The following is a summary of the Scorpio Tankers Inc. (STNG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Scorpio Tankers reported adjusted EBITDA of $166 million and adjusted net income of $87.7 million in Q3 2024.

• Debt was reduced by $115 million since July, further decreasing daily cash break-even costs to $12,500 per vessel per day.

• The company continues its shareholder return policy; over $300 million of shares were repurchased, and a quarterly dividend of $0.40 per share was declared.

Business Progress:

• Scorpio Tankers has strategically capitalized on opportunities to sell assets, completing the sale of six vessels and announcing the sale of another three vessels expected in Q4 2024.

• A 4.9% stake in the crude tanker company DHT was acquired, enhancing its investment portfolio and aligning with an improving crude tanker sector.

Opportunities:

• Continued positive outlook on crude oil and refined products with expected increases in demand, amplified by geopolitical events and shifts in refinery capacity.

• Significant potential for increased ton-mile demand, as highlighted by closures and transitions in refinery capacities and the distance of new product flows.

Risks:

• Seasonal volatility and operational disruptions such as end of summer driving season and elevated refinery maintenance impacting rates.

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