Scorpio Tankers (STNG) F-3ASR Automatic shelf registration (foreign)

Exhibit 12.1

Ratio of Earnings to Fixed Charges

The following table sets forth our ratio of earnings to fixed charges for each of the years ended December 31, 2015, 2014, 2013, 2012 and 2011.

For the year ended December 31,

In thousands of U.S. dollars	2015			2014			2013			2012				2011
Earnings:
Add:
Income / (loss) before income or loss from associate and income taxes	$	217,749		$	50,618		$	16,646		$	(26,537	)		$	(82,727	)
Fixed charges (calculated below)		96,761			41,784			11,614			12,263				7,492
Amortization of capitalized interest		1,103			363			165			39				-
Less:											-				-
Interest capitalized		(5,571	)		(17,482	)		(6,379	)		(3,220	)			(573	)
Earnings		310,042			75,283			22,046			(17,455	)			(75,808	)
Fixed charges:
Interest expensed and capitalized on bank loans		77,434			33,368			7,221			6,494				5,524
Amortization of deferred financing fees		17,418			4,834			332			4,093				986
Interest component of rent		1,909			3,582			4,061			1,676				982
Fixed charges		96,761			41,784			11,614			12,263				7,492
Ratio of earnings to fixed charges (1)		3.20	x		1.80	x		1.90	x		-		(2)		-		(2)

⁽¹⁾ For purposes of calculating the ratios of consolidated earnings to fixed charges:

•  "earnings" consist of  net income before income or loss from associate as prepared under IFRS, plus fixed charges and the amortization of capitalized interest, net of capitalized interest; and

•  "fixed charges" represent interest expensed and capitalized, amortization of deferred financing fees (whether expensed or capitalized) and the Company's estimate of the interest component of rent.

The ratios of earnings to fixed charges are ratios that we are required to present in this prospectus and have been calculated in accordance with Commission rules and regulations. These ratios have no application to any of our credit facilities or unsecured borrowings and we believe they are not ratios generally used by investors to evaluate our overall operating performance.

⁽²⁾ Our earnings were insufficient to cover fixed charges and accordingly, the ratio was less than 1:1.  We would have needed to generate additional earnings of $29.7 million, and $83.3 million to achieve coverage of 1:1 in the years ended December 31, 2012 and 2011, respectively.