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Here are 1-2 brief analogies for Scorpio Tankers (STNG):

• It's like the Maersk of refined petroleum transportation.
• Think of them as the Delta Airlines for refined oil products, but on the high seas.

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• LR2 Tanker Services: Seaborne transportation of large quantities of refined petroleum products using LR2 (Long Range 2) vessels.
• LR1 Tanker Services: Seaborne transportation of refined petroleum products on long-range routes using LR1 (Long Range 1) vessels.
• MR Tanker Services: Seaborne transportation of medium quantities of refined petroleum products across various routes using MR (Medium Range) vessels.
• Handymax Tanker Services: Seaborne transportation of smaller quantities of refined petroleum products using Handymax vessels.

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Scorpio Tankers Inc. (STNG) operates in the business-to-business sector, providing seaborne transportation services for refined petroleum products. Due to the nature of their chartering business, which involves numerous contracts with various entities, Scorpio Tankers does not publicly disclose individual major customers by name. Their SEC filings indicate that no single customer accounted for 10% or more of their total revenues for the past several years, signifying a diversified customer base.

However, Scorpio Tankers' customers generally fall into the following categories, as identified in their public filings:

• Major Oil Companies: These are large, integrated companies involved in all aspects of the oil and gas industry, from exploration and production to refining and marketing.
  Examples of such companies (not necessarily specific direct customers of STNG, but representative of the type of customer):
  • ExxonMobil (XOM)
  • Shell plc (SHEL)
  • Chevron (CVX)
• National Oil Companies (NOCs): These are oil and gas companies that are owned or controlled by national governments.
  Examples of such companies (not necessarily specific direct customers of STNG, but representative of the type of customer):
  • Saudi Aramco (2222.SR - Saudi Exchange)
  • Petrobras (PBR)
  • Sinopec (SNP)
• Oil Traders: Companies that specialize in buying, selling, and transporting crude oil and refined petroleum products on the global market. Many significant oil traders are privately held.
  Examples of such companies (not necessarily specific direct customers of STNG, but representative of the type of customer):
  • Glencore (GLEN.L - London Stock Exchange, also trades commodities including oil)
  • Vitol (Private company)
  • Trafigura (Private company)

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Emanuele Lauro, Chief Executive Officer

Mr. Lauro is the founder, Chairman, and Chief Executive Officer of Scorpio Tankers Inc. (NYSE: STNG) since the closing of its initial public offering in 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 (NYSE: CDLR) in December 2023. Since January 2024, he has served as Vice-Chairman of the Cadeler Board of Directors. He has chaired and held executive roles in various US-listed as well as private entities in the maritime industry. Additionally, he founded and developed Scorpio Logistics in 2007.

Christopher Avella, Chief Financial Officer

Mr. Avella has been with Scorpio Tankers since 2010. He previously served as the Chief Accounting Officer from 2021 through 2023 and Controller from 2014 through 2021. He also served as the Chief Financial Officer of Hermitage Offshore Services Ltd. between 2019 and 2021. Prior to joining Scorpio Tankers, he was a senior manager at Ernst & Young, working in its audit practice from 2002 through 2006 and its transaction advisory services practice from 2006 through 2010.

Robert Bugbee, President & Director

Mr. Bugbee joined Scorpio in March 2009 and has served as President of the Scorpio group of companies and Scorpio Tankers Inc. since the closing of its initial public offering in April 2010. He brings over 36 years of experience in the shipping industry. He also co-founded and served as President and Director of Eneti Inc. from 2013 to 2022, and served as President and director of Hermitage Offshore Services Ltd. between 2018 and 2021. Before joining Scorpio, Mr. Bugbee was a partner at Ospraie Management LLP from 2007 to 2008, and served as President of OMI Corporation, an NYSE-listed tanker company that was sold in 2007.

Cameron Mackey, Chief Operating Officer & Director

Mr. Mackey has served as the Company's Chief Operating Officer since the closing of its initial public offering in April 2010 and as a Director from May 2013 until October 2025. He joined Scorpio in March 2009. He also served as Chief Operating Officer of Eneti Inc. from 2013 to 2022. Prior to joining Scorpio, he was an equity and commodity analyst at Ospraie Management LLC from 2007 to 2008 and Senior Vice President of OMI Marine Services LLC from 2004 to 2007. He has been employed in the shipping industry since 1994, including licensed positions in the merchant navy on tankers for Mobil Oil Corporation.

Lars Dencker Nielsen, Chief Commercial Officer

Mr. Nielsen joined Scorpio in 2018 as Commercial Director and currently holds the position of Chief Commercial Officer. He previously served as the CEO of Jellicoe Tankers Ltd. Prior to that, he was a Global Chartering Manager at BP from 2004 to June 2012. He has extensive experience in the shipping industry, with over 20 years at a top tier level.

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1. Market Cyclicality and Fluctuations in Demand and Charter Rates: Scorpio Tankers operates in a cyclical industry where freight rates and vessel values are highly susceptible to changes in the global supply and demand for refined petroleum products and tanker capacity. An oversupply of new vessels or a decline in demand for petroleum products could lead to lower charter rates and diminished profitability. Forecasted revenues for Scorpio Tankers indicate potential demand challenges ahead.
2. Geopolitical Instability and Disruption of Shipping Routes: As a company engaged in worldwide seaborne transportation, Scorpio Tankers is exposed to geopolitical events and regional conflicts that can disrupt crucial shipping routes, leading to increased transit times, higher operating costs (such as insurance premiums and bunker prices), and potential delays. Examples include military escalations that affect vital passages like the Strait of Hormuz, which is a critical corridor for a significant portion of global seaborne oil trade and refined oil products.
3. Energy Transition and Environmental Regulations: The long-term global shift away from fossil fuels and increasing emphasis on sustainability pose a significant risk to the demand for refined petroleum products. Additionally, Scorpio Tankers faces risks from evolving governmental rules and environmental regulations, which can lead to higher regulatory and fleet renewal costs to comply with stricter emission standards and other environmental mandates.

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For Scorpio Tankers (STNG), several key factors are expected to drive future revenue growth over the next two to three years:

1. Sustained Strong Product Tanker Rates and Ton-Mile Demand: The company anticipates continued strength in product tanker rates, building on a trend of five consecutive quarters of improvement, with momentum extending into Q1 2026. This is driven by structural factors such as refinery closures lengthening trade routes and expanding ton-mile demand. Geopolitical events, like recent attacks in the US-Iran region, have also contributed to a surge in product tanker rates.
2. Fleet Modernization and Operational Efficiency: Scorpio Tankers is actively upgrading its fleet by selling older vessels and investing in modern newbuildings. This strategy aims to create a younger, more efficient fleet, positioning the company for higher earnings power and enhancing its ability to capitalize on market conditions.
3. Strengthened Financial Position and Flexibility: A significant reduction in net debt, transitioning from $3.1 billion in 2021 to a net cash position of $309 million in Q1 2026, provides Scorpio Tankers with substantial financial resilience. This, coupled with approximately $1.7 billion in liquidity and a historically low daily cash breakeven of $11,000 per vessel, enhances the company's ability to navigate market volatility, make strategic investments, and generate strong free cash flow, thereby supporting revenue growth.
4. Increased Demand for Longer-Term Time Charters: The company has observed a strong increase in demand for multiyear time charters, including three- and five-year deals, for its LR2/Aframax and MR vessels. Securing these longer-term contracts provides more stable and predictable revenue streams, contributing to consistent top-line growth.

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Share Repurchases

• In 2024, Scorpio Tankers repurchased $336 million of its common stock.
• In 2023, the company repurchased shares for $489 million.
• As of February 12, 2026, $173.4 million remained available under the company's share repurchase program.

Outbound Investments

• Scorpio Tankers increased its stake in DHT Holdings Inc.
• Since October 28, 2025, the company sold its remaining 3,551,794 common shares in DHT Holdings Inc. at an average price of $13.40 per share, resulting in an approximate $30 million cash gain.

Capital Expenditures

• Scorpio Tankers purchased two new scrubber-fitted LR2 product tankers for $70.8 million each, with delivery scheduled for the third quarter of 2027.
• The company declared options to purchase two additional scrubber-fitted LR2 newbuilding product tankers for $68.5 million per vessel, with deliveries expected in the third and fourth quarters of 2029.
• The overall newbuilding orderbook includes four LR2s, four MR tankers due for delivery in 2026 and 2027, and two VLCCs slated for the second half of 2028, reflecting a strategy of fleet renewal and growth.