Scorpio Tankers (STNG) 6-K 9 Oct 18 2018 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	Scorpio Tankers Inc.
Entity Central Index Key	1,483,934
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents		$ 164,578	$ 186,462
Accounts receivable		50,302	65,458
Prepaid expenses and other current assets		13,276	17,720
Inventories		8,362	9,713
Total current assets		236,518	279,353
Non-current assets
Vessels and drydock		4,084,167	4,090,094
Vessels under construction			55,376
Other assets		55,538	50,684
Goodwill		11,643	11,482
Restricted cash		12,284	11,387
Total non-current assets		4,163,632	4,219,023
Total assets		4,400,150	4,498,376
Current liabilities
Current portion of long-term debt		230,743	113,036
Finance lease liability		50,622	50,146
Accounts payable		15,761	13,044
Accrued expenses		25,192	32,838
Total current liabilities		322,318	209,064
Non-current liabilities
Long-term debt		1,810,869	1,937,018
Finance lease liability		641,584	666,993
Total non-current liabilities		2,452,453	2,604,011
Total liabilities		2,774,771	2,813,075
Issued, authorized and fully paid-in share capital:
Share capital		3,817	3,766
Additional paid-in capital		2,324,309	2,283,591
Treasury shares		(443,816)	(443,816)
Accumulated deficit	[1]	(258,931)	(158,240)
Total shareholders' equity		1,625,379	1,685,301
Total liabilities and shareholders' equity		$ 4,400,150	$ 4,498,376
[1]	Reflects the impact of the adoption of IFRS 15, Revenue from Contracts with Customers, which is effective for annual periods beginning on January 1, 2018. The standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption (the "modified retrospective method"). We have applied the modified retrospective method upon the date of transition. Accordingly, the cumulative effect of the application of this standard resulted in a $3,888 reduction in the opening balance of Accumulated deficit on January 1, 2018.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)		Jan. 01, 2018	Jun. 30, 2018
Common Shares
Cumulative effect impact of the adoption of new accounting policy	[1]		$ 4,000
Increase (decrease) due to application of IFRS 15
Common Shares
Cumulative effect impact of the adoption of new accounting policy		$ 3,888
[1]	Reflects the impact of the adoption of IFRS 15, Revenue from Contracts with Customers, which is effective for annual periods beginning on January 1, 2018. Refer to Note 1 for further discussion.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income or Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenue
Vessel revenue	$ 298,241	$ 241,219
Operating expenses
Vessel operating costs	(139,904)	(97,986)
Voyage expenses	(4,372)	(3,444)
Charterhire	(35,169)	(38,904)
Depreciation	(87,547)	(61,541)
General and administrative expenses	(26,972)	(23,602)
Loss on sales of vessels and write-down of vessel held for sale		(23,352)
Merger transaction related costs	(271)	(32,530)
Bargain purchase gain		5,417
Total operating expenses	(294,235)	(275,942)
Operating income / (loss)	4,006	(34,723)
Other (expense) and income, net
Financial expenses	(88,367)	(46,694)
Loss on exchange of convertible notes	(16,968)
Realized loss on derivative financial instruments		(116)
Financial income	730	489
Other (expenses) / income, net	(96)	1,262
Total other expense, net	(104,701)	(45,059)
Net loss	$ (100,695)	$ (79,782)
Loss per share
Basic (in USD per share)	$ (0.33)	$ (0.46)
Diluted (in USD per share)	$ (0.33)	$ (0.46)
Basic weighted average number of shares (in shares)	308,914,701	172,096,465
Diluted weighted average number of shares (in shares)	308,914,701	172,096,465
Dividends declared per common share	$ 0.02	$ 0.02

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income or Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Condensed Consolidated Statements of Comprehensive Income or Loss
Net loss	$ (100,695)	$ (79,782)
Total comprehensive loss	(100,695)	(79,782)
Attributable to:
Equity holders of the parent	$ (100,695)	$ (79,782)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity $ in Thousands		Share capitalUSD ($)EquityInstrumentsshares	Additional paid-in capitalUSD ($)	Treasury sharesUSD ($)	(Accumulated deficit) / retained earningsUSD ($)	USD ($)
Beginning balance at Dec. 31, 2016		$ 2,247	$ 1,756,769	$ (443,816)		$ 1,315,200
Beginning balance (in shares) at Dec. 31, 2016 | shares		174,629,755
Net loss for the period					$ (79,782)	(79,782)
Net proceeds from follow on offerings		$ 500	188,209			188,709
Net proceeds from follow on offerings (in shares) | shares		50,000,000
Amortization of restricted stock			11,606			11,606
Dividends paid	[1]		(3,493)			(3,493)
Ending balance at Jun. 30, 2017		$ 2,747	1,953,091	(443,816)	(79,782)	1,432,240
Ending balance (in shares) at Jun. 30, 2017 | shares		224,629,755
Beginning balance at Dec. 31, 2017		$ 3,766	2,283,591	(443,816)	(158,240)	1,685,301
Beginning balance (in shares) at Dec. 31, 2017 | shares		326,507,544
Adoption of accounting standards	[2]				4	4
Net loss for the period					(100,695)	(100,695)
Issuance of restricted stock		$ 51	(51)
Issuance of restricted stock (in shares) | EquityInstruments		5,122,448
Amortization of restricted stock			13,180			13,180
Dividends paid	[1]		(6,579)			(6,579)
Equity component of issuance of Convertible Senior Notes due 2022			34,172			34,172
Equity issuance costs			(4)			(4)
Ending balance at Jun. 30, 2018		$ 3,817	$ 2,324,309	$ (443,816)	$ (258,931)	$ 1,625,379
Ending balance (in shares) at Jun. 30, 2018 | shares		331,629,992
[1]	The Company’s policy is to distribute dividends from available retained earnings first and then from additional paid-in capital.
[2]	Reflects the impact of the adoption of IFRS 15, Revenue from Contracts with Customers, which is effective for annual periods beginning on January 1, 2018. Refer to Note 1 for further discussion.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	Jun. 28, 2018	Mar. 28, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Consolidated Statements of Changes in Shareholders' Equity
Dividends paid per share (in USD per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.02

Condensed Consolidated Cash Flo

Condensed Consolidated Cash Flow Statements - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net loss	$ (100,695)	$ (79,782)
Loss on sales of vessels and write-down of vessel held for sale		23,352
Depreciation	87,547	61,541
Amortization of restricted stock	13,180	11,605
Amortization of deferred financing fees	6,191	6,640
Write-off of deferred financing fees	7,035	867
Bargain purchase gain		(5,417)
Share-based transaction costs		5,973
Accretion of convertible notes	6,435	6,009
Accretion of fair market measurement on debt assumed from merger with NPTI	1,909	37
Loss on exchange of convertible notes	16,968
Cash inflows from operating activities before changes in assets and liabilities	38,570	30,825
Changes in assets and liabilities:
Decrease in inventories	1,473	132
Decrease in accounts receivable	15,039	8,715
Decrease / (increase) in prepaid expenses and other current assets	4,620	(2,639)
Increase in other assets	(3,576)	(3,141)
Increase / (decrease) in accounts payable	2,767	(1,110)
(Decrease) / increase in accrued expenses	(6,165)	27,092
Total changes in assets and liabilities	14,158	29,049
Net cash inflow from operating activities	52,728	59,874
Investing activities
Acquisition of vessels and payments for vessels under construction	(26,057)	(148,197)
Proceeds from disposal of vessels		99,909
Net cash paid for the acquisition of the four LR1 vessels from NPTI		(38,211)
Drydock payments (owned and bareboat-in vessels)	(2,136)	(357)
Net cash outflow from investing activities	(28,193)	(86,856)
Financing activities
Debt repayments	(167,491)	(283,473)
Issuance of debt	142,025	317,775
Debt issuance costs	(13,473)	(10,305)
Increase in restricted cash	(897)	(1,708)
Gross proceeds from issuance of common stock		200,000
Equity issuance costs	(4)	(11,291)
Dividends paid	(6,579)	(3,493)
Net cash (outflow) / inflow from financing activities	(46,419)	207,505
(Decrease) / increase in cash and cash equivalents	(21,884)	180,523
Cash and cash equivalents at January 1,	186,462	99,887
Cash and cash equivalents at June 30,	164,578	280,410
Supplemental information:
Interest paid	$ 67,855	$ 35,454

Condensed Consolidated Cash F_2

Condensed Consolidated Cash Flow Statements (Parenthetical) - USD ($) $ in Millions	May 31, 2018	Apr. 30, 2018
Convertible Notes due 2019
Debt
Aggregate principal amount of notes		$ 188.5
Borrowings interest rate		2.375%
Convertible Notes Due 2022
Debt
Aggregate principal amount of notes	$ 188.5
Borrowings interest rate	3.00%

General information and signifi

General information and significant accounting policies	6 Months Ended
	Jun. 30, 2018
General information and significant accounting policies
General information and significant accounting policies	Notes to the unaudited condensed consolidated financial statements 1. General information and significant accounting policies Company Scorpio Tankers Inc. and its subsidiaries (together “we”, “our” or the “Company”) are engaged in the seaborne transportation of refined petroleum products in the international shipping markets. Scorpio Tankers Inc. was incorporated in the Republic of the Marshall Islands on July 1, 2009. On April 6, 2010, we closed on our initial public offering, and the common stock currently trades on the New York Stock Exchange under the symbol STNG. Our fleet as of June 30, 2018 consisted of 109 owned or finance leased product tankers (14 Handymax, 45 MR, 12 LR1, and 38 LR2) and 17 time or bareboat chartered-in product tankers (seven Handymax, eight MR, and two LR2). Our vessels are commercially managed by Scorpio Commercial Management S.A.M., or SCM, which is majority owned by the Lolli-Ghetti family of which, Mr. Emanuele Lauro, our Chairman and Chief Executive Officer, and Mr. Filippo Lauro, our Vice President, are members. SCM’s services include securing employment, in pools, in the spot market, and on time charters. Our vessels are technically managed by Scorpio Ship Management S.A.M., or SSM, which is majority owned by the Lolli-Ghetti family. SSM facilitates vessel support such as crew, provisions, deck and engine stores, insurance, maintenance and repairs, and other services necessary to operate the vessels such as drydocks and vetting/inspection under a technical management agreement. We also have an administrative services agreement with Scorpio Services Holding Limited, or SSH, which is majority owned by the Lolli-Ghetti family. The administrative services provided under this agreement primarily include accounting, legal compliance, financial, information technology services, and the provision of administrative staff and office space, which are contracted to subsidiaries of SSH. We pay our managers fees for these services and reimburse them for direct or indirect expenses that they incur in providing these services. Basis of accounting The unaudited condensed consolidated financial statements have been presented in United States dollars (“USD” or “$”), which is the functional currency of Scorpio Tankers Inc. and all of its subsidiaries. The unaudited condensed consolidated financial statements for the six months ended June 30, 2018 have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Statements , as issued by the International Accounting Standards Board using the same accounting policies as adopted in the preparation of the consolidated financial statements for the year ended December 31, 2017. These unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards. Going concern The unaudited condensed consolidated financial statements have been prepared in accordance with the going concern basis of accounting as described further in the "Liquidity risk" section of Note 19. Adoption of new and amended International Financial Reporting Standards (“IFRS”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations from January 1, 2018 Standards and interpretations adopted during the period · Amendment to IAS 40 - Investment property · Amendment to IFRS 2 - Share based payment transactions · IFRIC 22 - Foreign currency transactions and advance consideration · IFRS 9 - Financial Instruments The adoption of these standards did not have a material impact on these unaudited condensed consolidated financial statements. IFRS 15, Revenue from Contracts with Customers, was issued by the International Accounting Standards Board on May 28, 2014. IFRS 15 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products or services are transferred to customers. IFRS 15 applies to an entity’s first annual IFRS financial statements for a period beginning on or after January 1, 2018. The standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption (the “modified retrospective method”). We have applied the modified retrospective method upon the date of transition. Our revenue is primarily generated from time charters, participation in pooling arrangements and in the spot market. Of these revenue streams, revenue generated in the spot market is within the scope of IFRS 15. Revenue generated from time charters and from pooling arrangements are within the scope of IFRS 16, Leases , which is discussed further below. For vessels operating in the spot market, we are recognizing revenue ‘over time’ as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. Under IFRS 15, the time period over which revenue is recognized has changed from the previous accounting standard. Prior to the commencement of IFRS 15, revenue from voyage charter agreements was recognized as voyage revenue on a pro-rata basis over the duration of the voyage on a discharge to discharge basis. In the application of this policy, we did not begin recognizing revenue until (i) the amount of revenue could be measured reliably, (ii) it was probable that the economic benefits associated with the transaction would flow to the entity, (iii) the transactions stage of completion at the balance sheet date could be measured reliably, and (iv) the costs incurred and the costs to complete the transaction could be measured reliably. However, under IFRS 15, the performance obligation has been identified as the transportation of cargo from one point to another. Therefore, in a spot market voyage under IFRS 15, revenue is now recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. Moreover, costs incurred in the fulfillment of a voyage charter are deferred and amortized over the course of the charter if they (i) relate directly to such charter, (ii) generate or enhance resources to be used in meeting obligations under the charter and (iii) are expected to be recovered. At December 31, 2017, we had two vessels operating in the spot market and the cumulative effect of the application of this standard under the modified retrospective method resulted in a $3,888 reduction in the opening balance of accumulated deficit on January 1, 2018. Standards and Interpretations issued not yet adopted IFRS 16, Leases, was issued by the International Accounting Standards Board on January 13, 2016. IFRS 16 applies to an entity’s first annual IFRS financial statements for a period beginning on or after January 1, 2019. IFRS 16 amends the definition of what constitutes a lease to be a contract that conveys the right to control the use of an identified asset if the lessee has both (i) the right to obtain substantially all of the economic benefits from the use of the identified asset and (ii) the right to direct the use of the identified asset throughout the period of use. We have determined that our existing pool and time charter-out arrangements meet the definition of leases under IFRS 16, with the Company as lessor, on the basis that the pool or charterer manages the vessels in order to enter into transportation contracts with their customers, and thereby enjoys the economic benefits derived from such arrangements. Furthermore, the pool or charterer can direct the use of a vessel (subject to certain limitations in the pool or charter agreement) throughout the period of use. Moreover, under IFRS 16, we are also required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In time charter-out or pool arrangements, we have determined that the lease component is the vessel and the non-lease component is the technical management services provided to operate the vessel. Each component will be quantified on the basis of the relative stand-alone price of each lease component; and on the aggregate stand-alone price of the non-lease components. These components will be accounted for as follows: · All fixed lease revenue earned under these arrangements will be recognized on a straight-line basis over the term of the lease. · Lease revenue earned under our pool arrangements will be recognized as it is earned, since it is 100% variable. · The non-lease component will be accounted for as services revenue under IFRS 15. This revenue will be recognized “over time” as the customer (i.e. the pool or the charterer) is simultaneously receiving and consuming the benefits of the service. We expect that the application of the above principles will not result in a material difference to the amount of revenue recognized under our existing accounting policies for pool and time-out charter arrangements. IFRS 16 also amends the existing accounting standards to require lessees to recognize, on a discounted basis, the rights and obligations created by the commitment to lease assets on the balance sheet, unless the term of the lease is 12 months or less. The standard will result in the recognition of right-of-use assets and corresponding liabilities, on the basis of the discounted remaining future minimum lease payments. We do not expect this standard to impact the accounting for our existing time or bareboat chartered-in vessels, which are scheduled to expire in the first quarter of 2019, however this standard will result in the recognition of right of use assets and corresponding liabilities for our three bareboat chartered-in vessels, which are scheduled to expire in April 2025. Furthermore, the eventual expected impact of this standard as it pertains to time or bareboat chartered-in vessels cannot be estimated as we are unable to predict what our lease commitments will be at December 31, 2018. Additionally, at the date of authorization of these unaudited condensed consolidated financial statements, the following Standards which have not been applied in these unaudited condensed consolidated financial statements were issued but not yet effective. We do not expect that the adoption of these standards in future periods will have a material impact on our financial statements. · Annual Improvements for IFRS Standards 2015 - 2017 Cycle, which are summarized as follows: ◦ Business Combinations and IFRS 11 Joint Arrangements — The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. ◦ Income Taxes — The amendments clarify that the requirements in the former paragraph 52B (to recognise the income tax consequences of dividends where the transactions or events that generated distributable profits are recognised) apply to all income tax consequences of dividends by moving the paragraph away from paragraph 52A that only deals with situations where there are different tax rates for distributed and undistributed profits. ◦ Borrowing Costs — The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. · Amendment to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture . Clarifies the recognition of gains and losses arising on the sale or contribution of assets that constitute a business and assets do not constitute a business. The effective date is pending. · IAS 19, Employee Benefits - Plan Amendment, Curtailment or Settlement (Amendments to IAS 19): The amendments require an entity to use the updated assumptions from a remeasurement net defined benefit liability or asset resulting from a plan amendment, curtailment or settlement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. · IFRIC 23 Uncertainty over Income Tax Treatments - The interpretation specifies how an entity should reflect the effects of uncertainties in accounting for income taxes.

Merger with Navig8 Product Tank

Merger with Navig8 Product Tankers Inc	6 Months Ended
	Jun. 30, 2018
Merger with Navig8 Product Tankers Inc
Merger with Navig8 Product Tankers Inc	2. Merger with Navig8 Product Tankers Inc In May 2017, we entered into definitive agreements to acquire Navig8 Product Tankers Inc. ("NPTI"), including its fleet of 12 LR1 and 15 LR2 product tankers for approximately 55 million common shares of the Company and the assumption of NPTI’s debt (herein referred to as "the Merger"). On June 14, 2017, we acquired part of NTPI’s business with the acquisition of four LR1 product tankers (the “NPTI Vessel Acquisition”) through the acquisition of entities holding those vessels and related debt for an acquisition price of $42.2 million in cash. On September 1, 2017, all conditions precedent were lifted, the Merger closed, and we acquired NPTI’s remaining business including eight LR1 and 15 LR2 tankers (the "September Closing") when the Merger closed. We assumed NPTI’s aggregate outstanding indebtedness of $907.4 million upon the closing of these transactions. The following represents the final purchase price allocation for the NPTI Vessel Acquisition and the preliminary purchase price allocation for the September Closing as of June 30, 2018. The consideration transferred for the September Closing has been measured at fair value, with the fair value of the common shares issued in September 2017 based on the average of the high and low price of such shares on the date of acquisition. September September Closing - Closing – NPTI Vessel Preliminary Preliminary Acquisition - Purchase Price Measurement Purchase Price Final Purchase Allocation - Period Allocation – In thousands of U.S. dollars Price Allocation December 31, 2017 Adjustments June 30, 2018 Cash and cash equivalents $ 6,180 $ 15,149 — $ 15,149 Restricted cash — 13,641 — 13,641 Trade receivables 3,330 16,323 52 16,375 (1) Prepaid expenses and other assets 2,932 19,940 — 19,940 Inventories 299 1,415 — 1,415 Restricted cash - non-current 4,000 6,380 — 6,380 Vessels, net 158,500 972,750 — 972,750 Accounts payable and accrued expenses (13,720) (2,966) (213) (3,179) (2) Debt (current and non-current) (113,856) (793,519) — (793,519) Redeemable Preferred Shares — (39,495) — (39,495) Net assets acquired and liabilities assumed 47,665 209,618 (161) 209,457 Total purchase price consideration 42,248 221,100 — 221,100 (Bargain purchase) / goodwill (5,417) 11,482 161 11,643 The bargain purchase relating to the NPTI Vessel Acquisition arose primarily as a result of increases in the market prices of secondhand LR1 vessels between the date that the negotiations took place and the closing date of the NPTI Vessel Acquisition, in addition to our bargaining power during the negotiations given NPTI’s immediate need for additional liquidity. This purchase price allocation was finalized in June 2018 and no adjustments were made to this purchase price allocation during the measurement period. The provisional goodwill from the September Closing is attributable to benefits that we expect to realize as a result of the increased size and scale of the combined company and the anticipated benefits that we expect to achieve given this enhanced market position. The measurement period adjustments are described below: (1) The September Closing measurement period adjustments to accounts receivable relates to changes in estimates of revenue earned for vessels operating in the Navig8 Pools (which are owned and operated by the Navig8 Group) during the periods prior to the closing of the Merger. A vessel’s share of pool revenues in a particular period can change in subsequent periods as initial voyage results are finalized for items that have initially been estimated (such as demurrage claims). (2) The September Closing measurement period adjustments to accounts payable and accrued expenses relate to new information obtained regarding certain expense items that relate to the period prior to the closing of the Merger but were not reflected in the initial purchase price allocation.

Prepaid expenses and other asse

Prepaid expenses and other assets	6 Months Ended
	Jun. 30, 2018
Prepaid expenses and other assets
Prepaid expenses and other assets	3. Prepaid expenses and other assets The following is a table summarizing our prepaid expenses and other assets as of June 30, 2018 and December 31, 2017: As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 SSM - prepaid vessel operating expense $ 4,902 $ 6,391 Prepaid insurance - related party 404 2,428 Related party prepaid expenses 5,306 8,819 Prepaid insurance 3,535 1,001 Prepaid interest 1,245 1,153 Third party - prepaid vessel operating expenses 749 1,255 Other prepaid expenses 2,441 5,492 $ 13,276 $ 17,720

Accounts receivable

Accounts receivable	6 Months Ended
	Jun. 30, 2018
Accounts receivable
Accounts receivable	4. Accounts receivable The following table depicts the components of our accounts receivable as of June 30, 2018 and December 31, 2017: As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Scorpio MR Pool Limited $ 27,529 $ 27,720 Scorpio LR2 Pool Limited 13,466 7,026 Scorpio Handymax Tanker Pool Limited 3,525 6,037 Scorpio LR1 Tanker Pool Limited 1,124 3,002 Scorpio Aframax Pool Limited 64 1,095 Receivables from the Scorpio Group Pools 45,708 44,880 Receivables from Navig8 pools 1,834 14,625 Insurance receivables 1,288 870 Freight and time charter receivables 626 2,399 Other receivables 846 2,684 $ 50,302 $ 65,458 Scorpio MR Pool Limited, Scorpio LR2 Pool Limited, Scorpio Aframax Pool Limited, Scorpio Panamax Tanker Pool Limited, Scorpio LR1 Tanker Pool Limited and Scorpio Handymax Tanker Pool Limited are related parties, as described in Note 13. Amounts due from the pools relate to income receivables and receivables for working capital contributions which are expected to be collected within one year. Receivables from Navig8 pools represent amounts due from the Navig8 LR8 and Alpha8 pools for certain vessels that were acquired from NPTI which operated in such pools during the year ended December 31, 2017. $1.5 million out of the $1.8 million outstanding as of June 30, 2018 was collected in July 2018. Insurance receivables primarily represent amounts collectible on our insurance policies in relation to vessel repairs. Freight and time charter receivables represent amounts collectible from customers for our vessels operating on time charter or in the spot market. We consider that the carrying amount of accounts receivable approximates their fair value due to the short maturity thereof. Accounts receivable are non-interest bearing. At June 30, 2018 and December 31, 2017, no material receivable balances were either past due or impaired.

Vessels

Vessels	6 Months Ended
	Jun. 30, 2018
Vessels
Vessels	5. Vessels Operating vessels and drydocks The following is a rollforward of the activity within Vessels and drydock from January 1, 2018 through June 30, 2018: In thousands of U.S. dollars Vessels Drydock Total Cost As of January 1, 2018 $ 4,389,648 $ 82,888 $ 4,472,536 Additions (1) 79,464 2,156 81,620 As of June 30, 2018 4,469,112 85,044 4,554,156 Accumulated depreciation As of January 1, 2018 (347,703) (34,739) (382,442) Charge for the period (78,648) (8,899) (87,547) As of June 30, 2018 (426,351) (43,638) (469,989) Net book value As of June 30, 2018 $ 4,042,761 $ 41,406 $ 4,084,167 Net book value As of December 31, 2017 $ 4,041,945 $ 48,149 $ 4,090,094 (1) Additions during the six months ended June 30, 2018 primarily relate to (i) the deliveries of the newbuilding vessels STI Esles II and STI Jardins and the corresponding calculations of notional drydock on these vessels and (ii) the drydock costs incurred on STI Fontvieille and STI Ville. Vessel deliveries We took delivery of the following newbuilding vessels from Hyundai Mipo Dockyard Co. Ltd. of South Korea ("HMD") during the six months ended June 30, 2018 resulting in an increase of $80.9 million in Vessels and drydock from December 31, 2017. Name Month Delivered Vessel Type STI Esles II January 2018 MR STI Jardins January 2018 MR Carrying values of vessels and vessels under construction At each balance sheet date, we review the carrying amounts of our vessels and related drydock costs to determine if there is any indication that those vessels and related drydock costs have suffered an impairment loss. If such indication exists, the recoverable amount of the vessels and related drydock costs is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. As part of this evaluation, we consider certain indicators of potential impairment, such as market conditions including forecast time charter rates and values for second hand product tankers, discounted projected vessel operating cash flows, and the Company’s overall business plans. At June 30, 2018, we reviewed the carrying amount of our vessels to determine whether there was an indication that these assets had suffered an impairment. First, we compared the carrying amount of our vessels to their fair values less costs to sell (determined by taking into consideration two independent broker valuations). If the carrying amount of our vessels was greater than the fair values less costs to sell, we prepared a value in use calculation where we estimated each vessel’s future cash flows. These estimates were primarily based on (i) a combination of the latest forecast, published time charter rates for the next three years and a 2.47% growth rate (which is based on published historical and forecast inflation rates) in freight rates in each period thereafter and (ii) our best estimate of vessel operating expenses and drydock costs, which are based on our most recent forecasts for the next three years and a 2.47% growth rate in each period thereafter. These cash flows were then discounted to their present value using a pre-tax discount rate of 8.19%. At June 30, 2018, our operating fleet consisted of 109 owned or finance leased vessels. Value in use calculations were performed on all 109 owned or finance leased vessels in operation which resulted in no instances where the present value of the operating cash flows was less than the carrying value. Therefore, an impairment was not recorded. The impairment test that we conduct is most sensitive to variances in the discount rate and future time charter rates. Based on the sensitivity analysis performed for June 30, 2018, a 1.0% increase in the discount rate or a 5.0% decrease in forecasted time charter rates would not result in an impairment charge.

Vessels under construction

Vessels under construction	6 Months Ended
	Jun. 30, 2018
Vessels under construction
Vessels under construction	6. Vessels under construction We had no vessels under construction as of June 30, 2018. A rollforward of the activity within vessels under construction is as follows: In thousands of U.S. dollars Balance as of January 1, 2018 $ 55,376 Installment payments and other capitalized expenses 25,452 Capitalized interest 157 Transfer to operating vessels and drydock (80,985) Balance as of June 30, 2018 $ — Capitalized interest In accordance with IAS 23 “Borrowing Costs,” applicable interest costs are capitalized during the period that vessels are under construction. For the six months ended June 30, 2018 and 2017, we capitalized interest expense for vessels under construction of $0.2 million and $2.9 million, respectively. The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was 5.5% and 4.5% for the six months ended June 30, 2018 and 2017, respectively. We cease capitalizing interest when the vessels reach the location and condition necessary to operate in the manner intended by management.

Other non-current assets

Other non-current assets	6 Months Ended
	Jun. 30, 2018
Other non-current assets
Other non-current assets	7. Other non-current assets The following is a table summarizing our other non-current assets as of June 30, 2018 and December 31, 2017: As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Scorpio LR2 Tanker Pool Ltd. pool working capital contributions (1) $ 31,450 $ 28,050 Scorpio Handymax Tanker Pool Ltd. pool working capital contributions (2) 4,923 6,751 Scorpio LR1 Tanker Pool Ltd. pool working capital contributions (1) 6,600 6,600 Working capital contributions to Scorpio Group Pools 42,973 41,401 Sellers credit on sale leaseback vessels (3) 8,831 8,581 Capitalized loan fees (4) 597 582 Other (5) 3,137 120 $ 55,538 $ 50,684 (1) Upon entrance into the Scorpio LR2 and LR1 Pools, all vessels are required to make initial working capital contributions of both cash and bunkers. Initial working capital contributions are repaid, without interest, upon a vessel’s exit from the pool. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or finance leased vessels we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time chartered-in vessels, we classify the amounts as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. (2) Upon entrance into the Scorpio Handymax Tanker Pool, all vessels are required to make initial working capital contributions of both cash and bunkers. Initial working capital contributions are repaid, without interest, upon a vessel’s exit from the pool no later than six months after the exit date. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned vessels, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time chartered-in vessels, we classify the amounts as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. (3) The sellers credit on lease financed vessels represents the present value of the deposits of $4.35 million per vessel ($13.1 million in aggregate) that was retained by the buyer as part of the sale and operating leasebacks of STI Beryl , STI Le Rocher and STI Larvotto. This deposit will either be applied to the purchase price of the vessel if a purchase option is exercised, or refunded to us at the expiration of the agreement. The present value of this deposit has been calculated based on the interest rate that is implied in the lease, and the carrying value will accrete over the life of the lease, through interest income, until expiration. (4) Primarily represents upfront loan fees on our credit facilities that are expected to be used to refinance existing debt. These are reclassified to Debt when the loan is drawn. (5) Represents drydock costs related to our bareboat-in vessels. These costs are amortized on a straight-line basis over the shorter of the lease term of the respective vessel or the estimated period until the next drydock. Amortization is recognized in Charterhire on the unaudited condensed consolidated statements of income or loss.

Restricted cash

Restricted cash	6 Months Ended
	Jun. 30, 2018
Restricted cash
Restricted cash	8. Restricted cash Restricted cash for the six months ended June 30, 2018 primarily represents debt service reserve accounts that must be maintained as part of the terms and conditions of our 2017 Credit Facility, Citibank/K-Sure Credit Facility, ABN AMRO/K-Sure Credit Facility, and the lease financing arrangements with CMB Financial Leasing Co. Ltd and Bank of Communications Financial Leasing (LR2s). The funds in these accounts will be applied against the principal balance of these facilities upon maturity.

Accounts payable

Accounts payable	6 Months Ended
	Jun. 30, 2018
Accounts payable
Accounts payable	9. Accounts payable The following table depicts the components of our accounts payable as of June 30, 2018 and December 31, 2017: As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Scorpio Ship Management S.A.M. (SSM) $ 2,754 $ 766 Scorpio Services Holding Limited (SSH) 245 190 Insurance liabilities - related party 155 2,163 Amounts due to a port agent - related party 144 60 Scorpio Commercial Management S.A.M. (SCM) 135 186 Scorpio LR2 Pool Limited — 365 Scorpio Aframax Tanker Pool Limited — 74 Scorpio LR1 Pool Limited — 22 Accounts payable to related party 3,433 3,826 Suppliers 12,328 9,218 $ 15,761 $ 13,044 The majority of accounts payable are settled with a cash payment within 90 days. No interest is charged on accounts payable. We consider that the carrying amount of accounts payable approximates fair value.

Accrued expenses

Accrued expenses	6 Months Ended
	Jun. 30, 2018
Accrued expenses
Accrued expenses	10. Accrued expenses The following table depicts the components of our accrued expenses as of June 30, 2018 and December 31, 2017: As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Accrued expenses to a related party port agent $ 372 $ 35 Accrued expenses to SSM 145 — Accrued expenses to a related party insurance broker — 26 Accrued expenses to SCM — 5 Accrued expenses to related parties 517 66 Accrued interest 12,132 13,078 Suppliers 9,678 16,533 Accrued short-term employee benefits 2,460 2,325 Accrued transaction costs relating to the Merger — 34 Other accrued expenses 405 802 $ 25,192 $ 32,838

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt
Debt	11. Debt The following is a rollforward of the activity within debt (current and non-current), by facility, for the six months ended June 30, 2018: Balance as of Activities Balance at June 30, 2018 December Drawdowns / Other Balance as of Consists of: In thousands of U.S. dollars 31, 2017 Additions Repayments activity (1) June 30, 2018 Current Non-Current K-Sure Credit Facility $ 239,919 $ — $ (87,574) $ — $ 152,345 17,862 134,483 KEXIM Credit Facility 332,950 — (16,825) — 316,125 33,650 282,475 Credit Suisse Credit Facility 53,488 — — — 53,488 3,890 49,598 ABN AMRO Credit Facility 113,312 — (4,444) — 108,868 8,887 99,981 ING Credit Facility 109,844 — — — 109,844 7,847 101,997 BNPP Credit Facility 42,550 — (1,725) — 40,825 3,450 37,375 Scotiabank Credit Facility 28,860 — — — 28,860 28,860 — NIBC Credit Facility 34,712 — (1,021) — 33,691 3,443 30,248 2016 Credit Facility 195,979 — (10,522) — 185,457 19,042 166,415 2017 Credit Facility 141,814 21,450 (6,207) — 157,057 13,265 143,792 HSH Credit Facility 15,416 — (796) — 14,620 1,540 13,080 DVB 2017 Credit Facility 78,440 — (2,960) — 75,480 5,920 69,560 Credit Agricole Credit Facility 103,914 — (4,283) 437 100,068 7,724 92,344 ABN AMRO/K-Sure Credit Facility 49,908 — (1,925) 391 48,374 3,091 45,283 Citi/K-Sure Credit Facility 104,052 — (4,208) 996 100,840 6,483 94,357 ABN AMRO/SEB Credit Facility — 120,575 — — 120,575 11,500 109,075 Ocean Yield Sale and Leaseback 169,016 — (5,125) 102 163,993 10,388 153,605 CMBFL Sale and Leaseback 65,915 — (2,454) 97 63,558 4,721 58,837 BCFL Sale and Leaseback (LR2s) 104,187 — (3,665) 302 100,824 6,803 94,021 CSSC Sale and Leaseback 269,965 — (8,654) (416) 260,895 18,119 242,776 BCFL Sale and Leaseback (MRs) 109,232 — (5,102) — 104,130 10,707 93,423 Unsecured Senior Notes Due 2020 53,750 — — — 53,750 — 53,750 Unsecured Senior Notes Due 2019 57,500 — — — 57,500 57,500 — Convertible Notes due 2019 328,717 — (180,376) 5,515 153,856 — 153,856 Convertible Notes due 2022 — 154,329 — 920 155,249 — 155,249 2,803,440 296,354 (347,866) 8,344 2,760,272 284,692 2,475,580 Less: deferred financing fees (36,247) (3,433) — 13,226 (26,454) (3,327) (23,127) Total $ 2,767,193 $ 292,921 $ (347,866) $ 21,570 $ 2,733,818 $ 281,365 $ 2,452,453 (1) Relates to (i) non-cash accretion or amortization of indebtedness assumed as part of the Merger with NPTI, which were recorded at fair value on the closing dates, (ii) accretion of our Convertible Notes due 2019 and Convertible Notes due 2022 (defined below) and (iii) amortization and write-offs of deferred financing fees. Interest expense on all of our borrowings that has been incurred and is unpaid as of June 30, 2018 is accrued for within Accrued Expenses (see Note 10). We were in compliance with all of the financial covenants set forth under the above borrowing arrangements as of June 30, 2018. Secured Debt Amendment of Minimum Interest Coverage Ratio In February and March 2018, we amended the ratio of EBITDA to net interest expense financial covenants on our secured credit facilities for the quarters ended June 30, 2018, September 30, 2018 and December 31, 2018. Under this amendment, the ratio was reduced to greater than 1.50 to 1.00 from 2.50 to 1.00. Vessel delivery and related debt drawdown In January 2018, we took delivery of STI Jardins , an MR product tanker that was under construction at HMD and we drew down $21.5 million from our 2017 Credit Facility to partially finance the purchase of this vessel. Refinancing initiatives In April 2018, we announced a series of initiatives to refinance the existing indebtedness on certain of the vessels in our fleet. Below is a discussion of the credit facilities that were executed during the six months ended June 30, 2018. We also reached agreements, and subsequently executed, sale and leaseback transactions which closed during the third quarter of 2018 or are expected to close during the fourth quarter of 2018. These transactions are described in Note 21. ABN AMRO / SEB Credit Facility In June 2018, we executed a senior secured term loan facility with ABN AMRO Bank N.V. and Skandinaviska Enskilda Banken AB for up to $120.6 million. This loan was fully drawn in June 2018 and the proceeds were used to refinance the existing indebtedness of $87.6 million under our K-Sure Credit Facility relating to five vessels consisting of one Handymax product tanker ( STI Hammersmith ), one MR product tanker ( STI Westminster ), and three LR2 product tankers ( STI Connaught, STI Winnie and STI Lauren ). We wrote off $3.3 million of deferred financing fees during the six months ended June 2018 as a result of this transaction. The ABN/SEB Credit Facility has a final maturity of June 2023 and bears interest at LIBOR plus a margin of 2.6% per annum. The loan will be repaid in equal quarterly installments of $2.9 million per quarter, in aggregate, for the first eight installments and $2.5 million per quarter, in aggregate, thereafter, with a balloon payment due upon maturity. Our ABN AMRO / SEB Credit Facility includes financial covenants that require us to maintain: · The ratio of net debt to total capitalization no greater than 0.65 to 1.00. · Consolidated tangible net worth of no less than $1,265,728,005 plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after January 1, 2018 and (ii) 50% of the net proceeds of new equity issuances occurring on or after January 1, 2018. · Minimum liquidity of not less than the greater of $25.0 million and $500,000 per each owned vessel plus $250,000 per each time chartered-in vessel. · The aggregate of the fair market value of the vessels provided as collateral under the facility shall be: 130% from the date of this agreement and ending on the second anniversary thereof and; 140% at all times thereafter. The amount outstanding relating to this facility was $120.6 million as of June 30, 2018, and we were in compliance with the financial covenants relating to this facility as of that date. $35.7 Million Term Loan Facility In June 2018, we executed an agreement with a leading European financial institution for a $35.7 million term loan facility. The loan facility was fully drawn in August 2018 (as discussed in Note 21 below), and the proceeds were used to refinance the existing indebtedness related to two MR product tankers ( STI Memphis and STI Soho ), which were previously financed under the BNP Paribas Credit Facility. We accelerated $0.1 million of deferred financing fee amortization during the six months ended June 30, 2018 as a result of this agreement and wrote-off an additional $0.1 million of deferred financing fees upon closing. The loan facility has a final maturity of June 2021, bears interest at LIBOR plus a margin of 2.5% per annum and will be repaid in equal quarterly installments of $0.8 million, in aggregate, with a balloon payment due upon maturity. The remaining terms and conditions, including financial covenants, are similar to those set forth in the Company’s existing credit facilities. ING Credit Facility In June 2018, we executed an agreement to upsize our $132.5 million credit facility with ING Bank N.V. to $171.2 million. The upsized portion of the loan facility was fully drawn in September 2018 (as discussed in Note 21 below) and was used to refinance the existing outstanding indebtedness relating to one Handymax product tanker ( STI Rotherhithe ) and one MR product tanker ( STI Notting Hill ), which were previously financed under the Company’s K-Sure Credit Facility. We accelerated $0.5 million of deferred financing fee amortization during the six months ended June 30, 2018 as a result of this agreement and wrote-off an additional $0.5 million of deferred financing fees upon closing. The upsized portion of the loan facility has a final maturity of June 2022 and bears interest at LIBOR plus a margin of 2.4% per annum. The loan will be repaid in equal quarterly installments of $1.0 million per quarter, in aggregate, for the first eight installments and $0.8 million per quarter, in aggregate, thereafter, with a balloon payment due upon maturity. The remaining terms and conditions of the upsized portion, including financial covenants, are similar to those set forth in the Company’s existing credit facilities. Unsecured debt Convertible Senior Notes due 2019 In May 2018, we exchanged $188.5 million (out of $348.5 million outstanding) in aggregate principal amount of our 2.375% Convertible Senior Notes due 2019 (the “Convertible Notes due 2019”) for $188.5 million in aggregate principal amount of the Company’s new 3.0% Convertible Senior Notes due 2022 (the “Convertible Notes due 2022”), the terms of which are described below. This exchange was executed with certain holders of the Convertible Notes due 2019 via separate, privately negotiated agreements. The carrying value of the debt component of the Convertible Notes due 2019 that were part of exchange was $180.4 million on the date of the exchange. The principal amount of the new Convertible Senior Notes due 2022 ($188.5 million) was determined to approximate the fair value of the extinguished debt component on the date of the exchange (the fair value attributed to the extinguished equity component was determined to be close to zero). As this transaction was accounted for as an extinguishment of debt, a loss of $17.0 million was recorded representing the difference between the carrying value of $180.4 million and (i) the aggregate consideration exchanged of $188.5 million of newly issued Convertible Notes due 2022 and (ii) all transaction costs incurred. The conversion rate of our Convertible Notes due 2019 is subject to change upon the issuance of a dividend. The table below details the dividends issued during the six months ended June 30, 2018 and the corresponding effect on the conversion rate of the Convertible Notes due 2019. Share Adjusted Record Date Dividends per Share Conversion Rate (1) March 12, 2018 $ 0.01 99.2056 June 6, 2018 0.01 99.5277 (1) Per $1,000 principal amount of the Convertible Notes. The carrying values of the liability component of the Convertible Notes as of June 30, 2018 and December 31, 2017, were $153.9 million and $328.7 million, respectively. We incurred $3.6 million of coupon interest and $5.5 million of non-cash accretion on our Convertible Notes due 2019 during the six months ended June 30, 2018. We were in compliance with the covenants related to the Convertible Notes due 2019 as of June 30, 2018 and December 31, 2017. Convertible Senior Notes due 2022 As discussed above, in May 2018, we exchanged $188.5 million in aggregate principal amount of our Convertible Notes due 2019 for $188.5 million in aggregate principal amount of newly issued Convertible Notes due 2022. The Convertible Notes due 2022 are senior, unsecured obligations of the Company and bear interest at a rate of 3.0% per year. Interest is payable semi-annually in arrears on November 15 and May 15 of each year, beginning on November 15, 2018. The Convertible Notes due 2022 will mature on May 15, 2022, unless earlier converted or repurchased in accordance with their terms. The conversion rate of the Convertible Notes due 2022 was initially 250 common shares per $1,000 principal amount of Convertible Notes due 2022 (equivalent to an initial conversion price of approximately $4.00 per share of the Company’s common stock), and is subject to adjustment upon the occurrence of certain events as set forth in the indenture governing the Convertible Notes due 2022 (such as the payment of dividends). The table below details the dividend issued during the six months ended June 30, 2018 and the corresponding effect on the conversion rate of the Convertible Notes due 2022. Share Adjusted Record Date Dividends per Share Conversion Rate (1) June 6, 2018 0.01 250.8117 (1) Per $1,000 principal amount of the Convertible Notes. The Convertible Notes due 2022 are freely convertible at the option of the holder on or after January 1, 2019 and prior to the close of business on the business day immediately preceding the maturity date, and may be converted at any time prior to the close of business on the business day immediately preceding January 1, 2019 only under the following circumstances: · during any calendar quarter commencing after the calendar quarter ending on March 31, 2018 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 15 trading days (whether or not consecutive) during a period of 25 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; · during the five-business day period after any five consecutive trading day period, or the Measurement Period, in which the trading price (as defined in the indenture) per $1,000 principal amount of Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day or; · upon the occurrence of specified corporate events as defined in the indenture (e.g. consolidations, mergers, a binding share exchange or the transfer or lease of all or substantially all of our assets). Upon conversion of the Convertible Notes due 2022, holders will receive shares of the Company’s common stock. The Convertible Notes due 2022 are not redeemable by the Company. The Convertible Notes due 2022 require us to comply with certain covenants such as restrictions on consolidations, mergers or sales of assets. Additionally, if we undergo a fundamental change (as defined in the indenture), holders may require us to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Upon issuance, we determined the initial carrying value of the liability component of the Convertible Notes due 2022 to be $154.3 million based on the fair value of a similar liability that does not have any associated conversion feature. We utilized recent pricing (with adjustments made to align the tenor) on (i) our Senior Unsecured Notes due 2019, (ii) Senior Unsecured Notes due 2020 and (iii) the pricing on recently issued unsecured bonds in the shipping sector as the basis for this determination. The difference between the fair value of the liability component and the face value of the Convertible Notes due 2022 is being amortized over the term of the Convertible Notes due 2022 under the effective interest method and recorded as part of financial expenses. The residual value (the conversion feature) of $34.2 million was recorded to Additional paid-in capital upon issuance. The carrying value of the liability component of the Convertible Notes due 2022 as of June 30, 2018 was $155.2 million, and we incurred $0.7 million of coupon interest and $0.9 million of non-cash accretion during the six months ended June 30, 2018. We were in compliance with the covenants related to the Convertible Notes due 2022 as of June 30, 2018.

Common Shares

Common Shares	6 Months Ended
	Jun. 30, 2018
Common Shares
Common Shares	12. Common Shares 2013 Equity Incentive Plans In February 2018, our Board of Directors approved the reloading of the 2013 Equity Incentive Plan and reserved an additional 5,122,448 common shares, par value $0.01 per share, of the Company for issuance pursuant to the plan. In March 2018, we issued 5,002,448 shares of restricted stock to our employees and 120,000 shares to our directors for no cash consideration. The share price on the issuance date was $2.22 per share. The vesting schedule of the restricted stock issued to our employee is as follows: Number of restricted shares Vesting Date 1,235,186 September 4, 2020 217,502 November 4, 2020 214,794 March 1, 2021 1,235,186 September 3, 2021 217,502 November 5, 2021 214,794 March 1, 2022 1,235,187 September 2, 2022 217,502 November 4, 2022 214,795 March 1, 2023 5,002,448 The vesting schedule of the restricted stock issued to our directors is (i) one-third of the shares vested on March 1, 2019, (ii) one-third of the shares vest on March 2, 2020, and (iii) one-third of the shares vest on March 1, 2021. In June 2018, we reserved an additional 2,101,409 common shares, par value $0.01 per share, for issuance pursuant to the 2013 Equity Incentive Plan. The following is a summary of activity for the awards of restricted stock that have been granted under our equity incentive plans during the six months ended June 30, 2018. Weighted Average Grant Number of Shares Date Fair Value Outstanding and non-vested, December 31, 2017 19,254,411 $ 5.34 Granted 5,122,448 2.22 Vested (2,702,113) 9.17 Forfeited — — Outstanding and non-vested, June 30, 2018 21,674,746 $ 4.12 As of June 30, 2018, there were 21,674,746 unvested shares of restricted stock outstanding. Assuming that all the restricted stock will vest, the stock compensation expense in future periods, including that related to restricted stock issued in prior periods will be: In thousands of U.S. dollars Employees Directors Total July 1, 2018 through December 31, 2018 $ 11,131 $ 527 $ 11,658 For the year ending December 31, 2019 17,432 555 17,987 For the year ending December 31, 2020 11,502 190 11,692 For the year ending December 31, 2021 5,379 5 5,384 For the year ending December 31, 2022 1,541 — 1,541 For the year ending December 31, 2023 16 — 16 $ 47,001 $ 1,277 $ 48,278 Securities Repurchase Program In May 2015, the Company’s Board of Directors authorized a Securities Repurchase Program to purchase up to an aggregate of $250 million of the Company’s securities which, in addition to our common shares, currently consist of our (i) Convertible Notes due 2019, which were issued in June 2014, (ii) Unsecured Senior Notes Due 2020 (NYSE:SBNA), which were issued in May 2014, (iii) Unsecured Senior Notes Due 2019 (NYSE:SBBC), which were issued in March 2017 and (iv) Convertible Notes due 2022 which were issued in May and July 2018. No securities were repurchased under this program during the period commencing January 1, 2018 through June 30, 2018. As of June 30, 2018, the Company had the authority to purchase up to $147.1 million of its securities under its Securities Repurchase Program. The Company expects to repurchase its securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the Securities Repurchase Program to repurchase any of its securities. We had 49,980,592 common shares held in treasury as of June 30, 2018 and December 31, 2017. Dividend Payments In February 2018, our Board of Directors declared a quarterly cash dividend of $0.01 per share, which was paid on March 28, 2017 to all shareholders of record as of March 12, 2018. In April 2018, our Board of Directors declared a quarterly cash dividend of $0.01 per share, which was paid on June 28, 2018 to all shareholders of record as of June 6, 2018. Shares outstanding As of June 30, 2018, we had 331,629,992 shares outstanding. These shares provide the holders with rights to dividends and voting rights.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2018
Related party transactions
Related party transactions	13. Related party transactions On February 22, 2018, we entered into definitive documentation to memorialize the agreed amendments to the Amended and Restated Master Agreement under a deed of amendment (the “Amendment Agreement”). The Amended and Restated Master Agreement as amended by the Amendment Agreement (the “Revised Master Agreement”), is effective as from January 1, 2018. Pursuant to the Revised Master Agreement, the fixed annual technical management fee was reduced from $250,000 per vessel to $175,000 per vessel and certain services previously provided as part of the fixed fee are now itemized. The aggregate cost, including the costs that are now itemized, for the services provided under the technical management agreement, did not and are not expected to materially differ from the annual technical management fee charged prior to the amendment. Transactions with entities controlled by the Lolli-Ghetti family (herein referred to as related party affiliates) in the unaudited condensed consolidated statements of income or loss and balance sheets are as follows: For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Pool revenue (1) Scorpio MR Pool Limited $ 117,172 $ 111,886 Scorpio LR2 Pool Limited 90,689 60,877 Scorpio Handymax Tanker Pool Limited 41,803 42,471 Scorpio LR1 Tanker Pool Limited 22,721 — Scorpio Panamax Tanker Pool Limited — 1,526 Voyage expenses (2) (805) (812) Vessel operating costs (3) (17,044) (13,120) Administrative expenses (4) (6,290) (4,922) (1) These transactions relate to revenue earned in the Scorpio Group Pools. The Scorpio Group Pools are related party affiliates. When our vessels are in the Scorpio Group Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to our LR1/Panamax and Aframax vessels, $250 per vessel per day with respect to our LR2 vessels, and $325 per vessel per day with respect to each of our Handymax and MR vessels, plus a commission of 1.50% on gross revenue per charter fixture. These are the same fees that SCM charges other vessels in these pools, including third party owned vessels. (2) Related party expenditures included within voyage expenses in the unaudited condensed consolidated statements of income or loss consist of the following: · Expenses due to SCM, a related party affiliate, for commissions related to the commercial management services provided by SCM under the commercial management agreement for vessels that are not in one of the Scorpio Group Pools. SCM’s services include securing employment, in the spot market and on time charters, for our vessels. When not in one of the Scorpio Group Pools, each vessel pays (i) flat fees of $250 per day for LR1/Panamax and LR2/Aframax vessels and $300 per day for Handymax and MR vessels and (ii) commissions of 1.25% of their gross revenue. These expenses are included in voyage expenses in the unaudited condensed consolidated statements of income or loss. · Voyage expenses of $25,747 charged by a related party port agent during the six months ended June 30, 2018. SSH has a majority equity interest in a port agent that provides supply and logistical services for vessels operating in its regions. No voyage expenses were charged during the six months ended June 30, 2017. The fees and rates charged by this port agent are based on the prevailing market rates for such services in each respective region. (3) Related party expenditures included within vessel operating costs in the unaudited condensed consolidated statements of income or loss consist of the following: · Technical management fees of $14.8 million and $10.6 million charged by SSM, a related party affiliate, during the six months ended June 30, 2018. SSM’s services include day-to-day vessel operation, performing general maintenance, monitoring regulatory and classification society compliance, customer vetting procedures, supervising the maintenance and general efficiency of vessels, arranging the hiring of qualified officers and crew, arranging and supervising drydocking and repairs, purchasing supplies, spare parts and new equipment for vessels, appointing supervisors and technical consultants, and providing technical support. · Insurance related expenses of $2.0 million and $2.4 million incurred through a related party insurance broker during the six months ended June 30, 2018 and June 30, 2017. In 2016, an Executive Officer of the Company acquired a minority interest, which in 2018 increased to a majority interest, in an insurance broker which arranges hull and machinery and war risk insurance for certain of our owned and finance leased vessels. This broker has arranged such policies for the Company since 2010 and the extent of the coverage and the manner in which the policies are priced did not change as a result of this transaction. In September 2018, the Executive Officer disposed of their interest in the insurance broker in its entirety to a third party not affiliated with the Company. The amounts recorded reflect the amortization of the policy premiums, which are paid directly to the broker, who then remits the premiums to the underwriters. · Vessel operating expenses of $0.3 million and $0.1 million charged by a related party port agent during the six months ended June 30, 2018 and June 30, 2017, respectively. SSH has a majority equity interest in a port agent that provides supply and logistical services for vessels operating in its region. The fees and rates charged by this port agent are based on the prevailing market rates for such services in each respective region. (4) We have an Amended Administrative Services Agreement with SSH for the provision of administrative staff and office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH is a related party to us. We reimburse SSH for the reasonable direct or indirect expenses that are incurred on our behalf. SSH also arranges vessel sales and purchases for us. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio Group. The expenses incurred under this agreement were as follows, and were recorded in general and administrative expenses in the unaudited condensed consolidated statements of income or loss. · The expense for the six months ended June 30, 2018 of $6.3 million included (i) administrative fees of $5.5 million charged by SSH, (ii) restricted stock amortization of $0.8 million, which relates to the issuance of an aggregate of 1,144,000 shares of restricted stock to SSH employees for no cash consideration, and (iii) the reimbursement of expenses of $23,848. · The expense for the six months ended June 30, 2017 of $4.9 million included (i) administrative fees of $4.0 million charged by SSH, (ii) restricted stock amortization of $0.7 million, which relates to the issuance of an aggregate of 795,000 shares of restricted stock to SSH employees for no cash consideration, and (iii) the reimbursement of expenses of $0.2 million. We had the following balances with related parties, which have been included in the unaudited condensed consolidated balance sheets: As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Assets: Accounts receivable (due from the Pools) (1) $ 45,708 $ 44,880 Accounts receivable and prepaid expenses (SSM) (2) 4,902 6,391 Accounts receivable and prepaid expenses (related party insurance broker) (3) 404 2,428 Other assets (pool working capital contributions) (4) 42,973 41,401 Liabilities: Accounts payable and accrued expenses (SSM) (5) $ 2,899 $ 766 Accounts payable and accrued expenses (related party port agent) 516 95 Accounts payable and accrued expenses (SSH) 245 190 Accounts payable and accrued expenses (related party insurance broker) 155 2,190 Accounts payable and accrued expenses (SCM) 135 191 Accounts payable and accrued expenses (owed to the Pools) — 462 (1) Accounts receivable due from the Scorpio Group Pools relate to hire receivables for revenues earned and receivables from working capital contributions. The amounts as of June 30, 2018 and December 31, 2017 include $23.8 million and $25.7 million, respectively, of working capital contributions made on behalf of our vessels to the Scorpio Group Pools. Upon entrance into such pools, all vessels are required to make working capital contributions of both cash and bunkers. Additional working capital contributions can be made from time to time based on the operating needs of the pools. These amounts are accounted for and repaid as follows: · For vessels in the Scorpio Handymax Tanker Pool, the initial contribution amount is repaid, without interest, upon a vessel’s exit from each pool no later than six months after the exit date. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or finance leased vessels we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time or bareboat chartered-in vessels, we classify the initial contributions as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. Any additional working capital contributions are repaid when sufficient net revenues become available to cover such amounts. · For vessels in the Scorpio MR Pool and Scorpio Panamax Tanker Pool, any contributions are repaid, without interest, when such vessel has earned sufficient net revenues to cover the value of such working capital contributed. Accordingly, we classify such amounts as current (within accounts receivable). · For vessels in the Scorpio LR2 Pool, Scorpio Aframax Pool and Scorpio LR1 pool, the initial contribution amount is repaid, without interest, upon a vessel’s exit from each pool. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or finance leased vessels we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time or bareboat chartered-in vessels we classify the initial contributions as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. Any additional working capital contributions are repaid when sufficient net revenues become available to cover such amounts. (2) Accounts receivable and prepaid expenses from SSM relate to advances made for vessel operating expenses (such as crew wages) that will either be reimbursed or applied against future costs. (3) Accounts receivable and prepaid expenses from related-party insurance brokerage firm (as discussed above) relate to premiums which have been prepaid and are being amortized over the term of the respective policy. (4) Represents the non-current portion of working capital receivables as described above. (5) Represents accounts payable and accrued expenses related to vessel operating expenses that are due to SSM. Prior to September 29, 2016, we paid SSH a fee for arranging vessel purchases and sales, on our behalf, equal to 1% of the gross purchase or sale price, payable upon the consummation of any such purchase or sale. This fee was eliminated for all vessel purchase or sale agreements entered into after September 29, 2016. These fees were capitalized as part of the carrying value of the related vessel for a vessel purchase and are included as part of the gain or loss on sale for a vessel disposal. · During the six months ended June 30, 2018, we paid SSH an aggregate fee of $0.7 million in connection with the delivery of STI Esles II and STI Jardins. The related construction contracts for these vessels were executed in 2015, prior to the amendments to the Amended Administrative Services Agreement, which were effective on September 29, 2016. · During the six months ended June 30, 2017, we paid SSH an aggregate fee of $0.7 million in connection with the delivery of STI Galata and STI Bosphorus. The related construction contracts for these vessels were executed in 2015, prior to the amendments to the Amended Administrative Services Agreement, which were effective on September 29, 2016. Additionally, as part of the sale of STI Emerald in June 2017, we accrued a termination fee of $0.1 million payable to SCM that was due under the commercial management agreement and $0.1 million payable to SSM that was due under the technical management agreement, as of June 30, 2017. These amounts were paid in July 2017. In 2011, we also entered into an agreement to reimburse costs to SSM as part of its supervision agreement for vessels under construction. No amounts were charged under this agreement during the six months ended June 30, 2018. During the six months ended June 30, 2017, we reimbursed SSM $34,800 under this agreement. We also had an agreement with SSM to supervise eight MR product tankers that were under construction at HMD and delivered throughout 2017 and in January 2018. We paid SSM $0.1 million and $0.5 million under this agreement during the six months ended June 30, 2018 and 2017, respectively. Key management remuneration The table below shows key management remuneration for the six months ended June 30, 2018 and 2017: For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Short-term employee benefits (salaries) $ 2,748 $ 2,928 Share-based compensation (1) 10,365 9,761 Total $ 13,113 $ 12,689 (1) Represents the amortization of restricted stock issued under our equity incentive plans. For the purpose of the table above, key management are those persons who have authority and responsibility for making strategic decisions, and managing operating, financial and legal activities. There are no post-employment benefits.

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2018
Segment reporting
Segment reporting	14. Segment reporting Information about our reportable segments for the six months ended June 30, 2018 and 2017 is as follows: For the six months ended June 30, 2018 Reportable Corporate Aframax/L segments and In thousands of U.S. dollars LR1/Panamax Handymax R2 MR subtotal eliminations Total Vessel revenue $ 23,611 $ 48,237 $ 100,066 $ 126,327 $ 298,241 $ — $ 298,241 Vessel operating costs (14,781) (24,163) (45,736) (55,224) (139,904) — (139,904) Voyage expenses (573) (235) (2,966) (598) (4,372) — (4,372) Charterhire — (10,308) (4,652) (20,209) (35,169) — (35,169) Depreciation (9,565) (9,020) (36,010) (32,952) (87,547) — (87,547) General and administrative expenses (593) (1,116) (1,924) (2,430) (6,063) (20,909) (26,972) Merger transaction related costs — — — — — (271) (271) Financial expenses — — — — — (88,367) (88,367) Loss on exchange of convertible notes — — — — — (16,968) (16,968) Financial income 39 8 10 255 312 418 730 Other expenses, net — (46) — — (46) (50) (96) Segment income or loss $ (1,862) $ 3,357 $ 8,788 $ 15,169 $ 25,452 $ (126,147) $ (100,695) For the six months ended June 30, 2017 Reportable Corporate segments and In thousands of U.S. dollars LR1/Panamax Handymax LR2 MR subtotal eliminations Total Vessel revenue $ 2,215 $ 52,502 $ 65,891 $ 120,611 $ 241,219 $ — $ 241,219 Vessel operating costs (340) (23,874) (25,529) (48,243) (97,986) — (97,986) Voyage expenses (20) (2,716) (298) (410) (3,444) — (3,444) Charterhire (2,230) (11,759) (2,748) (22,167) (38,904) — (38,904) Depreciation (281) (9,005) (22,610) (29,645) (61,541) — (61,541) General and administrative expenses (29) (1,068) (1,193) (2,214) (4,504) (19,098) (23,602) Loss on sale of vessels and write-down of vessel held for sale — — — (23,352) (23,352) — (23,352) Merger transaction related costs — — — — — (32,530) (32,530) Bargain purchase gain — — — — — 5,417 5,417 Financial expenses — — — — — (46,694) (46,694) Realized loss on derivative financial instruments — — (116) — (116) — (116) Financial income 4 71 7 92 174 315 489 Other expenses, net — 1,494 — — 1,494 (232) 1,262 Segment income or loss $ (681) $ 5,645 $ 13,404 $ (5,328) $ 13,040 $ (92,822) $ (79,782)

Vessel revenue

Vessel revenue	6 Months Ended
	Jun. 30, 2018
Vessel revenue
Vessel revenue	15. Vessel revenue During each of the six months ended June 30, 2018 and 2017, we had five vessels that earned revenue through long-term time-charter contracts (with initial terms of one year or greater). The remaining vessels earned revenue from the Scorpio Group Pools or in the spot market. The table below depicts our sources of revenue for the six months ended June 30, 2018 and 2017: For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Pool revenue $ 272,436 $ 217,449 Time charter revenue 18,558 18,476 Voyage revenue (spot market) 7,247 5,294 $ 298,241 $ 241,219 Seasonality The tanker market is typically stronger in the winter months of the northern hemisphere as a result of increased oil consumption but weaker in the summer months of the northern hemisphere as a result of lower oil consumption and refinery maintenance. In addition, unpredictable weather patterns during the winter months tend to disrupt vessel scheduling. The oil price volatility resulting from these factors has historically led to increased oil trading activities in the winter months. As a result revenues generated by our vessels have historically been weaker during April to September and stronger during October to March.

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2018
Operating Leases
Operating Leases	16. Operating Leases Time and bareboat chartered-in vessels The following table depicts our time or bareboat chartered-in vessel commitments as of June 30, 2018: Year Charter Rate ($/ Name built Type Charter Type Delivery (1) Expiration day) Active as of June 30, 2018 1 Silent 2007 Handymax Bareboat January-17 March-19 $ 7,500 (2) 2 Single 2007 Handymax Bareboat January-17 March-19 $ 7,500 (2) 3 Star I 2007 Handymax Bareboat January-17 March-19 $ 7,500 (2) 4 Sky 2007 Handymax Bareboat January-17 March-19 $ 6,000 (2) 5 Steel 2008 Handymax Bareboat January-17 March-19 $ 6,000 (2) 6 Stone I 2008 Handymax Bareboat January-17 March-19 $ 6,000 (2) 7 Style 2008 Handymax Bareboat January-17 March-19 $ 6,000 (2) 8 Miss Benedetta 2012 MR Time charter March-18 March-19 $ 14,000 (3) 9 STI Beryl 2013 MR Bareboat April-17 April-25 $ 8,800 (4) 10 STI Le Rocher 2013 MR Bareboat April-17 April-25 $ 8,800 (4) 11 STI Larvotto 2013 MR Bareboat April-17 April-25 $ 8,800 (4) 12 Gan-Trust 2013 MR Time charter January-13 January-19 $ 13,950 (5) 13 CPO New Zealand 2011 MR Time charter September-16 August-18 $ 15,250 (6) 14 CPO Australia 2011 MR Time charter September-16 August-18 $ 15,250 (6) 15 Ance 2006 MR Time charter October-16 September-18 $ 13,500 (7) 16 Densa Alligator 2013 LR2 Time charter February-18 August-18 $ 14,300 (8) 17 Densa Crocodile 2015 LR2 Time charter June-18 December-18 $ 14,800 (9) Time charters that expired during the six months ended June 30, 2018 1 Krisjanis Valdemars 2007 Handymax Time Charter February-11 March-18 $ 11,250 2 Kraslava 2007 Handymax Time Charter January-11 May-18 $ 11,250 3 Vukovar 2015 MR Time Charter May-15 May-18 $ 17,034 4 Zefyros 2013 MR Time Charter July-16 June-18 $ 13,250 (1) Represents delivery date or estimated delivery date. (2) This agreement includes a purchase option which can be exercised through December 31, 2018. If the purchase option is not exercised, the bareboat-in agreement will expire on March 31, 2019. (3) In January 2018, we entered into a time charter-in agreement for one year at $14,000 per day. We have an option to extend the charter for an additional year at $14,400 per day. We took delivery of this vessel in March 2018. (4) In April 2017, we sold and leased back this vessel, on a bareboat basis, for a period of up to eight years for $8,800 per day. The sales price was $29.0 million and we have the option to purchase this vessel beginning at the end of the fifth year of the agreement through the end of the eighth year of the agreement, at market based prices. Additionally, a deposit of $4.35 million was retained by the buyer and will either be applied to the purchase price of the vessel if a purchase option is exercised, or refunded to us at the expiration of the agreement. (5) We have an option to extend this charter for an additional year at $15,750 per day. (6) We have an option to extend this charter for an additional year at $16,000 per day. (7) We have an option to extend this charter for an additional year at $15,000 per day. (8) In February 2018, we entered into a time charter-in agreement for six months at $14,300 per day. We also have an option to extend the charter for an additional six months at $15,310 per day. (9) In May 2018, we entered into a time charter-in agreement for six months at $14,800 per day. We also have an option to extend the charter for an additional six months at $15,350 per day. The undiscounted remaining future minimum lease payments under our time and bareboat charter-in arrangements that are accounted for as operating leases as of June 30, 2018 are $90.4 million. The obligations under these agreements will be repaid as follows: As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Less than 1 year $ 34,297 $ 52,532 1 - 5 years 38,570 42,839 5+ years 17,486 22,264 Total $ 90,353 $ 117,635 The total expense recognized under time and bareboat charterhire agreements that are accounted for as operating leases during the six months ended June 30, 2018 and 2017 was $35.2 million and $38.9 million, respectively. These lease payments include payments for the non-lease elements in our time chartered-in arrangements. Time chartered-out vessels The following table summarizes the terms of our time chartered-out vessels that were in place during the six months ended June 30, 2018. Delivery Date to the Charter Name Year built Type Charterer Expiration Rate ($/ day) 1 STI Pimlico 2014 Handymax February-16 February-19 (1) $ 18,000 2 STI Poplar 2014 Handymax January-16 January-19 (1) $ 18,000 3 STI Notting Hill 2015 MR November-15 October-18 (2) $ 20,500 4 STI Westminster 2015 MR December-15 December-18 (2) $ 20,500 5 STI Rose 2015 LR2 February-16 February-19 (2) $ 28,000 (1) Redelivery is plus 30 days or minus 10 days from the expiry date. (2) Redelivery is plus or minus 30 days from the expiry date. The future minimum payments due to us under these non-cancellable leases are set forth below. These minimum payments are shown net of address commissions, which are deducted upon payment. As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Less than 1 year $ 18,856 $ 35,992 1 - 5 years — 2,176 5+ years — — Total $ 18,856 $ 38,168 These lease payments include payments for the non-lease elements in our time chartered-out arrangements.

Financial expenses

Financial expenses	6 Months Ended
	Jun. 30, 2018
Financial expenses
Financial expenses	17. Financial expenses The following table depicts the components of financial expenses for the six months ended June 30, 2018 and 2017: For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Interest payable, net of capitalized interest (1) $ 66,797 $ 33,141 Amortization of deferred financing fees 6,191 6,640 Write-off of deferred financing fees (2) 7,035 867 Accretion of Convertible Notes due 2019 and 2022 6,435 6,009 Accretion of premiums and discounts on assumed debt (3) 1,909 37 Total financial expenses $ 88,367 $ 46,694 (1) The increase in interest payable, net of capitalized interest was primarily attributable to an increase in the Company’s average debt balance in addition to increases in LIBOR rates compared to the six months ended of June 30, 2017. Average debt outstanding during the six months ended June 30, 2018 and 2017 was $2.8 billion and $2.0 billion, respectively. The increase in average debt during the six months ended June 30, 2018 was primarily the result of the merger with NPTI and the assumption of NPTI’s indebtedness of $907.4 million in aggregate. Interest payable during those periods was offset by interest capitalized from vessels under construction of $0.2 million and $2.9 million during the six months ended June 30, 2018 and 2017, respectively. (2) The write-off of deferred financing fees for the six months ended June 30, 2018 included (i) $1.1 million related to the exchange of Convertible Notes due 2019 in May 2018 (as described in Note 11), (ii) $3.3 million related to refinancing of the existing indebtedness on five vessels under our K-Sure Credit Facility into our ABN / SEB Credit Facility, and (iii) $2.6 million of acceleration of the amortization for a portion of the unamortized deferred financing fees related to the credit facilities that are expected to be refinanced in the third and fourth quarters of 2018 (as described in Note 21). The write-off of deferred financing fees for the six months ended June 30, 2017 included (i) $0.5 million related to the repayment of BNPP Credit Facility as a result of the sales of STI Sapphire and STI Emerald, and (ii) $0.3 million related to the repayment of DVB 2016 Credit Facility. (3) The accretion of premiums and discounts represents the accretion or amortization of the fair value adjustments relating to the indebtedness assumed from NPTI that have been recorded since the closing dates of the NPTI Vessel Acquisition and the September Closing.

Loss per share

Loss per share	6 Months Ended
	Jun. 30, 2018
Loss per share
Loss per share	18. Loss per share The calculation of both basic and diluted loss per share is based on net loss attributable to equity holders of the parent and weighted average outstanding shares of: For the six months ended June 30, In thousands of U.S. dollars except share data 2018 2017 Net loss attributable to equity holders of the parent - basic $ (100,695) $ (79,782) Convertible Notes due 2019 and 2022 - interest expense — — Convertible Notes due 2019 and 2022 - deferred financing amortization — — Net loss attributable to equity holders of the parent - diluted $ (100,695) $ (79,782) Basic weighted average number of shares 308,914,701 172,096,465 Effect of dilutive potential basic shares: Restricted stock — — Convertible Notes due 2019 and 2022 — — — — Diluted weighted average number of shares 308,914,701 172,096,465 Loss Per Share: Basic $ (0.33) $ (0.46) Diluted $ (0.33) $ (0.46) During the six months ended June 30, 2018 and 2017, we incurred net losses and as a result, the inclusion of potentially dilutive shares relating to unvested shares of restricted stock and our Convertible Notes due 2019 and Convertible Notes due 2022 were excluded from the computation of the diluted earnings per share because their effect would have been anti-dilutive. Accordingly, interest expense and deferred financing amortization relating to the Convertible Notes due 2019 and Convertible Notes due 2022 along with the potentially dilutive securities under such notes (representing 63,202,430 and 34,208,348 shares of common stock for the six months ended June 30, 2018 and 2017, respectively) in addition to the potentially dilutive impact of 21,674,746 and 10,214,315 unvested shares of restricted stock were excluded from the computation of diluted earnings per share for the six months ended June 30, 2018 and 2017, respectively.

Financial instruments

Financial instruments	6 Months Ended
	Jun. 30, 2018
Financial instruments
Financial instruments	19. Financial instruments The fair values and carrying values of our financial instruments at June 30, 2018 and December 31, 2017, respectively, are shown in the table below. As of June 30, 2018 As of December 31, 2017 Carrying In thousands of U.S. dollars Fair value Carrying Value Fair value Value Financial assets Cash and cash equivalents (1) $ 164,578 $ 164,578 $ 186,462 $ 186,462 Restricted cash (2) 12,284 12,284 11,387 11,387 Loans and receivables (3) 50,302 50,302 65,458 65,458 Financial liabilities Accounts payable (4) $ 15,761 $ 15,761 $ 13,044 $ 13,044 Accrued expenses (4) 25,192 25,192 32,838 32,838 Secured bank loans (5) 1,623,824 1,623,824 1,615,248 1,615,248 Finance lease liability (6) 692,205 692,205 717,139 717,139 Unsecured Senior Notes Due 2020 (7) 53,535 53,750 53,449 53,750 Unsecured Senior Notes Due 2019 (7) 58,771 57,500 58,466 57,500 Convertible Notes due 2019 (8) 155,888 160,000 316,184 348,500 Convertible Notes due 2022 (9) 191,328 188,500 — — (1) Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. (2) Restricted cash are considered Level 1 items due to the liquid nature of these assets. (3) We consider that the carrying amount of accounts receivable approximate their fair value due to the relative short maturity of these assets. (4) We consider that the carrying amounts of accounts payable and accrued expenses approximate their fair value due to the relative short maturity of these liabilities. (5) The carrying values of our secured bank loans are measured at amortized cost using the effective interest method. We consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $22.7 million and $29.9 million of unamortized deferred financing fees as of June 30, 2018 and December 31, 2017, respectively. (6) The carrying values of our obligations due under lease financing arrangements are measured at amortized cost using the effective interest method. We consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $1.2 million and $1.2 million of unamortized deferred financing fees as of June 30, 2018 and December 31, 2017, respectively. (7) The carrying values of our Unsecured Senior Notes Due 2019 and 2020 are measured at amortized cost using the effective interest method. The carrying values shown in the table are the face value of the notes. These notes have been recorded net of $0.7 million and $1.0 million of unamortized deferred financing fees, respectively on our unaudited condensed consolidated balance sheet as of June 30, 2018. Our Unsecured Senior Notes Due 2019 and 2020 are quoted on the New York Stock Exchange under the symbols ‘SBNA’ and ‘SBBC’, respectively. We consider their fair values to be Level 1 measurements due to their quotation on an active exchange. (8) The carrying value of our Convertible Notes due 2019 shown in the table above is its face value. The liability component of the Convertible Notes due 2019 has been recorded within long-term debt on the unaudited condensed consolidated balance sheet as of June 30, 2018, net of $0.9 million of unamortized deferred financing fees. The equity component of the Convertible Notes due 2019 has been recorded within Additional paid-in-capital on the unaudited condensed consolidated balance sheet, net of $1.9 million of deferred financing fees. This instrument is traded in inactive markets and is valued based on quoted prices which are available based on recent trading activity. Accordingly, we consider its fair value to be a Level 2 measurement. (9) The carrying value of our Convertible Notes due 2022 shown in the table above is its face value. The liability component of the Convertible Notes due 2022 has been recorded within long-term debt on the unaudited condensed consolidated balance sheet as of June 30, 2018. The equity component of the Convertible Notes due 2022 has been recorded within Additional paid-in-capital on the unaudited condensed consolidated balance sheet. This instrument is traded in inactive markets and is valued based on quoted prices which are available based on recent trading activity. Accordingly, we consider its fair value to be a Level 2 measurement. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. We manage liquidity risk by maintaining adequate reserves and borrowing facilities and by continuously monitoring forecast and actual cash flows. Current economic conditions in the product tanker market are challenging and have resulted in the incurrence of significant losses during the six months ended June 30, 2018. Additionally, it is also likely that additional, currently uncommitted sources of financing will be required to meet the financial commitments relating to the scheduled maturities of our Senior Unsecured Notes due 2019 and Convertible Notes due 2019, which are scheduled to mature in June and July of 2019, respectively. We could also pursue other means to raise liquidity, such as through the sale of vessels, to meet these obligations. There can be no assurance that these or other measures will be successful and a deterioration in economic conditions or a failure to refinance our debt that is maturing could cause us to breach our debt covenants and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Based on internal forecasts and projections, which assume the refinancing of the aforementioned debt that is maturing in 2019, and that take into account reasonably possible changes in our trading performance, in addition to our ability to sell or refinance certain vessels, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including but not limited to debt service obligations and charterhire commitments) for a period of at least twelve months from the date of approval of these unaudited condensed consolidated financial statements. Accordingly, we continue to adopt the going concern basis in preparing our unaudited condensed consolidated financial statements.

General and administrative expe

General and administrative expenses	6 Months Ended
	Jun. 30, 2018
General and administrative expenses
General and administrative expenses	20. General and administrative expenses General and administrative expenses increased $3.4 million to $27.0 million from $23.6 million for the six months ended June 30, 2018 and 2017, respectively. This increase was primarily driven by an increase in restricted stock amortization and administrative fees charged by SSH as a result of the growth of the Company’s fleet following the merger with NPTI.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2018
Subsequent events
Subsequent events	21. Subsequent events $35.7 Million Term Loan Facility In August 2018, we drew down $35.7 million from our $35.7 million term loan facility and placed STI Memphis and STI Soho as collateral under this agreement. The proceeds were utilized to repay $26.5 million of the outstanding indebtedness under our BNPP Credit Facility for these vessels. We wrote-off an $0.1 million of deferred financing fees as a result of this repayment. ING Credit Facility In September 2018, we drew down $38.7 million from the ING Credit Facility and the proceeds were used to refinance the existing indebtedness of $26.9 million under our K-Sure Credit Facility relating to one Handymax product tanker ( STI Rotherhithe ) and one MR product tanker ( STI Notting Hill ). We wrote-off $0.5 million of deferred financing fees as a result of this repayment. Sale and Leaseback of Four Product Tankers In June 2018, we reached an agreement to sell and leaseback two MR product tankers ( STI Gramercy and STI Queens ) and two LR2 product tankers ( STI Oxford and STI Selatar ) in two separate transactions to an international financial institution. The borrowing amounts under the arrangement were $24.0 million per MR and $34.0 million per LR2 ($116.0 million in aggregate) and the sales closed in August 2018. The proceeds were utilized to repay $26.5 million of the outstanding indebtedness under our Credit Suisse Credit Facility and $46.6 million of the outstanding indebtedness under our K-Sure Credit Facility for these vessels. Under the terms of these agreements, the Company will bareboat charter-in the vessels for a period of seven years at $7,935 per day for each MR and $11,040 per day for each LR2. In addition, the Company has purchase options beginning at the end of the third year of each agreement, and a purchase obligation for each vessel upon the expiration of each agreement. We are subject to certain additional terms and conditions under this arrangement, which are similar to those set forth in our existing lease financing arrangements. We accelerated $0.2 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and wrote off an additional $2.2 million of deferred financing fees upon closing. 2018 CMB Sale and Leaseback In July 2018, we executed an agreement to sell and leaseback six MR product tankers (STI Battery, STI Milwaukee, STI Tribeca, STI Bronx, STI Manhattan, and STI Seneca ) to CMB Financial Leasing Co., Ltd. The borrowing amount under the arrangement is $141.6 million in aggregate and the sales closed August 2018. The proceeds were utilized to repay $33.5 million of the outstanding indebtedness under our DVB 2017 Credit Facility, $39.7 million of the outstanding indebtedness under our K-Sure Credit Facility and $14.4 million of the outstanding indebtedness under our BNPP Credit Facility for these vessels. Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels at the start of the fourth year of each agreement. The lease bears interest at LIBOR plus a margin of 3.2% per annum and will be repaid in quarterly principal installments of $0.4 million per vessel. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date. We are subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in our existing lease financing arrangements. We accelerated $0.6 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and wrote off an additional $1.5 million of deferred financing fees upon closing. AVIC Sale and Leaseback In July 2018, we executed an agreement to sell and leaseback three MR product tankers ( STI Ville, STI Fontvieille and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. The borrowing amounts under the arrangement are $24.0 million per MR and $36.5 million per LR2 ($145.0 million in aggregate). These agreements closed in August and September 2018. The proceeds were utilized to repay $32.7 million of the outstanding indebtedness under our NIBC Credit Facility, $13.0 million of the outstanding indebtedness under our K-Sure Credit Facility, $28.3 million of the outstanding indebtedness under our Scotiabank Credit Facility and $26.1 million of the outstanding indebtedness under our Credit Suisse Credit Facility for these vessels. Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels beginning at the end of the second year of each agreement. The leases bear interest at LIBOR plus a margin of 3.7% per annum and will be repaid in quarterly principal installments of $0.5 million per MR and $0.8 million per LR2. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date. We are subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in our existing lease financing arrangements. We accelerated $0.8 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and wrote off an additional $1.2 million of deferred financing fees upon closing. China Huarong Sale and Leaseback In May 2018, we reached an agreement to sell and leaseback six 2014 built MR product tankers, (STI Opera, STI Virtus, STI Venere, STI Aqua, STI Dama and STI Regina) to China Huarong Shipping Financial Leasing Co., Ltd. The borrowing amount under the arrangement is $144.0 million in aggregate. These agreements closed in August 2018, and the proceeds were utilized to repay $92.7 million of the outstanding indebtedness under our 2016 Credit Facility. Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels beginning at the end of the third year of each agreement. The leases bear interest at LIBOR plus a margin of 3.5% per annum and will be repaid in equal quarterly principal installments of $0.6 million per vessel. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date. We are subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in our existing lease financing arrangements. We accelerated $0.4 million of deferred financing fee amortization during the second quarter of 2018 as a result of this agreement and wrote off an additional $0.8 million of deferred financing fees upon closing. Sale and Leaseback of Four Product Tankers In July 2018, we reached an agreement to sell and leaseback two Handymax product tankers ( STI Battersea and STI Wembley ) and two MR product tankers ( STI Texas City and STI Meraux ) to an international financial institution. The borrowing amounts under the arrangement are $21.2 million per Handymax and $22.8 million per MR ($88.0 million in aggregate), and these agreements closed in September 2018. The proceeds were utilized to repay $14.8 million of the outstanding indebtedness under our DVB 2017 Credit Facility, $12.6 million of the outstanding indebtedness under our K-Sure Credit Facility, and $30.0 million of the outstanding indebtedness under our 2016 Credit Facility for these vessels. Each agreement is for a fixed term of eight years, and the Company has options to purchase the vessels beginning at the end of the second year of each agreement. The facility bears interest at LIBOR plus a margin of 3.6% per annum and will be repaid in quarterly installments of $0.5 million per vessel. Each agreement also has a purchase obligation at the end of the eighth year, which is equal to the outstanding principal balance at that date. We are subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in our existing lease financing arrangements. We wrote off $1.0 million of deferred financing fees upon closing. Sale and Leaseback of Seven Product Tankers In July 2018, we agreed to sell and leaseback six MR product tankers ( STI San Antonio, STI Benicia, STI St. Charles, STI Yorkville, STI Mayfair and STI Duchessa ) and one LR2 product tanker ( STI Alexis ) to an international financial institution. The borrowing amount under the arrangement is $157.5 million in aggregate. Each agreement is for a fixed term of seven years, and we have options to purchase the vessels beginning at the end of the third year of each agreement. The leases bear interest at LIBOR plus a margin of 3.0% per annum and will be repaid in equal quarterly principal installments of $0.5 million per MR and $0.6 million for the LR2. Each agreement also has a purchase obligation at the end of the seventh year (which is equal to the outstanding principal balance at that date). We are subject to certain additional terms and conditions under this arrangement, including financial covenants, which are similar to those set forth in our existing lease financing arrangements. These transactions are expected to close in October 2018. The Company expects to accelerate $1.7 million of deferred financing fee amortization during the third quarter of 2018 as a result of this transaction. Dividend Declaration In July 2018, our Board of Directors declared a quarterly cash dividend of $0.01 per share, which was paid on September 27, 2018 to all shareholders of record as of September 20, 2018. Convertible Notes due 2019 and 2022 In July 2018, we exchanged $15.0 million in aggregate principal amount of the Convertible Notes due 2019 for $15.0 million in aggregate principal amount of the Company’s Convertible Notes due 2022. The new notes issued in this exchange have identical terms, are fungible with and are part of the series of Convertible Notes due 2022 which were issued in May 2018. This exchange was executed with certain holders of the Convertible Notes due 2019 via separate, privately negotiated agreements. This transaction will be accounted for as an extinguishment of debt and accordingly, we expect to record a loss on extinguishment of $0.9 million during the third quarter of 2018 as a result of this exchange. Additionally, since the conversion rates of our Convertible Notes due 2019 and 2022 are subject to change upon the issuance of a cash dividend, the following changes were made to the conversion rates as a result of the payment of a quarterly dividend on September 27, 2018: · The conversion rate for the Convertible Notes due 2019 Notes was increased to 100.0515 shares of the Company’s common shares per $1,000 principal amount of the Convertible Notes due 2019 Notes, representing an increase of the prior conversion rate of 0.5238 shares for each $1,000 principal amount of the Convertible Notes due 2019. · The conversion rate for the Convertible Notes due 2022 Notes was increased to 252.1317 shares of the Company’s common shares per $1,000 principal amount of the Convertible Notes due 2022 Notes, representing an increase of the prior conversion rate of 1.3201 shares for each $1,000 principal amount of the Convertible Notes due 2022. Reduction in Commercial Management Fees In September 2018, we entered into an agreement with SCM whereby SCM will reimburse certain of the commissions that SCM charges the Company’s vessels to effectively reduce such to 0.85% of gross revenue per charter fixture, effective from September 1, 2018 and ending on June 1, 2019. Amendment of Minimum Interest Coverage Ratio In September 2018, we entered into agreements with certain of our lenders with whom their credit facility has a minimum interest coverage ratio financial covenant in place, to permanently remove such covenant from the terms of each facility. As a result, the Company is no longer required to maintain a ratio of EBITDA to net interest expense on any of its secured credit facilities or lease financing arrangements. As part of these agreements, and for certain of the facilities, the minimum threshold for the aggregate fair market value of the vessels as a percentage of the then aggregate principal amount of each facility was revised to be no less than the following: Facility Minimum ratio KEXIM Credit Facility 155% 2017 Credit Facility 155% 2016 Credit Facility 145% through June 30, 2019, 150% thereafter ABN Credit Facility 145% through June 30, 2019, 150% thereafter DVB Credit Facility 145% through June 30, 2019, 150% thereafter 2013 Equity Incentive Plan In September 2018, we issued 1,981,409 shares of restricted stock to our employees and 120,000 shares to our directors for no cash consideration. The share price on the issuance date was $1.98 per share. The vesting schedule of the restricted stock issued to our employees is (i) one-third of the shares vest on June 9, 2021, (ii) one-third of the shares vest on June 9, 2022, and (iii) one-third of the shares vest on June 8, 2023. The vesting schedule of the restricted stock issued to our directors is (i) one-third of the shares vest on June 10, 2019, (ii) one-third of the shares vest on June 10, 2020, and (iii) one-third of the shares vest on June 9, 2021. Retrofitting of our Fleet In September 2018, we announced that we expect to retrofit the substantial majority of our vessels with exhaust gas cleaning systems, or scrubbers, to comply with the IMO 2020 rules regarding sulfur emissions by the end of the first half of 2020. We have entered into an agreement to retrofit 15 of our LR2s with such systems, which are expected to be installed throughout 2019. The total estimated investment for these systems, including installation, is expected to be between $1.5 and $2.0 million per vessel and we are currently in preliminary discussions with potential lenders to finance a portion (60-70%) of these investments.

General information and signi_2

General information and significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2018
General information and significant accounting policies
Basis of accounting	Basis of accounting The unaudited condensed consolidated financial statements have been presented in United States dollars (“USD” or “$”), which is the functional currency of Scorpio Tankers Inc. and all of its subsidiaries. The unaudited condensed consolidated financial statements for the six months ended June 30, 2018 have been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Statements , as issued by the International Accounting Standards Board using the same accounting policies as adopted in the preparation of the consolidated financial statements for the year ended December 31, 2017. These unaudited condensed consolidated interim financial statements do not include all of the information required for full annual financial statements prepared in accordance with International Financial Reporting Standards.
Going concern	Going concern The unaudited condensed consolidated financial statements have been prepared in accordance with the going concern basis of accounting as described further in the "Liquidity risk" section of Note 19.
Adoption of new and amended IFRS and IFRIC interpretations from January 1, 2018	Adoption of new and amended International Financial Reporting Standards (“IFRS”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations from January 1, 2018 Standards and interpretations adopted during the period · Amendment to IAS 40 - Investment property · Amendment to IFRS 2 - Share based payment transactions · IFRIC 22 - Foreign currency transactions and advance consideration · IFRS 9 - Financial Instruments The adoption of these standards did not have a material impact on these unaudited condensed consolidated financial statements. IFRS 15, Revenue from Contracts with Customers, was issued by the International Accounting Standards Board on May 28, 2014. IFRS 15 amends the existing accounting standards for revenue recognition and is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products or services are transferred to customers. IFRS 15 applies to an entity’s first annual IFRS financial statements for a period beginning on or after January 1, 2018. The standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption (the “modified retrospective method”). We have applied the modified retrospective method upon the date of transition. Our revenue is primarily generated from time charters, participation in pooling arrangements and in the spot market. Of these revenue streams, revenue generated in the spot market is within the scope of IFRS 15. Revenue generated from time charters and from pooling arrangements are within the scope of IFRS 16, Leases , which is discussed further below. For vessels operating in the spot market, we are recognizing revenue ‘over time’ as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. Under IFRS 15, the time period over which revenue is recognized has changed from the previous accounting standard. Prior to the commencement of IFRS 15, revenue from voyage charter agreements was recognized as voyage revenue on a pro-rata basis over the duration of the voyage on a discharge to discharge basis. In the application of this policy, we did not begin recognizing revenue until (i) the amount of revenue could be measured reliably, (ii) it was probable that the economic benefits associated with the transaction would flow to the entity, (iii) the transactions stage of completion at the balance sheet date could be measured reliably, and (iv) the costs incurred and the costs to complete the transaction could be measured reliably. However, under IFRS 15, the performance obligation has been identified as the transportation of cargo from one point to another. Therefore, in a spot market voyage under IFRS 15, revenue is now recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. Moreover, costs incurred in the fulfillment of a voyage charter are deferred and amortized over the course of the charter if they (i) relate directly to such charter, (ii) generate or enhance resources to be used in meeting obligations under the charter and (iii) are expected to be recovered. At December 31, 2017, we had two vessels operating in the spot market and the cumulative effect of the application of this standard under the modified retrospective method resulted in a $3,888 reduction in the opening balance of accumulated deficit on January 1, 2018. Standards and Interpretations issued not yet adopted IFRS 16, Leases, was issued by the International Accounting Standards Board on January 13, 2016. IFRS 16 applies to an entity’s first annual IFRS financial statements for a period beginning on or after January 1, 2019. IFRS 16 amends the definition of what constitutes a lease to be a contract that conveys the right to control the use of an identified asset if the lessee has both (i) the right to obtain substantially all of the economic benefits from the use of the identified asset and (ii) the right to direct the use of the identified asset throughout the period of use. We have determined that our existing pool and time charter-out arrangements meet the definition of leases under IFRS 16, with the Company as lessor, on the basis that the pool or charterer manages the vessels in order to enter into transportation contracts with their customers, and thereby enjoys the economic benefits derived from such arrangements. Furthermore, the pool or charterer can direct the use of a vessel (subject to certain limitations in the pool or charter agreement) throughout the period of use. Moreover, under IFRS 16, we are also required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In time charter-out or pool arrangements, we have determined that the lease component is the vessel and the non-lease component is the technical management services provided to operate the vessel. Each component will be quantified on the basis of the relative stand-alone price of each lease component; and on the aggregate stand-alone price of the non-lease components. These components will be accounted for as follows: · All fixed lease revenue earned under these arrangements will be recognized on a straight-line basis over the term of the lease. · Lease revenue earned under our pool arrangements will be recognized as it is earned, since it is 100% variable. · The non-lease component will be accounted for as services revenue under IFRS 15. This revenue will be recognized “over time” as the customer (i.e. the pool or the charterer) is simultaneously receiving and consuming the benefits of the service. We expect that the application of the above principles will not result in a material difference to the amount of revenue recognized under our existing accounting policies for pool and time-out charter arrangements. IFRS 16 also amends the existing accounting standards to require lessees to recognize, on a discounted basis, the rights and obligations created by the commitment to lease assets on the balance sheet, unless the term of the lease is 12 months or less. The standard will result in the recognition of right-of-use assets and corresponding liabilities, on the basis of the discounted remaining future minimum lease payments. We do not expect this standard to impact the accounting for our existing time or bareboat chartered-in vessels, which are scheduled to expire in the first quarter of 2019, however this standard will result in the recognition of right of use assets and corresponding liabilities for our three bareboat chartered-in vessels, which are scheduled to expire in April 2025. Furthermore, the eventual expected impact of this standard as it pertains to time or bareboat chartered-in vessels cannot be estimated as we are unable to predict what our lease commitments will be at December 31, 2018. Additionally, at the date of authorization of these unaudited condensed consolidated financial statements, the following Standards which have not been applied in these unaudited condensed consolidated financial statements were issued but not yet effective. We do not expect that the adoption of these standards in future periods will have a material impact on our financial statements. · Annual Improvements for IFRS Standards 2015 - 2017 Cycle, which are summarized as follows: ◦ Business Combinations and IFRS 11 Joint Arrangements — The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. ◦ Income Taxes — The amendments clarify that the requirements in the former paragraph 52B (to recognise the income tax consequences of dividends where the transactions or events that generated distributable profits are recognised) apply to all income tax consequences of dividends by moving the paragraph away from paragraph 52A that only deals with situations where there are different tax rates for distributed and undistributed profits. ◦ Borrowing Costs — The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. · Amendment to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture . Clarifies the recognition of gains and losses arising on the sale or contribution of assets that constitute a business and assets do not constitute a business. The effective date is pending. · IAS 19, Employee Benefits - Plan Amendment, Curtailment or Settlement (Amendments to IAS 19): The amendments require an entity to use the updated assumptions from a remeasurement net defined benefit liability or asset resulting from a plan amendment, curtailment or settlement to determine current service cost and net interest for the remainder of the reporting period after the change to the plan. · IFRIC 23 Uncertainty over Income Tax Treatments - The interpretation specifies how an entity should reflect the effects of uncertainties in accounting for income taxes.

Merger with Navig8 Product Ta_2

Merger with Navig8 Product Tankers Inc (Tables)	6 Months Ended
	Jun. 30, 2018
Merger with Navig8 Product Tankers Inc
Schedule of purchase price allocation	September September Closing - Closing – NPTI Vessel Preliminary Preliminary Acquisition - Purchase Price Measurement Purchase Price Final Purchase Allocation - Period Allocation – In thousands of U.S. dollars Price Allocation December 31, 2017 Adjustments June 30, 2018 Cash and cash equivalents $ 6,180 $ 15,149 — $ 15,149 Restricted cash — 13,641 — 13,641 Trade receivables 3,330 16,323 52 16,375 (1) Prepaid expenses and other assets 2,932 19,940 — 19,940 Inventories 299 1,415 — 1,415 Restricted cash - non-current 4,000 6,380 — 6,380 Vessels, net 158,500 972,750 — 972,750 Accounts payable and accrued expenses (13,720) (2,966) (213) (3,179) (2) Debt (current and non-current) (113,856) (793,519) — (793,519) Redeemable Preferred Shares — (39,495) — (39,495) Net assets acquired and liabilities assumed 47,665 209,618 (161) 209,457 Total purchase price consideration 42,248 221,100 — 221,100 (Bargain purchase) / goodwill (5,417) 11,482 161 11,643 The bargain purchase relating to the NPTI Vessel Acquisition arose primarily as a result of increases in the market prices of secondhand LR1 vessels between the date that the negotiations took place and the closing date of the NPTI Vessel Acquisition, in addition to our bargaining power during the negotiations given NPTI’s immediate need for additional liquidity. This purchase price allocation was finalized in June 2018 and no adjustments were made to this purchase price allocation during the measurement period. The provisional goodwill from the September Closing is attributable to benefits that we expect to realize as a result of the increased size and scale of the combined company and the anticipated benefits that we expect to achieve given this enhanced market position. The measurement period adjustments are described below: (1) The September Closing measurement period adjustments to accounts receivable relates to changes in estimates of revenue earned for vessels operating in the Navig8 Pools (which are owned and operated by the Navig8 Group) during the periods prior to the closing of the Merger. A vessel’s share of pool revenues in a particular period can change in subsequent periods as initial voyage results are finalized for items that have initially been estimated (such as demurrage claims). (2) The September Closing measurement period adjustments to accounts payable and accrued expenses relate to new information obtained regarding certain expense items that relate to the period prior to the closing of the Merger but were not reflected in the initial purchase price allocation.

Prepaid expenses and other as_2

Prepaid expenses and other assets (Tables)	6 Months Ended
	Jun. 30, 2018
Prepaid expenses and other assets
Schedule of prepaid expenses and other assets	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 SSM - prepaid vessel operating expense $ 4,902 $ 6,391 Prepaid insurance - related party 404 2,428 Related party prepaid expenses 5,306 8,819 Prepaid insurance 3,535 1,001 Prepaid interest 1,245 1,153 Third party - prepaid vessel operating expenses 749 1,255 Other prepaid expenses 2,441 5,492 $ 13,276 $ 17,720

Accounts receivable (Tables)

Accounts receivable (Tables)	6 Months Ended
	Jun. 30, 2018
Accounts receivable
Summary of the components of accounts receivable	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Scorpio MR Pool Limited $ 27,529 $ 27,720 Scorpio LR2 Pool Limited 13,466 7,026 Scorpio Handymax Tanker Pool Limited 3,525 6,037 Scorpio LR1 Tanker Pool Limited 1,124 3,002 Scorpio Aframax Pool Limited 64 1,095 Receivables from the Scorpio Group Pools 45,708 44,880 Receivables from Navig8 pools 1,834 14,625 Insurance receivables 1,288 870 Freight and time charter receivables 626 2,399 Other receivables 846 2,684 $ 50,302 $ 65,458

Vessels (Tables)

Vessels (Tables)	6 Months Ended
	Jun. 30, 2018
Vessels
Summary of changes in operating vessels and drydocks	In thousands of U.S. dollars Vessels Drydock Total Cost As of January 1, 2018 $ 4,389,648 $ 82,888 $ 4,472,536 Additions (1) 79,464 2,156 81,620 As of June 30, 2018 4,469,112 85,044 4,554,156 Accumulated depreciation As of January 1, 2018 (347,703) (34,739) (382,442) Charge for the period (78,648) (8,899) (87,547) As of June 30, 2018 (426,351) (43,638) (469,989) Net book value As of June 30, 2018 $ 4,042,761 $ 41,406 $ 4,084,167 Net book value As of December 31, 2017 $ 4,041,945 $ 48,149 $ 4,090,094 (1) Additions during the six months ended June 30, 2018 primarily relate to (i) the deliveries of the newbuilding vessels STI Esles II and STI Jardins and the corresponding calculations of notional drydock on these vessels and (ii) the drydock costs incurred on STI Fontvieille and STI Ville.

Vessels Under Construction (Tab

Vessels Under Construction (Tables)	6 Months Ended
	Jun. 30, 2018
Vessels under construction
Summary of changes in vessels under construction	In thousands of U.S. dollars Balance as of January 1, 2018 $ 55,376 Installment payments and other capitalized expenses 25,452 Capitalized interest 157 Transfer to operating vessels and drydock (80,985) Balance as of June 30, 2018 $ —

Other non-current assets (Table

Other non-current assets (Tables)	6 Months Ended
	Jun. 30, 2018
Other non-current assets
Schedule of other non-current assets	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Scorpio LR2 Tanker Pool Ltd. pool working capital contributions (1) $ 31,450 $ 28,050 Scorpio Handymax Tanker Pool Ltd. pool working capital contributions (2) 4,923 6,751 Scorpio LR1 Tanker Pool Ltd. pool working capital contributions (1) 6,600 6,600 Working capital contributions to Scorpio Group Pools 42,973 41,401 Sellers credit on sale leaseback vessels (3) 8,831 8,581 Capitalized loan fees (4) 597 582 Other (5) 3,137 120 $ 55,538 $ 50,684 (1) Upon entrance into the Scorpio LR2 and LR1 Pools, all vessels are required to make initial working capital contributions of both cash and bunkers. Initial working capital contributions are repaid, without interest, upon a vessel’s exit from the pool. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or finance leased vessels we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time chartered-in vessels, we classify the amounts as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. (2) Upon entrance into the Scorpio Handymax Tanker Pool, all vessels are required to make initial working capital contributions of both cash and bunkers. Initial working capital contributions are repaid, without interest, upon a vessel’s exit from the pool no later than six months after the exit date. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned vessels, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time chartered-in vessels, we classify the amounts as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. (3) The sellers credit on lease financed vessels represents the present value of the deposits of $4.35 million per vessel ($13.1 million in aggregate) that was retained by the buyer as part of the sale and operating leasebacks of STI Beryl , STI Le Rocher and STI Larvotto. This deposit will either be applied to the purchase price of the vessel if a purchase option is exercised, or refunded to us at the expiration of the agreement. The present value of this deposit has been calculated based on the interest rate that is implied in the lease, and the carrying value will accrete over the life of the lease, through interest income, until expiration. (4) Primarily represents upfront loan fees on our credit facilities that are expected to be used to refinance existing debt. These are reclassified to Debt when the loan is drawn. (5) Represents drydock costs related to our bareboat-in vessels. These costs are amortized on a straight-line basis over the shorter of the lease term of the respective vessel or the estimated period until the next drydock. Amortization is recognized in Charterhire on the unaudited condensed consolidated statements of income or loss.

Accounts payable (Tables)

Accounts payable (Tables)	6 Months Ended
	Jun. 30, 2018
Accounts payable
Schedule of accounts payable	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Scorpio Ship Management S.A.M. (SSM) $ 2,754 $ 766 Scorpio Services Holding Limited (SSH) 245 190 Insurance liabilities - related party 155 2,163 Amounts due to a port agent - related party 144 60 Scorpio Commercial Management S.A.M. (SCM) 135 186 Scorpio LR2 Pool Limited — 365 Scorpio Aframax Tanker Pool Limited — 74 Scorpio LR1 Pool Limited — 22 Accounts payable to related party 3,433 3,826 Suppliers 12,328 9,218 $ 15,761 $ 13,044

Accrued expenses (Tables)

Accrued expenses (Tables)	6 Months Ended
	Jun. 30, 2018
Accrued expenses
Schedule of accrued expenses	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Accrued expenses to a related party port agent $ 372 $ 35 Accrued expenses to SSM 145 — Accrued expenses to a related party insurance broker — 26 Accrued expenses to SCM — 5 Accrued expenses to related parties 517 66 Accrued interest 12,132 13,078 Suppliers 9,678 16,533 Accrued short-term employee benefits 2,460 2,325 Accrued transaction costs relating to the Merger — 34 Other accrued expenses 405 802 $ 25,192 $ 32,838

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt
Schedule of debt	Balance as of Activities Balance at June 30, 2018 December Drawdowns / Other Balance as of Consists of: In thousands of U.S. dollars 31, 2017 Additions Repayments activity (1) June 30, 2018 Current Non-Current K-Sure Credit Facility $ 239,919 $ — $ (87,574) $ — $ 152,345 17,862 134,483 KEXIM Credit Facility 332,950 — (16,825) — 316,125 33,650 282,475 Credit Suisse Credit Facility 53,488 — — — 53,488 3,890 49,598 ABN AMRO Credit Facility 113,312 — (4,444) — 108,868 8,887 99,981 ING Credit Facility 109,844 — — — 109,844 7,847 101,997 BNPP Credit Facility 42,550 — (1,725) — 40,825 3,450 37,375 Scotiabank Credit Facility 28,860 — — — 28,860 28,860 — NIBC Credit Facility 34,712 — (1,021) — 33,691 3,443 30,248 2016 Credit Facility 195,979 — (10,522) — 185,457 19,042 166,415 2017 Credit Facility 141,814 21,450 (6,207) — 157,057 13,265 143,792 HSH Credit Facility 15,416 — (796) — 14,620 1,540 13,080 DVB 2017 Credit Facility 78,440 — (2,960) — 75,480 5,920 69,560 Credit Agricole Credit Facility 103,914 — (4,283) 437 100,068 7,724 92,344 ABN AMRO/K-Sure Credit Facility 49,908 — (1,925) 391 48,374 3,091 45,283 Citi/K-Sure Credit Facility 104,052 — (4,208) 996 100,840 6,483 94,357 ABN AMRO/SEB Credit Facility — 120,575 — — 120,575 11,500 109,075 Ocean Yield Sale and Leaseback 169,016 — (5,125) 102 163,993 10,388 153,605 CMBFL Sale and Leaseback 65,915 — (2,454) 97 63,558 4,721 58,837 BCFL Sale and Leaseback (LR2s) 104,187 — (3,665) 302 100,824 6,803 94,021 CSSC Sale and Leaseback 269,965 — (8,654) (416) 260,895 18,119 242,776 BCFL Sale and Leaseback (MRs) 109,232 — (5,102) — 104,130 10,707 93,423 Unsecured Senior Notes Due 2020 53,750 — — — 53,750 — 53,750 Unsecured Senior Notes Due 2019 57,500 — — — 57,500 57,500 — Convertible Notes due 2019 328,717 — (180,376) 5,515 153,856 — 153,856 Convertible Notes due 2022 — 154,329 — 920 155,249 — 155,249 2,803,440 296,354 (347,866) 8,344 2,760,272 284,692 2,475,580 Less: deferred financing fees (36,247) (3,433) — 13,226 (26,454) (3,327) (23,127) Total $ 2,767,193 $ 292,921 $ (347,866) $ 21,570 $ 2,733,818 $ 281,365 $ 2,452,453 (1) Relates to (i) non-cash accretion or amortization of indebtedness assumed as part of the Merger with NPTI, which were recorded at fair value on the closing dates, (ii) accretion of our Convertible Notes due 2019 and Convertible Notes due 2022 (defined below) and (iii) amortization and write-offs of deferred financing fees.
Convertible Notes due 2019
Debt
Summary of dividend effect on conversion rate of Convertible Notes	Share Adjusted Record Date Dividends per Share Conversion Rate (1) March 12, 2018 $ 0.01 99.2056 June 6, 2018 0.01 99.5277 (1) Per $1,000 principal amount of the Convertible Notes.
Convertible Notes due 2022
Debt
Summary of dividend effect on conversion rate of Convertible Notes	Share Adjusted Record Date Dividends per Share Conversion Rate (1) June 6, 2018 0.01 250.8117 (1) Per $1,000 principal amount of the Convertible Notes.

Common Shares (Tables)

Common Shares (Tables)	6 Months Ended
	Jun. 30, 2018
Common Shares
Summary of vesting schedule of restricted stock	Number of restricted shares Vesting Date 1,235,186 September 4, 2020 217,502 November 4, 2020 214,794 March 1, 2021 1,235,186 September 3, 2021 217,502 November 5, 2021 214,794 March 1, 2022 1,235,187 September 2, 2022 217,502 November 4, 2022 214,795 March 1, 2023 5,002,448
Summary of activity for awards of restricted stock	Weighted Average Grant Number of Shares Date Fair Value Outstanding and non-vested, December 31, 2017 19,254,411 $ 5.34 Granted 5,122,448 2.22 Vested (2,702,113) 9.17 Forfeited — — Outstanding and non-vested, June 30, 2018 21,674,746 $ 4.12
Summary of future stock compensation expense	In thousands of U.S. dollars Employees Directors Total July 1, 2018 through December 31, 2018 $ 11,131 $ 527 $ 11,658 For the year ending December 31, 2019 17,432 555 17,987 For the year ending December 31, 2020 11,502 190 11,692 For the year ending December 31, 2021 5,379 5 5,384 For the year ending December 31, 2022 1,541 — 1,541 For the year ending December 31, 2023 16 — 16 $ 47,001 $ 1,277 $ 48,278

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Related party transactions
Disclosure of transactions between related parties	Transactions with entities controlled by the Lolli-Ghetti family (herein referred to as related party affiliates) in the unaudited condensed consolidated statements of income or loss and balance sheets are as follows: For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Pool revenue (1) Scorpio MR Pool Limited $ 117,172 $ 111,886 Scorpio LR2 Pool Limited 90,689 60,877 Scorpio Handymax Tanker Pool Limited 41,803 42,471 Scorpio LR1 Tanker Pool Limited 22,721 — Scorpio Panamax Tanker Pool Limited — 1,526 Voyage expenses (2) (805) (812) Vessel operating costs (3) (17,044) (13,120) Administrative expenses (4) (6,290) (4,922) (1) These transactions relate to revenue earned in the Scorpio Group Pools. The Scorpio Group Pools are related party affiliates. When our vessels are in the Scorpio Group Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to our LR1/Panamax and Aframax vessels, $250 per vessel per day with respect to our LR2 vessels, and $325 per vessel per day with respect to each of our Handymax and MR vessels, plus a commission of 1.50% on gross revenue per charter fixture. These are the same fees that SCM charges other vessels in these pools, including third party owned vessels. (2) Related party expenditures included within voyage expenses in the unaudited condensed consolidated statements of income or loss consist of the following: · Expenses due to SCM, a related party affiliate, for commissions related to the commercial management services provided by SCM under the commercial management agreement for vessels that are not in one of the Scorpio Group Pools. SCM’s services include securing employment, in the spot market and on time charters, for our vessels. When not in one of the Scorpio Group Pools, each vessel pays (i) flat fees of $250 per day for LR1/Panamax and LR2/Aframax vessels and $300 per day for Handymax and MR vessels and (ii) commissions of 1.25% of their gross revenue. These expenses are included in voyage expenses in the unaudited condensed consolidated statements of income or loss. · Voyage expenses of $25,747 charged by a related party port agent during the six months ended June 30, 2018. SSH has a majority equity interest in a port agent that provides supply and logistical services for vessels operating in its regions. No voyage expenses were charged during the six months ended June 30, 2017. The fees and rates charged by this port agent are based on the prevailing market rates for such services in each respective region. (3) Related party expenditures included within vessel operating costs in the unaudited condensed consolidated statements of income or loss consist of the following: · Technical management fees of $14.8 million and $10.6 million charged by SSM, a related party affiliate, during the six months ended June 30, 2018. SSM’s services include day-to-day vessel operation, performing general maintenance, monitoring regulatory and classification society compliance, customer vetting procedures, supervising the maintenance and general efficiency of vessels, arranging the hiring of qualified officers and crew, arranging and supervising drydocking and repairs, purchasing supplies, spare parts and new equipment for vessels, appointing supervisors and technical consultants, and providing technical support. · Insurance related expenses of $2.0 million and $2.4 million incurred through a related party insurance broker during the six months ended June 30, 2018 and June 30, 2017. In 2016, an Executive Officer of the Company acquired a minority interest, which in 2018 increased to a majority interest, in an insurance broker which arranges hull and machinery and war risk insurance for certain of our owned and finance leased vessels. This broker has arranged such policies for the Company since 2010 and the extent of the coverage and the manner in which the policies are priced did not change as a result of this transaction. In September 2018, the Executive Officer disposed of their interest in the insurance broker in its entirety to a third party not affiliated with the Company. The amounts recorded reflect the amortization of the policy premiums, which are paid directly to the broker, who then remits the premiums to the underwriters. · Vessel operating expenses of $0.3 million and $0.1 million charged by a related party port agent during the six months ended June 30, 2018 and June 30, 2017, respectively. SSH has a majority equity interest in a port agent that provides supply and logistical services for vessels operating in its region. The fees and rates charged by this port agent are based on the prevailing market rates for such services in each respective region. (4) We have an Amended Administrative Services Agreement with SSH for the provision of administrative staff and office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH is a related party to us. We reimburse SSH for the reasonable direct or indirect expenses that are incurred on our behalf. SSH also arranges vessel sales and purchases for us. The services provided to us by SSH may be sub-contracted to other entities within the Scorpio Group. The expenses incurred under this agreement were as follows, and were recorded in general and administrative expenses in the unaudited condensed consolidated statements of income or loss. · The expense for the six months ended June 30, 2018 of $6.3 million included (i) administrative fees of $5.5 million charged by SSH, (ii) restricted stock amortization of $0.8 million, which relates to the issuance of an aggregate of 1,144,000 shares of restricted stock to SSH employees for no cash consideration, and (iii) the reimbursement of expenses of $23,848. · The expense for the six months ended June 30, 2017 of $4.9 million included (i) administrative fees of $4.0 million charged by SSH, (ii) restricted stock amortization of $0.7 million, which relates to the issuance of an aggregate of 795,000 shares of restricted stock to SSH employees for no cash consideration, and (iii) the reimbursement of expenses of $0.2 million.
Schedule of balances with related parties	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Assets: Accounts receivable (due from the Pools) (1) $ 45,708 $ 44,880 Accounts receivable and prepaid expenses (SSM) (2) 4,902 6,391 Accounts receivable and prepaid expenses (related party insurance broker) (3) 404 2,428 Other assets (pool working capital contributions) (4) 42,973 41,401 Liabilities: Accounts payable and accrued expenses (SSM) (5) $ 2,899 $ 766 Accounts payable and accrued expenses (related party port agent) 516 95 Accounts payable and accrued expenses (SSH) 245 190 Accounts payable and accrued expenses (related party insurance broker) 155 2,190 Accounts payable and accrued expenses (SCM) 135 191 Accounts payable and accrued expenses (owed to the Pools) — 462 (1) Accounts receivable due from the Scorpio Group Pools relate to hire receivables for revenues earned and receivables from working capital contributions. The amounts as of June 30, 2018 and December 31, 2017 include $23.8 million and $25.7 million, respectively, of working capital contributions made on behalf of our vessels to the Scorpio Group Pools. Upon entrance into such pools, all vessels are required to make working capital contributions of both cash and bunkers. Additional working capital contributions can be made from time to time based on the operating needs of the pools. These amounts are accounted for and repaid as follows: · For vessels in the Scorpio Handymax Tanker Pool, the initial contribution amount is repaid, without interest, upon a vessel’s exit from each pool no later than six months after the exit date. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or finance leased vessels we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time or bareboat chartered-in vessels, we classify the initial contributions as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. Any additional working capital contributions are repaid when sufficient net revenues become available to cover such amounts. · For vessels in the Scorpio MR Pool and Scorpio Panamax Tanker Pool, any contributions are repaid, without interest, when such vessel has earned sufficient net revenues to cover the value of such working capital contributed. Accordingly, we classify such amounts as current (within accounts receivable). · For vessels in the Scorpio LR2 Pool, Scorpio Aframax Pool and Scorpio LR1 pool, the initial contribution amount is repaid, without interest, upon a vessel’s exit from each pool. Bunkers on board a vessel exiting the pool are credited against such repayment at the actual invoice price of the bunkers. For all owned or finance leased vessels we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within other assets on the unaudited condensed consolidated balance sheets. For time or bareboat chartered-in vessels we classify the initial contributions as current (within accounts receivable) or non-current (within other assets) according to the expiration of the contract. Any additional working capital contributions are repaid when sufficient net revenues become available to cover such amounts. (2) Accounts receivable and prepaid expenses from SSM relate to advances made for vessel operating expenses (such as crew wages) that will either be reimbursed or applied against future costs. (3) Accounts receivable and prepaid expenses from related-party insurance brokerage firm (as discussed above) relate to premiums which have been prepaid and are being amortized over the term of the respective policy. (4) Represents the non-current portion of working capital receivables as described above. (5) Represents accounts payable and accrued expenses related to vessel operating expenses that are due to SSM.
Schedule of key management remuneration	For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Short-term employee benefits (salaries) $ 2,748 $ 2,928 Share-based compensation (1) 10,365 9,761 Total $ 13,113 $ 12,689 (1) Represents the amortization of restricted stock issued under our equity incentive plans.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2018
Segment reporting
Disclosure of operating segments	For the six months ended June 30, 2018 Reportable Corporate Aframax/L segments and In thousands of U.S. dollars LR1/Panamax Handymax R2 MR subtotal eliminations Total Vessel revenue $ 23,611 $ 48,237 $ 100,066 $ 126,327 $ 298,241 $ — $ 298,241 Vessel operating costs (14,781) (24,163) (45,736) (55,224) (139,904) — (139,904) Voyage expenses (573) (235) (2,966) (598) (4,372) — (4,372) Charterhire — (10,308) (4,652) (20,209) (35,169) — (35,169) Depreciation (9,565) (9,020) (36,010) (32,952) (87,547) — (87,547) General and administrative expenses (593) (1,116) (1,924) (2,430) (6,063) (20,909) (26,972) Merger transaction related costs — — — — — (271) (271) Financial expenses — — — — — (88,367) (88,367) Loss on exchange of convertible notes — — — — — (16,968) (16,968) Financial income 39 8 10 255 312 418 730 Other expenses, net — (46) — — (46) (50) (96) Segment income or loss $ (1,862) $ 3,357 $ 8,788 $ 15,169 $ 25,452 $ (126,147) $ (100,695) For the six months ended June 30, 2017 Reportable Corporate segments and In thousands of U.S. dollars LR1/Panamax Handymax LR2 MR subtotal eliminations Total Vessel revenue $ 2,215 $ 52,502 $ 65,891 $ 120,611 $ 241,219 $ — $ 241,219 Vessel operating costs (340) (23,874) (25,529) (48,243) (97,986) — (97,986) Voyage expenses (20) (2,716) (298) (410) (3,444) — (3,444) Charterhire (2,230) (11,759) (2,748) (22,167) (38,904) — (38,904) Depreciation (281) (9,005) (22,610) (29,645) (61,541) — (61,541) General and administrative expenses (29) (1,068) (1,193) (2,214) (4,504) (19,098) (23,602) Loss on sale of vessels and write-down of vessel held for sale — — — (23,352) (23,352) — (23,352) Merger transaction related costs — — — — — (32,530) (32,530) Bargain purchase gain — — — — — 5,417 5,417 Financial expenses — — — — — (46,694) (46,694) Realized loss on derivative financial instruments — — (116) — (116) — (116) Financial income 4 71 7 92 174 315 489 Other expenses, net — 1,494 — — 1,494 (232) 1,262 Segment income or loss $ (681) $ 5,645 $ 13,404 $ (5,328) $ 13,040 $ (92,822) $ (79,782)

Vessel Revenue (Tables)

Vessel Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Vessel revenue
Schedule of revenue by source	For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Pool revenue $ 272,436 $ 217,449 Time charter revenue 18,558 18,476 Voyage revenue (spot market) 7,247 5,294 $ 298,241 $ 241,219

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2018
Operating Leases
Schedule of operating leases as lessee	The following table depicts our time or bareboat chartered-in vessel commitments as of June 30, 2018: Year Charter Rate ($/ Name built Type Charter Type Delivery (1) Expiration day) Active as of June 30, 2018 1 Silent 2007 Handymax Bareboat January-17 March-19 $ 7,500 (2) 2 Single 2007 Handymax Bareboat January-17 March-19 $ 7,500 (2) 3 Star I 2007 Handymax Bareboat January-17 March-19 $ 7,500 (2) 4 Sky 2007 Handymax Bareboat January-17 March-19 $ 6,000 (2) 5 Steel 2008 Handymax Bareboat January-17 March-19 $ 6,000 (2) 6 Stone I 2008 Handymax Bareboat January-17 March-19 $ 6,000 (2) 7 Style 2008 Handymax Bareboat January-17 March-19 $ 6,000 (2) 8 Miss Benedetta 2012 MR Time charter March-18 March-19 $ 14,000 (3) 9 STI Beryl 2013 MR Bareboat April-17 April-25 $ 8,800 (4) 10 STI Le Rocher 2013 MR Bareboat April-17 April-25 $ 8,800 (4) 11 STI Larvotto 2013 MR Bareboat April-17 April-25 $ 8,800 (4) 12 Gan-Trust 2013 MR Time charter January-13 January-19 $ 13,950 (5) 13 CPO New Zealand 2011 MR Time charter September-16 August-18 $ 15,250 (6) 14 CPO Australia 2011 MR Time charter September-16 August-18 $ 15,250 (6) 15 Ance 2006 MR Time charter October-16 September-18 $ 13,500 (7) 16 Densa Alligator 2013 LR2 Time charter February-18 August-18 $ 14,300 (8) 17 Densa Crocodile 2015 LR2 Time charter June-18 December-18 $ 14,800 (9) Time charters that expired during the six months ended June 30, 2018 1 Krisjanis Valdemars 2007 Handymax Time Charter February-11 March-18 $ 11,250 2 Kraslava 2007 Handymax Time Charter January-11 May-18 $ 11,250 3 Vukovar 2015 MR Time Charter May-15 May-18 $ 17,034 4 Zefyros 2013 MR Time Charter July-16 June-18 $ 13,250 (1) Represents delivery date or estimated delivery date. (2) This agreement includes a purchase option which can be exercised through December 31, 2018. If the purchase option is not exercised, the bareboat-in agreement will expire on March 31, 2019. (3) In January 2018, we entered into a time charter-in agreement for one year at $14,000 per day. We have an option to extend the charter for an additional year at $14,400 per day. We took delivery of this vessel in March 2018. (4) In April 2017, we sold and leased back this vessel, on a bareboat basis, for a period of up to eight years for $8,800 per day. The sales price was $29.0 million and we have the option to purchase this vessel beginning at the end of the fifth year of the agreement through the end of the eighth year of the agreement, at market based prices. Additionally, a deposit of $4.35 million was retained by the buyer and will either be applied to the purchase price of the vessel if a purchase option is exercised, or refunded to us at the expiration of the agreement. (5) We have an option to extend this charter for an additional year at $15,750 per day. (6) We have an option to extend this charter for an additional year at $16,000 per day. (7) We have an option to extend this charter for an additional year at $15,000 per day. (8) In February 2018, we entered into a time charter-in agreement for six months at $14,300 per day. We also have an option to extend the charter for an additional six months at $15,310 per day. (9) In May 2018, we entered into a time charter-in agreement for six months at $14,800 per day. We also have an option to extend the charter for an additional six months at $15,350 per day.
Schedule of future minimum lease obligations as lessee	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Less than 1 year $ 34,297 $ 52,532 1 - 5 years 38,570 42,839 5+ years 17,486 22,264 Total $ 90,353 $ 117,635
Schedule of operating leases as lessor	The following table summarizes the terms of our time chartered-out vessels that were in place during the six months ended June 30, 2018. Delivery Date to the Charter Name Year built Type Charterer Expiration Rate ($/ day) 1 STI Pimlico 2014 Handymax February-16 February-19 (1) $ 18,000 2 STI Poplar 2014 Handymax January-16 January-19 (1) $ 18,000 3 STI Notting Hill 2015 MR November-15 October-18 (2) $ 20,500 4 STI Westminster 2015 MR December-15 December-18 (2) $ 20,500 5 STI Rose 2015 LR2 February-16 February-19 (2) $ 28,000 (1) Redelivery is plus 30 days or minus 10 days from the expiry date. (2) Redelivery is plus or minus 30 days from the expiry date.
Schedule of future minimum payments due to the Company	As of In thousands of U.S. dollars June 30, 2018 December 31, 2017 Less than 1 year $ 18,856 $ 35,992 1 - 5 years — 2,176 5+ years — — Total $ 18,856 $ 38,168

Financial Expenses (Tables)

Financial Expenses (Tables)	6 Months Ended
	Jun. 30, 2018
Financial expenses
Schedule of financial expenses	For the six months ended June 30, In thousands of U.S. dollars 2018 2017 Interest payable, net of capitalized interest (1) $ 66,797 $ 33,141 Amortization of deferred financing fees 6,191 6,640 Write-off of deferred financing fees (2) 7,035 867 Accretion of Convertible Notes due 2019 and 2022 6,435 6,009 Accretion of premiums and discounts on assumed debt (3) 1,909 37 Total financial expenses $ 88,367 $ 46,694 (1) The increase in interest payable, net of capitalized interest was primarily attributable to an increase in the Company’s average debt balance in addition to increases in LIBOR rates compared to the six months ended of June 30, 2017. Average debt outstanding during the six months ended June 30, 2018 and 2017 was $2.8 billion and $2.0 billion, respectively. The increase in average debt during the six months ended June 30, 2018 was primarily the result of the merger with NPTI and the assumption of NPTI’s indebtedness of $907.4 million in aggregate. Interest payable during those periods was offset by interest capitalized from vessels under construction of $0.2 million and $2.9 million during the six months ended June 30, 2018 and 2017, respectively. (2) The write-off of deferred financing fees for the six months ended June 30, 2018 included (i) $1.1 million related to the exchange of Convertible Notes due 2019 in May 2018 (as described in Note 11), (ii) $3.3 million related to refinancing of the existing indebtedness on five vessels under our K-Sure Credit Facility into our ABN / SEB Credit Facility, and (iii) $2.6 million of acceleration of the amortization for a portion of the unamortized deferred financing fees related to the credit facilities that are expected to be refinanced in the third and fourth quarters of 2018 (as described in Note 21). The write-off of deferred financing fees for the six months ended June 30, 2017 included (i) $0.5 million related to the repayment of BNPP Credit Facility as a result of the sales of STI Sapphire and STI Emerald, and (ii) $0.3 million related to the repayment of DVB 2016 Credit Facility. (3) The accretion of premiums and discounts represents the accretion or amortization of the fair value adjustments relating to the indebtedness assumed from NPTI that have been recorded since the closing dates of the NPTI Vessel Acquisition and the September Closing.

Loss per share (Tables)

Loss per share (Tables)	6 Months Ended
	Jun. 30, 2018
Loss per share
Schedule of basic and diluted loss per share	For the six months ended June 30, In thousands of U.S. dollars except share data 2018 2017 Net loss attributable to equity holders of the parent - basic $ (100,695) $ (79,782) Convertible Notes due 2019 and 2022 - interest expense — — Convertible Notes due 2019 and 2022 - deferred financing amortization — — Net loss attributable to equity holders of the parent - diluted $ (100,695) $ (79,782) Basic weighted average number of shares 308,914,701 172,096,465 Effect of dilutive potential basic shares: Restricted stock — — Convertible Notes due 2019 and 2022 — — — — Diluted weighted average number of shares 308,914,701 172,096,465 Loss Per Share: Basic $ (0.33) $ (0.46) Diluted $ (0.33) $ (0.46)

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Financial instruments
Schedule of fair values and carrying values of financial instruments	As of June 30, 2018 As of December 31, 2017 Carrying In thousands of U.S. dollars Fair value Carrying Value Fair value Value Financial assets Cash and cash equivalents (1) $ 164,578 $ 164,578 $ 186,462 $ 186,462 Restricted cash (2) 12,284 12,284 11,387 11,387 Loans and receivables (3) 50,302 50,302 65,458 65,458 Financial liabilities Accounts payable (4) $ 15,761 $ 15,761 $ 13,044 $ 13,044 Accrued expenses (4) 25,192 25,192 32,838 32,838 Secured bank loans (5) 1,623,824 1,623,824 1,615,248 1,615,248 Finance lease liability (6) 692,205 692,205 717,139 717,139 Unsecured Senior Notes Due 2020 (7) 53,535 53,750 53,449 53,750 Unsecured Senior Notes Due 2019 (7) 58,771 57,500 58,466 57,500 Convertible Notes due 2019 (8) 155,888 160,000 316,184 348,500 Convertible Notes due 2022 (9) 191,328 188,500 — — (1) Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. (2) Restricted cash are considered Level 1 items due to the liquid nature of these assets. (3) We consider that the carrying amount of accounts receivable approximate their fair value due to the relative short maturity of these assets. (4) We consider that the carrying amounts of accounts payable and accrued expenses approximate their fair value due to the relative short maturity of these liabilities. (5) The carrying values of our secured bank loans are measured at amortized cost using the effective interest method. We consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $22.7 million and $29.9 million of unamortized deferred financing fees as of June 30, 2018 and December 31, 2017, respectively. (6) The carrying values of our obligations due under lease financing arrangements are measured at amortized cost using the effective interest method. We consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $1.2 million and $1.2 million of unamortized deferred financing fees as of June 30, 2018 and December 31, 2017, respectively. (7) The carrying values of our Unsecured Senior Notes Due 2019 and 2020 are measured at amortized cost using the effective interest method. The carrying values shown in the table are the face value of the notes. These notes have been recorded net of $0.7 million and $1.0 million of unamortized deferred financing fees, respectively on our unaudited condensed consolidated balance sheet as of June 30, 2018. Our Unsecured Senior Notes Due 2019 and 2020 are quoted on the New York Stock Exchange under the symbols ‘SBNA’ and ‘SBBC’, respectively. We consider their fair values to be Level 1 measurements due to their quotation on an active exchange. (8) The carrying value of our Convertible Notes due 2019 shown in the table above is its face value. The liability component of the Convertible Notes due 2019 has been recorded within long-term debt on the unaudited condensed consolidated balance sheet as of June 30, 2018, net of $0.9 million of unamortized deferred financing fees. The equity component of the Convertible Notes due 2019 has been recorded within Additional paid-in-capital on the unaudited condensed consolidated balance sheet, net of $1.9 million of deferred financing fees. This instrument is traded in inactive markets and is valued based on quoted prices which are available based on recent trading activity. Accordingly, we consider its fair value to be a Level 2 measurement. (9) The carrying value of our Convertible Notes due 2022 shown in the table above is its face value. The liability component of the Convertible Notes due 2022 has been recorded within long-term debt on the unaudited condensed consolidated balance sheet as of June 30, 2018. The equity component of the Convertible Notes due 2022 has been recorded within Additional paid-in-capital on the unaudited condensed consolidated balance sheet. This instrument is traded in inactive markets and is valued based on quoted prices which are available based on recent trading activity. Accordingly, we consider its fair value to be a Level 2 measurement.

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2018
Subsequent events
Summary of requirements under amended credit facility covenant	Facility Minimum ratio KEXIM Credit Facility 155% 2017 Credit Facility 155% 2016 Credit Facility 145% through June 30, 2019, 150% thereafter ABN Credit Facility 145% through June 30, 2019, 150% thereafter DVB Credit Facility 145% through June 30, 2019, 150% thereafter

General information and signi_3

General information and significant accounting policies - Company (Details)		Jan. 01, 2018USD ($)	Jun. 30, 2018USD ($)item	Dec. 31, 2017item
Fleet disclosures
Number vessels operating in the spot market				2
Cumulative effect impact of the adoption of new accounting policy | $	[1]		$ 4,000
Increase (decrease) due to application of IFRS 15
Fleet disclosures
Cumulative effect impact of the adoption of new accounting policy | $		$ 3,888
Owned or financed lease product tankers
Fleet disclosures
Number of vessels			109
Owned or financed lease product tankers | Handymax
Fleet disclosures
Number of vessels			14
Owned or financed lease product tankers | MR
Fleet disclosures
Number of vessels			45
Owned or financed lease product tankers | LR1
Fleet disclosures
Number of vessels			12
Owned or financed lease product tankers | LR2
Fleet disclosures
Number of vessels			38
Time or bareboat chartered-in product tankers
Fleet disclosures
Number of vessels			17
Time or bareboat chartered-in product tankers | Handymax
Fleet disclosures
Number of vessels			7
Time or bareboat chartered-in product tankers | MR
Fleet disclosures
Number of vessels			8
Time or bareboat chartered-in product tankers | LR2
Fleet disclosures
Number of vessels			2
[1]	Reflects the impact of the adoption of IFRS 15, Revenue from Contracts with Customers, which is effective for annual periods beginning on January 1, 2018. Refer to Note 1 for further discussion.

Merger with Navig8 Product Ta_3

Merger with Navig8 Product Tankers Inc - Merger (Details) shares in Millions, $ in Millions	Jun. 30, 2018USD ($)	Sep. 01, 2017USD ($)item	Jun. 14, 2017USD ($)item	May 31, 2017itemshares
NPTI
Merger with Navig8 Product Tankers Inc
Liabilities incurred | $	$ 907.4
NPTI | Common stock
Merger with Navig8 Product Tankers Inc
Number of shares issued | shares				55
NPTI | LR1
Merger with Navig8 Product Tankers Inc
Number of vessels acquired				12
NPTI | LR2
Merger with Navig8 Product Tankers Inc
Number of vessels acquired				15
NPTI Vessel Acquisition
Merger with Navig8 Product Tankers Inc
Cash transferred | $			$ 42.2
NPTI Vessel Acquisition | LR1
Merger with Navig8 Product Tankers Inc
Number of vessels acquired			4
NPTI September Closing
Merger with Navig8 Product Tankers Inc
Liabilities incurred | $		$ 907.4
NPTI September Closing | LR1
Merger with Navig8 Product Tankers Inc
Number of vessels acquired		8
NPTI September Closing | LR2
Merger with Navig8 Product Tankers Inc
Number of vessels acquired		15

Merger with Navig8 Product Ta_4

Merger with Navig8 Product Tankers Inc - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Merger with Navig8 Product Tankers Inc
Cash and cash equivalents	$ 6,180
Trade receivables	3,330
Prepaid expenses and other assets	2,932
Inventories	299
Restricted cash - non-current	4,000
Vessels, net	158,500
Accounts payable and accrued expenses	(13,720)
Debt (current and non-current)	(113,856)
Net assets acquired and liabilities assumed	47,665
Total purchase price consideration	42,248
(Bargain Purchase) Goodwill	(5,417)
September Closing - Preliminary Purchase Price Allocation - December 31, 2017
Merger with Navig8 Product Tankers Inc
Cash and cash equivalents		$ 15,149
Restricted cash		13,641
Trade receivables		16,323
Prepaid expenses and other assets		19,940
Inventories		1,415
Restricted cash - non-current		6,380
Vessels, net		972,750
Accounts payable and accrued expenses		(2,966)
Debt (current and non-current)		(793,519)
Redeemable Preferred Shares		(39,495)
Net assets acquired and liabilities assumed		209,618
Total purchase price consideration		221,100
(Bargain Purchase) Goodwill		$ 11,482
Measurement Period Adjustments
Merger with Navig8 Product Tankers Inc
Trade receivables	52
Accounts payable and accrued expenses	(213)
Net assets acquired and liabilities assumed	(161)
(Bargain Purchase) Goodwill	161
September Closing - Preliminary Purchase Price Allocation - June 30, 2018
Merger with Navig8 Product Tankers Inc
Cash and cash equivalents	15,149
Restricted cash	13,641
Trade receivables	16,375
Prepaid expenses and other assets	19,940
Inventories	1,415
Restricted cash - non-current	6,380
Vessels, net	972,750
Accounts payable and accrued expenses	(3,179)
Debt (current and non-current)	(793,519)
Redeemable Preferred Shares	(39,495)
Net assets acquired and liabilities assumed	209,457
Total purchase price consideration	221,100
(Bargain Purchase) Goodwill	$ 11,643

Prepaid expenses and other as_3

Prepaid expenses and other assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Prepaid expenses and other assets
Prepaid insurance - related party	$ 404	$ 2,428
Related party prepaid expenses	5,306	8,819
Prepaid insurance	3,535	1,001
Prepaid interest	1,245	1,153
Third party - prepaid vessel operating expenses	749	1,255
Other prepaid expenses	2,441	5,492
Total prepaid expenses and other assets	13,276	17,720
SSM
Prepaid expenses and other assets
SSM - prepaid vessel operating expense	$ 4,902	$ 6,391

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounts receivable
Insurance receivables		$ 1,288	$ 870
Freight and time charter receivables		626	2,399
Other receivables		846	2,684
Accounts receivable		50,302	65,458
Scorpio Group Pools
Accounts receivable
Related party receivables		45,708	44,880
Scorpio MR Pool Limited
Accounts receivable
Related party receivables		27,529	27,720
Scorpio LR2 Pool Limited
Accounts receivable
Related party receivables		13,466	7,026
Scorpio Handymax Tanker Pool Limited
Accounts receivable
Related party receivables		3,525	6,037
Scorpio LR1 Pool Limited
Accounts receivable
Related party receivables		1,124	3,002
Scorpio Aframax Pool Limited
Accounts receivable
Related party receivables		64	1,095
Navig 8 Group Pools
Accounts receivable
Receivables from Navig8 pools		$ 1,834	$ 14,625
Accounts receivable collected	$ 1,500

Vessels - Operating vessels and

Vessels - Operating vessels and drydock rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	$ 4,090,094
Vessels and drydock, end of period	4,084,167
Gross carrying amount
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	4,472,536
Additions	81,620
Vessels and drydock, end of period	4,554,156
Accumulated depreciation and impairment
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	(382,442)
Charge for the period	(87,547)
Vessels and drydock, end of period	(469,989)
Vessels
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	4,041,945
Vessels and drydock, end of period	4,042,761
Vessels | Gross carrying amount
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	4,389,648
Additions	79,464
Vessels and drydock, end of period	4,469,112
Vessels | Accumulated depreciation and impairment
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	(347,703)
Charge for the period	(78,648)
Vessels and drydock, end of period	(426,351)
Drydock
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	48,149
Vessels and drydock, end of period	41,406
Drydock | Gross carrying amount
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	82,888
Additions	2,156
Vessels and drydock, end of period	85,044
Drydock | Accumulated depreciation and impairment
Changes in activity within Vessels and drydock
Vessels and drydock, beginning of period	(34,739)
Charge for the period	(8,899)
Vessels and drydock, end of period	$ (43,638)

Vessels - Vessel deliveries and

Vessels - Vessel deliveries and carrying values of vessels under construction (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)item
Owned or financed lease product tankers
Vessels
Number of vessels | item	109
Vessels and Drydock
Vessels
Increase through delivery of vessels | $	$ 80.9
Vessels
Vessels
Average time charter rate period used to establish growth rate	3 years
Growth rate in freight rates	2.47%
Discount rate used	8.19%
Percentage increase in discount rate used in sensitivity analysis	1.00%
Percentage decrease in forecasted time charter rates used in sensitivity analysis	5.00%

Vessels under construction (Det

Vessels under construction (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)
Vessels under construction
Number of vessels under construction | item	0
Vessels under construction, beginning of period	$ 55,376
Capitalisation rate of borrowing costs eligible for capitalisation	5.50%	4.50%
Construction in progress
Vessels under construction
Vessels under construction, beginning of period	$ 55,376
Installment payments and other capitalized expenses	25,452
Capitalized interest	157	$ 2,900
Transferred to operating vessels and drydock	(80,985)
Vessels under construction, end of period	$ 0

Other non-current assets (Detai

Other non-current assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Other non-current assets
Working capital contributions to Scorpio Group Pools	$ 42,973	$ 41,401
Sellers credit on lease financed vessels	8,831	8,581
Capitalized loan fees	597	582
Other	3,137	120
Other non-current assets	55,538	50,684
Scorpio LR2 Pool Limited
Other non-current assets
Working capital contributions to Scorpio Group Pools	31,450	28,050
Scorpio Handymax Tanker Pool Limited
Other non-current assets
Working capital contributions to Scorpio Group Pools	$ 4,923	6,751
Term for repayment of initial working capital contribution after exiting the pool	6 months
Scorpio LR1 Pool Limited
Other non-current assets
Working capital contributions to Scorpio Group Pools	$ 6,600	$ 6,600
STI Beryl, STI Le Rocher, STI Larvotto | Vessels
Other non-current assets
Sale leaseback transaction, deposit per vessel	4,350
Sale leaseback transaction, aggregate deposit amount	$ 13,100

Accounts payable (Details)

Accounts payable (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts payable
Related party payables	$ 3,433	$ 3,826
Suppliers	12,328	9,218
Accounts payable	15,761	13,044
Insurance liabilities
Accounts payable
Related party payables	155	2,163
SSM
Accounts payable
Related party payables	2,754	766
Scorpio Services Holding Limited (SSH)
Accounts payable
Related party payables	245	190
Scorpio Commercial Management SAM (SCM)
Accounts payable
Related party payables	135	186
Scorpio LR2 Pool Limited
Accounts payable
Related party payables		365
Scorpio Aframax Pool Limited
Accounts payable
Related party payables		74
Scorpio LR1 Pool Limited
Accounts payable
Related party payables		22
Port Agent
Accounts payable
Related party payables	$ 144	$ 60

Accrued expenses (Details)

Accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accrued expenses
Accrued expenses to related parties	$ 517	$ 66
Accrued interest	12,132	13,078
Suppliers	9,678	16,533
Accrued short-term employee benefits	2,460	2,325
Accrued transaction costs relating to the Merger		34
Other accrued expenses	405	802
Total accrued expenses	25,192	32,838
Insurance broker
Accrued expenses
Accrued expenses to related parties		26
SSM
Accrued expenses
Accrued expenses to related parties	145
Scorpio Commercial Management SAM (SCM)
Accrued expenses
Accrued expenses to related parties		5
Port Agent
Accrued expenses
Accrued expenses to related parties	$ 372	$ 35

Debt - Rollforward of activity

Debt - Rollforward of activity by facility (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Rollforward activity, gross
Balance, beginning of period	$ 2,803,440
Drawdowns/Additions	296,354
Repayments	(347,866)
Other activity	8,344
Balance, end of period	2,760,272
Current	284,692
Non-Current	2,475,580
Deferred financing fees
Balance, beginning of period	(36,247)
Drawdowns/Additions	(3,433)
Other activity	13,226
Balance, end of period	(26,454)
Current	(3,327)
Non-Current	(23,127)
Rollforward activity, net
Balance, beginning of period	2,767,193
Drawdowns/Additions	292,921
Other activity	21,570
Balance, end of period	2,733,818
Current	281,365
Non-Current	2,452,453
K-Sure Credit Facility
Rollforward activity, gross
Balance, beginning of period	239,919
Repayments	(87,574)
Balance, end of period	152,345
Current	17,862
Non-Current	134,483
KEXIM Credit Facility
Rollforward activity, gross
Balance, beginning of period	332,950
Repayments	(16,825)
Balance, end of period	316,125
Current	33,650
Non-Current	282,475
Credit Suisse Credit Facility
Rollforward activity, gross
Balance, beginning of period	53,488
Balance, end of period	53,488
Current	3,890
Non-Current	49,598
ABN AMRO Credit Facility
Rollforward activity, gross
Balance, beginning of period	113,312
Repayments	(4,444)
Balance, end of period	108,868
Current	8,887
Non-Current	99,981
ING Credit Facility
Rollforward activity, gross
Balance, beginning of period	109,844
Balance, end of period	109,844
Current	7,847
Non-Current	101,997
BNPP Credit Facility
Rollforward activity, gross
Balance, beginning of period	42,550
Repayments	(1,725)
Balance, end of period	40,825
Current	3,450
Non-Current	37,375
Scotiabank Credit Facility
Rollforward activity, gross
Balance, beginning of period	28,860
Balance, end of period	28,860
Current	28,860
NIBC Credit Facility
Rollforward activity, gross
Balance, beginning of period	34,712
Repayments	(1,021)
Balance, end of period	33,691
Current	3,443
Non-Current	30,248
2016 Credit Facility
Rollforward activity, gross
Balance, beginning of period	195,979
Repayments	(10,522)
Balance, end of period	185,457
Current	19,042
Non-Current	166,415
2017 Credit Facility
Rollforward activity, gross
Balance, beginning of period	141,814
Drawdowns/Additions	21,450
Repayments	(6,207)
Balance, end of period	157,057
Current	13,265
Non-Current	143,792
HSH Credit Facility
Rollforward activity, gross
Balance, beginning of period	15,416
Repayments	(796)
Balance, end of period	14,620
Current	1,540
Non-Current	13,080
DVB 2017 Credit Facility
Rollforward activity, gross
Balance, beginning of period	78,440
Repayments	(2,960)
Balance, end of period	75,480
Current	5,920
Non-Current	69,560
Credit Agricole Credit Facility
Rollforward activity, gross
Balance, beginning of period	103,914
Repayments	(4,283)
Other activity	437
Balance, end of period	100,068
Current	7,724
Non-Current	92,344
ABN AMRO/K-Sure Credit Facility
Rollforward activity, gross
Balance, beginning of period	49,908
Repayments	(1,925)
Other activity	391
Balance, end of period	48,374
Current	3,091
Non-Current	45,283
Citi/K-Sure Credit Facility
Rollforward activity, gross
Balance, beginning of period	104,052
Repayments	(4,208)
Other activity	996
Balance, end of period	100,840
Current	6,483
Non-Current	94,357
ABN AMRO/SEB Credit Facility
Rollforward activity, gross
Drawdowns/Additions	120,575
Balance, end of period	120,575
Current	11,500
Non-Current	109,075
Ocean Yield Sale and Leaseback
Rollforward activity, gross
Balance, beginning of period	169,016
Repayments	(5,125)
Other activity	102
Balance, end of period	163,993
Current	10,388
Non-Current	153,605
CMBFL Sale and Leaseback
Rollforward activity, gross
Balance, beginning of period	65,915
Repayments	(2,454)
Other activity	97
Balance, end of period	63,558
Current	4,721
Non-Current	58,837
BCFL Sale and Leaseback (LR2s)
Rollforward activity, gross
Balance, beginning of period	104,187
Repayments	(3,665)
Other activity	302
Balance, end of period	100,824
Current	6,803
Non-Current	94,021
CSSC Sale and Leaseback
Rollforward activity, gross
Balance, beginning of period	269,965
Repayments	(8,654)
Other activity	(416)
Balance, end of period	260,895
Current	18,119
Non-Current	242,776
BCFL Sale and Leaseback (MRs)
Rollforward activity, gross
Balance, beginning of period	109,232
Repayments	(5,102)
Balance, end of period	104,130
Current	10,707
Non-Current	93,423
Unsecured Senior Notes due 2020
Rollforward activity, gross
Balance, beginning of period	53,750
Balance, end of period	53,750
Non-Current	53,750
Unsecured Senior Notes Due 2019
Rollforward activity, gross
Balance, beginning of period	57,500
Balance, end of period	57,500
Current	57,500
Convertible Notes due 2019
Rollforward activity, gross
Balance, beginning of period	328,717
Repayments	(180,376)
Other activity	5,515
Balance, end of period	153,856
Non-Current	153,856
Convertible Notes Due 2022
Rollforward activity, gross
Drawdowns/Additions	154,329
Other activity	920
Balance, end of period	155,249
Non-Current	$ 155,249

Debt - Secured Debt (Details)

Debt - Secured Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 31, 2018USD ($)	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Debt
Debt drawdown						$ 142,025	$ 317,775
Secured Debt
Debt
EBITDA to interest expense ratio minimum				1.50	2.50
Secured Debt | Forecast
Debt
EBITDA to interest expense ratio minimum		1.50	1.50
2017 Credit Facility
Debt
Debt drawdown	$ 21,500

Debt - ABN AMRO-SEB Credit Faci

Debt - ABN AMRO-SEB Credit Facility (Details)	1 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Debt
Write-off of deferred financing fees		$ 7,035,000	$ 867,000
ABN AMRO/SEB Credit Facility
Debt
Maximum borrowing capacity	$ 120,600,000	$ 120,600,000
Net debt to capitalization ratio		0.65
Consolidated tangible net worth		$ 1,265,728,005
Cumulative positive net income		25.00%
Net proceeds of equity issuance		50.00%
Covenant liquidity requirement amount	25,000,000	$ 25,000,000
Consolidated liquidity requirement per each owned vessel	500,000	500,000
Consolidated liquidity requirement per each chartered-in vessel	250,000	250,000
Borrowings	$ 120,600,000	120,600,000
ABN AMRO/SEB Credit Facility | First eight quarterly installments
Debt
Quarterly payment amount		2,900,000
ABN AMRO/SEB Credit Facility | Remaining quarterly installments
Debt
Quarterly payment amount		$ 2,500,000
ABN AMRO/SEB Credit Facility | Borrowings, Financial Covenants from the date of agreement to second Anniversary
Debt
Aggregate of the fair market value of the vessels provided as collateral		130.00%
ABN AMRO/SEB Credit Facility | Borrowings, Financial Covenants, Year Three and Thereafter
Debt
Aggregate of the fair market value of the vessels provided as collateral		140.00%
ABN AMRO/SEB Credit Facility | London Interbank Offered Rate (LIBOR)
Debt
Adjustment to interest rate basis	2.60%	2.60%
K-Sure Credit Facility
Debt
Debt refinanced	$ 87,600,000
Write-off of deferred financing fees		$ 3,300,000
Number of vessels refinanced | item	5
K-Sure Credit Facility | Handymax
Debt
Number of vessels refinanced | item	1
K-Sure Credit Facility | MR
Debt
Number of vessels refinanced | item	1
K-Sure Credit Facility | LR2
Debt
Number of vessels refinanced | item	3

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 31, 2018USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Debt
Write-off of deferred financing fees		$ 7,035	$ 867
$35.7 Million Term Loan Facility
Debt
Maximum borrowing capacity		35,700
Quarterly payment amount		$ 800
$35.7 Million Term Loan Facility | $35.7 Million Term Loan Facility
Debt
Maximum borrowing capacity	$ 35,700
$35.7 Million Term Loan Facility | MR | $35.7 Million Term Loan Facility
Debt
Number of vessels refinanced | item	2
$35.7 Million Term Loan Facility | London Interbank Offered Rate (LIBOR)
Debt
Adjustment to interest rate basis		2.50%
BNPP Credit Facility
Debt
Acceleration of amortization related to refinancing of credit facility		$ 100
Write-off of deferred financing fees		$ 100	$ 500
BNPP Credit Facility | $35.7 Million Term Loan Facility
Debt
Write-off of deferred financing fees	$ 100

Debt - ING Credit Facility (Det

Debt - ING Credit Facility (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)item	Jun. 30, 2018USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	May 31, 2018USD ($)
Debt
Write-off of deferred financing fees			$ 7,035	$ 867
ING Credit Facility
Debt
Maximum borrowing capacity	$ 171,200	$ 171,200	171,200		$ 132,500
Acceleration of amortization related to refinancing of credit facility			500
Write-off of deferred financing fees			500
ING Credit Facility | Handymax
Debt
Number of vessels refinanced | item		1
ING Credit Facility | MR
Debt
Number of vessels refinanced | item		1
ING Credit Facility | First eight quarterly installments
Debt
Quarterly payment amount			1,000
ING Credit Facility | Remaining quarterly installments
Debt
Quarterly payment amount			$ 800
ING Credit Facility | London Interbank Offered Rate (LIBOR)
Debt
Adjustment to interest rate basis	2.40%	2.40%	2.40%
K-Sure Credit Facility
Debt
Number of vessels refinanced | item	5
Write-off of deferred financing fees			$ 3,300
K-Sure Credit Facility | Handymax
Debt
Number of vessels refinanced | item	1
K-Sure Credit Facility | MR
Debt
Number of vessels refinanced | item	1

Debt - Unsecured debt (Details)

Debt - Unsecured debt (Details) $ / shares in Units, $ in Millions	Jun. 06, 2018$ / shares	Mar. 12, 2018$ / shares	May 31, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017$ / shares	Apr. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt
Dividends per share (in USD per share) | $ / shares				$ 0.02	$ 0.02
Convertible Notes due 2019
Debt
Aggregate principal amount of notes						$ 188.5
Aggregate principal amount before debt exchange			$ 348.5
Borrowings interest rate						2.375%
Carrying amount of debt			180.4	$ 153.9			$ 328.7
Loss on extinguishment of debt			(17)
Dividends per share (in USD per share) | $ / shares	$ 0.01	$ 0.01
Convertible conversion rate	0.0995277	0.0992056
Coupon interest, amount incurred				3.6
Non-cash accretion				5.5
Convertible Notes Due 2022
Debt
Aggregate principal amount of notes			$ 188.5
Borrowings interest rate			3.00%
Carrying amount of debt			$ 154.3	155.2
Dividends per share (in USD per share) | $ / shares	$ 0.01
Convertible conversion rate	0.2508117		0.250
Initial conversion price | $ / shares			$ 4
Coupon interest, amount incurred				0.7
Non-cash accretion				$ 0.9
Repurchased face amount percentage				100.00%
Carrying amount of equity component			$ 34.2
Convertible Notes Due 2022 | Borrowings, Redemption, Scenario One
Debt
Threshold trading days				15 days
Threshold consecutive trading days				25 days
Common stock closing price as percentage of conversion price minimum				130.00%
Convertible Notes Due 2022 | Borrowings, Redemption, Scenario Two
Debt
Number of business days following specified period of consecutive trading days				5 days
Threshold consecutive trading days				5 days
Common stock closing price as percentage of conversion price minimum				98.00%

Common Shares - 2013 Equity Inc

Common Shares - 2013 Equity Incentive Plans (Details) - 2013 Equity Incentive Plans	1 Months Ended	6 Months Ended
	Mar. 31, 2018USD ($)EquityInstruments	Jun. 30, 2018$ / sharesshares	Feb. 28, 2018$ / sharesshares
Restricted Stock | Employees and Directors
Equity Incentive Plans
Weighted average grant date fair value, granted (in dollars per share) | $	$ 2.22
Restricted Stock | Employees
Equity Incentive Plans
Number of shares, granted (in shares) | EquityInstruments	5,002,448
Vesting shares (in shares)		5,002,448
Restricted Stock | Employees | Vesting September 4, 2020
Equity Incentive Plans
Vesting shares (in shares)		1,235,186
Restricted Stock | Employees | Vesting November 4, 2020
Equity Incentive Plans
Vesting shares (in shares)		217,502
Restricted Stock | Employees | Vesting March 1, 2021
Equity Incentive Plans
Vesting shares (in shares)		214,794
Restricted Stock | Employees | Vesting September 3, 2021
Equity Incentive Plans
Vesting shares (in shares)		1,235,186
Restricted Stock | Employees | Vesting November 5, 2021
Equity Incentive Plans
Vesting shares (in shares)		217,502
Restricted Stock | Employees | Vesting March 1, 2022
Equity Incentive Plans
Vesting shares (in shares)		214,794
Restricted Stock | Employees | Vesting September 2, 2022
Equity Incentive Plans
Vesting shares (in shares)		1,235,187
Restricted Stock | Employees | Vesting November 4, 2022
Equity Incentive Plans
Vesting shares (in shares)		217,502
Restricted Stock | Employees | Vesting March 1, 2023
Equity Incentive Plans
Vesting shares (in shares)		214,795
Restricted Stock | Directors
Equity Incentive Plans
Number of shares, granted (in shares) | EquityInstruments	120,000
Restricted Stock | Directors | Vesting September 4, 2020
Equity Incentive Plans
Vested shares percentage		33.33%
Restricted Stock | Directors | Vesting November 4, 2020
Equity Incentive Plans
Vested shares percentage		33.33%
Restricted Stock | Directors | Vesting March 1, 2021
Equity Incentive Plans
Vested shares percentage		33.33%
Common stock
Equity Incentive Plans
Shares reserved for issuance (in shares)		2,101,409	5,122,448
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01

Common Shares - Restricted Stoc

Common Shares - Restricted Stock Activity (Details) - 2013 Equity Incentive Plans - Restricted Stock	6 Months Ended
	Jun. 30, 2018USD ($)EquityInstruments
Equity Incentive Plans
Number of shares, outstanding and non-vested, beginning of the period (in shares) | EquityInstruments	19,254,411
Number of shares, granted (in shares) | EquityInstruments	5,122,448
Number of shares, vested (in shares) | EquityInstruments	(2,702,113)
Number of shares, outstanding and non-vested, end of the period (in shares) | EquityInstruments	21,674,746
Weighted average grant date fair value, outstanding and non-vested, beginning of the period (in dollars per share) | $	$ 5.34
Weighted average grant date fair value, granted (in dollars per share) | $	2.22
Weighted average grant date fair value, vested (in dollars per share) | $	9.17
Weighted average grant date fair value, outstanding and non-vested, end of the period (in dollars per share) | $	$ 4.12

Common Shares - Stock compensat

Common Shares - Stock compensation expense (Details) - 2013 Equity Incentive Plans - Restricted Stock $ in Thousands	Jun. 30, 2018USD ($)
Equity Incentive Plans
Expected stock compensation expense, 2018 remaining period	$ 11,658
Expected stock compensation expense, 2019	17,987
Expected stock compensation expense, 2020	11,692
Expected stock compensation expense, 2021	5,384
Expected stock compensation expense, 2022	1,541
Expected stock compensation expense, 2023	16
Total expected stock compensation expense	48,278
Employees
Equity Incentive Plans
Expected stock compensation expense, 2018 remaining period	11,131
Expected stock compensation expense, 2019	17,432
Expected stock compensation expense, 2020	11,502
Expected stock compensation expense, 2021	5,379
Expected stock compensation expense, 2022	1,541
Expected stock compensation expense, 2023	16
Total expected stock compensation expense	47,001
Directors
Equity Incentive Plans
Expected stock compensation expense, 2018 remaining period	527
Expected stock compensation expense, 2019	555
Expected stock compensation expense, 2020	190
Expected stock compensation expense, 2021	5
Total expected stock compensation expense	$ 1,277

Common Shares - Securities Repu

Common Shares - Securities Repurchase Program (Details) - Common stock - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	May 31, 2015
Common Shares
Common shares held in treasury	49,980,592	49,980,592
2015 Securities Repurchase Program
Common Shares
Aggregate authorized amount of share repurchase			$ 250
Remaining authorized amount of share repurchase	$ 147.1
Shares repurchased	0

Common Shares - Dividend Paymen

Common Shares - Dividend Payments and Shares outstanding (Details) - $ / shares	Jun. 28, 2018	Mar. 28, 2017	Jun. 30, 2018	Jun. 30, 2017
Common Shares
Dividends paid per share (in USD per share)	$ 0.01	$ 0.01	$ 0.02	$ 0.02
Common stock
Common Shares
Number of shares outstanding			331,629,992

Related Party Transactions - Re

Related Party Transactions - Related Party Statement of Income or Loss (Details)	Jan. 01, 2018USD ($)	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)item	Dec. 31, 2017USD ($)
Related party transactions
Fixed annual technical management fee	$ 175,000			$ 250,000
Vessel revenue		$ 298,241,000	$ 241,219,000
Voyage expenses		(805,000)	(812,000)
Vessel operating costs		(17,044,000)	(13,120,000)
Administrative expenses		$ (6,290,000)	(4,922,000)
Commission on gross revenue per charter fixture when out of pools		1.25%
Pool revenue
Related party transactions
Vessel revenue		$ 272,436,000	217,449,000
LR1/Panamax
Related party transactions
Fees charged by pool manager, per vessel, per day when out of pools		250
LR2/Aframax
Related party transactions
Fees charged by pool manager, per vessel, per day when out of pools		250
Handymax
Related party transactions
Fees charged by pool manager, per vessel, per day when out of pools		300
MR
Related party transactions
Fees charged by pool manager, per vessel, per day when out of pools		300
Scorpio MR Pool Limited | Pool revenue
Related party transactions
Vessel revenue		117,172,000	111,886,000
Scorpio LR2 Pool Limited | Pool revenue
Related party transactions
Vessel revenue		90,689,000	60,877,000
Scorpio Handymax Tanker Pool Limited | Pool revenue
Related party transactions
Vessel revenue		41,803,000	42,471,000
Scorpio LR1 Pool Limited | Pool revenue
Related party transactions
Vessel revenue		$ 22,721,000
Scorpio Panamax Tanker Pool Limited | Pool revenue
Related party transactions
Vessel revenue			1,526,000
Scorpio Commercial Management SAM (SCM)
Related party transactions
Commission on gross revenue per charter fixture when in pools		1.50%
Scorpio Commercial Management SAM (SCM) | LR1/Panamax
Related party transactions
Fees charged by pool manager, per vessel, per day when in pools		$ 300
Scorpio Commercial Management SAM (SCM) | Aframax
Related party transactions
Fees charged by pool manager, per vessel, per day when in pools		300
Scorpio Commercial Management SAM (SCM) | LR2
Related party transactions
Fees charged by pool manager, per vessel, per day when in pools		250
Scorpio Commercial Management SAM (SCM) | Handymax
Related party transactions
Fees charged by pool manager, per vessel, per day when in pools		325
Scorpio Commercial Management SAM (SCM) | MR
Related party transactions
Fees charged by pool manager, per vessel, per day when in pools		325
SSM
Related party transactions
Technical management fee		14,800,000	10,600,000
Reimbursement of expenses		0	34,800
Scorpio Services Holding Limited (SSH)
Related party transactions
Administrative expenses		(5,500,000)	(4,000,000)
Reimbursement of expenses		23,848	200,000
Scorpio Services Holding Limited (SSH) | Restricted Stock
Related party transactions
Restricted stock amortization		$ 800,000	$ 700,000
Issuance of restricted stock (in shares) | item		1,144,000	795,000
Port Agent
Related party transactions
Voyage expenses		$ (25,747)	$ 0
Vessel operating costs		(300,000)	(100,000)
Insurance Broker
Related party transactions
Insurance related expenses		$ 2,000,000	$ 2,400,000

Related Party Transactions - _2

Related Party Transactions - Related Party Balance Sheet (Details)	Sep. 28, 2016	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)item
Scorpio Group Pools
Related party transactions
Amounts receivable		$ 45,708,000		$ 44,880,000
Working capital contributions to Scorpio Group Pools		42,973,000		41,401,000
Accounts payable and accrued expenses				462,000
Working capital contributions, related parties		23,800,000		25,700,000
SSM
Related party transactions
Amounts receivable		4,902,000		6,391,000
Accounts payable and accrued expenses		2,899,000		766,000
Termination fee			$ 100,000
Reimbursement of expenses		0	34,800
Agreement supervision expense		100,000	500,000
Port Agent
Related party transactions
Accounts payable and accrued expenses		516,000		95,000
Scorpio Services Holding Limited (SSH)
Related party transactions
Accounts payable and accrued expenses		245,000		190,000
Prior fee payable upon any future vessel sale or purchase	1.00%
Reimbursement of expenses		23,848	200,000
Insurance Broker
Related party transactions
Amounts receivable		404,000		2,428,000
Accounts payable and accrued expenses		155,000		2,190,000
Scorpio Commercial Management SAM (SCM)
Related party transactions
Accounts payable and accrued expenses		135,000		191,000
Termination fee			100,000
Scorpio Handymax Tanker Pool Limited
Related party transactions
Amounts receivable		$ 3,525,000		$ 6,037,000
Working capital repayment period upon vessel's exit from each pool		6 months
STI Esles II and STI Jardins | Scorpio Services Holding Limited (SSH)
Related party transactions
Aggregate management fee		$ 700,000
STI Galata and STI Bosphorus | Scorpio Services Holding Limited (SSH)
Related party transactions
Aggregate management fee			$ 700,000
MR | SSM | Construction in progress
Related party transactions
Number of ships under construction supervised by SSM | item				8

Related Party Transactions - Ke

Related Party Transactions - Key Management Remuneration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Related party transactions
Short-term employee benefits (salaries)	$ 2,748	$ 2,928
Share-based compensation	10,365	9,761
Total	13,113	12,689
Post employment benefits	$ 0	$ 0

Segment reporting (Details)

Segment reporting (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Segment reporting
Vessel revenue	$ 298,241	$ 241,219
Vessel operating costs	(139,904)	(97,986)
Voyage expenses	(4,372)	(3,444)
Charterhire	(35,169)	(38,904)
Depreciation	(87,547)	(61,541)
General and administrative expenses	(26,972)	(23,602)
Loss on sales of vessels and write-down of vessel held for sale		(23,352)
Merger transaction related costs	(271)	(32,530)
Bargain purchase gain		5,417
Financial expenses	(88,367)	(46,694)
Loss on exchange of convertible notes	(16,968)
Realized loss on derivative financial instruments		(116)
Financial income	730	489
Other expenses, net	(96)	1,262
Net loss	(100,695)	(79,782)
Reportable segments
Segment reporting
Vessel revenue	298,241	241,219
Vessel operating costs	(139,904)	(97,986)
Voyage expenses	(4,372)	(3,444)
Charterhire	(35,169)	(38,904)
Depreciation	(87,547)	(61,541)
General and administrative expenses	(6,063)	(4,504)
Loss on sales of vessels and write-down of vessel held for sale		(23,352)
Realized loss on derivative financial instruments		(116)
Financial income	312	174
Other expenses, net	(46)	1,494
Net loss	25,452	13,040
Reportable segments | LR1/Panamax
Segment reporting
Vessel revenue	23,611	2,215
Vessel operating costs	(14,781)	(340)
Voyage expenses	(573)	(20)
Charterhire		(2,230)
Depreciation	(9,565)	(281)
General and administrative expenses	(593)	(29)
Financial income	39	4
Net loss	(1,862)	(681)
Reportable segments | Handymax
Segment reporting
Vessel revenue	48,237	52,502
Vessel operating costs	(24,163)	(23,874)
Voyage expenses	(235)	(2,716)
Charterhire	(10,308)	(11,759)
Depreciation	(9,020)	(9,005)
General and administrative expenses	(1,116)	(1,068)
Financial income	8	71
Other expenses, net	(46)	1,494
Net loss	3,357	5,645
Reportable segments | LR2
Segment reporting
Vessel revenue	100,066	65,891
Vessel operating costs	(45,736)	(25,529)
Voyage expenses	(2,966)	(298)
Charterhire	(4,652)	(2,748)
Depreciation	(36,010)	(22,610)
General and administrative expenses	(1,924)	(1,193)
Realized loss on derivative financial instruments		(116)
Financial income	10	7
Net loss	8,788	13,404
Reportable segments | MR
Segment reporting
Vessel revenue	126,327	120,611
Vessel operating costs	(55,224)	(48,243)
Voyage expenses	(598)	(410)
Charterhire	(20,209)	(22,167)
Depreciation	(32,952)	(29,645)
General and administrative expenses	(2,430)	(2,214)
Loss on sales of vessels and write-down of vessel held for sale		(23,352)
Financial income	255	92
Net loss	15,169	(5,328)
Corporate and eliminations
Segment reporting
General and administrative expenses	(20,909)	(19,098)
Merger transaction related costs	(271)	(32,530)
Bargain purchase gain		5,417
Financial expenses	(88,367)	(46,694)
Loss on exchange of convertible notes	(16,968)
Financial income	418	315
Other expenses, net	(50)	(232)
Net loss	$ (126,147)	$ (92,822)

Vessel Revenue (Details)

Vessel Revenue (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)item
Vessel revenue
Number of vessels earned revenue through long-term time-charter contracts | item	5	5
Vessel revenue	$ 298,241	$ 241,219
Pool revenue
Vessel revenue
Vessel revenue	272,436	217,449
Time charter revenue
Vessel revenue
Vessel revenue	18,558	18,476
Voyage revenue (spot market)
Vessel revenue
Vessel revenue	$ 7,247	$ 5,294

Operating Leases - As Lessee (D

Operating Leases - As Lessee (Details) - Vessels - USD ($)	1 Months Ended
	May 31, 2018	Feb. 28, 2018	Jan. 31, 2018	Apr. 30, 2017	Jun. 30, 2018
Silent | Handymax | Bareboat
Operating Leases
Operating lease payments, daily rate					$ 7,500
Single | Handymax | Bareboat
Operating Leases
Operating lease payments, daily rate					7,500
Star I | Handymax | Bareboat
Operating Leases
Operating lease payments, daily rate					7,500
Sky | Handymax | Bareboat
Operating Leases
Operating lease payments, daily rate					6,000
Steel | Handymax | Bareboat
Operating Leases
Operating lease payments, daily rate					6,000
Stone I | Handymax | Bareboat
Operating Leases
Operating lease payments, daily rate					6,000
Style | Handymax | Bareboat
Operating Leases
Operating lease payments, daily rate					6,000
Miss Benedetta | MR | Time charter
Operating Leases
Operating lease payments, daily rate			$ 14,000		14,000
Operating lease, term of contract			1 year
Operating lease, extension option, term of contract			1 year
Operating lease payments, extension option, daily rate			$ 14,400
STI Beryl | MR | Bareboat
Operating Leases
Operating lease payments, daily rate					8,800
STI Le Rocher | MR | Bareboat
Operating Leases
Operating lease payments, daily rate					8,800
STI Larvotto | MR | Bareboat
Operating Leases
Operating lease payments, daily rate					8,800
Gan-Trust | MR | Time charter
Operating Leases
Operating lease payments, daily rate					13,950
Operating lease payments, extension option, daily rate					15,750
CPO New Zealand | MR | Time charter
Operating Leases
Operating lease payments, daily rate					15,250
CPO Australia | MR | Time charter
Operating Leases
Operating lease payments, daily rate					15,250
Ance | MR | Time charter
Operating Leases
Operating lease payments, daily rate					13,500
Operating lease payments, extension option, daily rate					15,000
Densa Alligator | LR2 | Time charter
Operating Leases
Operating lease payments, daily rate		$ 14,300			14,300
Operating lease, term of contract		6 months
Operating lease, extension option, term of contract		6 months
Operating lease payments, extension option, daily rate		$ 15,310
Densa Crocodile | LR2 | Time charter
Operating Leases
Operating lease payments, daily rate	$ 14,800				14,800
Operating lease, term of contract	6 months
Operating lease, extension option, term of contract	6 months
Operating lease payments, extension option, daily rate	$ 15,350
Krisjanis Valdemars | Handymax | Time charter
Operating Leases
Operating lease payments, daily rate, expired during six months ended June 30, 2018					11,250
Kraslava | Handymax | Time charter
Operating Leases
Operating lease payments, daily rate, expired during six months ended June 30, 2018					11,250
Vukovar | MR | Time charter
Operating Leases
Operating lease payments, daily rate, expired during six months ended June 30, 2018					17,034
Zefyros | MR | Time charter
Operating Leases
Operating lease payments, daily rate, expired during six months ended June 30, 2018					13,250
STI Beryl, STI Le Rocher, STI Larvotto
Operating Leases
Sale leaseback transaction, deposit per vessel					4,350,000
STI Beryl, STI Le Rocher, STI Larvotto | MR | Bareboat
Operating Leases
Leaseback, daily rate				$ 8,800
Sale leaseback transaction, gross proceeds per vessel				29,000,000
Sale leaseback transaction, deposit per vessel				$ 4,350,000
STI Beryl, STI Le Rocher, STI Larvotto | MR | Bareboat | Top of range
Operating Leases
Sale and leaseback, term of lease				8 years
CPO New Zealand and CPO Australia | MR | Time charter
Operating Leases
Operating lease payments, extension option, daily rate					$ 16,000

Operating Leases - Future Minim

Operating Leases - Future Minimum Lease Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Operating Leases
Minimum lease payments	$ 90,353		$ 117,635
Charterhire expense	35,169	$ 38,904
Less than 1 year
Operating Leases
Minimum lease payments	34,297		52,532
1 - 5 years
Operating Leases
Minimum lease payments	38,570		42,839
Later than five years
Operating Leases
Minimum lease payments	$ 17,486		$ 22,264

Operating Leases - As Lessor (D

Operating Leases - As Lessor (Details) - Vessels	6 Months Ended
	Jun. 30, 2018USD ($)
STI Pimlico | Handymax
Operating Leases
Operating leases daily rate receivable	$ 18,000
STI Poplar | Handymax
Operating Leases
Operating leases daily rate receivable	18,000
STI Notting Hill | MR
Operating Leases
Operating leases daily rate receivable	20,500
STI Westminster | MR
Operating Leases
Operating leases daily rate receivable	20,500
STI Rose | LR2
Operating Leases
Operating leases daily rate receivable	$ 28,000
STI Pimlico and STI Poplar | Handymax | Top of range
Operating Leases
Redelivery period surrounding expiry date	30 days
STI Pimlico and STI Poplar | Handymax | Bottom of range
Operating Leases
Redelivery period surrounding expiry date	10 days
STI Notting Hill, STI Westminster and STI Rose | MR And LR2
Operating Leases
Redelivery period surrounding expiry date	30 days

Operating Leases - Future Min_2

Operating Leases - Future Minimum Lease Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Operating Leases
Minimum lease payments receivable	$ 18,856	$ 38,168
Less than 1 year
Operating Leases
Minimum lease payments receivable	18,856	35,992
1 - 5 years
Operating Leases
Minimum lease payments receivable	0	2,176
Later than five years
Operating Leases
Minimum lease payments receivable	$ 0	$ 0

Financial expenses (Details)

Financial expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Financial expenses
Interest payable, net of capitalized interest	$ 66,797	$ 33,141
Amortization of deferred financing fees	6,191	6,640
Write-offs of deferred financing fees	7,035	867
Accretion of Convertible Notes due 2019 and 2022	6,435	6,009
Accretion of premiums and discounts on assumed debt	1,909	37
Total financial expenses	88,367	46,694
Average debt outstanding	2,800,000	2,000,000
Convertible Notes due 2019
Financial expenses
Write-offs of deferred financing fees	1,100
K-Sure Credit Facility
Financial expenses
Write-offs of deferred financing fees	3,300
BNPP Credit Facility
Financial expenses
Write-offs of deferred financing fees	100	500
Acceleration of amortization related to refinancing of credit facility	100
DVB 2016 Credit Facility
Financial expenses
Write-offs of deferred financing fees		300
Other Credit Facilities
Financial expenses
Acceleration of amortization related to refinancing of credit facility	2,600
Construction in progress
Financial expenses
Capitalized interest	157	$ 2,900
NPTI
Financial expenses
Debt assumed in business combination	$ 907,400

Loss per share (Details)

Loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Loss per share
Net loss attributable to equity holders of the parent - basic	$ (100,695)	$ (79,782)
Net loss attributable to equity holders of the parent - diluted	$ (100,695)	$ (79,782)
Basic weighted average number of shares (in shares)	308,914,701	172,096,465
Effect of dilutive potential basic shares:
Diluted weighted average number of shares	308,914,701	172,096,465
Basic (in USD per share)	$ (0.33)	$ (0.46)
Diluted (in USD per share)	$ (0.33)	$ (0.46)
Convertible Debt
Effect of dilutive potential basic shares:
Antidilutive securities (in shares)	63,202,430	34,208,348
Restricted Stock
Effect of dilutive potential basic shares:
Antidilutive securities (in shares)	21,674,746	10,214,315

Financial instruments (Details)

Financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts payable
Financial instruments
Financial liabilities, at fair value	$ 15,761	$ 13,044
Financial liabilities, carrying value	15,761	13,044
Accrued expenses
Financial instruments
Financial liabilities, at fair value	25,192	32,838
Financial liabilities, carrying value	25,192	32,838
Secured bank loans
Financial instruments
Unamortized deferred financing fees	22,700	29,900
Finance lease liability
Financial instruments
Unamortized deferred financing fees	1,200	1,200
Unsecured Senior Notes due 2020
Financial instruments
Unamortized deferred financing fees	1,000
Unsecured Senior Notes Due 2019
Financial instruments
Unamortized deferred financing fees	700
Convertible Notes due 2019
Financial instruments
Unamortized deferred financing fees related to liability component of the convertible notes	900
Unamortized deferred financing fees of the equity component of the convertible notes recorded in APIC	1,900
Loans and receivables | Loans and receivables category
Financial instruments
Financial assets, at fair value	50,302	65,458
Financial assets, carrying value	50,302	65,458
Level 1 | Unsecured Senior Notes due 2020 | Financial liabilities at amortized cost
Financial instruments
Financial liabilities, at fair value	53,535	53,449
Financial liabilities, carrying value	53,750	53,750
Level 1 | Unsecured Senior Notes Due 2019 | Financial liabilities at amortized cost
Financial instruments
Financial liabilities, at fair value	58,771	58,466
Financial liabilities, carrying value	57,500	57,500
Level 1 | Cash and cash equivalents
Financial instruments
Financial assets, at fair value	164,578	186,462
Financial assets, carrying value	164,578	186,462
Level 1 | Restricted cash
Financial instruments
Financial assets, at fair value	12,284	11,387
Financial assets, carrying value	12,284	11,387
Level 2 | Secured bank loans | Financial liabilities at amortized cost
Financial instruments
Financial liabilities, at fair value	1,623,824	1,615,248
Financial liabilities, carrying value	1,623,824	1,615,248
Level 2 | Finance lease liability | Financial liabilities at amortized cost
Financial instruments
Financial liabilities, at fair value	692,205	717,139
Financial liabilities, carrying value	692,205	717,139
Level 2 | Convertible Notes due 2019 | Financial liabilities at amortized cost
Financial instruments
Financial liabilities, at fair value	155,888	316,184
Financial liabilities, carrying value	160,000	$ 348,500
Level 2 | Convertible Notes Due 2022 | Financial liabilities at amortized cost
Financial instruments
Financial liabilities, at fair value	191,328
Financial liabilities, carrying value	$ 188,500

General and administrative ex_2

General and administrative expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
General and administrative expenses
Increase in general and administrative expense compare to prior period	$ 3,400
General and administrative expense	$ 26,972	$ 23,602

Subsequent events - Debt Drawdo

Subsequent events - Debt Drawdowns (Details) $ in Thousands	1 Months Ended			3 Months Ended	6 Months Ended
	Sep. 30, 2018USD ($)item	Aug. 31, 2018USD ($)item	Jun. 30, 2018USD ($)item	Jun. 30, 2018USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	May 31, 2018USD ($)
Subsequent events
Debt drawdown					$ 142,025	$ 317,775
Repayments					167,491	283,473
Write-off of deferred financing fees					7,035	867
$35.7 Million Term Loan Facility
Subsequent events
Maximum borrowing capacity			$ 35,700	$ 35,700	35,700
BNPP Credit Facility
Subsequent events
Write-off of deferred financing fees					100	$ 500
ING Credit Facility
Subsequent events
Maximum borrowing capacity			171,200	$ 171,200	171,200		$ 132,500
Write-off of deferred financing fees					500
K-Sure Credit Facility
Subsequent events
Debt refinanced			$ 87,600
Write-off of deferred financing fees					$ 3,300
Number of vessels refinanced | item			5
Handymax | ING Credit Facility
Subsequent events
Number of vessels refinanced | item				1
Handymax | K-Sure Credit Facility
Subsequent events
Number of vessels refinanced | item			1
MR | ING Credit Facility
Subsequent events
Number of vessels refinanced | item				1
MR | K-Sure Credit Facility
Subsequent events
Number of vessels refinanced | item			1
$35.7 Million Term Loan Facility | $35.7 Million Term Loan Facility
Subsequent events
Debt drawdown		$ 35,700
Maximum borrowing capacity		35,700
$35.7 Million Term Loan Facility | BNPP Credit Facility
Subsequent events
Debt refinanced		26,500
Write-off of deferred financing fees		$ 100
$35.7 Million Term Loan Facility | MR | $35.7 Million Term Loan Facility
Subsequent events
Number of vessels refinanced | item		2
ING Credit Facility | ING Credit Facility
Subsequent events
Debt drawdown	$ 38,700
ING Credit Facility | K-Sure Credit Facility
Subsequent events
Repayments	26,900
Write-off of deferred financing fees	$ 500
ING Credit Facility | Handymax
Subsequent events
Number of vessels refinanced | item	1
ING Credit Facility | MR
Subsequent events
Number of vessels refinanced | item	1

Subsequent events - Sale and Le

Subsequent events - Sale and Leaseback Agreements (Details)	1 Months Ended					2 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2018USD ($)	Aug. 31, 2018USD ($)	Jul. 31, 2018USD ($)item	Jun. 30, 2018USD ($)item	May 31, 2018USD ($)item	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)item	Jun. 30, 2018USD ($)item	Jun. 30, 2017USD ($)
Subsequent events
Repayments									$ 167,491,000	$ 283,473,000
Amortization of deferred financing fees									6,191,000	6,640,000
Write-off of deferred financing fees									7,035,000	867,000
K-Sure Credit Facility
Subsequent events
Write-off of deferred financing fees									3,300,000
BNPP Credit Facility
Subsequent events
Write-off of deferred financing fees									$ 100,000	$ 500,000
Sale and Leaseback of Four Product Tankers
Subsequent events
Number of product tankers in sale and leaseback agreements | item				4				4	4
Number of sale and leaseback transactions | item				2
Aggregate borrowing under arrangement		$ 116,000,000
Sale and leaseback term				7 years
Amortization of deferred financing fees								$ 200,000
Write-off of deferred financing fees		2,200,000
Sale and Leaseback of Four Product Tankers | Credit Suisse Credit Facility
Subsequent events
Repayments		26,500,000
Sale and Leaseback of Four Product Tankers | K-Sure Credit Facility
Subsequent events
Repayments		46,600,000
Sale and Leaseback of Four Product Tankers | MR
Subsequent events
Number of product tankers in sale and leaseback agreements | item				2				2	2
Borrowing amount per tanker		24,000,000
Leaseback, daily rate				$ 7,935				$ 7,935	$ 7,935
Sale and Leaseback of Four Product Tankers | LR2/Aframax
Subsequent events
Number of product tankers in sale and leaseback agreements | item				2				2	2
Borrowing amount per tanker		34,000,000
Leaseback, daily rate				$ 11,040				$ 11,040	$ 11,040
2018 CMB Sale and Leaseback
Subsequent events
Amortization of deferred financing fees								600,000
Write-off of deferred financing fees		1,500,000
2018 CMB Sale and Leaseback | K-Sure Credit Facility
Subsequent events
Repayments		39,700,000
2018 CMB Sale and Leaseback | CMBFL Sale and Leaseback
Subsequent events
Aggregate borrowing under arrangement		141,600,000
Sale and leaseback term			8 years
Quarterly principal installments per vessel			$ 400,000
2018 CMB Sale and Leaseback | CMBFL Sale and Leaseback | London Interbank Offered Rate (LIBOR)
Subsequent events
Interest rate spread			3.20%
2018 CMB Sale and Leaseback | DVB 2017 Credit Facility
Subsequent events
Repayments		33,500,000
2018 CMB Sale and Leaseback | BNPP Credit Facility
Subsequent events
Repayments		14,400,000
2018 CMB Sale and Leaseback | MR
Subsequent events
Number of product tankers in sale and leaseback agreements | item			6
AVIC Sale and Leaseback
Subsequent events
Amortization of deferred financing fees								800,000
Write-off of deferred financing fees						$ 1,200,000
AVIC Sale and Leaseback | Credit Suisse Credit Facility
Subsequent events
Repayments						26,100,000
AVIC Sale and Leaseback | K-Sure Credit Facility
Subsequent events
Repayments						13,000,000
AVIC Sale and Leaseback | AVIC International Leasing Co., Ltd
Subsequent events
Aggregate borrowing under arrangement						145,000,000
Sale and leaseback term			8 years
AVIC Sale and Leaseback | AVIC International Leasing Co., Ltd | London Interbank Offered Rate (LIBOR)
Subsequent events
Interest rate spread			3.70%
AVIC Sale and Leaseback | NIBC Credit Facility
Subsequent events
Repayments						32,700,000
AVIC Sale and Leaseback | Scotiabank Credit Facility
Subsequent events
Repayments						28,300,000
AVIC Sale and Leaseback | MR
Subsequent events
Number of product tankers in sale and leaseback agreements | item			3
AVIC Sale and Leaseback | MR | AVIC International Leasing Co., Ltd
Subsequent events
Borrowing amount per tanker						24,000,000
Quarterly principal installments per vessel			$ 500,000
AVIC Sale and Leaseback | LR2/Aframax
Subsequent events
Number of product tankers in sale and leaseback agreements | item			2
AVIC Sale and Leaseback | LR2/Aframax | AVIC International Leasing Co., Ltd
Subsequent events
Borrowing amount per tanker						$ 36,500,000
Quarterly principal installments per vessel			$ 800,000
China Huarong Sale and Leaseback
Subsequent events
Number of product tankers in sale and leaseback agreements | item					6
Amortization of deferred financing fees								$ 400,000
Write-off of deferred financing fees		800,000
China Huarong Sale and Leaseback | China Huarong Shipping Financial Leasing Co., Ltd
Subsequent events
Aggregate borrowing under arrangement		144,000,000
Sale and leaseback term					8 years
Quarterly principal installments per vessel					$ 600,000
China Huarong Sale and Leaseback | China Huarong Shipping Financial Leasing Co., Ltd | London Interbank Offered Rate (LIBOR)
Subsequent events
Interest rate spread					3.50%
China Huarong Sale and Leaseback | 2016 Credit Facility
Subsequent events
Repayments		$ 92,700,000
Sale and Leaseback of Four Product Tankers
Subsequent events
Number of product tankers in sale and leaseback agreements | item			4
Aggregate borrowing under arrangement	$ 88,000,000
Sale and leaseback term			8 years
Write-off of deferred financing fees	1,000,000
Quarterly principal installments per vessel			$ 500,000
Sale and Leaseback of Four Product Tankers | London Interbank Offered Rate (LIBOR)
Subsequent events
Interest rate spread			3.60%
Sale and Leaseback of Four Product Tankers | K-Sure Credit Facility
Subsequent events
Repayments	12,600,000
Sale and Leaseback of Four Product Tankers | DVB 2017 Credit Facility
Subsequent events
Repayments	14,800,000
Sale and Leaseback of Four Product Tankers | 2016 Credit Facility
Subsequent events
Repayments	30,000,000
Sale and Leaseback of Four Product Tankers | Handymax
Subsequent events
Number of product tankers in sale and leaseback agreements | item			2
Borrowing amount per tanker	21,200,000
Sale and Leaseback of Four Product Tankers | MR
Subsequent events
Number of product tankers in sale and leaseback agreements | item			2
Borrowing amount per tanker	$ 22,800,000
Sale and Leaseback of Seven Product Tankers
Subsequent events
Number of product tankers in sale and leaseback agreements | item			7
Aggregate borrowing under arrangement			$ 157,500,000
Sale and leaseback term			7 years
Amortization of deferred financing fees							$ 1,700,000
Sale and Leaseback of Seven Product Tankers | London Interbank Offered Rate (LIBOR)
Subsequent events
Interest rate spread			3.00%
Sale and Leaseback of Seven Product Tankers | MR
Subsequent events
Number of product tankers in sale and leaseback agreements | item			6
Quarterly principal installments per vessel			$ 500,000
Sale and Leaseback of Seven Product Tankers | LR2/Aframax
Subsequent events
Number of product tankers in sale and leaseback agreements | item			1
Quarterly principal installments per vessel			$ 600,000

Subsequent events - Dividend De

Subsequent events - Dividend Declaration and Convertible Note Exchange (Details) $ / shares in Units, $ in Millions	Sep. 27, 2018$ / shares	Jun. 06, 2018$ / shares	Mar. 12, 2018$ / shares	May 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018$ / shares	Jun. 30, 2017$ / shares	Jul. 31, 2018USD ($)	Apr. 30, 2018USD ($)
Subsequent events
Dividends per share (in USD per share) | $ / shares						$ 0.02	$ 0.02
Convertible Notes due 2019
Subsequent events
Dividends per share (in USD per share) | $ / shares		$ 0.01	$ 0.01
Aggregate principal amount of notes									$ 188.5
Loss on extinguishment of debt				$ (17)
Convertible conversion rate		0.0995277	0.0992056
Convertible Notes Due 2022
Subsequent events
Dividends per share (in USD per share) | $ / shares		$ 0.01
Aggregate principal amount of notes				$ 188.5
Convertible conversion rate		0.2508117		0.250
Dividend Declaration
Subsequent events
Dividends per share (in USD per share) | $ / shares	$ 0.01
Convertible Notes due 2019 and 2022
Subsequent events
Loss on extinguishment of debt					$ (0.9)
Convertible Notes due 2019 and 2022 | Convertible Notes due 2019
Subsequent events
Aggregate principal amount of notes								$ 15
Convertible conversion rate	0.1000515
Convertible conversion rate increase	0.0005238
Convertible Notes due 2019 and 2022 | Convertible Notes Due 2022
Subsequent events
Aggregate principal amount of notes								$ 15
Convertible conversion rate	0.2521317
Convertible conversion rate increase	0.0013201

Subsequent events - Reduction i

Subsequent events - Reduction in Commercial Management Fees and Amendment of Minimum Interest Coverage (Details)	1 Months Ended
	Sep. 30, 2018
Reduction in Commercial Management Fees
Subsequent events
Commercial management fees as a percentage of gross revenue	0.85%
Amendment of Minimum Interest Coverage Ratio | KEXIM Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	155.00%
Amendment of Minimum Interest Coverage Ratio | 2017 Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	155.00%
Amendment of Minimum Interest Coverage Ratio | Period Through June 30, 2019 | 2016 Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	145.00%
Amendment of Minimum Interest Coverage Ratio | Period Through June 30, 2019 | ABN AMRO Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	145.00%
Amendment of Minimum Interest Coverage Ratio | Period Through June 30, 2019 | DVB 2017 Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	145.00%
Amendment of Minimum Interest Coverage Ratio | Period Thereafter | 2016 Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	150.00%
Amendment of Minimum Interest Coverage Ratio | Period Thereafter | ABN AMRO Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	150.00%
Amendment of Minimum Interest Coverage Ratio | Period Thereafter | DVB 2017 Credit Facility
Subsequent events
Aggregate of the fair market value of the vessels provided as collateral	150.00%

Subsequent events - 2013 Equity

Subsequent events - 2013 Equity Incentive Plan (Details) - 2013 Equity Incentive Plans	1 Months Ended
	Sep. 30, 2018USD ($)EquityInstruments
Employees
Subsequent events
Issuance of restricted stock (in shares)	1,981,409
Directors
Subsequent events
Issuance of restricted stock (in shares)	120,000
Restricted Stock
Subsequent events
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $	$ 1.98
Restricted Stock | Vesting June 9, 2021 | Employees
Subsequent events
Vested shares percentage	33.33%
Restricted Stock | Vesting June 9, 2022 | Employees
Subsequent events
Vested shares percentage	33.33%
Restricted Stock | Vesting June 8, 2023 | Employees
Subsequent events
Vested shares percentage	33.33%
Restricted Stock | Vesting June 10, 2019 | Directors
Subsequent events
Vested shares percentage	33.33%
Restricted Stock | Vesting June 10, 2020 | Directors
Subsequent events
Vested shares percentage	33.33%
Restricted Stock | Vesting June 9, 2021 | Directors
Subsequent events
Vested shares percentage	33.33%

Subsequent events - Retrofittin

Subsequent events - Retrofitting Fleet (Details) - Retrofitting of our Fleet - LR2 $ in Millions	1 Months Ended
	Sep. 30, 2018USD ($)item
Subsequent events
Number of ships to be refitted | item	15
Bottom of range
Subsequent events
Estimated total investment per vessel	$ 1.5
Percentage of retrofitting investment to be financed	60.00%
Top of range
Subsequent events
Estimated total investment per vessel	$ 2
Percentage of retrofitting investment to be financed	70.00%