Scorpio Tankers Inc. announces an update on Q2 2022 events, including the quarter to date Daily TCE Revenues.

Second Quarter of 2022 Daily Time Charter Equivalent (“TCE”) Revenues

Below is a summary of the average daily TCE revenue and duration of contracted voyages and time charters for the Company’s vessels (both in the pools and in the spot market) thus far in the second quarter of 2022:

Debt Balance
As of June 6, 2022, Scorpio Tankers’ outstanding principal balance on debt was $2,711.3 million.

Since December 31, 2021, the Company has had a net reduction in debt of $452.4 million, which includes the repayment of $69.7 million upon the maturity of the Convertible Notes Due May 2022.

Convertible Notes due 2025
The Company has recently repurchased $10.8 million in aggregate principal amount of its Convertible Notes due 2025 in the open market.

Status of Vessel Sales
As of June 6, 2022, the Company has completed the sale of 12 vessels (10 LR1s and two MRs) and has six vessels held for sale (two LR1s, three LR2s and one MR). The vessels held for sale are scheduled to be sold before the end of the third quarter of 2022.

Fully Diluted Share Count for Q2 2022

The Company estimates that the fully diluted weighted average number of shares for the earnings per share calculation under the if-converted method will be approximately 64.5 million shares for the three months ended June 30, 2022.
Source: Scorpio Tankers Inc.