Scorpio Tankers announces updates on its securities repurchase program and second quarter of 2024 daily TCE revenues

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Scorpio Tankers announced updates on its securities repurchase program and second quarter of 2024 daily TCE revenues.

Securities Repurchase Program

The Company recently repurchased 641,654 of its common shares in the open market at an average price of $78.26 per share under the 2023 Securities Repurchase Program. There is $199.8 million available under the 2023 Securities Repurchase Program as of June 14, 2024.

Second Quarter of 2024 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 second quarter of 2024 as of the date hereof:

  Pool and Spot Market  Time Charters Out of the Pool 
  Average DailyExpected% of Average DailyExpected% of
Vessel Class TCE Revenue (1)Revenue Days (2)Days TCE Revenue (1)Revenue Days (2)Days
LR2 $55,0002,57581% $30,750900100%
MR $37,0004,38088% $21,750450100%
Handymax $28,0001,22580% n/an/an/a
           

(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.

(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 but is not employed, are included in revenue days. We use revenue days to show changes in net vessel revenues between periods.