MONACO, Sept. 6, 2022 (GLOBE NEWSWIRE) — Scorpio Tankers Inc. STNG (“Scorpio Tankers” or the “Company”) is providing an update on events in the third quarter of 2022, including daily TCE earnings in the third quarter of 2022 and the exercise of purchase options on eight vessels.

Third Quarter 2022 Daily Time Charter Equivalent (“TCE”) Revenue

The following is a summary of the average daily TCE earnings and length of contracted voyages in the pools and off-pool spot and time charters for the Company’s vessels to date for the third quarter of 2022:

(1) TCE Revenue, a non-IFRS metric, is vessel revenue less voyage expenses (including bunker and port dues). TCE revenue is included here as it is a standard shipping industry performance indicator used primarily to compare changes in a shipping company’s performance from period to period regardless of changes in the mix of charter types (i.e. spot charter, time charter and pool charter) and provides useful information for investors and management.

(2) Forecast revenue days are the total number of calendar days in the quarter for each vessel less the total number of forecast off-hire days during the period related to major repairs or dry docks. Consequently, the forecast revenue days represent the total number of forecast days available for the vessel to generate revenue. Idle days, ie days when a vessel is available to generate revenue but is not busy, are included in revenue days. We use revenue days to show changes in ship net revenue between time periods.

The exercise of purchase options on eight ships

The company has announced that it will expand its purchase options to two Handymax…