expenses (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Analysis of income and expense [abstract] | ||
Increase in general and administrative expense | $ (14,200) | |
General and administrative expense | $ 49,480 | $ 35,257 |
Financial expenses - Schedule of financial expenses (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023
USD ($)
vessel
|
Jun. 30, 2022
USD ($)
vessel
|
|
Disclosure of attribution of expenses by nature to their function [line items] | ||
Interest expense, net of capitalized interest | $ 81,353 | $ 60,300 |
Loss on extinguishment of debt and write-off of deferred financing fees | 2,694 | 5,784 |
Accretion of convertible notes | 0 | 7,747 |
Amortization of deferred financing fees | 2,548 | 3,483 |
Accretion of premiums and discounts on debt assumed in historical acquisitions | 657 | 1,396 |
Total financial expenses | $ 87,252 | $ 78,710 |
Number of vessels in agreement to sell | vessel | 18 | |
Number of vessels, option to purchase exercised | vessel | 39 | |
Average borrowings | $ 2,000,000 | $ 2,900,000 |
Interest expense recognized in the unaudited condensed consolidated statements of operations | 19,975 | 12,328 |
Write off of deferred financing fees | 500 | 3,800 |
Write off of debt discounts | 300 | 700 |
Write off of debt extinguishment cost | 1,900 | $ 1,200 |
IFRS 16 - Leases - $670.0 Million | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Interest expense recognized in the unaudited condensed consolidated statements of operations | $ 600 |
Earnings per share - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings per share [abstract] | ||
Net income attributable to equity holders of the parent - basic | $ 325,638 | $ 106,683 |
Convertible notes interest expense | 0 | 12,032 |
Net income attributable to equity holders of the parent - diluted | $ 325,638 | $ 118,715 |
Basic weighted average number of shares (in shares) | 54,926,939 | 55,502,389 |
Effect of dilutive potential basic shares: | ||
Restricted stock (in shares) | 2,259,164 | 2,283,834 |
Convertible Notes (in shares) | 0 | 6,825,428 |
Dilutive shares (in shares) | 2,259,164 | 9,109,262 |
Diluted weighted average number of shares (in shares) | 57,186,103 | 64,611,651 |
Earnings Per Share: | ||
Basic (in dollars per share) | $ 5.93 | $ 1.92 |
Diluted (in dollars per share) | $ 5.69 | $ 1.84 |
Earnings per share - Narrative (Details) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022
shares
|
Jun. 30, 2023
shares
|
Dec. 31, 2022
shares
|
|
Convertible Senior Notes Due 2022 and Due 2025 | |||
Earnings per share [line items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 7,225,427 | ||
Convertible Senior Notes Due 2022 | |||
Earnings per share [line items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,903,663 | ||
Restricted stock | |||
Earnings per share [line items] | |||
Number of shares outstanding and non-vested (in shares) | 3,559,109 | 4,142,266 | 2,705,989 |
Financial instruments - financial and other risks - Categories of financial instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 30, 2017 |
---|---|---|---|
Disclosure of detailed information about financial instruments [line items] | |||
Seller's credit on sale leaseback vessels | $ 11,762 | $ 11,430 | |
Deferred financing fees | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 17,437 | 12,758 | |
Secured bank loans | Deferred financing fees | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 9,200 | 2,800 | |
Sale and leaseback liability | Deferred financing fees | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 6,800 | 8,200 | |
Unsecured Senior Notes Due 2025 | Deferred financing fees | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 1,400 | 1,700 | |
Unsecured Senior Notes Due 2025 | Unamortized Discount On Debt | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings | 100 | 100 | |
Ballast water treatment systems | |||
Disclosure of detailed information about financial instruments [line items] | |||
Aggregate difference in investment fair value between put and call option exercise prices | 600 | ||
Vessels | STI Beryl, STI Le Rocher, and STI Larvotto | |||
Disclosure of detailed information about financial instruments [line items] | |||
Sale leaseback transaction, deposit per vessel | 4,350 | $ 4,350 | |
Seller's credit on sale leaseback vessels | 13,100 | $ 13,100 | |
Financial liabilities at amortised cost, category | Accounts payable | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 11,220 | 28,748 | |
Financial liabilities at amortised cost, category | Accrued expenses | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 72,893 | 91,508 | |
Financial liabilities at amortised cost, category | Secured bank loans | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 586,358 | 226,896 | |
Financial liabilities at amortised cost, category | Sale and leaseback liability | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 907,639 | 1,140,614 | |
Financial liabilities at amortised cost, category | Unsecured Senior Notes Due 2025 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 70,571 | 70,571 | |
IFRS 16 - Lease liability | IFRS 16 - Lease liability | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 248,868 | 495,875 | |
Level 1 of fair value hierarchy | Financial liabilities at amortised cost, category | Accounts payable | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 11,220 | 28,748 | |
Level 1 of fair value hierarchy | Financial liabilities at amortised cost, category | Accrued expenses | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 72,893 | 91,508 | |
Level 1 of fair value hierarchy | Financial liabilities at amortised cost, category | Sale and leaseback liability | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 907,137 | 1,139,877 | |
Level 1 of fair value hierarchy | Financial liabilities at amortised cost, category | Unsecured Senior Notes Due 2025 | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 70,063 | 69,639 | |
Level 2 of fair value hierarchy | Financial liabilities at amortised cost, category | Secured bank loans | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 586,358 | 226,896 | |
Level 2 of fair value hierarchy | IFRS 16 - Lease liability | IFRS 16 - Lease liability | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 248,343 | 495,234 | |
Loans and receivables | Cash and cash equivalents | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 313,923 | 376,870 | |
Loans and receivables | Cash and cash equivalents | Level 1 of fair value hierarchy | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 313,923 | 376,870 | |
Loans and receivables | Restricted cash | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 783 | 783 | |
Loans and receivables | Restricted cash | Level 1 of fair value hierarchy | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 783 | 783 | |
Loans and receivables | Accounts receivable | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 201,568 | 276,700 | |
Loans and receivables | Accounts receivable | Level 1 of fair value hierarchy | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 201,568 | 276,700 | |
Loans and receivables | Investment in ballast water treatment supplier | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 1,751 | 1,751 | |
Loans and receivables | Investment in ballast water treatment supplier | Level 3 of fair value hierarchy | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 1,751 | 1,751 | |
Loans and receivables | Working capital contributions to Scorpio Pools | Scorpio Pools | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 51,911 | 53,161 | |
Loans and receivables | Working capital contributions to Scorpio Pools | Level 1 of fair value hierarchy | Scorpio Pools | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 51,911 | 53,161 | |
Loans and receivables | Sellers credit on sale leaseback vessels | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 11,762 | 11,430 | |
Loans and receivables | Sellers credit on sale leaseback vessels | Level 1 of fair value hierarchy | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | $ 11,762 | $ 11,430 |
Financial instruments - financial and other risks - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024
USD ($)
tanker
|
Jan. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
vessel
|
Nov. 30, 2023
USD ($)
vessel
|
Oct. 31, 2023
USD ($)
tanker
vessel
|
Sep. 30, 2023
USD ($)
vessel
tanker
|
Aug. 31, 2023
USD ($)
vessel
|
Jul. 31, 2023
USD ($)
vessel
|
Dec. 31, 2023
USD ($)
vessel
|
Jun. 30, 2023
USD ($)
vessel
|
Jun. 30, 2022
USD ($)
|
|
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | vessel | 39 | ||||||||||
Payments of lease liabilities, classified as financing activities | $ 250,626 | $ 52,568 | |||||||||
Repayments of borrowings | $ 260,950 | $ 507,764 | |||||||||
IFRS 16 - Leases - $670.0 Million | STI Maestro, STI Mighty, STI Modest, STI Maverick, STI Miracle and STI Millenia | MR | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | vessel | 6 | ||||||||||
Payments of lease liabilities, classified as financing activities | $ 145,000 | ||||||||||
IFRS 16 - Leases - $670.0 Million | STI Maximum, STI Lily, and STI Lotus | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Payments of lease liabilities, classified as financing activities | $ 85,500 | $ 85,500 | |||||||||
IFRS 16 - Leases - $670.0 Million | STI Maximum, STI Lily, and STI Lotus | MR | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | tanker | 1 | ||||||||||
IFRS 16 - Leases - $670.0 Million | STI Maximum, STI Lily, and STI Lotus | LR2 | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | tanker | 2 | ||||||||||
Ocean Yield Lease Financing | STI Supreme | LR2 | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Payments of lease liabilities, classified as financing activities | $ 27,800 | ||||||||||
2020 CMBFL Lease Financing | STI Bosphorus and STI Leblon | MR | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | vessel | 2 | ||||||||||
Payments of lease liabilities, classified as financing activities | $ 36,500 | ||||||||||
CSSC Lease Financing | STI Gauntlet, STI Gladiator, STI Goal, STI Gratitude and STI Guide | LR2 | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | vessel | 5 | 5 | |||||||||
Payments of lease liabilities, classified as financing activities | $ 110,400 | ||||||||||
BCFL Lease Financing (LR2s) | STI Solace, STI Solidarity, and STI Stability | LR2 | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | vessel | 3 | 3 | 3 | ||||||||
Payments of lease liabilities, classified as financing activities | $ 58,400 | $ 58,400 | |||||||||
2020 TSFL Lease Financing | STI Galata and STI La Boca | MR | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | vessel | 2 | 2 | |||||||||
Payments of lease liabilities, classified as financing activities | $ 38,100 | ||||||||||
2019 DNB / GIEK Credit Facility | STI Condotti and STI Sloane | Vessels | Repayment of lease obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels | vessel | 2 | ||||||||||
Repayments of borrowings | $ 34,800 | ||||||||||
2019 DNB / GIEK Credit Facility | STI Condotti and STI Sloane | Vessels | Repayment of debt obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels | vessel | 2 | ||||||||||
Repayments of borrowings | $ 34,800 | ||||||||||
2020 $225.0 Million Credit Facility | STI Spiga and STI Kingsway | Vessels | Repayment of lease obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels | vessel | 2 | ||||||||||
Repayments of borrowings | $ 35,200 | ||||||||||
2020 $225.0 Million Credit Facility | STI Spiga and STI Kingsway | Vessels | Repayment of debt obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Repayments of borrowings | $ 35,200 | ||||||||||
2023 $1 Billion Credit Facility | Vessels | Repayment of debt obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Repayments of borrowings | $ 288,200 | ||||||||||
BCFL Lease Financing (MRs) | STI Topaz, STI Ruby, STI Garnet | Repayment of lease obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Payments of lease liabilities, classified as financing activities | $ 15,100 | ||||||||||
BCFL Lease Financing (MRs) | STI Topaz, STI Ruby, STI Garnet | Vessels | Repayment of lease obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels | tanker | 3 | ||||||||||
Hamburg Commercial Credit Facility | STI Veneto And STI Polplar | Vessels | Repayment of lease obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels | vessel | 2 | ||||||||||
Hamburg Commercial Credit Facility | STI Veneto And STI Polplar | Vessels | Repayment of debt obligation | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels | tanker | 2 | ||||||||||
Repayments of borrowings | $ 31,300 | ||||||||||
2020 SPDBFL Lease Financing | STI Jardins, STI Telmo | MR | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Payments of lease liabilities, classified as financing activities | $ 36,900 | ||||||||||
Deposit held by lessor | $ 1,400 | ||||||||||
2020 SPDBFL Lease Financing | STI Esles II, STI Donald C. Trasucht, STI Jardins, STI Telmo | MR | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Number of vessels, option to purchase exercised | vessel | 4 | ||||||||||
2020 SPDBFL Lease Financing | STI Esles II, STI Donald C. Trasucht | MR | Vessels | Lease option to purchase, option exercised | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Payments of lease liabilities, classified as financing activities | $ 38,100 | ||||||||||
Deposit held by lessor | $ 1,500 |
Subsequent events (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2023
$ / shares
|
Jan. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
vessel
|
Nov. 30, 2023
USD ($)
vessel
|
Oct. 31, 2023
USD ($)
tanker
vessel
|
Sep. 30, 2023
USD ($)
vessel
tanker
|
Aug. 31, 2023
USD ($)
vessel
|
Jul. 31, 2023
USD ($)
tanker
vessel
|
Jan. 31, 2023 |
Dec. 31, 2023
USD ($)
vessel
|
Sep. 30, 2023
USD ($)
vessel
tanker
$ / shares
shares
|
Jun. 30, 2023
USD ($)
vessel
|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2023
tanker
|
|
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Net proceeds from sales of vessels | $ 0 | $ 541,187,000 | ||||||||||||
Payments of lease liabilities, classified as financing activities | 250,626,000 | 52,568,000 | ||||||||||||
Issuance of debt | 391,482,000 | 122,637,000 | ||||||||||||
Net debt to capitalization ratio | 65.00% | |||||||||||||
Repayments of borrowings | $ 260,950,000 | $ 507,764,000 | ||||||||||||
Number of vessels, option to purchase exercised | vessel | 39 | |||||||||||||
Declaration of dividend | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Dividends per share (in USD per share) | $ / shares | $ 0.25 | |||||||||||||
Major ordinary share transactions | 2023 Securities Repurchase Program | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Stock repurchase, number of shares repurchased (in shares) | shares | 1,648,355 | |||||||||||||
Stock repurchase, average purchase price (in USD per share) | $ / shares | $ 47.74 | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Borrowings | $ 1,000,000,000 | |||||||||||||
Number of vessels | tanker | 21 | |||||||||||||
Net debt to capitalization ratio | 65.00% | |||||||||||||
Consolidated tangible net worth | $ 1,500,000,000 | |||||||||||||
Minimum percentage aggregate fair value of collateral | 140.00% | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | Consolidated liquidity requirement - scenario one | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Liquidity requirement | $ 25,000,000 | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | Consolidated liquidity requirement - scenario two | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Liquidity requirement per owned ship | 500,000 | |||||||||||||
Liquidity requirement per chartered-in ship | 250,000 | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | SOFR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Adjustment to interest rate basis | 1.95% | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | Repayment period one | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Periodic borrowing payment, amount | 18,900,000 | |||||||||||||
Borrowings, repayment term | 2 years | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | Repayment period two | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Periodic borrowing payment, amount | $ 12,200,000 | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | Repayment period two | Minimum | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Borrowings, repayment term | 3 years | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | Repayment period two | Maximum | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Borrowings, repayment term | 5 years | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | Twenty One Vessels | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Issuance of debt | $ 440,600,000 | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | STI Supreme, STI Spiga, STI Kingsway, STI Sloane, and STI Condotti | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels | tanker | 5 | |||||||||||||
2023 $1 Billion Credit Facility | Entering into credit facilities | STI Supreme, STI Spiga, STI Kingsway, STI Sloan and STI Condotti | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Issuance of debt | $ 135,800,000 | |||||||||||||
2023 $94 Million Credit Facility | Entering into credit facilities | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Borrowings | $ 94,000,000 | $ 94,000,000 | ||||||||||||
Number of vessels | vessel | 2 | 2 | ||||||||||||
Periodic borrowing payment, amount | $ 1,100,000 | |||||||||||||
Net debt to capitalization ratio | 65.00% | |||||||||||||
Consolidated tangible net worth | $ 1,500,000,000 | |||||||||||||
Minimum percentage aggregate fair value of collateral | 143.00% | |||||||||||||
Borrowings maturity, term | 5 years | |||||||||||||
2023 $94 Million Credit Facility | Entering into credit facilities | Consolidated liquidity requirement - scenario one | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Liquidity requirement | $ 25,000,000 | $ 25,000,000 | ||||||||||||
2023 $94 Million Credit Facility | Entering into credit facilities | Consolidated liquidity requirement - scenario two | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Liquidity requirement per owned ship | 500,000 | 500,000 | ||||||||||||
Liquidity requirement per chartered-in ship | 250,000 | $ 250,000 | ||||||||||||
2023 $94 Million Credit Facility | Entering into credit facilities | SOFR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Adjustment to interest rate basis | 1.70% | |||||||||||||
2023 $94 Million Credit Facility | Entering into credit facilities | STI Marshall and STI Grace | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Issuance of debt | 43,800,000 | |||||||||||||
Vessels | BCFL Lease Financing (MRs) | Lease option to purchase, option exercised | STI Amber | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | 8,200,000 | |||||||||||||
Vessels | 2023 $1 Billion Credit Facility | Repayment of debt obligation | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Repayments of borrowings | $ 288,200,000 | |||||||||||||
Vessels | 2020 $225.0 Million Credit Facility | Repayment of lease obligation | STI Spiga and STI Kingsway | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels | vessel | 2 | |||||||||||||
Repayments of borrowings | $ 35,200,000 | |||||||||||||
Vessels | 2020 $225.0 Million Credit Facility | Repayment of debt obligation | STI Spiga and STI Kingsway | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Repayments of borrowings | $ 35,200,000 | |||||||||||||
Vessels | 2019 DNB / GIEK Credit Facility | Repayment of lease obligation | STI Condotti and STI Sloane | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels | vessel | 2 | |||||||||||||
Repayments of borrowings | $ 34,800,000 | |||||||||||||
Vessels | 2019 DNB / GIEK Credit Facility | Repayment of debt obligation | STI Condotti and STI Sloane | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels | vessel | 2 | |||||||||||||
Repayments of borrowings | $ 34,800,000 | |||||||||||||
Vessels | IFRS 16 - Leases - $670.0 Million | Lease option to purchase, option exercised | STI Maestro, STI Mighty, STI Modest, STI Maverick, STI Miracle and STI Millenia | MR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 145,000,000 | |||||||||||||
Number of vessels, option to purchase exercised | vessel | 6 | |||||||||||||
Vessels | IFRS 16 - Leases - $670.0 Million | Lease option to purchase, option exercised | STI Maximum, STI Lily, and STI Lotus | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 85,500,000 | $ 85,500,000 | ||||||||||||
Vessels | IFRS 16 - Leases - $670.0 Million | Lease option to purchase, option exercised | STI Maximum, STI Lily, and STI Lotus | MR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels, option to purchase exercised | tanker | 1 | |||||||||||||
Vessels | IFRS 16 - Leases - $670.0 Million | Lease option to purchase, option exercised | STI Maximum, STI Lily, and STI Lotus | LR2 | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels, option to purchase exercised | tanker | 2 | |||||||||||||
Vessels | IFRS 16 - Leases - $670.0 Million | Lease option to purchase, option exercised | STI Lily and STI Lotus | LR2 | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels, option to purchase exercised | vessel | 2 | |||||||||||||
Vessels | Ocean Yield Lease Financing | Lease option to purchase, option exercised | STI Supreme | LR2 | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 27,800,000 | |||||||||||||
Vessels | 2020 TSFL Lease Financing | Lease option to purchase, option exercised | STI Galata and STI La Boca | MR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | 38,100,000 | |||||||||||||
Number of vessels, option to purchase exercised | vessel | 2 | 2 | ||||||||||||
Vessels | BCFL Lease Financing (LR2s) | Lease option to purchase, option exercised | STI Solace, STI Solidarity, and STI Stability | LR2 | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 58,400,000 | $ 58,400,000 | ||||||||||||
Number of vessels, option to purchase exercised | vessel | 3 | 3 | 3 | |||||||||||
Vessels | CSSC Lease Financing | Lease option to purchase, option exercised | STI Gauntlet, STI Gladiator, STI Goal, STI Gratitude and STI Guide | LR2 | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 110,400,000 | |||||||||||||
Number of vessels, option to purchase exercised | vessel | 5 | 5 | ||||||||||||
Vessels | 2020 CMBFL Lease Financing | Lease option to purchase, option exercised | STI Bosphorus and STI Leblon | MR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 36,500,000 | |||||||||||||
Number of vessels, option to purchase exercised | vessel | 2 | 2 | ||||||||||||
Vessels | 2020 SPDBFL Lease Financing | Lease option to purchase, option exercised | STI Esles II, STI Donald C. Trasucht, STI Jardins, STI Telmo | MR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels, option to purchase exercised | vessel | 4 | 4 | ||||||||||||
Vessels | 2020 SPDBFL Lease Financing | Lease option to purchase, option exercised | STI Jardins, STI Telmo | MR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 36,900,000 | |||||||||||||
Deposit held by lessor | $ 1,400,000 | |||||||||||||
Vessels | 2020 SPDBFL Lease Financing | Lease option to purchase, option exercised | STI Esles II, STI Donald C. Trasucht | MR | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Payments of lease liabilities, classified as financing activities | $ 38,100,000 | |||||||||||||
Deposit held by lessor | $ 1,500,000 | |||||||||||||
Vessels | Hamburg Commercial Credit Facility | Repayment of lease obligation | STI Veneto And STI Polplar | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels | vessel | 2 | 2 | ||||||||||||
Vessels | Hamburg Commercial Credit Facility | Repayment of debt obligation | STI Veneto And STI Polplar | ||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||
Number of vessels | tanker | 2 | 2 | ||||||||||||
Repayments of borrowings | $ 31,300,000 |
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