Company Overview & Recent Developments

Scorpio Tankers Inc. (NYSE: STNG) is one of the world’s largest product tanker owners, providing marine transportation of refined petroleum products. As of early 2026, the company owns 89 tankers (LR2, MR, and Handymax classes) with an average age around 10 years (www.scorpiotankers.com). Scorpio has been actively renewing its fleet – selling some older ships and ordering newbuilds (including an entry into two VLCC crude tankers for delivery in late 2027/2028) as part of its capital allocation strategy (www.scorpiotankers.com) (www.panabee.com).

Major recent events include the April 2026 closing of a $375 million convertible notes offering due 2031, concurrent with a $100 million share buyback. The company issued senior unsecured notes at 1.75% interest (convertible at $100.39/share, a ~35% premium) and repurchased ~1.344 million shares at $74.36 each (www.globenewswire.com) (www.globenewswire.com). Net proceeds were ~$363.3 million after fees, of which ~$100 million went to the buyback and the rest (~$263 million) will be used for general corporate purposes (www.globenewswire.com). This effectively leverages Scorpio’s balance sheet at a low fixed rate to retire equity – a sign management views the stock as undervalued and wants to return capital to shareholders, while locking in cheap long-term financing. The stock rose on the news (up ~3.3% on announcement) (www.stocktitan.net), reflecting investor approval of the capital move.

Dividend Policy, History & Yield

Scorpio Tankers resumed dividends in 2022 after a long hiatus, and has since grown the payout steadily. The quarterly dividend was re-initiated at $0.10 per share in March 2022 and held at that level through 2022 (www.scorpiotankers.com). As tanker market profits surged, the Board began raising the dividend: to $0.20 in early 2023, $0.25 by mid-2023, and further to $0.35 later that year (www.scorpiotankers.com). In 2024 and 2025 the payout climbed higher – reaching $0.40 per share (declared Q1 2024) and $0.42 by late 2025 (www.scorpiotankers.com) (www.scorpiotankers.com). Most recently, in February 2026, the dividend was hiked to $0.45 quarterly (www.scorpiotankers.com). This marks a rapid increase from an annualized $0.40 in 2022 to $1.80 in 2026, reflecting management’s confidence in cash flows.

At the current share price (mid-$70s), the forward dividend yield is roughly 2.4–2.5%. This yield is decent, though not exceptionally high for a shipping stock – in line with peers and acknowledging the industry’s cyclical nature. Notably, Scorpio has balanced dividends with substantial share repurchases (discussed below), indicating a flexible shareholder return policy rather than a purely high-yield approach. The payout ratio remains conservative: in 2025, dividends paid totaled about $82.5 million (www.scorpiotankers.com) against net income of $344.3 million (www.scorpiotankers.com), a ~24% payout. Even on a cash-flow basis, dividend outlays are well-covered by operating cash flow and profits, giving Scorpio room to maintain or grow payouts if market conditions stay favorable. It’s worth noting that AFFO/FFO metrics are not applicable here (those are used for REITs); instead, Scorpio’s dividend sustainability is gauged by traditional earnings and free cash flow coverage. By those measures, the current dividend appears secure and modestly sized, leaving ample cash for buybacks, debt paydowns, or fleet investment.

Leverage, Debt Maturities & Interest Coverage

Scorpio’s balance sheet has transformed from highly levered to net cash positive in the past two years. A surge of tanker earnings in 2022–2023 was used to aggressively deleverage and build liquidity. As of Q1 2026, Scorpio’s total debt was about $589 million (mostly secured vessel loans and a $200M unsecured note due 2030) (www.scorpiotankers.com), against a cash balance of $974+ million (www.scorpiotankers.com). This put the company in a net cash position of ~$385 million by March 2026 (www.scorpiotankers.com) – a remarkable turnaround from a net debt of $293 million as recently as Sep 2025 (www.scorpiotankers.com). In fact, including pending vessel sale proceeds, net cash would exceed $500 million (www.scorpiotankers.com) before the new notes issuance. Even after adding the $375M convertible notes, Scorpio retains substantial excess cash (pro forma net cash on the order of a few hundred million dollars). In short, the company has effectively zero net debt, providing a significant buffer for any industry downturn.

Moreover, Scorpio has no near-term loan maturities thanks to proactive refinancing and prepayments. During 2025, management prepaid about $154.6 million of scheduled amortization – essentially all loan payments that would have been due from 2026 through 2027 (www.scorpiotankers.com). These prepayments, along with debt associated with sold vessels, mean required debt service is minimal until 2028. The only significant maturities on the horizon are the $200M unsecured notes due 2030 and now the $375M convert due 2031, both long-dated. Scorpio even negotiated the option to redeem the 2031 converts from 2029 if the stock trades above 130% of the conversion price (www.globenewswire.com), which could limit dilution if the shares rally strongly by then. With $767 million in undrawn revolver capacity on top of cash (www.scorpiotankers.com), liquidity is ample. This debt-light profile is a stark contrast to Scorpio’s heavily indebted past, and it significantly de-risks the company’s financial structure.

Interest coverage is extremely strong at this low leverage. Interest expense has been falling as debt is paid down – management noted an overall reduction in interest costs in late 2025 due to deleveraging (www.scorpiotankers.com). In Q4 2025, interest expense was roughly $16–$18 million (excluding one-time fees) (www.scorpiotankers.com), easily covered many times over by EBITDA (Scorpio generated $80 million in adjusted profit in that quarter alone (www.scorpiotankers.com)). The new 1.75% notes will add only ~$6.6M in annual interest, a trivial amount relative to cash flows. Essentially, Scorpio’s operating cash flow can cover interest expense dozens of times over. The low debt also means interest rate risk is limited – most of its remaining bank debt has been largely paid ahead of schedule, and the notes have fixed coupons. This conservative balance sheet gives Scorpio flexibility to weather volatility: it can fund newbuild commitments or acquisitions internally and even opportunistically take on cheap debt (as seen with the convertible) without straining its credit metrics. In sum, leverage is very low and debt maturity risk is negligible for the foreseeable future, underpinning Scorpio’s financial stability.

Stock Buybacks & Impact on Share Structure

Share repurchases have been a major component of Scorpio’s capital return strategy, especially in the past 2–3 years. The company and its Board clearly view buybacks as accretive given the stock’s valuation. Scorpio implemented a $250M repurchase program in 2022 and a larger $500M program in 2023, and proceeded to buy back stock aggressively as cash rolled in. For example, from April to September 2024 alone, Scorpio repurchased ~3.8 million shares at an average ~$74.5, and had reduced total shares outstanding to ~50.76 million by Sept 6, 2024 (www.scorpiotankers.com) (www.scorpiotankers.com). Buybacks continued into 2025: by Q3 2025 the weighted average basic share count was down to 46.6 million (www.scorpiotankers.com), versus over 59 million shares when the dividend was initiated in early 2022. This ~20% reduction in share count has significantly boosted per-share metrics (e.g. 2025 EPS was $7.40, which would have been much lower absent the buybacks). It has also concentrated ownership – insiders and long-term holders now own a greater percentage of the company.

The recent $100M share repurchase executed concurrently with the convertible notes is another notable step. It retired ~1.34M shares (about 3% of shares) in one go at $74.36 (www.globenewswire.com). Unlike open-market buybacks, this was likely done via block trades tied to the note purchasers, ensuring the share reduction was immediate. The impact of these buybacks is evident in Scorpio’s financials: for 2025, while net income was $344M, basic EPS was a robust $7.40 (www.scorpiotankers.com) – partly thanks to the lower share count. Fewer shares outstanding also mean the dividend increases have bigger effect per share, but total cash outlay for dividends remains moderate. Another effect is that market capitalization growth has lagged underlying earnings growth, keeping valuation ratios low (discussed below).

From an investor perspective, Scorpio’s buybacks have been value-accretive, given the shares were bought at 1.0x–1.1x book value and 3–6x earnings during 2022–2024 lows (www.macrotrends.net). The strategy signaled confidence in the company’s prospects and likely contributed to the stock’s strong rally off its 2020–2021 trough. However, there is a trade-off: cash used for repurchases could alternatively fund fleet expansion or higher dividends. So far, Scorpio has struck a balance – returning cash via buybacks while still ordering new ships. Going forward, with the share count already ~45 million post-convert (down ~25% in four years), an open question is whether the company will continue aggressive buybacks (they still had authorization remaining under the repurchase program (www.scorpiotankers.com)) or pivot more toward dividends and growth capex. The answer may depend on where management sees the best value – in its own stock or in the tanker assets/market.

Valuation and Comparables

Despite the stock’s strong performance since 2022, Scorpio Tankers’ valuation remains moderate relative to fundamentals. At around $75–$80 per share, Scorpio’s market capitalization is roughly $3.8–$4.0 billion (www.stocktitan.net). This equates to approximately 11x 2025 earnings (GAAP net income $344M) (www.scorpiotankers.com), or about 13–14x if one uses 2025 adjusted net income ($269.5M) which excludes large gains on vessel sales (www.scorpiotankers.com). A forward P/E for 2026 will depend on market conditions, but based on annualized Q1 2026 charter rates (which have been strong), the multiple would likely still be in the high single-digits. For context, International Seaways (INSW) – a peer tanker company with a mix of crude and product tankers – also earned over $300M in 2025 (EPS ~$6.23) (www.intlseas.com); its stock trades at a comparable single-digit earnings multiple. This is common in the shipping sector: investors apply low P/Es during boom times as they anticipate mean-reversion in freight rates. By contrast, on a price-to-book or asset valuation basis, STNG’s valuation looks more full. Scorpio’s fleet of 89 tankers (plus newbuilds on order) has an estimated market value not far from the enterprise value (EV) of the company. With ~$0.3–$0.4B net cash and a modern fleet, Scorpio likely trades near or slightly above its net asset value (NAV). This suggests the stock is no longer at a deep discount to liquidation value, as it was in 2020–21. In late 2024, for example, STNG’s stock dropped into the $40s, briefly pricing at only ~4x earnings and a discount to NAV (www.macrotrends.net); that gap has since closed after the rally.

From a cash flow perspective, Scorpio’s EV/EBITDA remains attractive – rough estimates put it under 5x trailing EBITDA given 2025’s strong profit and the company’s net cash status. The company’s dividend yield ~2.5% is modest, but total yield including buybacks has been much higher. In 2023, for instance, Scorpio returned over $560M to shareholders via buybacks + dividends (nearly 15% of its market cap at the start of that year) (www.scorpiotankers.com) (www.scorpiotankers.com). This “total shareholder yield” has been quite compelling.

When comparing product tanker specialists: Scorpio and Denmark’s Torm plc (NASDAQ: TRMD) both enjoyed outsized earnings in 2022–2023 and initiated dividends, but Torm paid a much larger portion of earnings as dividends (variable payout policy), whereas Scorpio favored repurchases. Torm currently trades around 4–5x trailing earnings (reflecting an expectation of normalization). Ardmore Shipping (ASC), a smaller product tanker owner, trades near 5–6x earnings and a ~8% dividend yield (it paid hefty special dividends). By those benchmarks, STNG’s valuation is somewhat higher, perhaps reflecting its larger scale, superior liquidity, and the strategic use of buybacks to drive per-share metrics. Still, absolute valuation metrics (P/E ~10, EV/EBITDA ~5) appear low relative to the broader market – a sign that investors remain cautious about how long the favorable tanker cycle will last.

In sum, Scorpio’s stock is reasonably valued: not the deep bargain it was during the downturn, but still inexpensive if one believes current elevated earnings can be sustained for a few years. The recent buyback (at ~$74/share) suggests management itself sees upside. Indeed, the convertible note’s conversion price of $100.39 implies lenders/investors in that deal see potential for the stock to appreciate ~35% over the mid-term (www.globenewswire.com). Key valuation sensitivity will be to charter rates: small changes in average tanker rates can swing annual EPS by several dollars, so the stock’s “E” is volatile – one reason for the low multiple.

Risks and Red Flags

Investing in Scorpio Tankers comes with several risks, typical of the cyclical and volatile shipping industry, as well as a few company-specific considerations:

– Tanker Market Cyclicality & Rate Volatility: Scorpio’s revenues and profits depend on charter rates for product tankers, which are highly cyclical and sensitive to global oil demand, refining patterns, and fleet supply. While current rates are strong (boosted by dislocations like the Russia-Ukraine conflict), a global economic slowdown or oil demand drop could reverse this. The company acknowledges that the Ukraine war and resulting sanctions have significantly altered trade flows and added volatility to refined-product shipping (www.scorpiotankers.com). Any resolution or re-routing that reduces tonne-mile demand (e.g. Russian exports finding shorter routes, or European product import patterns normalizing) could soften rates. Similarly, if oil product prices or spreads narrow, trading arbitrages may dwindle, reducing shipping demand (www.scorpiotankers.com). Investors should be prepared for Scorpio’s earnings to potentially decline from recent peaks – for example, 2025’s net income ($344M) was already about half the 2022 boom-level profit (www.scorpiotankers.com) (www.scorpiotankers.com), and further normalization is possible.

– Supply Side & Newbuild Orderbook: After years of low ordering, the product tanker orderbook has begun to grow, which in a few years could pressure charter rates. Scorpio itself has 8 MR and 4 LR2 newbuilds on order for 2026–2029 (www.scorpiotankers.com), and competitors have also ordered modern tonnage, attracted by the high returns. While the current orderbook (% of fleet) is still relatively modest by historical standards, any surge in newbuild deliveries around 2027–2028 could coincide with easing demand, tilting the market to oversupply. Offsetting this, however, is an aging global fleet – many older ships face regulatory obsolescence (stricter emissions rules) and higher operating costs, which could lead to accelerated scrapping. Scorpio’s management has noted that compliance with new IMO carbon regulations may force slower speeds or retirement of older tonnage (www.scorpiotankers.com), potentially mitigating net fleet growth. Nonetheless, fleet supply risk is a key factor that could hurt Scorpio’s utilization and pricing power in a down-cycle.

– Operational Leverage & Breakeven Costs: While Scorpio’s financial leverage is low, it still has operating leverage. Fixed costs like crew, maintenance, and commercial fees mean that a drop in charter rates flows straight to the bottom line. The company’s breakeven (operating expense plus G&A, interest and depreciation per vessel) might be in the mid-teens thousands per day – hard to pin exactly, but in a severe downturn, product tanker rates can fall to or below those levels. Given Scorpio’s larger, modern fleet, it likely enjoys scale economies and fuel-efficient vessels that give it a cost advantage. However, if rates plunged to e.g. $15k/day for a sustained period (vs >$30k recently), Scorpio could see only breakeven or loss-making quarters. The dividend would likely be reduced or suspended in such a scenario, as the policy is explicitly at Board discretion and dependent on earnings and cash needs (www.scorpiotankers.com). Investors must accept the inherent earnings volatility – high dividends and buybacks today could vanish tomorrow if the market turns sharply.

– Capital Allocation & Growth Initiatives: Scorpio’s shift toward direct asset ownership of crude tankers (ordering VLCCs) introduces some strategic risk. Management believes this is a logical extension (they even monetized their investment in DHT Holdings to help fund it) (www.panabee.com), but operating VLCCs is outside Scorpio’s core product tanker focus. Execution, chartering, or integration of these vessels into operations will be something new for the company – a potential risk if not done well. Additionally, Scorpio’s sizeable newbuild program will consume cash (and potentially require drawings on credit facilities) in coming years. Cost overruns or delays on these newbuilds could occur, though so far there is no indication of issues. There’s also the risk of over-investing at the top of the cycle: paying high prices for new ships that deliver into a weaker market. Scorpio is essentially deploying some of its war chest on expansion (even as it returns cash to shareholders), and time will tell if this dual strategy strikes the right balance. If not, the company could end up with excess capacity or need to re-leverage in a downturn to finance commitments – a scenario to watch.

– Corporate Governance & Related-Party Transactions: One red flag to monitor is Scorpio’s governance structure, given the involvement of the Scorpio Group (Lauro family) across multiple related entities. The company’s commercial and technical management is conducted via affiliated private companies (Scorpio Commercial Management and Scorpio Ship Management). Scorpio Tankers pays these related parties fees for vessel management – for instance, about $300 per vessel per day for commercial management services to SCM (www.sec.gov). While this arrangement is disclosed and common in shipping, it means insiders could benefit from the company beyond just stock ownership. The management agreement can be terminated, but with notice periods (24 months) and termination fees (www.sec.gov). Investors generally haven’t balked at these fees given Scorpio’s strong performance, but it remains a potential conflict of interest if not kept in check. On the governance front, it’s also worth noting that Scorpio’s former CFO resigned in late 2023, triggering an accelerated stock-comp expense (www.scorpiotankers.com) – no specific issues were reported, but leadership changes bear watching. Overall, shareholders should ensure that capital allocation decisions (fleet sales/purchases, related-party deals, etc.) are made in their best interest. So far, management (led by CEO Emanuele Lauro) has a mixed long-term reputation – criticized during past downturns for dilutive equity raises, but lately praised for opportunistic buybacks and savvy timing. Maintaining that trust will be important.

– Regulatory and ESG Factors: Environmental regulations are both a risk and an opportunity. Upcoming IMO 2023+ carbon intensity rules may require tankers to retrofit equipment (like carbon capture, which Scorpio is testing on one ship) or slow steam to reduce emissions. This could increase operating costs or capital expenditures for compliance. There’s also the risk of future carbon taxes or penalties on shipping that could squeeze margins if charter rates don’t adjust upward. On the other hand, Scorpio’s relatively young, fuel-efficient fleet is better positioned than older competitors to meet new standards without major investment (www.scorpiotankers.com). Another aspect is ESG-conscious cargo customers – refinery majors and traders might prefer operators with a greener profile, so Scorpio’s moves (e.g. testing carbon capture tech) could become a commercial advantage. Nonetheless, the pace and cost of decarbonization in shipping is a uncertainty. Geopolitical risk is another external factor – everything from global trade tensions to sanctions can suddenly alter shipping routes or exclude certain ships from markets (e.g. EU sanctions on Russian-affiliated ships). Scorpio, being based in Monaco/Marshall Islands with an international crew and client base, must navigate these fluid geopolitical currents.

In summary, Scorpio Tankers is not without risks: its fortunes are tied to an inherently cyclical industry and it faces strategic decisions on how to deploy its substantial capital. However, many of these risks are tempered by the company’s current financial strength (low debt, high liquidity) and agile capital allocation. A strong balance sheet means Scorpio can better withstand a downturn than in the past, and management’s recent actions show a focus on shareholder returns and prudent investment. Investors should be prepared for volatility, but so far Scorpio has been steering the cycle adeptly.

Open Questions & Outlook

Looking ahead, a few open questions remain about Scorpio’s trajectory:

– How will Scorpio deploy its excess cash going forward? After the recent buyback and with over $1.1 billion in liquidity (www.scorpiotankers.com), the company still has significant dry powder. Will management continue to prioritize share repurchases (potentially launching a new buyback program once the current authorization is exhausted), or will they consider a special dividend to shareholders? So far the bias has been toward buybacks when the stock is at what they deem an attractive price. As the share price climbs closer to NAV, it will be interesting to see if Scorpio pivots to larger cash dividends or even growth investments. The company has shown interest in fleet expansion (e.g. ordering new vessels) – with such a strong balance sheet, could Scorpio even contemplate a strategic acquisition (for instance, merging with or buying out a smaller competitor) to grow scale? Management has not indicated M&A plans, but the question is natural given industry fragmentation.

– What is the plan regarding the $200M Notes due 2030? These senior unsecured notes (likely issued in 2023) carry a higher coupon (not publicly disclosed here, but presumably in the mid-single digits) than Scorpio’s current cash yields. With so much cash on hand, one might ask if Scorpio will consider early redemption of the 2030 notes to save interest, or conversely use that cash for other returns while leaving the debt in place. Essentially, what is Scorpio’s optimal capital structure? The company is now in a net cash position and arguably could carry more leverage efficiently. The recent convert issue indicates willingness to add cheap debt. We will watch if Scorpio targets a certain net debt/EBITDA level (perhaps using some debt if expanding the fleet, but paying down debt when not needed). Management’s philosophy on leverage – now that the balance sheet has been repaired – remains to be fully seen in a normalized environment.

– Will the strong product tanker rate environment sustain, or are we at peak? This is the overarching question for any shipping investment. The current outlook for refined product shipping is cautiously optimistic – refinery dislocations (new Middle East and Asian refining capacity exporting to the West, the reshuffling of Russian exports, etc.) are expected to keep ton-mile demand healthy. Scorpio even fixed some ships on 1-year charters around $30k/day into 2025 (www.scorpiotankers.com), indicating some confidence in near-term fundamentals. However, shipping cycles eventually turn. Investors will be keenly watching leading indicators: global oil demand trends, refinery utilization, product inventory levels, and the product tanker orderbook. If spot rates start materially weakening or the forward curve backwardates sharply, how swiftly will Scorpio pivot? In past downturns, Scorpio issued equity or sold assets to survive. Now with ample liquidity, it could instead buy distressed assets or shares if the market swoons – essentially play offense. The question is, can Scorpio navigate the next downturn in a way that creates shareholder value (by contrarian investment) rather than destroying it through dilution? The answer will hinge on management’s discipline and foresight.

– Progress of Newbuilds and Technical Innovation: As Scorpio’s ordered newbuilds begin to deliver (from late 2026 onward), an open question is how these will be financed and employed. The company will likely pay installments out of cash on hand, so financing isn’t a concern, but employing them at profitable rates is important. Will Scorpio secure term charters for some of these new ships before delivery (locking in returns), or keep them mostly in the spot market? Given volatile rates, this timing matters. Additionally, Scorpio’s trial of onboard carbon capture on one LR2 tanker is a fascinating development (www.scorpiotankers.com). If successful, could this be rolled out fleet-wide or to newbuilds, giving Scorpio a greener profile or fuel-efficiency edge? It’s early, but such tech could raise both capex questions and potential upside if it yields savings or regulatory advantages. How Scorpio handles emerging tech and environmental mandates will shape its competitive position in the late 2020s.

– Management’s Endgame? The Lauro family and Scorpio insiders own a meaningful stake in the company (directly and via related entities). With the stock rebounding and the company in its best financial health ever, one wonders if there is an endgame strategy. Will they simply continue operating and compounding value via dividends/buybacks, or could we see a transformative event? For example, fleet monetization via selling vessels (Scorpio has sold several older ships at high prices recently to optimize fleet age (www.scorpiotankers.com)), or even a take-private or merger. Tanker companies have occasionally explored combining (the rumoured Frontline-Euronav deal being a recent example in crude tankers). In product tankers, a merger of Scorpio with a peer like Torm or Hafnia could create a behemoth – though there are no concrete signals of this currently. It remains an open question how long Scorpio will remain a publicly traded pure-play. For now, management seems committed to public markets, especially as they can access cheap capital (like the convertible) and enjoy the liquidity of their stock. But if valuation stays low (e.g. if the market persistently undervalues the company relative to NAV or cash generation), the Board might consider other pathways to maximize shareholder value.

In conclusion, Scorpio Tankers (STNG) has executed impressively on its strategy over the last few years – deleveraging, returning capital, and renewing its fleet – leaving the company in an enviable position in its sector. The closure of the major convertible notes deal and associated buyback is just the latest chapter, signaling confidence and shoring up the capital structure. The stock’s performance and financial metrics reflect this success, yet the journey ahead will depend on cyclical forces largely beyond the company’s control. For investors, Scorpio offers a compelling mix of dividend yield, buyback-driven EPS growth, and exposure to the product tanker market’s dynamics – but with that comes exposure to the swings of global oil trade. How the company answers the open questions above will determine if STNG remains a top performer or hits choppy waters in the years to come. For now, the trend appears favorable, and Scorpio’s proactive moves (like the notes closure and share repurchase) have positioned it to navigate whatever currents lie ahead.

Sources:

1. Scorpio Tankers Inc. – Q3 & Q4 2023 and Q4 2025 Earnings Releases (Dividend increases, financial results) (www.scorpiotankers.com) (www.scorpiotankers.com) (www.scorpiotankers.com). 2. Scorpio Tankers Inc. – Press Release, Closing of $375M Convertible Notes due 2031 & Concurrent Stock Repurchase (April 10, 2026) (www.globenewswire.com) (www.globenewswire.com). 3. Scorpio Tankers Inc. – Press Release, Liquidity, Debt and Vessel Sales Update (Jan 13, 2026) (www.scorpiotankers.com) (www.scorpiotankers.com). 4. Scorpio Tankers Inc. – Press Release, TCE Rates and Liquidity Update (Mar 25, 2026) (www.scorpiotankers.com) (www.scorpiotankers.com). 5. Scorpio Tankers Inc. – Q4 2025 Earnings Release (Feb 12, 2026) (www.scorpiotankers.com) (www.scorpiotankers.com) (www.scorpiotankers.com). 6. StockTitan News – Scorpio Tankers Prices Notes & $100M Buyback (Market Reaction) (www.stocktitan.net) (www.stocktitan.net). 7. Scorpio Tankers Inc. – Press Release, Repurchase Program Updates (Sept 9, 2024 & Oct 30, 2025) (www.scorpiotankers.com) (www.scorpiotankers.com). 8. International Seaways Inc. – Q4 2025 Results (peer performance for context) (www.intlseas.com). 9. SEC Filing (XBRL) – Scorpio Tankers 2021 20-F, Related Party Transactions (management fees) (www.sec.gov). 10. Scorpio Tankers Inc. – Q3 2023 Earnings Release (fleet info, Ukraine conflict commentary) (www.scorpiotankers.com) (www.scorpiotankers.com).

For informational purposes only; not investment advice.