Scorpio Tankers Inc. Announces an Update on Daily TCE Rates

Monaco - Jun 18, 2020

Scorpio Tankers, Inc. (NYSE: STNG) (the “Company”) announced today an update on daily TCE rates.

Below is a summary of the estimated average daily Time Charter Equivalent (“TCE”) revenue (see definition below) and duration of contracted pool activities (voyages and time charters) for the Company’s vessels as of today for the quarters ending June 30, 2020 and September 30, 2020.

(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. The estimates and coverage are subject to change until voyages are finalized.

About Scorpio Tankers Inc.
Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. The Company’s fleet consists of 137 owned, finance leased or bareboat chartered-in product tankers (42 LR2 tankers, 12 LR1 tankers, 62 MR tankers and 21 Handymax tankers) with an average age of 4.7 years. The Company also has a leasehold interest in an MR product tanker that is currently under construction. Additional information about the Company is available at the Company’s website, which is not a part of this press release.

Scorpio Tankers Inc. press release