Scorpio Tankers Inc. reported its results for the three months ended December 31, 2025. The Company also announced that its board of directors has declared a quarterly cash dividend on its common shares of $0.45 per share.
Results for the three months ended December 31, 2025 and 2024
For the three months ended December 31, 2025, the Company had net income of $128.1 million, or $2.72 basic and $2.59 diluted earnings per share.
For the three months ended December 31, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $80.0 million, or $1.70 basic and $1.62 diluted earnings per share, which excludes from net income (i) a $45.5 million, or $0.96 per basic and $0.92 per diluted share, gain on sales of vessels, (ii) a $5.5 million, or $0.12 per basic and $0.11 per diluted share, fair value gain on financial assets measured at fair value, and (iii) a $2.9 million, or $0.06 per basic and diluted share, loss on extinguishment of debt and write-off of deferred financing fees.
For the three months ended December 31, 2024, the Company had net income of $68.6 million, or $1.48 basic and $1.43 diluted earnings per share.
For the three months ended December 31, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $30.3 million, or $0.65 basic and $0.63 diluted earnings per share, which excludes from net income (i) a $52.6 million, or $1.13 per basic and $1.09 per diluted share, gain on sales of vessels, (ii) a $13.9 million, or $0.30 per basic and $0.29 per diluted share, fair value loss on financial assets measured at fair value, and (iii) a $0.5 million, or $0.01 per basic and diluted share, loss on extinguishment of debt and write-off of deferred financing fees.
Results for the year ended December 31, 2025 and 2024
For the year ended December 31, 2025, the Company had net income of $344.3 million, or $7.40 basic and $7.03 diluted earnings per share.
For the year ended December 31, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $269.5 million, or $5.79 basic and $5.51 diluted earnings per share, which excludes from net income (i) a $45.5 million, or $0.98 per basic and $0.93 per diluted share, gain on sales of vessels, (ii) a $35.2 million, or $0.76 per basic and $0.72 per diluted share, fair value gain on financial assets measured at fair value, and (iii) a $5.9 million, or $0.13 per basic and $0.12 per diluted share, loss on extinguishment of debt and write-off of deferred financing fees.
For the year ended December 31, 2024, the Company had net income of $668.8 million, or $13.78 basic and $13.15 diluted earnings per share.
For the year ended December 31, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $512.9 million, or $10.57 basic and $10.08 diluted earnings per share, which excludes from net income (i) a $176.5 million, or $3.64 per basic and $3.47 per diluted share, gain on sales of vessels, (ii) a $2.8 million, or $0.06 per basic and diluted share, gain on sale of a vessel within a joint venture, (iii) a $15.0 million, or $0.31 per basic and $0.29 per diluted share, fair value loss on financial assets measured at fair value, and (iv) a $8.5 million, or $0.18 per basic and $0.17 per diluted share, loss on extinguishment of debt and write-off of deferred financing fees.
Declaration of Dividend
On February 11, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.45 per common share, with a payment date of March 20, 2026 to all shareholders of record as of March 6, 2026 (the record date). As of February 12, 2026, there were 51,762,790 common shares of the Company issued and outstanding.
Summary of Fourth Quarter 2025 and Other Recent Significant Events
- Below is a summary of the average daily Time Charter Equivalent (“TCE”) revenue (see Non-IFRS Measures section below) 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 2026 as of the date hereof (See footnotes to “Other operating data” table below for the definition of daily TCE revenue):
| Pool and Spot Market | Time Charters Out of the Pool | Bareboat Charter Out of the Pool | |||||||||||||
| Average Daily TCE Revenue | Expected Revenue Days(1) | % of Days | Average Daily TCE Revenue | Expected Revenue Days(1) | Average Daily Revenue | Expected Revenue Days(1) | % of Days | ||||||||
| LR2 | $ | 46,000 | 2,111 | 70 | % | $ | 31,000 | 901 | $ | — | — | 100 | % | ||
| MR | $ | 27,500 | 3,288 | 63 | % | $ | 26,800 | 355 | $ | 12,986 | 90 | 100 | % | ||
| Handymax | $ | 25,500 | 1,156 | 50 | % | $ | 23,000 | 89 | $ | — | — | 100 | % | ||
(1) Expected Revenue Days are the total number of calendar days in the quarter for each vessel, less the total number of estimated off-hire days during the period associated with 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. The Company uses revenue days to show changes in net vessel revenues between periods.
- Below is a summary of the average daily TCE revenue earned by the Company’s vessels during the fourth quarter of 2025:
| Average Daily TCE Revenue | ||||||
| Vessel class | Pool / Spot | Time Charters | Daily Bareboat Charter Rate | |||
| LR2 | $ | 34,364 | $ | 32,651 | $ | — |
| MR | $ | 24,428 | $ | 24,755 | $ | 12,986 |
| Handymax | $ | 24,044 | $ | 22,904 | $ | — |
- In February 2026, the Company declared options to purchase two scrubber-fitted LR2 newbuilding product tankers that are to be constructed at Dalian Shipbuilding Industry Co., Ltd. in China for $68.5 million per vessel. Deliveries are expected in the third and fourth quarters of 2029.
- In December 2025, the Company entered into time charter-out agreements on two LR2 product tankers, STI Alexis and STI Rose, each for a term of five years at a rate of $29,000 per day. The time charter-out for STI Alexis commenced in January 2026 and the time charter-out for STI Rose is expected to commence in February 2026.
- In December 2025, the Company entered into an agreement to sell the 2015 built scrubber-fitted LR2 product tanker, STI Kingsway, for $57.5 million. This sale is expected to close within the first or second quarter of 2026.
- In December 2025, the Company entered into an agreement to sell the 2016 built scrubber-fitted LR2 product tanker, STI Gallantry for $52.3 million. This sale is expected to close within the first quarter of 2026.
- In December 2025, the Company entered into agreements to purchase two scrubber-fitted LR2 newbuilding product tankers for $70.8 million per vessel. The vessels are being constructed at Dalian Shipbuilding Industry Co., Ltd. in China and deliveries are expected in the third quarter of 2027.
- In December 2025, the Company entered into agreements to construct two scrubber-fitted Very Large Crude Carriers (“VLCCs”) at Hanwha Ocean Co. Ltd. in South Korea. The purchase price is $128.0 million per vessel (inclusive of additional equipment that the Company has the option to purchase) with deliveries expected in the third and fourth quarters of 2028.
- In November 2025, the Company entered into agreements to purchase four scrubber-fitted MR newbuilding product tankers, which are currently under construction at Jingjiang Nanyang Shipbuilding Co., Ltd. in China. The purchase price is $45.0 million per vessel and the expected deliveries are one vessel in each of the second and fourth quarters of 2026, and the first and second quarters of 2027.
- During the fourth quarter of 2025, the Company closed on the sales of six vessels consisting of one 2020 built scrubber-fitted MR product tanker, STI Maestro, for $42.0 million, four 2014 built scrubber-fitted MR product tankers, STI Battery, STI Venere, STI Milwaukee and STI Yorkville, for $32.0 million per vessel, and one 2019 built scrubber-fitted LR2 product tanker, STI Lobelia, for $61.2 million. During the first quarter of 2026, the Company closed on the sales of the 2019 built scrubber-fitted LR2 product tanker, STI Lavender, for $61.2 million, and the 2016 built scrubber-fitted LR2 product tanker, STI Goal, for $52.3 million.
- During the fourth quarter of 2025, the Company made unscheduled prepayments totaling $154.6 million in aggregate on certain of its secured credit facilities (as described below). This amount represented the scheduled principal amortization due under the Company’s credit facilities from January 1, 2026 through December 31, 2027.
- During the fourth quarter of 2025, the Company sold 4,054,480 common shares of DHT Holdings Inc. (“DHT”) at an average price of $13.31 per share. As a result of these sales, the Company no longer has an ownership position in DHT.
Securities Repurchase Program
As of February 10, 2026, there is $173.4 million available under the Company’s 2023 Securities Repurchase Program.
Diluted Weighted Number of Shares
The computation of earnings per share is determined by taking into consideration the potentially dilutive shares arising from the Company’s equity incentive plan. Potentially dilutive shares are excluded from the computation of earnings per share to the extent they are anti-dilutive.
For the three months ended December 31, 2025, the Company’s basic weighted average number of shares outstanding was 47,148,749. For the three months ended December 31, 2025, the Company’s diluted weighted average number of shares outstanding was 49,422,642, which included the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan.