Scorpio Tankers Inc. Q3 2021 Earnings Presentation

Scorpio Tankers Inc.

Third Quarter 2021 Earnings Presentation

November 11, 2021

Disclaimer and Forward-looking Statements

This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Scorpio Tankers Inc.'s ("Scorpio's") current views with respect to future events and financial performance. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in Scorpio's records and other data available from third parties. Although Scorpio believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond Scorpio's control, Scorpio cannot assure you that it will achieve or accomplish these expectations, beliefs, projections or future financial performance.

Risks and uncertainties include, but are not limited to, the failure of counterparties to fully perform their contracts with Scorpio, the strength of world economies and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the tanker vessel markets, changes in Scorpio's operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of our vessels, the market for Scorpio's vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental and environmental rules and regulations or actions taken by regulatory authorities including those that may limit the commercial useful lives of tankers, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports Scorpio files with, or furnishes to, the Securities and Exchange Commission, or the Commission, and the New York Stock Exchange, or NYSE. Scorpio undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of Scorpio's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements

This presentation describes time charter equivalent revenue, or TCE revenue, which is not a measure prepared in accordance with IFRS (i.e. a "Non-IFRS" measure). TCE revenue is presented here because we believe that it provides investors with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. This Non-IFRS measure should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with IFRS.

The Company believes that the presentation of TCE revenue is useful to investors because it facilitates the comparability and the evaluation of companies in the Company's industry. In addition, the Company believes that TCE revenue is useful in evaluating its operating performance compared to that of other companies in the Company's industry. The Company's definition of TCE revenue may not be the same as reported by other companies in the shipping industry or other industries. See appendix for a reconciliation of TCE revenue to revenue, please see the Appendix of this presentation.

Unless otherwise indicated, information contained in this presentation concerning Scorpio's industry and the market in which it operates, including its general expectations about its industry, market position, market opportunity and market size, is based on data from various sources including internal data and estimates as well as third party sources widely available to the public such as independent industry publications, government publications, reports by market research firms or other published independent sources. Internal data and estimates are based upon this information as well as information obtained from trade and business organizations and other contacts in the markets in which Scorpio operates and management's understanding of industry conditions. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed above. You are cautioned not to give undue weight to such information, data and estimates. While Scorpio believes the market and industry information included in this presentation to be generally reliable, it has not independently verified any third-party information or verified that more recent information is not available.

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Investment Highlights

The Largest & Most Modern

Product Tanker Fleet in the

World

Strong Liquidity Position

Limited Capex Going Forward

Scorpio Has Significant

Operating Leverage

Favorable Long Term

Supply/Demand Fundamentals

• 131 wholly owned, finance leased or bareboat chartered-in tankers on the water with an average age of 5.8 years
• 98 product tanker vessels equipped with exhaust gas scrubbers
• Vessels trading within one of the world's largest product tanker platforms with a strong track record
• Cash and cash equivalents of $228.9 million as of November 10, 2021
• In addition, the Company is in discussions to increase its liquidity by $34.1 million from the refinancing of six vessels.
• Since 2018, the Company completed $445.8 million in capex payments for drydock, ballast water treatment systems and scrubbers
• Remaining capex for FY-21 is $12.8 million
• In addition to the above refinancing's, the Company has $18.0 million of additional liquidity available (after the repayment of existing debt) from previously announced financings that have been committed and are tied to scrubber installations
• $1,000/day increase in average daily rates would generate ~$48 million of incremental annualized cash flow(1)
• An increase in average daily rates from $20,000 to $25,000 (25%) translates to an increase in annualized cash flow from $421 million to $665 million, a 57%increase in net cash flow
• Refinery closures and additions are expected to increase seaborne volumes of refined products and ton miles
• Limited newbuilding orders drives lowest orderbook as a percentage of fleet ever recorded
• Favorable supply/demand environment with demand to outstrip growth in 2022

1) Based on utilization of 131 vessels and utilization of 365 days per year

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Scorpio Tankers at a Glance

Key Facts

• Scorpio Tankers Inc. ("Scorpio") is the world's largest product tanker owner, providing marine transportation of refined petroleum products (gasoline, diesel, jet fuel and naphtha) to a diversified blue-chip customer base
• NYSE-listedwith compliant governance
• The Company's fleet consists of 131 wholly owned, finance leased or bareboat chartered-in tankers
• Vessels employed in well-established Scorpio pools with a strong track record of outperforming the market
• Headquartered in Monaco, Scorpio is incorporated in the Marshall Islands and is not subject to US income tax
• Diversified blue-chip customer base

1. As of November 10, 2021
2. Includes Tankers built at Hyundai's Vinashin yard in Vietnam

Fleet Overview

Largest Product Tanker Fleet in the World

with 131 Vessels on the Water

14x63x

Handymax	MR
(25,000 - 39,999 dwt)	(40,000 - 59,999 dwt)

12x42x

LR1	LR2
(60,000 - 79,999 dwt)
(80,000 - 120,000 dwt)

Average Age of Fleet:

5.8 Years

Attractive Mix of

Modern MR and LR Vessels

Scrubber Fitted Vessels:

98 vessels1

91% of Fleet Built at

Leading Korean Shipyards2

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Largest & Most Modern Product Tanker Fleet in the World

• World's largest and youngest product tanker fleet, including the leading owner in the MR and LR2 product tanker segments
• While a significant portion of the global MR and LR fleets are older than 15 years of age, the Scorpio fleet has an average age of 5.8 years

				Largest & Most Modern Product Tanker Fleet
(# of Ships)
													16
150							HM		MR		LR1 Total Average Age
		131							14
120													12
			42
													10
90			12	82			78
			6						8

1366

60			22	9
			14	53	50		6
63			13	5	10
				4
							9
30			43				28
		54
			34	41		3
							9	2
							31
14		10.8	12.8	12.6
8.6	10.2	9.1
5.8		6
11	2	5		16
0				0
	Scorpio	BW/Hafnia	TORM	COSCO	International	SCF Group	A.P. Moller
						Seaways

Average Age vs. Worldwide Fleet

15.2

	Scorpio Tankers		Active Fleet

12.2

10.8

9.4

7.1

5.8	5.5	5.7

Handymax

MR

LR1

LR2

Source: Clarksons Shipping Intelligence, November 2021	5
Note: Figures do not include newbuild vessels on order.