Scorpio Tankers Inc. Announces Update on Daily TCE Revenues and Securities Repurchase Program

Monaco - Jan. 11, 2023

Scorpio Tankers Inc. (NYSE:STNG) ("Scorpio Tankers," or the "Company") announces updates on fourth quarter of 2022 and first quarter of 2023 Daily TCE Revenues, and its Securities Repurchase Program.

First Quarter of 2023 and Fourth Quarter of 2022 Daily Time Charter Equivalent ("TCE") Revenues

Below is a summary of the estimated average daily Time Charter Equivalent ("TCE") revenue and duration of contracted voyages and time charters for the Company's vessels (both in the pools and outside of the pools) thus far in the first quarter of 2023 as of the date hereof:



(1) TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters, and pool charters), and it provides useful information to investors and management. The TCE revenue for the year ended December 31, 2022 is subject to final audit adjustments and pool allocations.

(2) Expected Revenue Days are the total number of calendar days in the quarter for each vessel, less the total number of expected off-hire days during the period associated with major repairs or drydockings. Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days. We use revenue days to show changes in net vessel revenues between periods.

Securities Repurchase Program
Since the Company's previous announcement on January 4, 2023, the Company has repurchased an additional 958,806 of its common shares in the open market at an average price of $49.47 per share as part of its Securities Repurchase Program.

Since December 1, 2022, the Company has repurchased 2,324,372 of its common shares in the open market at an average price of $50.78 per share as part of its Securities Repurchase Program.

As of the date of this press release, there is $132.0 million of remaining availability under the Company's Securities Repurchase Program, and there are 59,727,998 common shares outstanding.

About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.0 years. Additional information about the Company is available at the Company's website www.scorpiotankers.com, which is not a part of this press release.

Scorpio Tankers Inc. press release