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Here are 1-3 brief analogies to describe Scorpio Tankers (STNG):

• Imagine Union Pacific, but instead of trains transporting commodities across land, Scorpio Tankers owns and operates a fleet of vessels transporting refined petroleum products across the oceans.

• Think of it like Hertz or Enterprise, but for massive oil tankers that they charter out to companies needing to transport oil products globally.

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• Spot Charter Services: Providing vessels for single voyages to transport refined petroleum products and crude oil between specific ports for customers.
• Time Charter Services: Leasing their fleet of product tankers for a fixed period, allowing customers to utilize the vessels for multiple voyages and routes under their operational control.

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Scorpio Tankers (STNG) is a public company that primarily sells its marine transportation services to other companies (business-to-business or B2B), rather than directly to individuals.

Based on the company's public filings, Scorpio Tankers has a diversified customer base and does not disclose specific major customers by name. The company explicitly states in its 10-K reports that no single customer accounted for 10% or more of its revenue in recent fiscal years (e.g., 7.1% in 2023, 9.0% in 2022, and 7.2% in 2021). Therefore, it does not have individually identified "major customers" in the traditional sense that are publicly disclosed.

However, Scorpio Tankers serves a broad range of entities within the global petroleum and refined product supply chain. The categories of companies that constitute its customer base include:

1. Integrated Oil Majors and National Oil Companies: These are large, often multinational, corporations involved in the exploration, production, refining, and marketing of crude oil and petroleum products. They charter tankers to move crude oil to refineries and refined products to various markets globally.
   • Examples (illustrative of the type of customers, not confirmed specific STNG clients):
     • ExxonMobil (NYSE: XOM)
     • Chevron Corporation (NYSE: CVX)
     • Shell plc (NYSE: SHEL)
     • BP p.l.c. (NYSE: BP)
     • TotalEnergies SE (NYSE: TTE)
2. Independent Petroleum and Product Trading Houses: These companies specialize in the global buying, selling, and logistical management of crude oil, refined products, and other commodities. They utilize tanker services to transport vast quantities of these products to optimize supply and demand across different regions.
   • Examples (illustrative of the type of customers, not confirmed specific STNG clients):
     • Glencore plc (LSE: GLEN)
     • Vitol (private company)
     • Trafigura (private company)
3. Refiners and Industrial End-Users: This category includes companies that operate oil refineries, chemical plants, or other industrial facilities that require the import of crude oil or specific refined petroleum products as feedstock, or the export of their own finished products.
   • Examples (illustrative of the type of customers, not confirmed specific STNG clients):
     • Valero Energy Corporation (NYSE: VLO)
     • Marathon Petroleum Corporation (NYSE: MPC)
     • LyondellBasell Industries N.V. (NYSE: LYB)

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Emanuele A. Lauro, Chairman and Chief Executive Officer

Emanuele A. Lauro is the founder of Scorpio Tankers Inc., established on July 1, 2009, and has served as its Chairman and Chief Executive Officer since April 2010. He also co-founded and served as Chairman and Chief Executive Officer of Eneti Inc., which was formed in 2013 and merged with Cadeler in December 2023. Since January 2024, Mr. Lauro has been the Vice-Chairman of the Cadeler Board of Directors. He joined Scorpio in 2003 and has held senior management positions there since 2004, leading the company's growth from three vessels in 2003 to over 250 vessels by 2021. He founded Scorpio Pools and other ventures like Scorpio Logistics, which began operations in 2007. Mr. Lauro also previously served as CEO of Hermitage Offshore Services Ltd.

Christopher Avella, Chief Financial Officer

Christopher Avella was appointed Chief Financial Officer of Scorpio Tankers in 2023. He joined the company in 2010, serving as Chief Accounting Officer from 2021 to 2023 and Controller from 2014 to 2021. Mr. Avella also held the position of Chief Financial Officer for Hermitage Offshore Services Ltd. from 2019 to 2021. Before joining Scorpio Tankers, he worked at Ernst & Young in both their audit practice (2002-2006) and transaction advisory services practice (2006-2010).

Robert Bugbee, President and Director

Robert Bugbee joined Scorpio in March 2009 and has served as a Director and President of Scorpio Tankers Inc. and the broader Scorpio group of companies since April 2010. He brings over 40 years of experience in the shipping industry. Prior to Scorpio, he was a partner at Ospraie Management LLC between 2007 and 2008. From 1995 to 2007, Mr. Bugbee was employed by OMI Corporation, a NYSE-listed tanker company, where he served as President from January 2002 until the company's sale in 2007. He also co-founded Eneti Inc.

Cameron Mackey, Chief Operating Officer and Director

Cameron Mackey has served as Chief Operating Officer of Scorpio Tankers since April 2010 and as a Director since May 2013. He joined Scorpio in March 2009. Mr. Mackey also held the role of Chief Operating Officer for Hermitage Offshore Services Ltd. from 2018 to 2021 and for Eneti Inc. from 2013 to 2023. His prior experience includes working as an equity and commodity analyst at Ospraie Management LLC from 2007 to 2008, and as Senior Vice President of OMI Marine Services LLC from 2004 to 2007. He has been in the shipping industry since 1994, including service in the merchant navy for Mobil Oil Corporation, where he qualified as a Master Mariner.

Lars Dencker Nielsen, Chief Commercial Officer

Lars Dencker Nielsen is the Chief Commercial Officer at Scorpio Tankers, a role he assumed after joining Scorpio in 2018 as a Commercial Director. He has extensive experience in the shipping industry, beginning his career in 1998 as a Chartering Manager at Dampskibsselskabet NORDEN A/S. He subsequently held various positions at BP, including Regional Chartering Manager and Global Chartering Manager, from 2000 to 2012. In 2012, Mr. Nielsen founded Jellicoe Tankers Ltd. and Jellicoe Invest, and served as CEO of Jellicoe Tankers, which was established with backing from the Greek Tsakos Group.

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1. Volatility of the Tanker Market and Charter Rates: Scorpio Tankers' profitability is highly susceptible to fluctuations in demand for oil and petroleum products and the resulting volatility in charter rates. The tanker market is characterized by intense competition and potential oversupply of vessels, which can depress rates and limit the company's ability to operate profitably.
2. Dependence on Global Trade and Economic Conditions: The demand for the seaborne transportation of refined petroleum products is directly influenced by global trade volumes and broader economic conditions. Economic downturns, or even slower-than-average global trade growth, can lead to reduced shipping demand, thereby negatively impacting Scorpio Tankers' revenue streams.
3. High Capital Expenditure Requirements and Environmental Regulations: The company faces substantial capital expenditures for maintaining and modernizing its fleet. Additionally, evolving global safety and environmental requirements related to vessel operations and recycling can lead to escalated and unexpected costs, including significant investments in green technology.

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• Global Energy Transition and Peak Demand for Refined Petroleum Products: The accelerating global shift away from fossil fuels, driven by the widespread adoption of electric vehicles, expansion of renewable energy sources, and development of sustainable aviation fuels, poses a clear emerging threat. As global consumption of gasoline, diesel, and jet fuel potentially peaks and subsequently declines, the fundamental demand for the seaborne transportation of these refined products, which constitutes Scorpio Tankers' primary business, will diminish. This could lead to reduced tanker utilization, downward pressure on charter rates, and the devaluation of their existing fleet over the medium to long term.
• Increasing Environmental Regulations and Carbon Pricing in Shipping: The introduction and expansion of stringent environmental regulations, such as the EU Emissions Trading System (ETS) for maritime transport and increasingly ambitious International Maritime Organization (IMO) targets for greenhouse gas reduction, are emerging threats. These measures directly increase operating costs for conventional vessels through carbon taxes and potentially necessitate significant capital expenditure for fleet upgrades, retrofits, or investment in more expensive alternative fuel technologies. This could erode profit margins, make older, less efficient vessels economically unviable, and increase the cost of doing business, impacting Scorpio Tankers' competitiveness and profitability.

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Scorpio Tankers Inc. (STNG) primarily operates in the marine transportation sector, specializing in the seaborne transportation of refined petroleum products such as gasoline, diesel, jet fuel, and naphtha. The company also has exposure to the crude oil tanker market, especially with recent investments in Very Large Crude Carriers (VLCCs).

The addressable markets for Scorpio Tankers' main products and services are as follows:

• Global Product Tankers Market (Refined Petroleum Products): This market was valued at approximately USD 22.1 billion in 2024 and is projected to grow to USD 33.2 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 4.7% from 2025 to 2033.
• Global Crude Oil Tanker Market: This market was estimated to be around USD 263.73 billion in 2024 and is projected to grow to USD 391.72 billion by 2035, exhibiting a CAGR of 3.66% during the forecast period from 2025 to 2035. Another estimate places the global crude oil tanker market size at approximately USD 179.86 billion in 2025, expected to reach USD 244.71 billion by 2034, with a CAGR of about 3.48% from 2025 to 2034.

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• Fleet Modernization and Enhanced Operational Efficiency: Scorpio Tankers is actively upgrading its fleet by divesting older MR product tankers and acquiring new, technologically advanced, and scrubber-fitted MR newbuilding vessels. These new vessels are scheduled for delivery through 2026 and 2027. This modernization strategy aims to boost operational efficiency, capture greater market share, and command premium charter rates due to the enhanced capabilities and environmental compliance of the newer ships.
• Strategic Expansion into the Crude Tanker Market: The company has made a strategic move into the crude oil transportation sector by signing letters of intent to construct two Very Large Crude Carriers (VLCCs), with deliveries anticipated in late 2028. This expansion positions Scorpio Tankers to capitalize on expected favorable market conditions in the crude tanker segment, diversifying its revenue streams beyond primarily refined petroleum products.
• Increased Ton-Mile Demand Driven by Global Refining Shifts and Geopolitics: Structural changes in global refining, including refinery closures in Europe and North America alongside limited new capacity additions, are leading to longer average distances for refined products trade. Additionally, geopolitical factors and evolving trade routes (e.g., redirection of Russian oil, diversification of energy sources) are contributing to increased ton-mile demand for both crude and refined petroleum products. These longer voyages directly translate to higher utilization rates and support for freight rates.
• Favorable Supply-Side Dynamics in the Tanker Market: The global tanker fleet is rapidly aging, and there has been a slowdown in new tanker orders since mid-2024, coupled with limited shipyard capacity until the second half of 2028. This constrained growth in vessel supply, combined with the increasing obsolescence of older ships due to stricter environmental regulations, is expected to create a tighter market, supporting higher charter rates and utilization for Scorpio Tankers' modern fleet.
• Growing Energy Demand from Emerging Economies: Rapid industrialization and sustained economic growth in emerging economies, particularly across the Asia-Pacific region (including China and India), are driving an increasing demand for energy. This rising energy consumption necessitates greater imports of crude oil and refined petroleum products, thereby fueling consistent demand for tanker transportation services.

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Share Repurchases

• From January 1, 2023, through September 30, 2025, Scorpio Tankers repurchased $826 million of its shares.
• As of September 6, 2024, $225.0 million remained available under the 2023 Securities Repurchase Program, which initially authorized $400 million.
• From April 1, 2024, through September 6, 2024, the company repurchased 3,813,287 common shares at an average price of $74.54 per share.

Inbound Investments

• Scorpio Services Holding Limited purchased 100,000 common shares in the open market on July 14, 2020, at an average price of $12.83 per share.
• The President of the Company, Robert Bugbee, acquired call options on 550,000 common shares for $2.1 million in July 2020.

Outbound Investments

• During the third quarter of 2025, Scorpio Tankers sold 4,778,000 common shares of DHT Holdings Inc. at an average price of $12.50 per share.
• In October 2025, an additional 502,686 common shares of DHT Holdings Inc. were sold at an average price of $12.71 per share.
• Since October 28, 2025, the Company sold 2,382,226 common shares of DHT Holdings Inc. at an average price of $13.25 per share.

Capital Expenditures

• Scorpio Tankers is replacing four older MR product tankers by acquiring four MR newbuilding resales at $45.0 million per vessel, with deliveries scheduled for 2026 and 2027.
• In November 2025, the company signed letters of intent to construct two Very Large Crude Carriers (VLCCs) at $128 million per vessel, with deliveries expected in the second half of 2028.
• Capital expenditures were $24.663 million for the three months ended March 31, 2025, primarily focused on drydocking, scrubbers, ballast water treatment systems, and other vessel-related payments.