Scorpio Tankers Inc. (STNG): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of one of the world's largest product tanker owners, and honestly, the Business Model Canvas for Scorpio Tankers Inc. shows a sharp focus on a modern fleet and disciplined capital return. This isn't just about moving essential refined products like diesel and naphtha; it's about operating a massive, eco-friendly fleet-with 78 of their nearly 100 vessels fitted with scrubbers-while generating serious cash flow, evidenced by their $222.8 million in Time Charter Equivalent revenue in Q2 2025. If you want to see the precise structure that lets them maintain over $1.2 billion in liquidity (as of Q1 2025) while managing voyage expenses and interest costs, you need to check out the nine building blocks detailed below.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships that keep Scorpio Tankers Inc. moving product across the globe. These aren't just vendors; they are deeply integrated operational and financial anchors for the business.

Affiliated Commercial Management (Scorpio Commercial Management S.A.M.)

Scorpio Tankers Inc. relies on its affiliated entity, Scorpio Commercial Management S.A.M. (SCM), for the commercial operation of a portion of its fleet, primarily through dedicated pools. SCM is explicitly noted as a related party to Scorpio Tankers Inc.. This structure allows for centralized, specialized management of vessels seeking spot market employment.

For instance, the Scorpio Handymax Tanker Pool (SHTP) is operated by SCM. This pooling arrangement is key to maximizing utilization and capturing favorable spot market rates for specific vessel classes.

Affiliated Technical Management (Scorpio Ship Management S.A.M.)

While the search results confirm the role of Scorpio Commercial Management S.A.M., the technical management arm, Scorpio Ship Management S.A.M., is the implied partner responsible for the physical upkeep and crewing of the fleet. As of late 2025, Scorpio Tankers Inc. operated a fleet of 99 product tankers, comprising 38 LR2, 47 MR, and 14 Handymax vessels, with a weighted average age of 9.4 years as of August 28, 2025. The average daily vessel operating cost decreased to $7,630 per vessel for the three months ended June 30, 2025.

Financial Institutions Providing Debt and Revolving Credit Facilities

Scorpio Tankers Inc. maintains significant relationships with financial institutions to support its capital structure, which as of mid-2025 showed a debt-to-equity ratio of 0.25. The company has utilized several large credit facilities to manage liquidity and finance its fleet.

Here's a look at the key facilities and recent activity:

The total undrawn revolver capacity as of April 30, 2025, stood at $838.2 million.

Shipyards for Newbuilds (e.g., for 2026/2027 deliveries)

Scorpio Tankers Inc. is actively engaged in fleet renewal through newbuilding contracts, balancing sales of older tonnage with acquisitions of modern, scrubber-fitted vessels. The company has agreements for new MR vessels scheduled for delivery in the near term.

The newbuilding pipeline includes:

• Agreements for four MR newbuildings with deliveries expected in 2026 and 2027.
• The purchase price for these MR newbuildings is $45 million each.
• Agreements to construct two Very Large Crude Carriers (VLCCs) at Hanwha Ocean Co. Ltd., South Korea.
• The purchase price for the VLCCs is $128 million per vessel, with deliveries expected in the second half of 2028.

The company also executed sales of older MR product tankers for $32.0 million per vessel, with existing debt of $7.3 million each, to help finance this modernization.

Commercial Pools for Spot Market Vessel Employment

A significant portion of Scorpio Tankers Inc.'s fleet is employed in the affiliated Scorpio pools, which operate on a spot market-oriented basis. This strategy provides exposure to fluctuating daily charter rates. As of early Q3 2025, the average daily Time Charter Equivalent (TCE) revenue for vessels employed in the pools/spot market was:

• LR2 vessels: $32,700 per day.
• MR vessels: $23,500 per day.
• Handymax vessels: $20,500 per day.

For comparison, the company also secured fixed-rate employment, such as a five-year time charter for an LR2 tanker at $28,350 per day commencing in Q3 2025. The company declared a quarterly cash dividend of $0.42 per common share on October 29, 2025.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Key Activities

You're looking at the core actions Scorpio Tankers Inc. takes to run its business as of late 2025. It's all about moving refined products and managing the assets that do the moving, all while keeping a tight grip on the finances.

Seaborne transportation of refined petroleum products (gasoline, jet fuel)

Scorpio Tankers Inc. is in the business of moving refined petroleum products globally. The fleet size as of the third quarter of 2025 stood at 99 vessels, which is down from 108.7 vessels in the same period of 2024. This fleet is modern, with an average age of 9.6 years as of November 2025.

The fleet composition and environmental readiness are key here:

• The fleet includes 38 LR2 class tankers.
• There are 47 MR class tankers in the fleet.
• The company operates 14 Handymax class tankers.
• 100% of the LR2 fleet is equipped with scrubbers.
• 86% of the MR fleet has scrubbers installed.
• Overall, over 85% of the total tonnage is scrubber-fitted.

Commercial management: securing time charters and spot market employment

Securing the right employment for the 99 vessels is a constant activity, balancing fixed income with exposure to spot market upside. For the three months ended June 30, 2025, the average daily Time Charter Equivalent (TCE) revenue was $25,569 per vessel.

You see this activity reflected in specific charter deals:

• In April 2025, a Handymax product tanker was fixed on a time charter-out agreement for two years at $24,000 per day.
• In July 2025, an MR product tanker was bareboat charter-out at $13,150 per day, which is equivalent to a TCE rate of approximately $21,000 per day.
• The company secured a five-year time charter for an LR2 product tanker in Q3 2025 at $28,350 per day.

Technical management: vessel maintenance, drydocking, and operations

Keeping the modern fleet operational and efficient requires diligent technical oversight. Vessel operating costs for the three months ended June 30, 2025, decreased to $7,630 per vessel per day, down from $8,017 per vessel per day in the same period of 2024. This improvement came from lower costs for repairs, maintenance, spares, and stores.

The company is actively managing its asset lifecycle through sales and repurchases:

Strategic capital allocation: debt reduction and shareholder returns

A major focus for Scorpio Tankers Inc. has been aggressively strengthening the balance sheet while returning capital. The company generated $1.7 billion in adjusted EBITDA over the seven quarters leading up to early 2025, enabling significant debt reduction.

Here's the snapshot of financial strength as of late 2025:

• Cash reserves stood at $626.7 million as of October 28, 2025.
• Net debt was reduced to $255 million by Q3 2025, down from $397 million in Q1 2025.
• Average indebtedness for Q3 2025 was $910.6 million.
• The quarterly cash dividend declared in October 2025 was $0.42 per common share.
• For Q1 2025, adjusted net income was $49 million.

Fleet modernization and environmental compliance (e.g., scrubber operation)

Scorpio Tankers Inc. is actively modernizing its fleet by selling older vessels and acquiring newer, scrubber-fitted ones. In November 2025, the company announced agreements to sell four 2014-built MR product tankers for $32.0 million each and purchase four new MR newbuilding resales for $45.0 million per vessel, with deliveries expected between 2026 and 2027.

The existing scrubber installation is a key operational advantage, allowing the use of lower-cost fuel options. The company's LR2 fleet is 100% scrubber-fitted. This focus on a modern, efficient fleet is intended to meet environmental responsibility goals while enhancing operational performance.

Finance: draft 13-week cash view by Friday.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Key Resources

You're looking at the core assets Scorpio Tankers Inc. (STNG) relies on to generate revenue and maintain its market position as of late 2025. These are the tangible and intangible things the company owns or controls that are essential to its business model.

The physical backbone of Scorpio Tankers Inc. is its fleet, which is kept relatively young and technologically current. As of the second half of 2025, the operating fleet size stood at 99 product tankers, with an average age of 9.4 years as of August 28, 2025. This fleet composition is a key resource for serving specific market segments.

Here is the breakdown of the vessel types:

• The fleet includes 38 LR2 tankers.
• The fleet includes 47 MR tankers.
• The fleet includes 14 Handymax tankers.

A significant portion of this fleet is equipped with exhaust gas cleaning systems, or scrubbers, which allows Scorpio Tankers Inc. to use cheaper, high-sulfur fuel while remaining compliant with environmental regulations. Based on the latest figures, 86% of the tonnage is scrubber-fitted, which translates to approximately 78 vessels in the fleet of 99 having these systems installed. Specifically, 100% of the LR2 fleet is scrubber-fitted, and 86% of the MR fleet is fitted. The Handymax segment is listed as N/A for scrubber-fitted status.

The financial health supporting operations is another critical resource. Scorpio Tankers Inc. maintained a strong liquidity position, reported as over $1.2 billion as of April 30, 2025. This figure is composed of:

The company's operational efficiency is heavily supported by its human capital. Scorpio Tankers Inc. deploys experienced in-house commercial and technical management teams. These teams handle chartering, vessel maintenance, and compliance, which is vital given the complexity of global shipping regulations and the technical demands of a modern fleet.

Intangible assets include the intellectual property related to efficient vessel operation and design. This encompasses the accumulated know-how and operational procedures developed internally to maximize Time Charter Equivalent (TCE) revenue and manage vessel upkeep effectively, which contributes to the company's ability to generate cash flow even when charter rates normalize, as seen in the Q2 2025 TCE rate of $25,569 per vessel per day.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Value Propositions

Scorpio Tankers Inc. provides the marine transportation of refined petroleum products globally. This service is critical as product tankers have coated tanks, typically epoxy, which allows for easy cleaning and prevents cargo contamination and hull corrosion, meeting the strict requirements of a blue-chip customer base for transporting chemicals, FOSFA cargoes (vegetable oils and chemicals), and refined products.

The company offers scale as the world's largest product tanker owner. As of August 28, 2025, Scorpio Tankers Inc. owned or lease financed 99 product tankers. This scale is paired with a relatively modern fleet, showing a weighted average age of 9.4 years as of that date.

A key value is the significant operating leverage embedded in the business structure. Here's the quick math: a $10,000 per day increase in average daily freight rates could generate approximately $361 million of incremental annualized cash flow, based on internal estimates from early 2025. This leverage allows the company to capitalize strongly when market rates rise.

Scorpio Tankers Inc. maintains a flexible chartering strategy, blending long-term stability with spot market upside to manage market cycles. The company's daily cash break-even rate was reported as manageable at $12,500 per day through the end of 2025.

The value proposition is demonstrated through concrete charter examples and rate achievements in 2025:

• Secured a five-year time charter for an LR2 product tanker at $28,350 per day, commencing in the third quarter of 2025.
• In Q3 2025, LR2 vessels achieved an average of $32,700 per day in the pool/spot market.
• A bareboat charter-out agreement for an MR product tanker was set at $13,150 per day, equivalent to a TCE rate of $21,000 per day.

The fleet composition as of late 2025 underpins this offering:

Financial performance in the third quarter of 2025 reflects the value generated, with a GAAP profit of $1.73 per share and Adjusted EBITDA of $148.1 million. The operating margin for Q3 2025 was 34.2%, and the free cash flow margin stood at 47.8%. The company maintains a strong balance sheet footing, evidenced by a debt-to-equity ratio of 0.25. Furthermore, the book value per share (BVPS) was noted around $57.41.

The company's ability to secure long-term, high-margin contracts, such as the one for the LR2 tanker STI Orchard at $28,350 per day for five years, provides predictable revenue streams, which is a distinct value proposition in a cyclical industry.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Customer Relationships

You're looking at how Scorpio Tankers Inc. manages its relationships with the companies that hire its fleet. It's a mix of locking in stable income and playing the spot market, which is typical for a top-tier operator in this sector.

Direct, long-term relationships with blue-chip oil majors and traders

Scorpio Tankers Inc. cultivates direct relationships, often with what they term a diversified blue-chip customer base. These relationships manifest as multi-year charter agreements that provide revenue visibility, which is crucial for managing debt service and capital expenditures. For instance, in Q3 2025, the company secured a five-year time charter-out agreement for the LR2 product tanker STI Orchard at a rate of $28,350 per day, commencing in the third quarter of 2025. This locks in revenue stability through 2030, even though the rate was slightly below the Q3 2025 LR2 pool/spot rate of $32,700 per day. Also, since January 1, 2025, charterers for three LR2 vessels (STI Gratitude, STI Gladiator, and STI Guide) exercised options to extend their charters for an additional year each at $31,000 per day, starting in May, July, and July 2025, respectively. On the Handymax side, a two-year time charter-out agreement was set in April 2025 for STI Battersea at $24,000 per day.

The company also uses bareboat charters, which shift operating responsibilities to the customer. A notable example is the bareboat charter-out of the MR product tanker STI Bosphorus in July 2025 at a bareboat rate of $13,150 per day, equivalent to a Time Charter Equivalent (TCE) rate of approximately $21,000 per day. This contract is structured to remain in effect until the vessel reaches 20 years of age in 2037, subject to annual renewal under the National Defense Authorization Act.

Here's a snapshot of some of these secured long-term contracts as of late 2025:

Transactional relationships through commercial pool participation

A significant portion of the fleet engages in transactional relationships by participating in commercial pools, which are operated by entities affiliated with Scorpio Tankers Inc.. These pools function as an integrated transportation system, designed to enhance vessel utilization and secure backhaul voyages or Contracts of Affreightment (COAs) primarily in the spot market. As of March 20, 2025, 83 of the vessels in the Operating Fleet were in one of the Scorpio Pools. The fleet size as of August 28, 2025, stood at 99 product tankers (38 LR2, 47 MR, and 14 Handymax).

The transactional nature is evident in the Q3 2025 spot/pool market Time Charter Equivalent (TCE) rates reported:

• LR2 vessels: $32,700 per day.
• MR vessels: $23,500 per day.
• Handymax vessels: $20,500 per day.

For context on overall performance, the average daily TCE revenue for the entire fleet during the second quarter of 2025 was $25,569 per vessel.

Dedicated commercial and operations teams for charter negotiation

Securing these varied charter types-from long-term fixed contracts to spot market pool placements-requires specialized teams. The pool structure itself relies on experienced commercial managers who negotiate charters. The company's ability to execute a five-year charter at $28,350 per day while simultaneously managing the logistics for the pool vessels demonstrates this dedicated capability. The fleet optimization strategy in 2025, which included asset sales and reacquiring vessels from sale-and-leaseback arrangements, also required intensive commercial negotiation.

High service quality and on-time delivery for sensitive cargo

The structure of the commercial pools is explicitly designed to offer customers a higher level of service while achieving scheduling efficiencies. This focus on service quality is necessary to maintain relationships with blue-chip customers. The operational readiness supports this, as evidenced by the high expected utilization rates for Q3 2025 pool/spot days: 86% for LR2s and 85% for MRs. You need reliable operations to keep those utilization figures up. The company's relatively young fleet, with an average age of 9.1 years as of mid-2025, compared to a relatively old global tanker fleet, is a key enabler of this service quality and reliability.

Finance: draft 13-week cash view by Friday.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Channels

You're looking at how Scorpio Tankers Inc. gets its product to market and communicates with the financial world as of late 2025. It's a mix of direct deals and using established market mechanisms. Defintely, the channel choice heavily influences their revenue profile.

Direct time charter contracts with end-users

Scorpio Tankers Inc. secures stability by locking in specific vessels for set periods directly with charterers. This is a key way to ensure predictable cash flow, even when the spot market is choppy. For example, in the third quarter of 2025, the company finalized a five-year time charter agreement for the LR2 product tanker STI Orchard at a rate of $\mathbf{\$28,350}$ per day, which began in the third quarter of 2025.

The company also uses longer-term arrangements like bareboat charter-outs for fleet management. In July 2025, an agreement was executed for the MR product tanker STI Bosphorus on a bareboat charter-out basis at $\mathbf{\$13,150}$ per day, which translates to a Time Charter Equivalent (TCE) rate of $\mathbf{\$21,000}$ per day, extending until 2037.

The reported average daily TCE rates for vessels outside the pools under time charters in Q3 2025 show this channel's value:

Scorpio Pools (affiliated spot market-oriented pools)

The pools are the primary channel for accessing the volatile, but potentially higher-yielding, spot market. This allows Scorpio Tankers Inc. to benefit from favorable market spikes across a larger, managed fleet. As of the date of the Q3 2025 update, the pool and spot market performance was:

The fleet size as of late 2025 was $\mathbf{99}$ product tankers, comprising $\mathbf{38}$ LR2 tankers, $\mathbf{47}$ MR tankers, and $\mathbf{14}$ Handymax tankers, with an average age of $\mathbf{9.5}$ years.

Shipbrokers and chartering agents for market access

Shipbrokers and chartering agents act as intermediaries to connect the vessels with the end-users for both spot and time charter business, especially for the pool operations. While specific commission percentages aren't public for every transaction, the sheer volume of spot market activity channeled through the pools implies heavy reliance on these external market access points.

• Shipbrokers facilitate the negotiation of the $\mathbf{\$28,350}$ per day rate on the STI Orchard five-year charter.
• Agents are essential for managing the $\mathbf{2,456}$ expected revenue days for LR2 vessels in the spot pool during Q3 2025.
• The company's overall operational structure depends on these external networks to place its $\mathbf{99}$ vessel fleet effectively.

Company website and investor relations for financial stakeholders

The company uses its Investor Center to communicate financial performance and strategy to shareholders and potential investors. This channel is crucial for maintaining market confidence and access to capital, such as the $\mathbf{\$500.0\ Million}$ revolving loan facility executed in February 2025.

• The Third Quarter $\mathbf{2025}$ results were planned for release on $\mathbf{October\ 30,\ 2025}$.
• Unrestricted cash and cash equivalents stood at $\mathbf{\$472.7\ million}$ as of $\mathbf{July\ 28,\ 2025}$.
• The Board declared a quarterly cash dividend of $\mathbf{\$0.40}$ per common share on $\mathbf{April\ 30,\ 2025}$.
• The dedicated email contact for financial stakeholders is $\mathbf{investor.relations@scorpiotankers.com}$.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Customer Segments

Scorpio Tankers Inc. serves a diversified blue chip customer base, providing the marine transportation of refined petroleum products like gasoline, diesel, jet fuel, and naphtha worldwide. The core of the customer interaction is the deployment of its fleet, which as of August 28, 2025, consisted of 99 product tankers.

Global oil majors and national oil companies often form the bedrock of long-term revenue stability for Scorpio Tankers Inc. You see this in their strategy to secure multi-year contracts. For instance, the company recently secured a five-year time charter-out agreement for the LR2 product tanker STI Orchard at a rate of $28,350 per day, commencing in the third quarter of 2025. These types of fixed-rate contracts provide predictable cash flow, which is crucial when the company's trailing twelve-month revenue was reported at $890M as of September 30, 2025.

Independent commodity traders and refiners are typically served through the company's participation in spot market-oriented pools, known as Scorpio Pools, alongside direct spot market voyages. This allows Scorpio Tankers Inc. to capture upside from strong market demand. The average daily Time Charter Equivalent (TCE) revenue for the third quarter of 2025 reflected this exposure, with LR2 vessels averaging $32,700 per day in the pool/spot market. This contrasts with the more stable, but sometimes lower, contracted rates seen in long-term agreements.

Government agencies and strategic reserve operators represent a niche but important segment, often requiring specific vessel guarantees or participation in security programs. A clear example of this is the MR product tanker STI Bosphorus, which was executed under a bareboat charter-out agreement at a rate of $13,150 per day, equivalent to a Time Charter Equivalent (TCE) rate of approximately $21,000 per day, with the vessel set to participate in the U.S. Government's Tanker Security Program (TSP). This agreement extends until 2037, showing a commitment to long-term, specialized governmental needs.

Companies requiring seaborne transport of refined petroleum products are the broad category encompassing all the above, as Scorpio Tankers Inc. specializes in these clean products. The operational scale supporting this segment is defined by the fleet's composition and age profile. As of late 2025, the fleet is relatively modern, with an average age of approximately 9.5 years, and it is fully delivered, meaning there are $0 newbuild capital expenditures expected going forward. This modern, eco-friendly fleet is a key selling point to customers concerned with efficiency and environmental compliance.

Here's a quick look at the fleet deployment metrics that directly impact the service capacity offered to these customer segments:

The ability to generate significant cash flow from operations is a testament to the value proposition for these customers. For example, a $10,000 per day increase in average daily freight rates translates to approximately $361 million of incremental annualized cash flow for Scorpio Tankers Inc.

The operational capacity and financial health underpinning customer service include several key figures:

• Total product tankers owned or lease financed: 99.
• Average fleet age as of late 2025: Approximately 9.5 years.
• Net debt as of October 2025: Under $1 billion, down from over $3 billion.
• Daily cash break-even rate: $12,500 per day, expected to reduce to $11,000 per day after Q4 2025 prepayments.
• Reported basic EPS (TTM) as of October 29, 2025: $7.64.

The company's focus on maintaining a low break-even rate helps ensure they can service contracts even in softer market conditions, which is a key assurance for any counterparty. Finance: draft 13-week cash view by Friday.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Scorpio Tankers Inc.'s fleet moving and the lights on. For a capital-intensive business like this, the cost structure is dominated by vessel-related outlays, but debt servicing and overhead are still significant factors you need to track.

The most direct, recurring operational costs are the Vessel operating expenses (OPEX). For the three months ended June 30, 2025, Scorpio Tankers Inc. reported these costs totaled $68.7 million. That's down from $79.3 million in the same period last year, partly because the average number of owned vessels decreased to 99. Also, the average daily OPEX improved to $7,630 per vessel for Q2 2025, down from $8,017 per vessel in Q2 2024, driven by lower costs for repairs, maintenance, spares, and stores.

Next up, you have the costs that swing with the market: Voyage expenses. These are things like bunkers (fuel) and port charges. Since Scorpio Tankers Inc. is heavily involved in the spot market through its pools, these expenses are variable and directly tied to how much and where the vessels are trading. If charter rates are high, you're likely paying more for bunkers and port calls to service those high-demand routes.

Financing costs are a major component, especially given the asset base. The Interest expense on debt for the six months ended June 30, 2025, was reported as $29.379 million. This reflects the company's deleveraging efforts, as average indebtedness was $947 million for Q2 2025, down from $1.3 billion in Q2 2024. They also secured some stability by issuing new unsecured bonds in January 2025 with a fixed coupon rate of 7.50% per annum.

Then there are the scheduled, lumpy costs for asset upkeep. For Drydocking and maintenance costs, the actual spend for the third quarter of 2025 (Q3 2025) was $16.8 million. This is the actual cost incurred, which you asked about as an estimate of $19.1 million for Q3 2025. For context, the estimate for Q4 2025 drydock costs was $14.7 million.

Finally, you have the overhead, the General and administrative expenses (G&A). For the three months ended June 30, 2025, G&A was $29.6 million, which was a decrease from $37.1 million in the prior year's second quarter, mainly due to lower compensation costs. For the first quarter of 2025, G&A was $28.5 million.

Here's a quick look at some of the key recurring and recent costs you need to factor into the cost structure for Scorpio Tankers Inc.:

Voyage expenses are the wild card here, honestly. They are almost entirely dependent on the spot market's health and fuel prices, so they don't have a fixed number like the G&A or the scheduled interest payments.

You should also keep an eye on the average daily operating cost per vessel, which was $7,630 in Q2 2025, showing good cost control compared to the prior year's $8,017.

• Average Daily OPEX (Q2 2025): $7,630 per vessel.
• Average Daily OPEX (Q2 2024): $8,017 per vessel.
• Average Indebtedness (Q2 2025): $947 million.
• New Unsecured Bonds Coupon Rate: 7.50% per annum.

Finance: draft 13-week cash view by Friday.

Scorpio Tankers Inc. (STNG) - Canvas Business Model: Revenue Streams

The primary engine for Scorpio Tankers Inc. revenue is the chartering of its product tanker fleet, which as of late 2025 consists of 99 product tankers, including 38 LR2 tankers, 47 MR tankers, and 14 Handymax tankers.

Time Charter Equivalent (TCE) revenue, a key industry metric, stood at $222.8 million for the three months ended June 30, 2025. This figure reflects vessel revenues less voyage expenses, such as bunkers and port charges. For the first quarter of 2025, the TCE revenue was reported at $204.2 million. The trailing twelve months (TTM) revenue for 2025 was reported as $0.88 Billion USD.

The overall average daily TCE revenue for the second quarter of 2025 was $25,569 per vessel, based on an average fleet size of 99.0 vessels for that period.

Revenue streams are segmented based on how the vessels are employed:

• Revenue from spot market voyages via commercial pools
• Charter hire payments from time charter contracts

The average daily TCE rates for Q2 2025 illustrate the performance across these segments by vessel class:

This table shows the specific daily earnings Scorpio Tankers Inc. commanded for each vessel type depending on the charter arrangement during Q2 2025.

Potential gains from vessel sales as part of fleet renewal are a defintely factor in the overall financial picture, even if not recurring revenue. In September 2025, Scorpio Tankers Inc. announced an agreement to sell its 2020 built scrubber-fitted MR product tanker, STI Maestro, for a sale price of $42.0 million, with closing expected in the fourth quarter of 2025. Furthermore, in November 2025, the Company announced agreements to sell four of its 2014 built scrubber-fitted MR product tankers for $32.0 million per vessel, though these sales were expected to close in the first quarter of 2026.

The company also declared a quarterly cash dividend of $0.40 per share based on the Q2 2025 results.