Scorpio Tankers Inc. reported its results for the three months ended September 30, 2025. The Company also announced that its board of directors (the “Board of Directors”) has declared a quarterly cash dividend on its common shares of $0.42 per share.
Results for the three months ended September 30, 2025 and 2024
For the three months ended September 30, 2025, the Company had net income of $84.5 million, or $1.81 basic and $1.73 diluted earnings per share.
For the three months ended September 30, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $72.7 million, or $1.56 basic and $1.49 diluted earnings per share, which excludes from net income (i) a $12.7 million, or $0.27 per basic and $0.26 per diluted share, fair value gain on financial assets measured at fair value, and (ii) a $0.9 million, or $0.02 per basic and diluted share, loss on the extinguishment of debt and write-offs of deferred financing fees.
For the three months ended September 30, 2024, the Company had net income of $158.7 million, or $3.31 basic and $3.16 diluted earnings per share.
For the three months ended September 30, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $87.7 million, or $1.83 basic and $1.75 diluted earnings per share, which excludes from net income (i) a $69.3 million, or $1.45 per basic and $1.38 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, and (iii) a $1.1 million, or $0.02 per basic and diluted share, fair value loss on financial assets measured at fair value.
Results for the nine months ended September 30, 2025 and 2024
For the nine months ended September 30, 2025, the Company had net income of $216.2 million, or $4.66 basic and $4.46 diluted earnings per share.
For the nine months ended September 30, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $189.5 million, or $4.09 basic and $3.91 diluted earnings per share, which excludes from net income (i) a $29.7 million, or $0.64 per basic and $0.61 per diluted share, fair value gain on financial assets measured at fair value, and (ii) a $3.0 million, or $0.07 per basic and $0.06 per diluted share, loss on the extinguishment of debt and write-offs of deferred financing fees.
For the nine months ended September 30, 2024, the Company had net income of $600.2 million, or $12.18 basic and $11.62 diluted earnings per share.
For the nine months ended September 30, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $482.6 million, or $9.79 basic and $9.34 diluted earnings per share, which excludes from net income (i) a $124.0 million, or $2.52 per basic and $2.40 per diluted share, gain on sales of vessels, (ii) a $2.8 million, or $0.06 per basic and $0.05 per diluted share, gain on sale of a vessel within a joint venture, (iii) a $1.1 million, or $0.02 per basic and diluted share, fair value loss on financial assets measured at fair value, and (iv) a $8.1 million, or $0.16 per basic and diluted share, write-off or acceleration of the amortization of deferred financing fees related to unscheduled debt and lease payments and debt extinguishment costs on certain lease financing obligations.
Declaration of Dividend
On October 29, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.42 per common share, with a payment date of December 5, 2025 to all shareholders of record as of November 14, 2025 (the record date). As of October 29, 2025, there were 51,762,790 common shares of the Company issued and outstanding.
Summary of Third 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 fourth quarter of 2025 as of the date hereof (See footnotes to “Other operating data” table below for the definition of daily TCE revenue):
- Below is a summary of the average daily TCE revenue earned by the Company’s vessels during the third quarter of 2025:
- In October 2025, the Company reached agreements with the lenders on certain of its secured credit facilities to make unscheduled prepayments totaling $154.6 million in aggregate. This amount represents the scheduled principal amortization due under the Company’s credit facilities from January 1, 2026 through December 31, 2027. These prepayments are expected to occur in the fourth quarter of 2025.
- In October 2025, the Company entered into a time charter-out agreement on an LR2 product tanker, STI Spiga, for one year at a rate of $35,000 per day.
- In September 2025, the Company entered into agreements to sell two 2019 built scrubber-fitted LR2 product tankers, STI Lobelia and STI Lavender, for $61.2 million per vessel, and the 2020 built scrubber-fitted MR product tanker, STI Maestro, for $42.0 million. The sales of these vessels are expected to close within the fourth quarter of 2025.
- In August 2025, the Company commenced a time charter-out agreement on an LR2 product tanker, STI Orchard, for a term of five years at a rate of $28,350 per day.
- In August 2025, the Company commenced a bareboat charter-out agreement on an MR product tanker, STI Bosphorus, at a bareboat rate of $13,150 per day (which is equivalent to a time charter equivalent rate of approximately $21,000 per day). The vessel is chartered to a third-party joint venture which re-flagged the vessel to the United States in order for it to participate in the U.S. Government’s Tanker Security Program (TSP). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, subject to annual renewal within the National Defense Authorization Act (“NDAA”).
- During the third quarter of 2025, the Company sold 4,778,000 common shares of DHT Holdings Inc. (“DHT”) at an average price of $12.50 per share. In October 2025, the Company sold an additional 502,686 common shares at an average price of $12.71 per share. The Company owns 3,551,794 common shares of DHT as of October 28, 2025.
Securities Repurchase Program
As of October 28, 2025, 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. These potentially dilutive shares are excluded from the computation of earnings per share to the extent they are anti-dilutive.
For the three months ended September 30, 2025, the Company’s basic weighted average number of shares outstanding was 46,599,567. For the three months ended September 30, 2025, the Company’s diluted weighted average number of shares outstanding was 48,818,293, which included the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan.