Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Listings [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-34677 |
Entity Registrant Name | SCORPIO TANKERS INC. |
Entity Incorporation, State or Country Code | 1T |
Entity Address, City or Town | Monaco |
Entity Address, Address Line One | 99 Boulevard du Jardin Exotique |
Entity Address, Country | MC |
Entity Address, Postal Zip Code | 98000 |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Trading Symbol | STNG |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 53,107,765 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Central Index Key | 0001483934 |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Local Phone Number | 9798-5716 |
Document Transition Report | false |
Document Shell Company Report | false |
Document Accounting Standard | International Financial Reporting Standards |
Document Registration Statement | false |
Document Financial Statement Error Correction [Flag] | false |
Business Contact | |
Entity Listings [Line Items] | |
Entity Address, City or Town | Monaco |
Entity Address, Address Line One | 99 Boulevard du Jardin Exotique |
Entity Address, Country | MC |
Entity Address, Postal Zip Code | 98000 |
Contact Personnel Name | Mr. Emanuele Lauro |
City Area Code | 377 |
Contact Personnel Email Address | investor.relations@scorpiotankers.com |
Seven Point Zero Zero Percent Senior Notes Due | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 7.00% Senior Notes due 2025 |
Trading Symbol | SBBA |
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers Audit |
Auditor Location | Neuilly-sur-Seine, France |
Auditor Firm ID | 1347 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 355,551 | $ 376,870 |
Accounts receivable | 203,500 | 276,700 |
Prepaid expenses and other current assets | 10,213 | 18,159 |
Inventories | 7,816 | 15,620 |
Total current assets | 577,080 | 687,349 |
Non-current assets | ||
Vessels and drydock | 3,577,935 | 3,089,254 |
Right of use assets for vessels | 0 | 689,826 |
Other assets | 65,440 | 83,754 |
Goodwill | 8,197 | 8,197 |
Restricted cash | 0 | 783 |
Total non-current assets | 3,651,572 | 3,871,814 |
Total assets | 4,228,652 | 4,559,163 |
Current liabilities | ||
Current portion of long-term bank debt | 220,965 | 31,504 |
Sale and leaseback liability | 206,757 | 269,145 |
IFRS 16 - lease liability | 0 | 52,346 |
Accounts payable | 10,004 | 28,748 |
Accrued expenses and other current liabilities | 72,678 | 91,508 |
Total current liabilities | 510,404 | 473,251 |
Non-current liabilities | ||
Long-term bank debt and bonds | 939,188 | 264,106 |
Sale and leaseback liability | 221,380 | 871,469 |
IFRS 16 - lease liability | 0 | 443,529 |
Other long-term liabilities | 3,974 | 0 |
Total non-current liabilities | 1,164,542 | 1,579,104 |
Total liabilities | 1,674,946 | 2,052,355 |
Shareholders’ equity | ||
Common stock, $0.01 par value per share; 150,000,000 and 150,000,000 shares authorized; 53,107,765 and 61,262,838 outstanding shares as of December 31, 2023 and December 31, 2022, respectively. | 745 | 727 |
Additional paid-in capital | 3,097,054 | 3,049,732 |
Treasury shares | (1,131,225) | (641,545) |
Retained earnings | 587,132 | 97,894 |
Total shareholders’ equity | 2,553,706 | 2,506,808 |
Total liabilities and shareholders’ equity | $ 4,228,652 | $ 4,559,163 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Number of shares authorised (in shares) | 53,107,765 | 61,262,838 |
Number of shares issued (in shares) | 53,107,765 | |
Common stock | ||
Disclosure of classes of share capital [line items] | ||
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Number of shares authorised (in shares) | 150,000,000 | 150,000,000 |
Number of shares issued (in shares) | 53,107,765 | 61,262,838 |
Number of shares outstanding (in shares) | 53,107,765 | 61,262,838 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Vessel revenue | $ 1,341,222 | $ 1,562,873 | $ 540,786 |
Operating expenses | |||
Vessel operating costs | (315,582) | (323,725) | (334,840) |
Voyage expenses | (13,243) | (92,698) | (3,455) |
Depreciation - vessels and drydock | (178,259) | (168,008) | (197,467) |
Depreciation - right of use assets for vessels | (24,244) | (38,827) | (42,786) |
Reversal of previously recorded impairment | 0 | 12,708 | 0 |
Write-off of deposits on scrubbers | (10,508) | 0 | 0 |
General and administrative expenses | (106,255) | (88,131) | (52,746) |
Gain on sale of vessels | 12,019 | (66,486) | 0 |
Total operating expenses | (636,072) | (765,167) | (631,294) |
Operating income / (loss) | 705,150 | 797,706 | (90,508) |
Other (expense) and income, net | |||
Financial expenses | (183,231) | (169,795) | (144,104) |
Gain / (loss) on repurchase/exchange of convertible notes | 0 | 481 | (5,504) |
Financial income | 19,112 | 6,884 | 3,623 |
Other income, net | 5,867 | 1,975 | 2,058 |
Total other expense, net | (158,252) | (160,455) | (143,927) |
Net income / (loss) | 546,898 | 637,251 | (234,435) |
Attributable to: | |||
Equity holders of the parent | $ 546,898 | $ 637,251 | $ (234,435) |
Earnings / (loss) per share | |||
Basic (in USD per share) | $ 10.44 | $ 11.49 | $ (4.28) |
Diluted (in USD per share) | $ 10.03 | $ 10.34 | $ (4.28) |
Basic weighted average shares outstanding (in shares) | 52,369,269 | 55,455,277 | 54,718,709 |
Diluted weighted average shares outstanding (in shares) | 54,527,747 | 63,511,276 | 54,718,709 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity $ in Thousands | USD ($) shares | Share capital USD ($) shares | Additional paid-in capital USD ($) | Treasury shares USD ($) shares | (Accumulated deficit) / retained earnings USD ($) | |
Beginning balance (in shares) at Dec. 31, 2020 | shares | 58,093,147 | |||||
Beginning balance at Dec. 31, 2020 | $ 2,065,768 | $ 656 | $ 2,850,206 | $ (480,172) | $ (304,922) | |
Net income (loss) for the period | (234,435) | (234,435) | ||||
Issuance of restricted stock, net of forfeitures (in shares) | shares | 276,369 | |||||
Issuance of restricted stock | 0 | $ 3 | (3) | |||
Equity settled share based compensation expense | 22,931 | 22,931 | ||||
Dividends paid | [1] | (23,320) | (23,320) | |||
Equity component of issuance of Convertible Notes due 2025 | 7,502 | 7,502 | ||||
Write off of equity portion of Convertible Notes due 2022 | (1,518) | (1,518) | ||||
Ending balance (in shares) at Dec. 31, 2021 | shares | 58,369,516 | |||||
Ending balance at Dec. 31, 2021 | 1,836,928 | $ 659 | 2,855,798 | (480,172) | (539,357) | |
Net income (loss) for the period | 637,251 | 637,251 | ||||
Issuance of restricted stock, net of forfeitures (in shares) | shares | 1,045,497 | |||||
Issuance of restricted stock | (1) | $ 10 | (11) | |||
Equity settled share based compensation expense | 20,397 | 20,397 | ||||
Dividends paid | [1] | (23,313) | (23,313) | |||
Purchase of treasury shares (in shares) | shares | (3,909,873) | |||||
Purchase of treasury shares | (161,373) | $ (161,373) | ||||
Repurchase of Convertible Notes due 2025 | $ (1,966) | |||||
Conversion of Convertible Notes due 2025 to common shares (in shares) | shares | 5,757,698 | |||||
Conversion of Convertible Notes due 2025 to common shares | $ 198,885 | $ 58 | 198,827 | |||
Ending balance (in shares) at Dec. 31, 2022 | shares | 61,262,838 | 11,429,197 | ||||
Ending balance at Dec. 31, 2022 | 2,506,808 | $ 727 | 3,049,732 | $ (641,545) | 97,894 | |
Net income (loss) for the period | 546,898 | 546,898 | ||||
Issuance of restricted stock, net of forfeitures (in shares) | shares | 1,805,250 | |||||
Issuance of restricted stock | 0 | $ 18 | (18) | |||
Equity settled share based compensation expense | 47,340 | 47,340 | ||||
Dividends paid | [1] | (57,660) | (57,660) | |||
Purchase of treasury shares (in shares) | shares | (9,960,323) | |||||
Purchase of treasury shares | (489,680) | $ (489,680) | ||||
Ending balance (in shares) at Dec. 31, 2023 | shares | 53,107,765 | 21,389,520 | ||||
Ending balance at Dec. 31, 2023 | $ 2,553,706 | $ 745 | $ 3,097,054 | $ (1,131,225) | $ 587,132 | |
[1] The Company's policy is to distribute dividends from available retained earnings first and then from additional paid in capital. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |||||||||||||
Dec. 15, 2023 | Sep. 15, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 15, 2022 | Jun. 15, 2022 | Mar. 15, 2022 | Dec. 15, 2021 | Sep. 29, 2021 | Jun. 15, 2021 | Mar. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of changes in equity [abstract] | ||||||||||||||
Dividends paid, ordinary shares per share | $ 0.35 | $ 0.25 | $ 0.25 | $ 0.20 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 1.05 | $ 0.40 | $ 0.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income / (loss) | $ 546,898 | $ 637,251 | $ (234,435) |
Depreciation - owned or sale and leaseback vessels | 178,259 | 168,008 | 197,467 |
Depreciation - right of use assets | 24,244 | 38,827 | 42,786 |
Equity settled share based compensation expense | 47,340 | 20,397 | 22,931 |
Reversal of previously recorded impairment | 0 | (12,708) | 0 |
Amortization of deferred financing fees | 7,292 | 6,385 | 7,570 |
Non-cash debt extinguishment costs | 8,320 | 6,604 | 3,604 |
Accretion of convertible notes | 0 | 12,718 | 13,265 |
Net (gain) / loss on sales of vessels | (12,019) | 66,486 | 0 |
Write-off of deposits on scrubbers | 10,508 | 0 | 0 |
Gain on sale and leaseback amendment | 0 | 0 | (2,851) |
Accretion of fair value measurement on debt assumed in business combinations | 1,128 | 2,106 | 3,682 |
(Gain) / loss on repurchase / exchange of Convertible Notes | 0 | (481) | 5,504 |
Share of income from dual fuel tanker joint venture | (5,950) | (679) | (560) |
Cash flows from (used) in operating activities before changes in assets and liabilities | 806,020 | 944,914 | 58,963 |
Changes in assets and liabilities: | |||
Decrease / (increase) in inventories | 7,804 | (7,522) | 480 |
Decrease / (increase) in accounts receivable | 73,201 | (238,631) | (5,052) |
Decrease / (increase) in prepaid expenses and other current assets | 7,944 | (10,205) | 4,476 |
Decrease / (increase) in other assets | 2,884 | 19,492 | (601) |
(Decrease) / increase in accounts payable | (16,748) | (4,482) | 20,716 |
(Decrease) / increase in accrued expenses and other current liabilities | (15,613) | 65,767 | (5,682) |
Total changes in assets and liabilities | 59,472 | (175,581) | 14,337 |
Net cash inflow from operating activities | 865,492 | 769,333 | 73,300 |
Investing activities | |||
Net proceeds from disposal of vessels | 64,878 | 607,693 | 0 |
Investment in dual fuel tanker joint venture | 0 | (1,750) | (6,701) |
Distributions from dual fuel tanker joint venture | 1,822 | 493 | 1,525 |
Drydock, scrubber, ballast water treatment system and other vessel related payments (owned, sale leaseback and bareboat-in vessels) | (23,089) | (34,480) | (47,102) |
Net cash inflow / (outflow) from investing activities | 43,611 | 571,956 | (52,278) |
Financing activities | |||
Debt repayments | (1,224,529) | (971,622) | (650,927) |
Issuance of debt | 1,386,482 | 122,638 | 650,804 |
Debt issuance costs | (29,691) | (1,702) | (17,820) |
Principal repayments on IFRS 16 lease liabilities | 516,127 | 79,502 | 56,729 |
Issuance of convertible notes | 0 | 0 | 119,419 |
Decrease in restricted cash | 783 | 4,008 | 502 |
Repurchase / repayment of convertible notes | 0 | (83,968) | 0 |
Equity issuance costs | 0 | 0 | (47) |
Dividends paid | (57,660) | (23,313) | (23,320) |
Repurchase of common stock | (489,680) | (161,373) | 0 |
Net cash (outflow) / inflow from financing activities | (930,422) | (1,194,834) | 21,882 |
(Decrease) / increase in cash and cash equivalents | (21,319) | 146,455 | 42,904 |
Cash and cash equivalents at January 1, | 376,870 | 230,415 | 187,511 |
Cash and cash equivalents at December 31, | 355,551 | 376,870 | 230,415 |
Supplemental information: | |||
Interest paid (which includes $0.0 million, $0.2 million and $0.2 million of interest capitalized during the years ended December 31, 2023, 2022, and 2021, respectively) | $ 154,653 | $ 134,921 | $ 114,671 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 1 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 01, 2022 | Apr. 30, 2021 | |
Convertible Senior Notes Due 2025 | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Borrowings interest rate | 3% | 3% | ||
Aggregate principal amount | $ 19.4 | $ 62.1 | ||
Convertible Senior Notes Due 2025 | Gross carrying amount | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Debt converted to equity | $ 205.1 | |||
Convertible Senior Notes Due 2022 | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Debt converted to equity | $ 19.4 | $ 62.1 |
General information and signifi
General information and significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
General information and significant accounting policies | 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 crude oil and 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 our common stock currently trades on the New York Stock Exchange under the symbol "STNG." Our fleet as of December 31, 2023 consisted of 111 owned, sale and leaseback, or bareboat chartered-in product tankers (14 Handymax, 58 MR and 39 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 for our vessels 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 consolidated financial statements incorporate the financial statements of Scorpio Tankers Inc. and its subsidiaries. The consolidated financial statements have been presented in United States dollars, or USD or $, which is the functional currency of Scorpio Tankers Inc. and all its subsidiaries, and have been authorized for issue by the Board of Directors on March 22, 2024. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board. All inter-company transactions, balances, income and expenses were eliminated on consolidation. Going concern The financial statements have been prepared in accordance with the going concern basis of accounting as described further in the “Liquidity risk” section of Note 22. 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. Liquidity risks can manifest themselves when economic conditions deteriorate or when we have significant maturities of our financial instruments. Our revenues are earned via the seaborne transportation of crude oil and refined petroleum products in the international shipping markets. Since March 2022, there has been a significant increase in product tanker rates which have continued through the date of the issuance of these financial statements as seaborne exports and ton mile demand have continued to outpace the global supply of vessels. The cash flows generated from operations over this period have been, and continue to be, utilized to repay our outstanding debt and lease obligations. During the year ended December 31, 2023, we reduced the carrying amount of our outstanding debt and lease obligations (including leases accounted for under IFRS 16) by $343.8 million. At December 31, 2023, we had $355.6 million in cash and cash equivalents, $288.2 million available under a revolving line of credit (see Notes 12 and 23) and 14 unencumbered vessels. Favorable market conditions have continued into 2024 through the date of approval of these financial statements and, in addition to our regularly scheduled debt and lease repayments, we have repaid, or are committed to repaying certain debt and lease financing obligations on an additional 24 vessels for an aggregate of $380.2 million thus far during 2024. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance and the aforementioned commitments to repay additional debt and lease financing obligations, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including, but not limited to, debt service and lease financing obligations) for a period of at least twelve months from the date of approval of these consolidated financial statements. Accordingly, we continue to adopt the going concern basis in preparing our financial statements. Material Accounting Policies The following is a discussion of our material accounting policies that were in effect during the years ended December 31, 2023, 2022, and 2021. Revenue recognition Revenue earned by our vessels is comprised of pool revenue, time charter revenue and voyage revenue. (1) Pool revenue for each vessel is determined in accordance with the profit-sharing terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on: • the pool points attributed to each vessel (which are determined by vessel attributes such as cargo carrying capacity, fuel consumption, and construction characteristics); and • the number of days the vessel participated in the pool in the period . (2) Time charter agreements are when our vessels are chartered to customers for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates. (3) Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate. Of these revenue streams, revenue generated in the spot market from voyage charter agreements is within the scope of IFRS 15 - Revenue from Contracts with Customers, which was issued by the International Accounting Standards Board on May 28, 2014 and applied to an entity's first annual IFRS financial statements for a period beginning on or after January 1, 2018. IFRS 15 amended 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. Revenue generated from pools and time charters is accounted for as revenue earned under operating leases and is therefore within the scope of IFRS 16 - Leases . IFRS 16, Leases , was issued by the International Accounting Standards Board on January 13, 2016 and applied to an entity's first annual IFRS financial statements for a period beginning on or after January 1, 2019. IFRS 16 amended 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. These components are accounted for as follows: • All fixed lease revenue earned under these time charter-out arrangements is recognized on a straight-line basis over the term of the lease. • Lease revenue earned under our pool arrangements is recognized as it is earned, since it is 100% variable. • The non-lease component is accounted for as services revenue under IFRS 15 - Revenue from Contracts with Customers. This revenue is recognized “over time” as the customer (i.e. the pool or the charterer) is simultaneously receiving and consuming the benefits of the service. The accounting for our different revenue streams pursuant to the above accounting standards is therefore summarized as follows: Pool revenue We recognize pool revenue based on quarterly reports from the pools which identifies the number of days the vessel participated in the pool, the total pool points for the period, the total pool revenue for the period, and the calculated share of pool revenue for the vessel. Spot market revenue For vessels operating in the spot market, we recognize revenue ‘over time’ as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. 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 recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. Time charter revenue Time charter revenue is recognized as services are performed based on the daily rates specified in the time charter contract. Voyage expenses Voyage expenses primarily include bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions paid by us under voyage charters for vessels trading in the spot market. Under IFRS 15, voyage costs incurred in the fulfillment of a voyage charter are deferred and amortized over the course of the charter commencing on the date that the cargo is loaded and concluding on the date of discharge. Voyage costs are only deferred 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. Vessel operating costs Vessel operating costs, which include crewing, repairs and maintenance, insurance, stores, lubricating oil consumption, communication expenses, and technical management fees, are expensed as incurred for vessels that are owned, lease financed or bareboat chartered-in. Earnings / (Loss) per share Basic earnings / (loss) per share is calculated by dividing net income / (loss) attributable to equity holders of the parent by the weighted average number of common shares outstanding. Diluted earnings / (loss) per share is calculated by adjusting the net income / (loss) attributable to equity holders of the parent and the weighted average number of common shares used for calculating basic income / (loss) per share for the effects of all potentially dilutive shares (including restricted stock awards). Such dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share. In the years ended December 31, 2023, 2022 and 2021, there were potentially dilutive items as a result of our 2013 Equity Incentive Plan (as defined in Note 14), and in the years ended December 31, 2022 and 2021, there were potentially dilutive items as a result of (i) our Convertible Notes due 2022, and (ii) our Convertible Notes due 2025 (both of which are described in Note 12). We applied the if-converted method when determining diluted earnings / (loss) per share. This requires the assumption that all potential ordinary shares with respect to our Convertible Notes due 2022 and Convertible Notes due 2025 have been converted into ordinary shares at the beginning of the period or, if not in existence at the beginning of the period, the date of the issue of the financial instrument or the granting of the rights by which they are granted. Under this method, once potential ordinary shares are converted into ordinary shares during the period, the dividends, interest and other expense associated with those potential ordinary shares will no longer be incurred. The effect of conversion, therefore, is to increase income (or reduce losses) attributable to ordinary equity holders as well as the number of shares in issue. Conversion will not be assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. The impact of potentially dilutive items on the calculations of earnings / (loss) per share are set forth in Note 21. Leases In a time or bareboat charter-in arrangement, we pay to lease a vessel for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, profit sharing or current market rates. In a time charter-in arrangement, the vessel’s owner is responsible for crewing and other vessel operating costs, whereas these costs are the responsibility of the charterer in a bareboat charter-in arrangement. IFRS 16 - Leases amended 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 as right-of-use assets and corresponding lease liabilities, unless the term of the lease is 12 months or less. As of December 31, 2023, we did not have any bareboat chartered-in vessels which are being accounted for under IFRS 16, Leases as right of use assets and related lease liabilities. Under IFRS 16, there is no charterhire expense for these vessels as the right of use assets are depreciated on a straight-line basis (through depreciation expense) over the lease term, and the lease liability is amortized over that same period (with a portion of each payment allocated to principal and a portion allocated to interest expense). Foreign currencies The individual financial statements of Scorpio Tankers Inc. and each of its subsidiaries are presented in the currency of the primary economic environment in which we operate (its functional currency), which in all cases is U.S. dollars. For the purpose of the consolidated financial statements, our results and financial position are also expressed in U.S. dollars. In preparing the financial statements of Scorpio Tankers Inc. and each of its subsidiaries, transactions in currencies other than the U.S. dollar are recorded at the rate of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are translated into the functional currency at rates ruling at that date. All resultant exchange differences have been recognized in the consolidated statements of operations. The amounts charged to the consolidated statements of operations during the years ended December 31, 2023, 2022 and 2021 were not significant. Segment reporting During the years ended December 31, 2023, 2022 and 2021, we owned, lease financed, or chartered-in vessels spanning four different vessel classes, Handymax, MR, LR1 (2022 and 2021 only, see Note 5) and LR2, all of which earned revenues in the seaborne transportation of crude oil and refined petroleum products in the international shipping markets. Vessel class is the aggregate level of information reported to our chief operating decision maker. Segment results are evaluated based on reported net income or loss from each segment. The accounting policies applied to the reportable segments are the same as those used in the preparation of our consolidated financial statements. It is not practical to report revenue or non-current assets on a geographical basis due to the global nature of the shipping market. Vessels and drydock Our fleet is measured at cost, which includes the cost of work undertaken to enhance the capabilities of the vessels, less accumulated depreciation and impairment losses, if any. Depreciation is calculated on a straight-line basis to the estimated residual value over the anticipated useful life of the vessel from the date of delivery. We estimate the useful lives of our vessels to be 25 years. Vessels under construction are not depreciated until such time as they are ready for use. The residual value is estimated as the lightweight tonnage of each vessel multiplied by a scrap value per ton. The scrap value per ton is estimated taking into consideration the historical four-year average scrap market rates available at the balance sheet date with changes accounted for in the period of change and in future periods. The vessels are required to undergo planned drydocks for replacement of certain components, major repairs and maintenance of other components, which cannot be carried out while the vessels are operating, approximately every 30 months or 60 months depending on the nature of work and external requirements. These drydock costs are capitalized and depreciated on a straight-line basis over the estimated period until the next drydock. In deferred drydocking, we only include direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. For an acquired or newly built vessel, a notional drydock component is allocated from the vessel’s cost. The notional drydock cost is estimated by us, based on the expected costs related to the next drydock, which is based on experience and past history of similar vessels, and carried separately from the cost of the vessel. Subsequent drydocks are recorded at actual cost incurred. The drydock component is depreciated on a straight-line basis to the next estimated drydock. The estimated amortization period for a drydock is based on the estimated period between drydocks. When the drydock expenditure is incurred prior to the expiry of the period, the remaining balance is expensed. During the years ended December 31, 2023, 2022, and 2021, we made investments in exhaust gas cleaning systems, or scrubbers, and/or ballast water treatment systems, or BWTS. The costs of these systems are primarily being depreciated over the estimated remaining useful life of each vessel, which is our estimate of the useful life of this equipment based on experience with such systems. Additionally, for a newly installed scrubber, a notional component is allocated from the scrubber's cost. The notional scrubber cost is estimated by us, based on the expected related costs that we will incur for this equipment at the next scheduled drydock date and relates to the replacement of certain components and maintenance of other components. This notional scrubber cost is carried separately from the cost of the scrubber. Subsequent costs will be recorded at actual cost incurred. The notional component of the scrubber is depreciated on a straight-line basis to the next estimated drydock date. Impairment of goodwill Goodwill arising from our 2017 acquisition of Navig8 Product Tankers Inc. was allocated to the cash generating units within each of the respective operating segments that were expected to benefit from the synergies of the merger (LR2s and LR1s). Goodwill is not amortized and is tested annually (or more frequently, if impairment indicators arise) by comparing the aggregate carrying amount of the cash generating units within the reportable segment, plus the allocated goodwill, to their recoverable amounts. If there are impairment triggering events, the recoverable amount of goodwill is measured by the value in use of the cash generating units within the reportable segment. In assessing value in use, the estimated future cash flows of the reportable segment are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the reportable segment for which the estimates of future cash flows have not been adjusted. If the recoverable amount is determined to be less than the aggregate carrying amount of the assets in each respective operating segment, plus goodwill, then goodwill is reduced to the lower of the recoverable amount or zero. An impairment loss is recognized as an expense immediately. Impairment of vessels and drydock, vessels under construction and right of use assets for vessels At each balance sheet date, we review the carrying amount of our vessels and drydock, vessels under construction (if applicable), and right of use assets for vessels to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the vessels and drydock, vessels under construction and right of use assets for vessels is estimated in order to determine the extent of the impairment loss (if any). We treat each vessel and the related drydock as a cash generating unit. Recoverable amount is the higher of the fair value less cost to sell (determined by taking into consideration two valuations from independent ship brokers) and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where appropriate, our value in use calculations also incorporate probability weighted assessments of different scenarios (such as potential vessel sales). If the recoverable amount of the cash generating unit is estimated to be less than its carrying amount, the carrying amount of the cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the cash generating unit in the prior years. A reversal of impairment is recognized as income immediately. As described in Note 7, we reversed $12.7 million of the $14.2 million previously recorded impairment as the recoverable amount of the previously impaired 13 MRs in our fleet were greater than their carrying values. This reversal was recorded as income for the year ended December 31, 2022. Inventories Inventories consist of bunkers, lubricating oils and other items including stock provisions, and are stated at the lower of cost and net realizable value. Cost is determined using the first in first out method. Stores and spares are charged to vessel operating costs when purchased. Bunker consumption is recorded to voyage expenses (except when off-hire, where it is recorded as a vessel operating cost) and lubricating oil consumption is recorded to vessel operating costs. Interests in joint ventures In August 2021, we acquired a minority interest in a portfolio of nine product tankers, consisting of five dual-fuel MR methanol tankers (built between 2016 and 2021) which, in addition to traditional petroleum products, are designed to both carry methanol as a cargo and to consume it as a fuel, along with four ice class 1A LR1 product tankers (two of which were sold during the fourth quarter of 2021). As part of this agreement, we acquired a 50% interest in a joint venture that ultimately has a minority interest in the entities that own the vessels for final consideration of $6.7 million. On November 1, 2022, we contributed an additional $1.75 million to the joint venture. A joint venture is an arrangement where we have joint control and have rights to the net assets of the arrangement, rather than rights to the joint venture's assets and obligations for its liabilities. We account for our interest in this structure as a joint venture pursuant to IFRS 11 - Joint arrangements, and therefore account for our share of the net profit or loss of this arrangement using the equity method under IAS 28. Under this guidance, the investment is initially measured at cost, and the carrying amount of the investment is adjusted in subsequent periods based on our share of profits or losses from the joint venture (adjusted for any fair value adjustments made upon initial recognition). Any distributions received from the joint venture reduce the carrying amount. This investment is described in Note 8. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time (for example, the time period necessary to construct a vessel) to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in the consolidated statement of operations or loss in the period in which they are incurred. Financial instruments IFRS 9, Financial instruments , sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. Financial assets and financial liabilities are recognized in our balance sheet when we become a party to the contractual provisions of the instrument. Financial assets All financial assets are recognized and derecognized on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Financial assets are classified into the following specified categories: financial assets "at fair value through profit or loss", or FVTPL, "at fair value through other comprehensive income" or at amortized cost on the basis of the Company’s business model for managing financial assets and the contractual cash flow characteristics of the financial asset. Income is recognized on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Financial assets at amortized cost Financial assets are measured at amortized cost if both of the following conditions are met: • the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at fair value through other comprehensive income Financial assets are measured at fair value through other comprehensive income if both of the following conditions are met: • the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at FVTPL Financial assets are classified as at FVTPL where the financial asset is held for trading. A financial asset is classified as held for trading if: • it has been acquired principally for the purpose of selling in the near future; or • it is a part of an identified portfolio of financial instruments that we manage together and has a recent actual pattern of short-term profit-taking; or • it is a derivative that is not designated and effective as a hedging instrument. Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognized in the statement of income or loss. The net gain or loss recognized in income or loss incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in Note 22. Accounts receivable Amounts due from the Scorpio Pools (defined in Note 4) and other receivables that have fixed or determinable payments and are not quoted in an active market are classified as accounts receivable. Accounts receivable without a significant financing component are initially measured at their transaction price and subsequently measured at amortized cost, less any impairment (as discussed below). Interest income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. Impairment of financial assets IFRS 9 introduced the expected credit loss ("ECL") model to determine and recognize impairments. ECLs are a probability-weighted estimate of credit losses and are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that we expect to receive). ECLs are discounted at the effective interest rate of the financial asset. Under IFRS 9, credit losses are recognized earlier than under the previous accounting guidance, IAS 39. Under the general model to ECLs under IFRS 9, loss allowances are measured in two different ways: • 12-month ECLs : 12-month ECLs are the expected credit losses that may result from default events on a financial instrument that are possible within the 12 months after the reporting date. 12-month ECLs are utilized when a financial asset has a low credit risk at the reporting date or has not had a significant increase in credit risk since initial recognition. • Lifetime ECLs : these are ECLs that result from all possible default events over the expected life of a financial instrument. Lifetime ECLs are determined when an impaired financial asset has been purchased or originated or when there has been a significant increase in credit risk since initial recognition. IFRS 9 also permits operational simplifications for trade receivables, contract assets and lease receivables because they are often held by entities that do not have sophisticated credit risk management systems (i.e. the ‘simplified model’). These simplifications eliminate the need to calculate 12-month ECLs and to assess when a significant increase in credit risk has occurred. Under the simplified approach: • For trade receivables or contract assets that do not contain a significant financing component, the loss allowance is required to be measured at initial recognition and throughout the life of the receivable at an amount equal to lifetime ECL. • For finance lease receivables, operating lease receivables, or trade receivables or contract assets that do contain a significant financing component, IFRS 9 permits an entity to choose as its accounting policy to measure the loss allowance using the general model or the simplified model (i.e. at an amount equal to lifetime expected credit losses). We measure loss allowances for all trade and lease receivables under the simplified model using the lifetime ECL approach. When estimating ECLs, we consider reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The application of the ECL requirements under IFRS 9 have not resulted in the recognition of an impairment charge under the new |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | Cash and cash equivalents The following is a table summarizing the components of our cash and cash equivalents as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Cash at banks $ 353,805 $ 375,229 Cash on vessels 1,746 1,641 $ 355,551 $ 376,870 |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets The following is a table summarizing the components of our prepaid expenses and other current assets as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Prepaid vessel operating expenses - SSM $ 5,522 $ 5,450 Prepaid expense - SCM 28 84 Scorpio Services Holding Limited (SSH) 3 — Prepaid expense - related party port agent 2 98 Scorpio MR Pool Limited — 14 Scorpio Handymax Tanker Pool Limited — 3 Scorpio LR2 Pool Limited — 1 Prepaid expenses and other current assets - related parties 5,555 5,650 Third party - prepaid vessel operating expenses 1,553 2,787 Prepaid insurance 588 744 Prepaid port agent advances 72 3,086 Other prepaid expenses 2,445 5,892 10,213 18,159 |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts receivable | Accounts receivable The following is a table summarizing the components of our accounts receivable as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Scorpio MR Pool Limited $ 118,717 $ 115,092 Scorpio LR2 Pool Limited 75,252 113,523 Scorpio Handymax Tanker Pool Limited 3,532 7,149 Mercury Pool Limited 3,346 — Scorpio LR1 Pool Limited 494 607 Scorpio Services Holding Limited (SSH) 7 4,976 Receivables from the related parties 201,348 241,347 Spot voyage and time charter receivables 557 34,475 Insurance receivables 1,595 878 $ 203,500 $ 276,700 Scorpio MR Pool Limited, Scorpio LR2 Pool Limited, Scorpio Handymax Tanker Pool Limited, Scorpio LR1 Pool Limited and Mercury Pool Limited (collectively referred to as the "Scorpio Pools") are related parties, as described in Note 15. Amounts due from the Scorpio Pools relate to income receivables and receivables for working capital contributions which are expected to be collected within one year. For all owned vessels, we assume that these contributions will not be repaid within 12 months and are therefore considered as non-current within Other Assets on the consolidated balance sheets. For 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. Accounts receivable from SSH include revenue earned and expenses incurred for voyages in the spot market or on time charter through SSH, a related party. Spot voyage and time charter receivables represent amounts collectible from customers for our vessels operating on time charter or in the spot market. Insurance receivables primarily represent amounts collectible on our insurance policies in relation to vessel repairs. |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Vessels | Vessels Operating vessels and drydock In thousands of U.S. dollars Vessels Drydock Total Cost As of January 1, 2023 $ 4,045,062 $ 117,641 $ 4,162,703 Transfer from right of use assets, net (1) 695,162 3,722 698,884 Additions (2) 4,711 16,738 21,449 Disposal of vessels (3) (79,429) (3,134) (82,563) Write-offs (4) (771) (1,500) (2,271) As of December 31, 2023 4,664,735 133,467 4,798,202 Accumulated depreciation and impairment As of January 1, 2023 (1,016,258) (57,191) (1,073,449) Charge for the period (152,661) (25,598) (178,259) Disposal of vessels (3) 28,505 1,436 29,941 Write-offs (4) — 1,500 1,500 As of December 31, 2023 (1,140,414) (79,853) (1,220,267) Net book value As of December 31, 2023 $ 3,524,321 $ 53,614 $ 3,577,935 Cost As of January 1, 2022 $ 4,782,886 $ 135,471 $ 4,918,357 Additions (2) 20,426 19,807 40,233 Disposal of vessels (3) (758,250) (22,641) (780,891) Write-offs (4) — (14,996) (14,996) As of December 31, 2022 4,045,062 117,641 4,162,703 Accumulated depreciation and impairment As of January 1, 2022 (1,020,407) (55,879) (1,076,286) Charge for the period (145,140) (22,868) (168,008) Disposal of vessels (3) 136,581 6,560 143,141 Reversal of previously recorded impairment 12,708 — 12,708 Write-offs (4) — 14,996 14,996 As of December 31, 2022 (1,016,258) (57,191) (1,073,449) Net book value As of December 31, 2022 $ 3,028,804 $ 60,450 $ 3,089,254 (1) During the year ended December 31, 2023, we exercised the purchase options on leases for 17 MR vessels ( STI Magnetic , STI Marshall , STI Magic , STI Mystery , STI Marvel , STI Magister , STI Mythic , STI Miracle , STI Maestro , STI Mighty , STI Modest , STI Maverick , STI Millennia , STI Maximus , STI Beryl , STI Larvotto and STI Le Rocher ) and four LR2 vessels ( STI Lavender , STI Lobelia , STI Lotus and STI Lily ) that had been previously recorded as Right of use assets for vessels. The carrying amounts of these Right of Use Assets were reclassified to Vessels and Drydock as a result of these transactions. These transactions are further described in Note 6. (2) Additions during the years ended December 31, 2023 and 2022 primarily relate to the drydock, BWTS (defined below), and scrubber costs incurred on certain of our vessels. (3) Represents the net book value of an aggregate of 19 vessels that were sold during the years ended December 31, 2023 and 2022. These sales consisted of two MRs ( STI Ville and STI Amber ) during the year ended December 31, 2023, and three LR2s ( STI Savile Row , STI Carnaby and STI Nautilus ), 12 LR1s (STI Excelsior , STI Executive , STI Excellence , STI Pride , STI Providence, STI Prestige , STI Experience , STI Express , STI Exceed , STI Excel , STI Expedite , and STI Precision) , and two MRs ( STI Fontvieille and STI Benicia ) during the year ended December 31, 2022. These transactions are described below. (4) Primarily represents write-offs of fully depreciated equipment and notional drydock costs on certain of our vessels. The following is a summary of the items that were capitalized during the years ended December 31, 2023 and 2022: In thousands of U.S. dollars Drydock (1) Notional component of scrubber (2) Total drydock additions Scrubber BWTS Other equipment Capitalized interest Total vessel additions For the year ended December 31, 2023 $ 16,738 $ — $ 16,738 $ — $ 4,554 $ 150 $ 7 $ 4,711 For the year ended December 31, 2022 19,657 150 19,807 14,386 5,522 347 171 20,426 (1) Additions during the years ended December 31, 2023 and 2022 include new costs accrued in prior periods relating to drydocks, ballast water treatment system, and scrubber installations. (2) For a newly installed scrubber, a notional component of approximately 10% is allocated from the scrubber's cost. The notional scrubber cost is estimated by us, based on the expected related costs that we will incur for this equipment at the next scheduled drydock date and relates to the replacement of certain components and maintenance of other components. This notional scrubber cost is carried separately from the cost of the scrubber. Subsequent costs are recorded at actual cost incurred. The notional component of the scrubber is depreciated on a straight-line basis to the next estimated drydock date. For the years ended December 31, 2023 and 2022, we did not allocate the notional component of the scrubber installation costs for those vessels that were sold during the period . Activity We did not take delivery of any owned vessels during the years ended December 31, 2023 and December 31, 2022. As of December 31, 2023, we did not have any newbuildings on order. Ballast Water Treatment Systems and Exhaust Gas Cleaning Systems, or Scrubbers In July 2018, we executed an agreement to purchase 55 ballast water treatment systems, or BWTS, from an unaffiliated third-party supplier. These systems were installed between 2019 through 2023, as each respective vessel under the agreement came due for its International Oil Pollution Prevention, or IOPP, renewal survey. Costs capitalized for these systems include the cost of the base equipment that we have contracted to purchase in addition to directly attributable installation costs, costs incurred for systems that were installed during the period, and installation costs incurred in advance of installations that are expected to occur in subsequent periods. We estimate the useful life of these systems to be for the duration of each vessel's remaining useful life and are depreciating the equipment and related installation costs on this basis. We have also retrofitted the substantial majority of our vessels with exhaust gas cleaning systems, or scrubbers. The scrubbers enable our ships to use high sulfur fuel oil, which is less expensive than low sulfur fuel oil, in certain parts of the world. From August 2018 through November 2018, we entered into agreements with two separate suppliers to retrofit a total of 77 of our tankers with such systems and in 2019 we exercised options to retrofit an additional 21 our vessels with scrubbers. In 2020, and as further amended in February 2021, we reached an agreement to extend the options to purchase and install scrubbers on 19 vessels. In August 2021, we exercised options to purchase six of these scrubbers. We let our options to purchase scrubbers on the remaining vessels expire during 2023 and wrote-off $10.5 million related to previously incurred deposits and installation costs. Costs capitalized for these systems include the base equipment and systems purchased, and installation costs incurred. We estimate the useful life of these systems to be for the duration of each vessel's remaining useful life, with the exception of approximately 10% of the equipment cost, which is estimated to require replacement at each vessel's next scheduled drydock. This amount has been allocated as a notional component upon installation. The carrying value of the equipment, related installation costs, and notional component will be depreciated on this basis. We installed scrubbers on six vessels in during the year ended December 31, 2022. We did not install any scrubbers during the year ended December 31, 2023. During the years ended December 31, 2023 and 2022, we retrofitted a total of four vessels and four vessels with BWTS, respectively. There were no further obligations due under contracts for the purchase of BWTS or scrubbers as of December 31, 2023. Vessel Sales During the year ended December 31, 2023, we closed on the sale of two MR vessels, STI Ville and STI Amber , in July 2023 and November 2023, respectively, for aggregate net proceeds of $64.6 million, which includes $0.3 million of accrued and unpaid selling costs as of December 31, 2023. The aggregate net book value of the vessels was $52.6 million on the dates they were held for sale and, we recorded an aggregate gain of $12.0 million during the year ended December 31, 2023 as a result of these sales. Additionally, we repaid the outstanding sale and leaseback obligation of $8.2 million with respect to STI Amber as a result of this sale. During the year ended December 31, 2022, we sold 18 vessels consisting of three LR2s ( STI Savile Row , STI Carnaby and STI Nautilus ); 12 LR1s ( STI Excelsior , STI Executive , STI Excellence , STI Pride , STI Providence , STI Prestige , STI Experience , STI Express , STI Exceed , STI Excel , STI Expedite , and STI Precision ); and three MRs ( STI Fontvieille , STI Benicia , and STI Majestic ). Seven vessel sales closed in the first quarter of 2022, nine vessel sales closed in the second quarter of 2022 and two vessel sales vessels closed in the third quarter of 2022 for aggregate net proceeds of $607.7 million. Of these vessels, the net book value of 17 vessels of $637.8 million was previously recorded within Vessels and drydock, and the net book value for one vessel ( STI Majestic ) of $35.4 million was previously recorded within Right of use assets for vessels (Note 6). As a result of these transactions, we recorded an aggregate net loss of $66.5 million (inclusive of a $0.7 million write-off of goodwill on the LR2 vessels). Additionally, we repaid aggregate outstanding debt, sale and leaseback obligations, and lease liabilities under IFRS 16 of $347.4 million and incurred debt extinguishment costs (write-offs of deferred financing fees and discounts plus fees) of $3.5 million related to these vessel sales. The financing facilities to which these repayments relate are described in Note 12. The sale of the LR1s was not a strategic shift in our operations that had, or is expected to have, a material effect on our operations. Moreover, the vessels disposed did not constitute a separate major line of business or geographical area of operations. We therefore determined that the sale of these vessels did not constitute a discontinued operation under IFRS 5. Collateral agreements The below table is a summary of vessels with an aggregate carrying value of $3.2 billion at December 31, 2023 which have been pledged as collateral under the terms of our secured debt and lease financing arrangements as of December 31, 2023: Credit Facility Vessel Name Prudential Credit Facility STI Acton, STI Camden, STI Clapham BNPP Sinosure Credit Facility STI Elysees, STI Fulham, STI Hackney, STI Orchard, STI Park 2023 $225.0 Million Credit Facility STI Duchessa, STI San Antonio, STI Yorkville, STI Milwaukee, STI Battery, STI Madison, STI Opera, STI Venere, STI Virtus, STI Aqua, STI Dama, STI Regina, STI Sanctity 2023 $49.1 Million Credit Facility STI Rose, STI Rambla 2023 $117.4 Million Credit Facility STI Battersea, STI Wembley, STI Texas City, STI Meraux, STI St. Charles, STI Mayfair, STI Alexis 2023 $1.0 Billion Credit Facility STI Lobelia, STI Lotus, STI Lily, STI Lavender, STI Magic, STI Mystery, STI Marvel, STI Magnetic, STI Millennia, STI Magister, STI Mythic, STI Modest, STI Maverick, STI Miracle, STI Maestro, STI Mighty, STI Maximus, STI Spiga, STI Kingsway, STI Bosphorus, STI Leblon, STI Jermyn, STI Donald C Trauscht, STI Esles II, STI Solace, STI Solidarity, STI Stability, STI Tribeca, STI Bronx, STI Manhattan, STI Seneca, STI Sloane, STI Condotti, STI Brooklyn, STI Goal, STI Gladiator, STI Gratitude, STI Steadfast, STI Supreme 2023 $94.0 Million Credit Facility STI Marshall, STI Grace, STI Guide, STI Gauntlet Ocean Yield Lease Financing STI Symphony BCFL Lease Financing (MRs) STI Topaz, STI Garnet, STI Onyx 2020 SPDBFL Lease Financing STI San Telmo, STI Jardins 2021 AVIC Lease Financing STI Memphis, STI Soho, STI Osceola, STI Lombard 2021 CMBFL Lease Financing STI Brixton, STI Comandante, STI Finchley, STI Pimlico, STI Westminster 2021 TSFL Lease Financing STI Black Hawk, STI Pontiac, STI Notting Hill 2021 Ocean Yield Lease Financing STI Gallantry, STI Guard 2022 AVIC Lease Financing STI Oxford, STI Selatar, STI Gramercy, STI Queens The below table is a summary of vessels with an aggregate carrying value of $411.2 million which were unencumbered at December 31, 2023: Vessel Name Unencumbered STI Hammersmith, STI Rotherhithe, STI Poplar, STI Ruby, STI Galata, STI La Boca, STI Beryl, STI Larvotto, STI Le Rocher, STI Broadway, STI Winnie, STI Connaught, STI Lauren, STI Veneto |
Right of use assets and related
Right of use assets and related lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of leases [Abstract] | |
Right of use assets and related lease liabilities | Right of use assets and related lease liabilities For lease arrangements that were accounted for under IFRS 16 – Leases , we had bareboat charter-in commitments on three vessels under fixed rate bareboat agreements and 18 vessels under variable rate bareboat agreements during the year ended December 31, 2023 and we had bareboat charter-in commitments on three vessels under fixed rate bareboat agreements and 19 vessels under variable rate bareboat agreements during the year ended December 31, 2022. These arrangements were accounted for under IFRS 16 - Leases . During the year ended December 31, 2023, we exercised the purchase options for all vessels under lease arrangements and had no further commitments as of December 31, 2023. IFRS 16 - Leases - 3 MRs In January 2019, we recognized right-of-use assets and corresponding liabilities relating to three bareboat chartered-in vessel commitments ( STI Beryl , STI Le Rocher and STI Larvotto ). The bareboat contracts for these three vessels were entered into in April 2017, were scheduled to expire in April 2025, and had a fixed lease payment of $8,800 per vessel per day. We had the option to purchase these vessels beginning at the end of the fifth year of the agreement through the end of the eighth year of the agreement, which we exercised during the year ended December 31, 2023. Additionally, a deposit (a seller's credit) of $4.4 million per vessel was retained by the buyer, the present value of which was recorded within Other Assets on our Consolidated Balance Sheet, which was accreted (as part of interest income) under the effective interest method over the expected life of the lease. Based on the analysis of the purchase options performed at the lease inception date, we determined the lease terms to be eight years, from the commencement date through the expiration date of each lease. A weighted average incremental borrowing rate of approximately 6.0% was applied at the date of initial application of IFRS 16 on this arrangement. The IFRS 16 - Leases - 3 MRs obligations were secured by, among other things, assignments of earnings and insurances and stock pledges and account charges in respect of the subject vessels and contain customary events of default, including cross-default provisions as well as subjective acceleration clauses under which the lessor could have canceled the lease in the event of a material adverse change in our business. In November 2023, we gave notice to exercise the purchase options for each of the three vessels, triggering a re-assessment of the lease liabilities resulting in an aggregate increase in the lease liabilities and corresponding adjustment to the right of use assets of $28.8 million. Additionally, we recorded a $1.0 million gain to accelerate the remaining accretion on the deposits. The aggregate deposits of $13.1 million were applied to the purchase price of the vessels when the purchase options were exercised in December 2023. As of December 31, 2023, we had no further obligation related to these lease liabilities. The aggregate outstanding balance of these lease liabilities was $21.1 million as of December 31, 2022. IFRS 16 - Leases - Trafigura Transaction On September 26, 2019, we acquired subsidiaries of Trafigura Maritime Logistics Pte. Ltd. ("Trafigura") which had leasehold interests in 19 product tankers under bareboat charter agreements (the "Agreements") with subsidiaries of an international financial institution (the "Trafigura Transaction"). On the date of the Trafigura Transaction, certain terms of the Agreements were modified ("Modified Agreements" and, collectively, "IFRS 16 - Leases - $670.0 Million"). Under IFRS 16- Leases the Modified Agreements did not meet the criteria to qualify as separate leases and were measured accordingly as lease modifications. The Modified Agreements each had a term of eight years from the latter of the date of the Trafigura Transaction or the delivery date of the respective vessel, and we had purchase options beginning after the first year of each agreement, limited to eight vessels until after the third anniversary date. Based on the analysis of the purchase options performed at the inception date of the leases, we determined the lease terms to be eight years from the commencement date of the Modified Agreements, through the expiration date of each lease, at which time we assumed that the exercise of the purchase options to be reasonably certain. The Modified Agreements bore interest at LIBOR plus a margin of 3.50% per annum and were being repaid in equal monthly installments of approximately $0.2 million per month per vessel. Additionally, an aggregate prepayment of $18.0 million ($0.8 million for each MR and $1.5 million for each LR2) was made in equal monthly installments over the first 12 months of each Modified Agreement. Commencing with the date of the Trafigura Transaction, the following vessels were leased under the Modified Agreements: STI Magic , STI Majestic , STI Mystery , STI Marvel , STI Magnetic , STI Millennia , STI Magister , STI Mythic , STI Marshall , STI Modest , STI Maverick , STI Miracle , STI Maestro , STI Mighty , STI Maximus , STI Lobelia, STI Lotus , STI Lily and STI Lavender . The Modified Agreements were secured by, among other things, assignments of earnings and insurances and stock pledges and account charges in respect of the subject vessels and contain customary events of default, including cross-default provisions as well as subjective acceleration clauses under which the lessor could cancel the lease in the event of a material adverse change in our business. The leased vessels are required to maintain a fair value, as determined by an annual appraisal from an approved third-party broker, of 111% of the outstanding principal balance as of the last banking day of the year. In April 2022, we exercised the purchase option on STI Majestic and repaid the aggregate outstanding lease obligation of $25.6 million relating to this vessel under the IFRS 16 - Leases - $670.0 Million lease agreement. This vessel was subsequently sold as described in Note 5. During the year ended December 31, 2023, we gave notice to exercise the purchase options on the remaining 18 vessels, triggering a re-assessment of the lease liabilities and resulting in an aggregate increase in the lease liabilities and corresponding adjustment to the right of use assets of $4.5 million. Upon the closing of these purchases, we repaid the aggregate outstanding lease obligation of $459.1 million relating to these vessels under the IFRS 16 - Leases - $670.0 Million lease agreement. At December 31, 2023, there was no further obligation under these lease liabilities. The aggregate outstanding balance of these lease liabilities was $475.9 million at December 31, 2022. The following is the activity of the "Right of use assets for vessels" starting on January 1, 2022 through December 31, 2023: In thousands of U.S. Dollars Vessels Drydock Total Cost As of January 1, 2023 $ 798,083 $ 22,577 $ 820,660 Transfers to vessels, net (1) (831,385) (19,942) (851,327) Additions (2) 33,302 — 33,302 Write-offs (3) — (2,635) (2,635) As of December 31, 2023 — — — Accumulated depreciation and impairment As of January 1, 2023 (114,902) (15,932) (130,834) Charge for the period (21,321) (2,923) (24,244) Transfers to vessels, net (1) 136,223 16,220 152,443 Write-offs (3) — 2,635 2,635 As of December 31, 2023 — — — Net book value As of December 31, 2023 $ — $ — $ — (1) Primarily represents the net book value of the 21 vessels for which the purchase options were exercised during the year ended December 31, 2023 and transferred to Vessels and drydock. (2) Represents the adjustment to the right of use asset as a result of the remeasurement of the related lease liability upon the commitments to exercise the purchase options. (3) Represents the write-offs of fully depreciated notional drydock costs on certain of our vessels. In thousands of U.S. Dollars Vessels Drydock Total Cost As of January 1, 2022 $ 836,246 $ 23,562 $ 859,808 Disposal of vessels (1) (38,163) (985) (39,148) As of December 31, 2022 798,083 22,577 820,660 Accumulated depreciation and impairment As of January 1, 2022 (84,221) (11,562) (95,783) Charge for the period (33,928) (4,899) (38,827) Disposal of vessels (1) 3,247 529 3,776 As of December 31, 2022 (114,902) (15,932) (130,834) Net book value As of December 31, 2022 $ 683,181 $ 6,645 $ 689,826 (1) Represents the net book value of one MR vessel ( STI Majestic ) which was sold during the year ended December 31, 2022. This transaction is described in Note 5 above. The following table summarizes the payments made for the years ended December 31, 2023 and 2022 relating to lease liabilities accounted for under IFRS 16 - Leases : For the year ended December 31, In thousands of U.S. dollars 2023 2022 Interest expense recognized in consolidated statements of operations $ 23,749 $ 30,420 Principal repayments recognized in consolidated cash flow statements (1) 516,127 79,502 Net decrease (increase) in accrued interest expense 467 (188) Total payments on lease liabilities under IFRS 16 - Leases $ 540,343 $ 109,734 (1) Principal repayments during the year ended December 31, 2022 includes the $25.6 million repayment of the lease obligation of one MR vessel ( STI Majestic ) which was sold during the year ended December 31, 2022. This transaction is described above. Vessels recorded as Right of use assets derive income from subleases through time charter-out and pool arrangements. For the years ended December 31, 2023, 2022 and 2021, sublease income of $136.6 million, $246.5 million and $91.8 million, respectively, is included in Vessel revenue. |
Carrying values of vessels, ves
Carrying values of vessels, vessels under construction, right of use assets for vessels and goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of impairment of assets [Abstract] | |
Carrying values of vessels, vessels under construction, right of use assets for vessels and goodwill | Carrying values of vessels, vessels under construction, right of use assets for vessels and goodwill At each balance sheet date, we review the carrying amounts of our goodwill, vessels and related drydock costs to determine if there is any indication that these amounts 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 both internal and external indicators of potential impairment, in accordance with IAS 36. Indicators of possible impairment may include, but are not limited to, comparing the carrying amount of net assets to market capitalization, changes in interest rates, changes in the technological, market, economic, or legal environments in which we operate, changes in forecasted charter rates, and movements in external broker valuations. We also assess whether any evidence suggests the obsolescence or physical damage of our assets, whether we have any plans to dispose of an asset before the end of its estimated useful life, and whether any evidence suggests that the economic performance of an asset was, or may become, worse than expected. At December 31, 2023, we reviewed the carrying amount of our vessels to determine if there was an indication that these assets had suffered an impairment. First, we assessed the fair value less the cost to sell of our vessels taking into consideration vessel valuations from independent ship brokers. We then compared the fair value less selling costs to each vessel’s carrying value and, if the carrying value exceeded the vessel’s fair value less selling costs, an indicator of impairment existed. At December 31, 2023, our operating fleet consisted of 111 owned or sale and leaseback vessels. All of the vessels in our operating fleet had fair values less selling costs greater than their carrying amount at this date. We also considered external factors as part of this assessment as the markets in which we operate continued to experience significant strength during the year ended December 31, 2023. This strength is evidenced by, among other things: • The continued upward trajectory in second-hand vessel values from the elevated levels reached in 2022; • The spot market TCE rates that our vessels earned during the year (both in and out of the Scorpio pools), which were near record highs, and were a reflection of the supply and demand imbalance for product tankers; • The continued strength of charter rates provides an indication of strong future cash flows; • The operating cash flows that we generated during the year ended December 31, 2023. It is on this basis that we determined that there were no indications of impairment on any of our vessels as of December 31, 2023. Impairment testing at December 31, 2022 At December 31, 2022, we reviewed the carrying amount of our vessels and right of use assets for vessels to determine if there was an indication that these assets had suffered an impairment. First, we assessed the fair value less the cost to sell of our vessels taking into consideration vessel valuations from independent ship brokers. We then compared the fair value less selling costs to each vessel’s carrying value and, if the carrying value exceeded the vessel’s fair value less selling costs, an indicator of impairment existed. At December 31, 2022, our operating fleet consisted of 113 owned, sale and leaseback, or right of use vessels ("ROU vessels"). All of the vessels in our operating fleet had fair values less selling costs greater than their carrying amount at this date. As such, we determined that there were no indications of impairment on any of our vessels as of December 31, 2022. We also considered external factors as part of this assessment as the markets in which we operate experienced significant strength during the year ended December 31, 2022. In addition to the increase in the fair value of second-hand product tankers, the strength in the market was also apparent by reference to: • The spot market TCE rates that our vessels earned during the year (both in and out of the Scorpio pools), which averaged record highs; • The time charter market for long-term fixtures, which also averaged record highs (with particular reference to the time charters that we entered into in 2022 as described in Note 16). Our operating results for the year ended December 31, 2022 are a reflection of these market conditions, with revenues, operating cash flows, and net income significantly exceeding all-time company highs. Reversal of previously recorded impairment At December 31, 2020 an impairment charge of $14.2 million was recorded on 13 MR vessels by reference to their value in use. At December 31, 2022, we evaluated whether this impairment should be reversed pursuant to the principles set forth under IAS 36, Impairment of assets . Given the external factors noted above, we concluded that there were indicators that the recoverable amount of these 13 vessels should be estimated again. When assessing a potential reversal of a previously recorded impairment under IAS 36, we are required to recalculate the carrying value of each of the 13 previously impaired vessels as if no impairment were recorded, and then compare this recalculated carrying value to each vessel’s recoverable amount at December 31, 2022. In all instances, the recoverable amount as determined by fair value less estimated costs to sell, taking into consideration vessel valuations from independent ship brokers (a Level 2 measure of fair value), significantly exceeded the recalculated carrying value. As such, we determined that the previous impairment, less the depreciation that would have been recorded had the impairment not been recorded, should be reversed. This resulted in the reversal of the previously recorded impairment of $12.7 million. The reversal of the previously recorded impairment was not triggered by the passage of time as there has been a significant improvement in market conditions during 2022 that was not forecasted in our previous value in use calculations. We also do not believe that this reversal is an indication that each vessel’s useful life, depreciation method, or residual value should be changed. This is on the basis that all 13 vessels were approximately 10 years of age or younger, and we continue to believe 25 years is a reasonable estimate of each vessel's useful life. In accordance with our accounting policy, we update the residual value of our vessels annually (in the period of change and in future periods) to incorporate the most recent scrap values. We therefore believe that this policy reflects the most recently available information. Goodwill Goodwill arising from our September 2017 acquisition of Navig8 Product Tankers Inc. has been allocated to the cash generating units within each of the respective operating segments that are expected to benefit from the synergies of this transaction (LR2s and LR1s). The carrying value of the goodwill allocated to the LR2 segment was $8.2 million at both December 31, 2023 and 2022. Goodwill is not amortized and is tested annually (or more frequently, if impairment indicators arise) by comparing the aggregate carrying amount of the cash generating units in each respective operating segment, plus the allocated goodwill, to their recoverable amounts. We used the fair value less cost to sell to determine recoverable amount, by taking into consideration vessel valuations from independent ship brokers for each vessel within each segment. This test was performed in connection with the assessment of the carrying amount of our vessels and related drydock costs at December 31, 2023 and 2022, and an impairment charge was not recorded. Capitalized interest In accordance with IAS 23 “Borrowing Costs,” applicable interest costs are capitalized during the period that ballast water treatment systems and scrubbers for our vessels are constructed and installed. For the year ended December 31, 2022, we capitalized interest expense for the respective vessels of $0.2 million. There was minimal capitalized interest expense for the year ended December 31, 2023. The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was 0.1% for the year ended December 31, 2022. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current assets | Other non-current assets The following is a table summarizing the components of our Other non-current assets as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Scorpio LR2 Pool Ltd. pool working capital contributions (1) $ 22,950 $ 25,500 Scorpio MR Pool Ltd. pool working capital contributions (1) 21,200 22,000 Scorpio Handymax Tanker Pool Ltd. pool working capital contributions (1) 5,661 5,661 Mercury Pool Limited pool working capital contributions (1) 1,600 — Working capital contributions to Scorpio Pools 51,411 53,161 Investment in dual fuel tanker joint venture (2) 11,800 7,672 Capitalized loan fees (3) 2,229 — Seller's credit on sale leaseback vessels (4) — 11,430 Deposits for exhaust gas cleaning system ("scrubbers") (5) — 9,737 Other — 1,754 $ 65,440 $ 83,754 (1) Upon entrance into the Scorpio 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 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 consolidated balance sheets. For 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) In August 2021, we acquired a minority interest in a portfolio of nine product tankers, consisting of five dual-fuel MR methanol tankers (built between 2016 and 2021) which, in addition to traditional petroleum products, are designed to both carry methanol as a cargo and to consume it as a fuel, along with four ice class 1A LR1 product tankers (two of which were sold during the fourth quarter of 2021). The dual-fuel MR methanol tankers are currently on long-term time charter contracts greater than five years. As part of this agreement, we acquired a 50% interest in a joint venture that ultimately has a minority interest in the entities that own the vessels for final consideration of $6.7 million. In November 2022, we contributed an additional $1.75 million to the joint venture to increase the joint venture's ownership interest in one of the LR1 tankers. We account for our interest in this joint venture using the equity method pursuant to IFRS 11 - Joint arrangements . Under this guidance, the investment is initially measured at cost, and the carrying amount of the investment is adjusted in subsequent periods based on our share of profits or losses from the joint venture (adjusted for any fair value adjustments made upon initial recognition). Any distributions received from the joint venture reduce the carrying amount. We recorded $5.9 million and $0.7 million as our share of net income resulting from this joint venture during the years ended December 31, 2023 and 2022, respectively. The joint venture issued cash distributions of $1.8 million and $0.5 million during the years ended December 31, 2023 and 2022, respectively. (3) Represents upfront loan fees on credit facilities that are expected to be used to partially finance the purchase and installation of scrubbers or refinance the indebtedness on certain vessels. These fees are reclassified as deferred financing fees (net of Debt) when the tranche of the loan to which the vessel relates is drawn. (4) The seller's credit on vessels sold and leased back represents the present value of the deposits of $4.4 million per vessel ($13.1 million in aggregate) that was retained by the buyer as part of the 2017 sale and operating leaseback transactions for STI Beryl , STI Le Rocher and STI Larvotto , which is described in Note 6. The present value of these deposits was calculated based on the interest rate implied in the leases with the carrying value accreting over the lives of the leases through interest income. We recorded $0.6 million and $0.6 million as interest income as part of these agreements during each of the years ended December 31, 2023 and 2022, respectively. As described in Note 6, we exercised the purchase options on these vessels during the year ended December 31, 2023. Upon the notice to exercise the purchase options on the leases, we recorded a $1.0 million gain to accelerate the remaining accretion on these deposits. These deposits were applied against the purchase price of the vessels when the purchases closed. (5) From August 2018 through September 2019, we entered into agreements with two separate suppliers to retrofit a total of 98 of our tankers with scrubbers. In April 2020, we reached an agreement to extend the options to purchase and install scrubbers on 19 of our vessels. In August 2021, we declared options to purchase and install scrubbers on six vessels that were installed within the first half of 2022. During the year ended December 31, 2023, the options to purchase the remaining scrubbers expired unexercised, resulting in a write-off of $10.5 million, which consisted of $9.7 million related to the previously made deposits and $0.8 million in related equipment that was previously purchased. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Restricted Cash | Restricted Cash Restricted cash as of December 31, 2022 primarily represented debt service reserve accounts that had to be maintained as part of the terms and conditions of our Bank of Communications Financial Leasing (LR2s) sale and leaseback. The funds in these accounts were released as part of the exercise of the purchase options on three LR2 product tankers (STI Solidarity , STI Solace and STI Stability) |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts payable | Accounts payable The following is a table summarizing the components of our accounts payable as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Scorpio Ship Management S.A.M. (SSM) $ 2,131 $ 734 Scorpio Handymax Tanker Pool Limited 434 2,333 Scorpio Services Holding Limited (SSH) 283 286 Scorpio Commercial Management S.A.M. (SCM) 260 507 Amounts due to related party port agents 260 137 Scorpio MR Pool Limited 180 7,333 Amounts due to a related party bunker supplier 95 2,322 Mercury Pool Limited 10 — Scorpio LR2 Pool Limited 2 424 Accounts payable to related parties 3,655 14,076 Suppliers 6,349 14,672 $ 10,004 $ 28,748 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities The following is a table summarizing the components the components of our accrued expenses and other current liabilities as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Accrued expenses to related party port agents $ 1,108 $ 876 Scorpio Ship Management S.A.M. (SSM) 337 89 Scorpio Commercial Management S.A.M. (SCM) 56 33 Scorpio Services Holding Limited (SSH) 1 1 Accrued expenses to related parties 1,502 999 Accrued short-term employee benefits 33,329 40,295 Suppliers 17,984 32,051 Deferred income 11,653 10,963 Accrued interest 8,210 7,200 $ 72,678 $ 91,508 |
Current and long-term debt
Current and long-term debt | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Current and long-term debt | Current and long-term debt The following is a breakdown of the current and non-current portion of our debt outstanding as of December 31, 2023 and December 31, 2022: At December 31, In thousands of U.S. dollars 2023 2022 Current portion of bank debt (1) $ 220,965 $ 31,504 Sale and leaseback liabilities (2) 206,757 269,145 Current portion of long-term debt 427,722 300,649 Non-current portion of bank debt and bonds (3) 939,188 264,106 Sale and leaseback liabilities (4) 221,380 871,469 $ 1,588,290 $ 1,436,224 (1) The current portion at December 31, 2023 was net of unamortized deferred financing fees of $5.0 million. The current portion at December 31, 2022 was net of unamortized deferred financing fees of $0.5 million. (2) The current portion at December 31, 2023 was net of unamortized deferred financing fees of $0.8 million and prepaid interest of $0.3 million. The current portion at December 31, 2022 was net of unamortized deferred financing fees of $0.8 million and prepaid interest of $2.5 million. (3) The non-current portion at December 31, 2023 was net of unamortized deferred financing fees of $20.6 million. The non-current portion at December 31, 2022 was net of unamortized deferred financing fees of $4.0 million. (4) The non-current portion at December 31, 2023 was net of unamortized deferred financing fees of $2.3 million. The non-current portion at December 31, 2022 was net of unamortized deferred financing fees of $7.4 million. The following is a roll-forward of the activity within debt (current and non-current, and inclusive of IFRS 16 - lease liabilities), by facility, for the year ended December 31, 2023: Activity Balance as of December 31, 2023 consists of: In thousands of U.S. dollars Carrying Value as of December 31, 2022 Drawdowns Repayments Other Activity (1) Carrying Value as of December 31, 2023 Current Non-Current Hamburg Commercial Bank Credit Facility 33,732 — (33,732) — — — — Prudential Credit Facility 39,286 — (5,546) — 33,740 33,740 — 2019 DNB / GIEK Credit Facility 38,338 — (38,338) — — — — BNPP Sinosure Credit Facility 80,576 — (10,909) — 69,667 10,909 58,758 2020 $225.0 Million Credit Facility 37,765 — (37,765) — — — — 2023 $225.0 Million Credit Facility — 225,000 (25,425) — 199,575 33,900 165,675 2023 $49.1 Million Credit Facility — 49,088 (3,462) — 45,626 4,615 41,011 2023 $117.4 Million Credit Facility — 117,394 (8,504) — 108,890 17,007 91,883 2023 $1.0 Billion Credit Facility — 901,000 (336,093) — 564,907 116,149 448,758 2023 $94.0 Million Credit Facility — 94,000 (1,092) — 92,908 9,666 83,242 Ocean Yield Lease Financing 114,273 — (89,484) 454 25,243 3,035 22,208 BCFL Lease Financing (LR2s) 67,058 — (68,310) 1,252 — — — CSSC Lease Financing 119,165 — (121,279) 2,114 — — — BCFL Lease Financing (MRs) 53,202 — (31,068) (481) 21,653 21,653 — AVIC Lease Financing 77,769 — (77,769) — — — — 2020 CMBFL Lease Financing 38,090 — (38,090) — — — — 2020 TSFL Lease Financing 40,607 — (40,607) — — — — 2020 SPDBFL Lease Financing 80,616 — (43,753) 763 37,626 37,626 — 2021 AVIC Lease Financing 83,662 — (7,252) 1,157 77,567 77,567 — 2021 CMBFL Lease Financing 68,045 — (6,520) — 61,525 6,520 55,005 2021 TSFL Lease Financing 49,997 — (4,380) 865 46,482 46,482 — 2021 CSSC Lease Financing 48,631 — (48,631) — — — — 2021 $146.3 Million Lease Financing 133,699 — (133,699) — — — — 2021 Ocean Yield Lease Financing 63,933 — (5,850) — 58,083 5,866 52,217 2022 AVIC Lease Financing 112,620 — (9,169) — 103,451 9,168 94,283 IFRS 16 - Leases - 3 MR (See Note 6) 21,138 — (36,933) 15,795 — — — IFRS 16 - Leases - $670.0 Million (see Note 6) 475,939 — (480,396) 4,457 — — — Unsecured Senior Notes Due 2025 70,451 — — 45 70,496 — 70,496 $ 1,948,592 $ 1,386,482 $ (1,744,056) $ 26,421 $ 1,617,439 $ 433,903 $ 1,183,536 Less: deferred financing fees (12,758) (27,627) — 11,571 (28,814) (5,846) (22,968) Less: prepaid interest expense (3,735) — 3,400 — (335) (335) — Total $ 1,932,099 $ 1,358,855 $ (1,740,656) $ 37,992 $ 1,588,290 $ 427,722 $ 1,160,568 (1) Relates to non-cash accretion, write-offs, amortization or other adjustments on (i) debt or lease obligations assumed as part of the 2017 merger with Navig8 Product Tankers Inc. ("NPTI"), which were recorded at fair value on the closing dates, (ii) the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options; and (iii) our Unsecured Senior Notes Due 2025, as discussed below. Interest Rate Benchmark Reform Interest in most of our financing agreements has historically been based on published rates for LIBOR. The ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom’s Financial Conduct Authority, ceased the publication of all U.S. Dollar LIBOR tenors on June 30, 2023. In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or “SOFR.” During the year ended December 31, 2023, we transitioned our existing loan and lease financing agreements from U.S. Dollar LIBOR to SOFR plus a credit spread adjustment (“CSA”) which varied from zero basis points to 26.161 basis points depending on the financing arrangement. We have applied the practical expedient pursuant to the Amendments to IFRS 9 – Financial Instruments (IBOR reform) as our secured bank debt and lease financing arrangements are carried at amortized cost, and therefore the change in the effective interest rate on these arrangements that has arisen from IBOR reform was deemed to be economically equivalent to the previous basis. Accordingly, no gain or loss was recognized upon transition. Secured Bank Debt Each of our secured credit facilities contains financial and restrictive covenants, which require us to, among other things, comply with certain financial tests (described below); deliver quarterly and annual financial statements and annual projections; comply with restrictive covenants, including maintaining adequate insurances; comply with laws (including environmental laws and ERISA); and maintain flag and class of our vessels. Other such covenants may, among other things, restrict consolidations, mergers or sales of our assets; require us to obtain lender approval on changes in our vessel manager; limit our ability to place liens on our assets; limit our ability to incur additional indebtedness; prohibit us from paying dividends if there is a covenant breach under the loan or an event of default has occurred or would occur as a result of payment of such dividend; or prohibit our transactions with affiliates. Furthermore, our debt agreements contain customary events of default, including cross-default provisions, as well as subjective acceleration clauses under which the debt could become due and payable in the event of a material adverse change in the Company’s business. These secured credit facilities may be secured by, among other things: • a first priority mortgage over the relevant collateralized vessels; • a first priority assignment of earnings, insurances and charters from the mortgaged vessels for the specific facility; • a pledge of earnings generated by the mortgaged vessels for the specific facility; and • a pledge of the equity interests of each vessel owning subsidiary under the specific facility. Each of our secured credit facilities are described below. Hamburg Commercial Bank Credit Facility In November 2019, we executed an agreement with Hamburg Commercial Bank AG for a senior secured term loan facility for $43.65 million (the "Hamburg Commercial Bank Credit Facility"), of which, (i) $42.2 million (Tranche 1) was used to refinance the existing debt for STI Veneto and STI Poplar , and (ii) $1.4 million (Tranche 2) was used to finance the purchase and installation of a scrubber on STI Veneto . The amount outstanding as of December 31, 2022 was $33.7 million. The outstanding debt on this loan facility was repaid in full in September 2023 and the loan facility was terminated. Prudential Credit Facility In November 2019, we executed an agreement with Prudential Private Capital for a senior secured term loan facility for $55.5 million (the "Prudential Credit Facility"). The Prudential Credit Facility was fully drawn in December 2019, with the primary purpose of refinancing STI Clapham, STI Camden and STI Acton . The Prudential Credit Facility bears interest at the benchmark rate (LIBOR and SOFR plus a CSA) plus a margin of 3.00% per annum. Our Prudential Credit Facility includes financial covenants that require us to maintain: • The ratio of net debt to total capitalization no greater than 0.60 to 1.00. • Consolidated tangible net worth of no less than $1.0 billion plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after January 1, 2016 and (ii) 50% of the net proceeds of new equity issuances occurring on or after January 1, 2016. • 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 no less than 125% of the loan outstanding. In December 2023, we gave notice to repay the outstanding balance in January 2024 (see Note 23). The outstanding balance has been classified as current on the consolidated balance sheet as of December 31, 2023. The amounts outstanding as of December 31, 2023 and 2022 were $33.7 million and $39.3 million, respectively. 2019 DNB / GIEK Credit Facility In November 2019, we executed a term loan facility with DNB Bank ASA and the Norwegian Export Credit Guarantee Agency (“GIEK”) for $55.5 million (the "2019 DNB/GIEK Credit Facility"). The loan is comprised of two facilities: (i) an ECA facility of $47.2 million (which is comprised of a $41.6 million tranche which is guaranteed by GIEK, or the “GIEK Tranche”, and a $5.6 million commercial tranche or the “Commercial Bank Tranche”) and (ii) a commercial facility of $8.3 million, or the “Commercial Facility." The amount outstanding as of December 31, 2022 was $38.3 million. The outstanding debt on this loan facility was repaid in full in August 2023 and the loan facility was terminated. BNPP Sinosure Credit Facility In December 2019, we executed a senior secured term loan facility with BNP Paribas and Skandinaviska Enskilda Banken AB for up to $134.1 million. This loan is split into two facilities, (i) a commercial facility for up to $67.0 million (the "Commercial Facility"), and (ii) a Sinosure facility for up to $67.0 million (the "Sinosure Facility"), which was funded by the lenders under the commercial facility and insured by the China Export & Credit Insurance Corporation ("Sinosure") and is currently being used to finance five of our vessels. These facilities are collectively referred to as the BNPP Sinosure Credit Facility. During the years ended December 31, 2020, 2021 and 2022, we drew down an aggregate $101.5 million, $1.9 million and $5.1 million, respectively. The Sinosure Facility and the Commercial Facility bear interest at the benchmark rate (LIBOR and SOFR plus a CSA) plus a margin of 1.80% and 2.80% per annum, respectively. The Sinosure Facility is scheduled to be repaid in semi-annual principal installments, in aggregate, of $5.5 million through October 2024, $3.4 million in April 2025 and $0.9 million in October 2025. The Commercial Facility is scheduled to be repaid at the final maturity date of the facility, or October 2025. Our BNPP Sinosure Credit Facility includes financial covenants that require us to maintain: • The ratio of net debt to total capitalization no greater than 0.60 to 1.00. • Consolidated tangible net worth of no less than $1.0 billion plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after January 1, 2016 and (ii) 50% of the net proceeds of new equity issues occurring on or after January 1, 2016. • Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $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 at all times be no less than 130% of the then aggregate outstanding principal amount of the loans under the credit facility through December 31, 2022 and 135% at all times thereafter. The amounts outstanding as of December 31, 2023 and 2022 were $69.7 million and $80.6 million, respectively, and we were in compliance with the financial covenants as of those dates. 2020 $225.0 Million Credit Facility In May 2020, we executed the 2020 $225.0 Million Credit Facility with a group of European financial institutions and originally used it to finance nine vessels (seven LR2s and two LR1s). The amount outstanding as of December 31, 2022 was $37.8 million. The outstanding debt on this loan facility was repaid in full in August 2023 and the loan facility was terminated. 2023 $225.0 Million Credit Facility In January 2023, we executed the 2023 $225.0 Million Credit Facility with a group of European financial institutions. In February and March 2023, we drew down $184.9 million and $40.1 million, respectively, and 13 product tankers ( STI Opera , STI Duchessa , STI Venere , STI Virtus , STI Aqua , STI Dama , STI Regina , STI San Antonio , STI Yorkville , STI Battery , STI Milwaukee , STI Madison , and STI Sanctity ) were collateralized under this facility as part of these drawdowns. The 2023 $225.0 Million Credit Facility has a final maturity of five years from the signing date and bears interest at SOFR plus a margin of 1.975% per annum. The borrowings for the 11 MRs are expected to be repaid in equal quarterly installments of $0.63 million per vessel for the first two years, and $0.33 million per vessel for the remaining term of the loan, with a balloon payment due at maturity. The borrowings for the two LR2s are expected to be repaid in equal quarterly installments of $0.8 million per vessel for the first two years, and $0.45 million per vessel for the remaining term of the loan, with a balloon payment due at maturity. Our 2023 $225.0 Million 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 $1.5 billion. • Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $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 at all times be no less than 140% of the then aggregate of (i) principal amount of the loans outstanding and (ii) negative value of any hedging exposure under such facility. The amount outstanding as of December 31, 2023 was $199.6 million and we were in compliance with the financial covenants as of that date. 2023 $49.1 Million Credit Facility In February 2023, we executed the 2023 $49.1 Million Credit Facility with a North American financial institution. In March 2023, we drew down $49.1 million and two LR2 product tankers ( STI Rose and STI Rambla ) were collateralized under this facility as part of this drawdown. The 2023 $49.1 Million Credit Facility has a final maturity of five years from the drawdown date and bears interest at SOFR plus a margin of 1.90% per annum. The borrowing is expected to be repaid in equal, aggregate, installments of $1.2 million per quarter, with a balloon payment upon maturity. Our 2023 $49.1 Million 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 $1.6 billion plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after October 1, 2022 and (ii) 50% of the net proceeds of new equity issues occurring on or after December 31, 2022. • Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $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 at all times be no less than 150% of the then aggregate outstanding principal amount of the loans. The amount outstanding as of December 31, 2023 was $45.6 million and we were in compliance with the financial covenants as of that date. 2023 $117.4 Million Credit Facility In May 2023, we executed the 2023 $117.4 Million Credit Facility with a European financial institution. This facility was fully drawn upon execution and seven vessels ( STI Battersea , STI Wembley , STI Texas City , STI Meraux , STI Mayfair , STI St. Charles , and STI Alexis ) were collateralized under this facility upon drawdown. The 2023 $117.4 Million Credit Facility has a final maturity of five years from the drawdown date of each vessel and bears interest at SOFR plus a margin of 1.925% per annum. The borrowing is expected to be repaid in equal, aggregate, installments of $4.3 million per quarter, with a balloon payment upon maturity. Our 2023 $117.4 Million 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 $1.0 billion plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after January 1, 2016 and (ii) 50% of the net proceeds of new equity issues occurring on or after January 1, 2016. • Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $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 at all times be no less than 150% of the then aggregate of (i) principal amount of the loans outstanding and (ii) negative value of any hedging exposure under such credit facility. The amount outstanding as of December 31, 2023 was $108.9 million and we were in compliance with the financial covenants as of that date. 2023 $1.0 Billion Credit Facility In July 2023, we executed the 2023 $1.0 Billion Credit Facility with a group of financial institutions for up to $1.0 billion, consisting of a term loan and a revolving credit facility. Upon execution, we drew down $440.6 million (split evenly between the term loan and the revolver) and 21 vessels ( STI Lobelia, STI Lavender, STI Jermyn, STI Steadfast, STI Magic, STI Mystery, STI Marvel, STI Millennia, STI Magister, STI Mythic, STI Modest, STI Maverick, STI Miracle, STI Maestro, STI Mighty, STI Magnetic, STI Seneca, STI Brooklyn, STI Manhattan, STI Bronx, and STI Tribeca ) were collateralized under this facility as part of this drawdown. In August 2023, we drew down $135.8 million (split evenly between the term loan and the revolver) and five vessels ( STI Supreme, STI Spiga, STI Kingsway, STI Sloane and STI Condotti ) were collateralized under this facility as part of this drawdown . In September 2023, we repaid $288.2 million on the revolving portion of this credit facility, which may be re-borrowed in the future . In November 2023, we drew down $202.3 million (split evenly between the term loan and the revolver) and eight vessels ( STI Lotus, STI Lily , STI Gladiator , STI Gratitude , STI Goal , STI Maximus, STI Leblon and STI Bosphorus ) were collateralized under this facility as part of this drawdown . In December 2023, we drew down $122.3 million (split evenly between the term loan and the revolver) and five vessels ( STI Donald C Trauscht, STI Esles II, STI Stability, STI Solace and STI Solidarity ) were collateralized under this facility as part of these drawdowns . The 2023 $1.0 Billion Credit Facility has a final maturity of June 30, 2028 and bears interest at SOFR plus a margin of 1.95% per annum. The amounts drawn as of December 31, 2023, inclusive of the currently available $288.2 million that was repaid under the revolving portion of the facility, are scheduled to be repaid and/or permanently reduced in aggregate amounts of $29.0 million per quarter through June 30, 2025 and gradually decreasing from $22.3 million to $18.9 million per quarter in years three five Our 2023 $1.0 Billion 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 $1.5 billion. • 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 at all times be no less than 140% of the then aggregate principal amount of the loans outstanding. The amount outstanding as of December 31, 2023 was $564.9 million and we were in compliance with the financial covenants as of that date. As of December 31, 2023, the amounts available under the term loan and the revolver were $49.5 million and $337.7 million, respectively (see Note 23). 2023 $94.0 Million Credit Facility In September 2023, we executed the 2023 $94.0 Million Credit Facility with DekaBank Deutsche Girozentrale for up to $94.0 million. Upon execution, we drew down $43.8 million and two vessels ( STI Marshall and STI Grace ) were collateralized under this facility as part of this drawdown. In October 2023, we drew down $50.2 million and two vessels ( STI Guide and STI Gauntlet ) were collateralized under this facility as part of this drawdown. This 2023 $94.0 Million Credit Facility has a final maturity of five years from the drawdown date of each vessel and bears interest at SOFR plus a margin of 1.70% per annum. The facility is scheduled to be repaid in aggregate repayments of $2.4 million per quarter with a balloon payment due at maturity. Our 2023 $94.0 Million 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 $1.5 billion. • 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 at all times be no less than 143% of the then aggregate of (i) principal amount of the loans outstanding and (ii) negative value of any hedging exposure under such credit facility. The amount outstanding as of December 31, 2023 was $92.9 million and we were in compliance with the financial covenants as of that date. Lease financing arrangements The below summarizes the key terms of our lease financing arrangements. For each arrangement, we have evaluated whether, in substance, these transactions are leases or merely a form of financing. As a result of this evaluation, we have concluded that each agreement is a form of financing on the basis that each transaction is a sale and leaseback transaction which does not meet the criteria for a sale under IFRS 15. Accordingly, the cash received in the transfer has been accounted for as a liability under IFRS 9, and each arrangement has been recorded at amortized cost using the effective interest method, with the corresponding vessels being recorded at cost, less accumulated depreciation, on our consolidated balance sheet. The obligations set forth below are secured by, among other things, assignments of earnings and insurances and stock pledges and account charges in respect of the subject vessels. All of the financing arrangements contain customary events of default, including cross-default provisions as well as subjective acceleration clauses under which the lessor could cancel the lease in the event of a material adverse change in the Company’s business. Given the favorable market conditions during the years ended December 31, 2023 and 2022, we were able exercise purchase options and repay the lease obligations on 53 vessels. In all circumstances, we submitted binding notices to exercise the purchase options prior to the end of the lease term in accordance with the existing provisions of the leases. As these instruments were accounted for as financial liabilities at amortized cost under IFRS 9, the submission of the purchase option notice triggered a re-assessment of the cash flows associated with the liability. As almost all of these instruments were floating rate financial liabilities, the carrying values of the liabilities did not change with the exception of purchase option fees incurred on certain arrangements, all of which are detailed below. For fixed rate instruments, a nominal gain or loss was recorded upon re-assessment. Ocean Yield Lease Financing We assumed the obligations under a lease financing arrangement with Ocean Yield ASA for four LR2 tankers ( STI Sanctity , STI Steadfast , STI Supreme , and STI Symphony ) in connection with the September 2017 acquisition of Navig8 Product Tankers Inc. (the "Ocean Yield Lease Financing). Under this arrangement, each vessel was subject to a 13-year bareboat charter, which expires between February and August 2029 (depending on the vessel). Charterhire, which is paid monthly in advance, includes a fixed payment in addition to a quarterly adjustment based on prevailing benchmark rates (LIBOR and SOFR plus a CSA). Monthly principal payments are approximately $0.2 million per vessel gradually increasing to $0.3 million per vessel per month until the expiration of the agreement. The interest component of the leases approximates the prevailing benchmark rate plus 5.40% per annum. We also have purchase options to re-acquire each of the vessels during the bareboat charter period, with the first of such options exercisable beginning at the end of the seven We are subject to certain terms and conditions, including financial covenants, under this arrangement which are summarized as follows: • The ratio of net debt to total capitalization no greater than 0.60 to 1.00. • Consolidated tangible net worth no less than $1.0 billion plus (i) 25% of the cumulative positive net income (on a consolidated basis) for each fiscal quarter commencing on or after January 1, 2016 and (ii) 50% of the net proceeds of new equity issues occurring on or after January 1, 2016. • Minimum liquidity of not less than the greater of $25.0 million or $500,000 per each owned vessel and $250,000 per each time chartered-in vessel. In September 2022, we gave notice to exercise the purchase option on STI Sanctity . The purchase option price for this vessel was $27.8 million, and the purchase closed in March 2023. In October 2022, we gave notice to exercise the purchase options on STI Steadfast and STI Supreme . The purchase option price was $27.8 million per vessel, and the purchases closed in May 2023 and August 2023. The carrying value of the lease obligations related to these vessels was classified as current on the consolidated balance sheet as of December 31, 2022. The carrying values of the amounts due under this arrangement (which reflect fair value adjustments made as part of the initial purchase price allocation of the acquisition along with non-cash adjustments to the carrying values that were triggered by notifications to exercise purchase options) were $25.2 million and $114.3 million as of December 31, 2023 and 2022, respectively. We were in compliance with the financial covenants as of those dates. BCFL Lease Financing (LR2s) We assumed the obligations of a lease financing arrangement with Bank of Communications Finance Leasing Co Ltd., or BCFL, for three LR2 tankers ( STI Solace , STI Solidarity , and STI Stability ) as part of the September 2017 acquisition of NPTI (the "BCFL Lease Financing (LR2s)"). Under the arrangement, each vessel was subject to a 10-year bareboat charter which was scheduled to expire in July 2026. Charterhire under the arrangement was determined in advance, on a quarterly basis and was calculated by determining the payment based off of the then outstanding balance, the time to expiration and an interest rate of the benchmark rate (LIBOR and LIBOR as of June 30, 2023) plus 3.50% per annum. In April 2020, we executed an agreement to increase the borrowing capacity of our BCFL Lease Financing arrangements (LR2s) by up to $1.9 million per vessel to partially finance the purchase and installation of scrubbers on the above vessels. The agreement was for a fixed term of three years at the rate of up to $1,910 per vessel per day to be allocated to principal and interest. In July 2020, we drew $1.9 million to partially finance the purchase and installation of a scrubber on one vessel, and in January 2021, we drew $3.8 million to partially finance the purchase and installation of scrubbers on two vessels. In December 2023, we exercised the purchase options on all of the vessels under this arrangement and repaid the outstanding indebtedness of $58.4 million as part of these transactions, thus terminating the leases. Additionally, we had an aggregate of $0.8 million on deposit in a deposit account, in accordance with the terms and conditions of this facility, which were not freely available and was recorded as non-current Restricted Cash on our consolidated balance sheets as of December 31, 2022. This deposit account was released after the exercise of the purchase options on the vessels in December 2023. CSSC Lease Financing We assumed the obligations under a lease financing arrangement with CSSC (Hong Kong) Shipping Company Limited, or CSSC, for eight LR2 tankers ( STI Gallantry, STI Nautilus, STI Guard, STI Guide, STI Goal, STI Gauntlet, STI Gladiator and STI Gratitude ) as part of the September 2017 acquisition of NPTI (the "CSSC Lease Financing"). This arrangement was amended and restated in 2019 and 2021 to, among others, increase the borrowing capacity and reduce the margin. The tenor of the amended and restated lease remained unchanged, with each lease scheduled to expire throughout 2026 and 2027; however, the amended and restated lease contained an option to extend the lease for each vessel by an additional 24 months. The interest under the amended and restated agreement was reduced to the prevailing benchmark rate (LIBOR and SOFR plus a CSA) plus a margin of 3.50% per annum and the principal balance was scheduled to be repaid in equal installments of approximately $0.2 million per vessel per month. Each lease also contained purchase options to re-acquire each of the subject vessels beginning on the second anniversary date from the effective date of the amended agreement, with a purchase obligation for each vessel upon the expiration of each agreement. In October and November 2020, we repaid $81.7 million and paid a $1.6 million prepayment fee when we refinanced the existing debt on STI Nautilus , STI Guard , and STI Gallantry . In October 2023, we exercised the purchase options on all of the remaining vessels under this arrangement, repaid the outstanding indebtedness of $110.4 million, and paid purchase option fees of $1.7 million as part of these transactions. These leases were terminated as a result of these transactions. BCFL Lease Financing (MRs) In September 2017, we entered into agreements to sell and lease back five 2012 built MR product tankers ( STI Amber , STI Topaz , STI Ruby , STI Garnet and STI Onyx ) with Bank of Communications Finance Leasing Co Ltd., or BCFL, for a sales price of $27.5 million per vessel (the "BCFL Lease Financing (MRs)"). The financing for STI Topaz , STI Ruby and STI Garnet closed in September 2017, the financing for STI Onyx closed in October 2017, and the financing for STI Amber closed in November 2017. Each agreement was for a fixed term of seven ten In April 2020, we executed an agreement to increase the borrowing capacity by up to $1.9 million per vessel to partially finance the purchase and installation of scrubbers on the above vessels. The agreement was for a fixed term of three years at the rate of up to $1,910 per vessel per day to be allocated to principal and interest. In July 2020, we drew $1.9 million to partially finance the purchase and installation of a scrubber on one vessel and in January 2021, we drew $5.8 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Segment reporting | Segment reporting Information about our reportable segments for the years ended December 31, 2023, 2022 and 2021 is as follows: For the year ended December 31, 2023 In thousands of U.S. dollars Handymax LR2 MR Reportable segments subtotal Corporate and eliminations Total Vessel revenue $ 154,586 $ 530,736 $ 655,900 $ 1,341,222 $ — $ 1,341,222 Vessel operating costs (37,940) (114,595) (163,047) (315,582) — (315,582) Voyage expenses (3,712) (5,536) (3,995) (13,243) — (13,243) Depreciation - owned or sale and leaseback vessels (20,654) (76,383) (81,222) (178,259) — (178,259) Depreciation - right of use assets — (4,910) (19,334) (24,244) — (24,244) General and administrative expenses (1,432) (3,876) (4,748) (10,056) (96,199) (106,255) Write-off of deposits on scrubbers — — (10,508) (10,508) — (10,508) Gain on sale of vessels — — 12,019 12,019 — 12,019 Financial expenses — — — — (183,231) (183,231) Financial income — — 617 617 18,495 19,112 Other income, net — — — — 5,867 5,867 Segment income or loss $ 90,848 $ 325,436 $ 385,682 $ 801,966 $ (255,068) $ 546,898 For the year ended December 31, 2022 In thousands of U.S. dollars LR1 Handymax LR2 MR Reportable segments subtotal Corporate and eliminations Total Vessel revenue $ 11,196 $ 243,951 $ 570,668 $ 737,058 $ 1,562,873 $ — $ 1,562,873 Vessel operating costs (9,076) (36,507) (112,407) (165,735) (323,725) — (323,725) Voyage expenses — (44,996) (26,641) (21,061) (92,698) — (92,698) Depreciation - owned or sale and leaseback vessels (1,593) (20,874) (75,360) (70,181) (168,008) — (168,008) Depreciation - right of use assets — — (8,297) (30,530) (38,827) — (38,827) General and administrative expenses (335) (1,367) (4,134) (6,230) (12,066) (76,065) (88,131) Reversal of previously recorded impairment — — — 12,708 12,708 — 12,708 Net loss on sale of vessels (44,701) — (12,446) (9,339) (66,486) — (66,486) Financial expenses — — — — — (169,795) (169,795) Gain on repurchase of convertible notes — — — — — 481 481 Financial income 20 — — 637 657 6,227 6,884 Other income, net 1,577 — — — 1,577 398 1,975 Segment income or loss $ (42,912) $ 140,207 $ 331,383 $ 447,327 $ 876,005 $ (238,754) $ 637,251 For the year ended December 31, 2021 In thousands of U.S. dollars LR1 Handymax LR2 MR Reportable segments subtotal Corporate and eliminations Total Vessel revenue $ 47,053 $ 50,143 $ 180,912 $ 262,678 540,786 $ — $ 540,786 Vessel operating costs (29,883) (38,157) (105,714) (161,086) (334,840) — (334,840) Voyage expenses 24 (477) (246) (2,756) (3,455) — (3,455) Depreciation - owned or sale and leaseback vessels (20,970) (21,120) (81,062) (74,315) (197,467) — (197,467) Depreciation - right of use assets — (1,773) (8,503) (32,510) (42,786) — (42,786) General and administrative expenses (1,158) (1,464) (4,050) (6,148) (12,820) (39,926) (52,746) Financial expenses — — — — — (144,104) (144,104) Loss on exchange of convertible notes — — — — — (5,504) (5,504) Financial income 2 — (5) 602 599 3,024 3,623 Other income and (expenses), net — — — — — 2,058 2,058 Segment income or loss $ (4,932) $ (12,848) $ (18,668) $ (13,535) $ (49,983) $ (184,452) $ (234,435) Revenue from customers representing greater than 10% of total revenue during the years ended December 31, 2023, 2022 and 2021, within their respective segments was as follows: In thousands of U.S. dollars For the year ended December 31, Segment Customer 2023 2022 2021 MR Scorpio MR Pool Limited (1) $ 605,442 $ 639,743 $ 256,874 LR2 Scorpio LR2 Pool Limited (1) 405,244 456,002 180,912 Handymax Scorpio Handymax Tanker Pool Limited (1) 135,481 79,636 50,143 $ 1,146,167 $ 1,175,381 $ 487,929 (1) These customers are related parties as described in Note 15. |
Common shares
Common shares | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
Common shares | Common shares 2013 Equity Incentive Plan In April 2013, we adopted an equity incentive plan, which was amended in March 2014 and which we refer to as the 2013 Equity Incentive Plan, under which directors, officers, employees, consultants and service providers of us and our subsidiaries and affiliates are eligible to receive incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and unrestricted common stock. We initially reserved a total of 500,000 common shares for issuance under the 2013 Equity Incentive Plan which was increased by an aggregate of 5,824,646 common shares through December 31, 2020 and subsequently amended as follows: • In June 2021, we reserved an additional 386,883 common shares, par value $0.01 per share, for issuance pursuant to the 2013 Equity Incentive Plan. All other terms of the 2013 Equity Incentive Plan remained unchanged. • In October 2021, we reserved an additional 693,864 common shares, par value $0.01 per share, for issuance pursuant to the 2013 Equity Incentive Plan. All other terms of the 2013 Equity Incentive Plan remained unchanged. • In March 2023, we reserved an additional 1,785,500 common shares, par value $0.01 per share, for issuance pursuant to the 2013 Equity Incentive Plan. All other terms of the 2013 Equity Incentive Plan remained unchanged. Under the terms of the 2013 Equity Incentive Plan, stock options and stock appreciation rights granted under the 2013 Equity Incentive Plan will have an exercise price equal to the fair market value of a common share on the date of grant, unless otherwise determined by the plan administrator, but in no event will the exercise price be less than the fair market value of a common share on the date of grant. Options and stock appreciation rights will be exercisable at times and under conditions as determined by the plan administrator, but in no event will they be exercisable later than ten years from the date of grant. The plan administrator may grant shares of restricted stock and awards of restricted stock units subject to vesting, forfeiture and other terms and conditions as determined by the plan administrator. Following the vesting of a restricted stock unit, the award recipient will be paid an amount equal to the number of vested restricted stock units multiplied by the fair market value of a common share on the date of vesting, which payment may be paid in the form of cash or common shares or a combination of both, as determined by the plan administrator. The plan administrator may grant dividend equivalents with respect to grants of restricted stock units. Adjustments may be made to outstanding awards in the event of a corporate transaction or change in capitalization or other extraordinary event. In the event of a “change in control” (as defined in the 2013 Equity Incentive Plan), unless otherwise provided by the plan administrator in an award agreement, awards then outstanding will become fully vested and exercisable in full. Our Board of Directors may amend or terminate the 2013 Equity Incentive Plan and may amend outstanding awards, provided that no such amendment or termination may be made that would materially impair any rights, or materially increase any obligations, of a grantee under an outstanding award. Shareholder approval of plan amendments will be required under certain circumstances. Unless terminated earlier by our board of directors, the 2013 Equity Incentive Plan was scheduled to expire ten years from the date the plan was initially adopted. In April 2023, our Board of Directors extended the term of 2013 Equity Incentive Plan to April 2033. The following paragraphs summarize our grants of restricted stock during the years ended December 31, 2023, 2022, and 2021. The vesting periods of these grants are determined by the plan administrator and generally range from one In April 2021, we issued 276,369 shares of restricted stock to certain of our employees for no cash consideration. The share price on the issuance date was $18.38 per share. The vesting schedule for these restricted shares is (i) one-third of the shares vested on March 1, 2024, (ii) one-third of the shares vest on March 3, 2025, and (iii) one-third of the shares vest on March 2, 2026. In April and May 2022, we issued an aggregate of 1,047,997 shares of restricted stock to certain of our employees, SSH employees, and independent directors for no cash consideration. The share price on the issuances dates was $21.33 and $26.11 per share, respectively. The vesting schedule for these restricted shares for employees and SSH employees is (i) one-third of the shares vest on September 3, 2024, (ii) one-third of the shares vest on September 2, 2025, and (iii) one-third of the shares vest on September 1, 2026. The vesting schedule for these restricted shares for independent directors is (i) one-third of the shares vested on December 1, 2022, (ii) one-third of the shares vested on December 1, 2023, and (iii) one-third of the shares vest on December 1, 2024. In March and April 2023, we issued an aggregate of 1,817,750 shares of restricted stock to certain of our employees, SSH employees, and independent directors for no cash consideration. The share price on the issuance dates was $55.57 and $55.89 per share, respectively. The vesting schedule for these restricted shares for employees and SSH employees is (i) one-third of the shares vest on September 2, 2025, (ii) one-third of the shares vest on September 1, 2026, and (iii) one-third of the shares vest on September 1, 2027. The vesting schedule for these restricted shares for independent directors is (i) one-third of the shares vest on April 1, 2024 (ii) one-third of the shares vest on December 2, 2024, and (iii) one-third of the shares vest on December 2, 2025. There were 15,513 shares eligible for issuance under the 2013 Equity Incentive Plan as of December 31, 2023. The following is a summary of activity for awards of restricted stock during the years ended December 31, 2023 and 2022: Number of Shares Weighted Average Grant Date Fair Value Outstanding and non-vested, December 31, 2021 2,997,992 $ 23.27 Granted 1,047,997 21.39 Vested (1,337,500) 25.11 Forfeited (2,500) 16.66 Outstanding and non-vested, December 31, 2022 2,705,989 $ 21.63 Granted 1,817,750 55.61 Vested (1,280,179) 27.11 Forfeited (12,500) 24.27 Outstanding and non-vested, December 31, 2023 3,231,060 $ 38.57 Compensation expense is recognized ratably over the vesting periods for each tranche using the straight-line method. 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 For the year ending December 31, 2024 34,275 1,455 35,730 For the year ending December 31, 2025 26,228 382 26,610 For the year ending December 31, 2026 13,252 — 13,252 For the year ending December 31, 2027 4,399 — 4,399 $ 78,154 $ 1,837 $ 79,991 Dividend Payments The following dividends were paid during the years ended December 31, 2023, 2022, and 2021. Dividends Date per share Paid $0.10 March 15, 2021 $0.10 June 15, 2021 $0.10 September 29, 2021 $0.10 December 15, 2021 $0.10 March 15, 2022 $0.10 June 15, 2022 $0.10 September 15, 2022 $0.10 December 15, 2022 $0.20 March 31, 2023 $0.25 June 30, 2023 $0.25 September 15, 2023 $0.35 December 15, 2023 Convertible Notes Due 2025 In December 2022, all of the holders of the Convertible Notes Due 2025 converted their notes into an aggregate 5,757,698 of our common shares, as described in Note 12. 2020 $250 Million Securities Repurchase Program In May and July 2022, we repurchased $10.8 million and $1.5 million, respectively, in aggregate principal amount of our Convertible Notes Due 2025 in the open market for $12.6 million and $1.7 million. Additionally, from January 2022 through October 2022, we repurchased an aggregate of 3,120,341 of our common shares at an average price of $38.66 per share. These repurchases include the repurchase of 1,293,661 of our common shares from Eneti Inc., a former related party, for $38.65 per share and 1,826,680 common shares in the open market for an average price of $38.66 per share. These shares were purchased under the 2020 $250 Million Securities Repurchase Program. 2022 $250 Million Securities Repurchase Program In October 2022, our Board of Directors authorized a new securities repurchase program to purchase up to an aggregate of $250 million of securities, which, in addition to our common shares, consisted of our Senior Notes Due 2025 (NYSE: SBBA), and Convertible Notes Due 2025 at the date of authorization. The 2020 $250 Million Securities Repurchase Program was terminated upon the authorization of the 2022 $250 Million Securities Repurchase Program. In December 2022, we repurchased 789,532 of our common shares in the open market at an average price of $51.61 per share under the 2022 $250 Million Securities Repurchase Program. From January 1, 2023 through February 15, 2023, we repurchased an aggregate of 1,891,303 of our common shares in the open market at an average price of $50.27 per share under the 2022 $250 Million Securities Repurchase Program. 2023 Securities Repurchase Program On February 15, 2023, our Board of Directors authorized a new securities repurchase program to purchase up to an aggregate of $250 million of securities which, in addition to our common shares, consisted of our Senior Notes Due 2025 (NYSE: SBBA) at the date of authorization. The 2023 Securities Repurchase Program went into effect for trades initiated on or after February 16, 2023, thus, terminating the 2022 $250 Million Securities Repurchase Program. From February 16, 2023 through April 30, 2023, we repurchased an aggregate of 1,723,465 of our common shares in the open market at an average price of $54.37 per share under the 2023 $250 Million Securities Repurchase Program. On May 1, 2023, our Board of Directors authorized to replenish the 2023 Securities Repurchase Program up to an aggregate of $250 million of the Company’s securities, which went into effect for trades initiated on or after May 1, 2023. From May 1, 2023 through May 31, 2023, we repurchased an aggregate of 3,699,336 of our common shares in the open market at an average price of $47.54 per share under the 2023 Securities Repurchase Program. On May 31, 2023, the Board of Directors authorized to replenish the 2023 Securities Repurchase Program up to an aggregate of $250 million of the Company’s securities, which went into effect for trades initiated on or after June 1, 2023. From June 1, 2023 through November 9, 2023, we repurchased an aggregate of 2,646,219 of our common shares in the open market at an average price of $47.25 per share under the 2023 Securities Repurchase Program. On November 9, 2023, the Board of Directors authorized to replenish the 2023 Securities Repurchase Program up to an aggregate of $250 million of the Company’s securities. We had $250 million remaining under our 2023 Securities Repurchase Program as of December 31, 2023. We expect to repurchase any securities in the open market, at times and prices that are considered to be appropriate, but we are not obligated under the terms of the program to repurchase any securities. Shares outstanding We currently have 175,000,000 registered shares authorized of which 150,000,000 are designated as common shares with a par value of $0.01 and 25,000,000 are designated as preferred shares with a par value of $0.01. As of December 31, 2023, we had 53,107,765 common shares outstanding. These shares provide the holders with rights to dividends and voting rights. There were 21,389,520 and 11,429,197 common shares held in treasury at December 31, 2023 and 2022, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
Related party transactions | Related party transactions Our vessels are commercially managed by SCM and technically managed by SSM pursuant to the terms and conditions set forth under a revised master agreement which was effective as from January 1, 2018 (the "Revised Master Agreement"). The Revised Master Agreement may be terminated by either party upon 24 months' notice, unless terminated earlier in accordance with the provisions of the Revised Master Agreement. In the event of the sale of one or more vessels, a notice period of three months and a payment equal to three months of management fees will apply, provided that the termination does not amount to a change in control, including a sale of all or substantially all of our vessels, in which case a payment equal to 24 months of management fees will apply. SCM and SSM are related parties of ours. We expect that any additional vessels that we may acquire in the future will also be managed under the Revised Master Agreement or on substantially similar terms. Transactions with entities controlled by the Lolli-Ghetti family (herein referred to as related parties) in the consolidated statements of operations and balance sheets are as follows: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Pool revenue (1) Scorpio MR Pool Limited $ 605,442 $ 639,743 $ 256,874 Scorpio LR2 Pool Limited 405,244 456,002 180,912 Scorpio Handymax Tanker Pool Limited 135,481 79,636 50,143 Mercury Pool Limited 9,077 — — Scorpio LR1 Pool Limited — 11,196 47,053 Voyage revenue (2) — 5,657 — Time charter-out revenue (3) 21,555 2,358 — Voyage expenses (4) (4,495) (9,194) (1,461) Vessel operating costs (5) (33,061) (33,084) (35,427) Administrative expenses (6) (15,450) (13,175) (13,557) Purchases of bunkers (7) (4,784) (45,957) (2,561) (1) These transactions relate to revenue earned in the Scorpio Pools. The Scorpio Pools are related parties. When our vessels are in the Scorpio Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to LR1 vessels, $250 per vessel per day with respect to LR2 vessels, and $325 per vessel per day with respect to both Handymax and MR vessels, plus a commission of 1.50% on gross revenue per charter fixture. These were the same fees that SCM charges other vessels in these pools, including third party vessels. (2) These transactions relate to revenue earned in the spot market on voyages chartered through a chartering subsidiary of SSH, a related party, to the end customer. (3) These transactions relate to revenue earned for certain vessels on time charter, which have been time chartered-out through a chartering subsidiary of SSH, a related party, to the end customer. (4) Related party expenditures included within voyage expenses in the consolidated statements of operations consist of the following: • Expenses due to SCM, a related party, 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 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 Pools, each vessel pays (i) flat fees of $250 per day for LR1 and LR2 vessels and $300 per day for Handymax and MR vessels and (ii) commissions of 1.25% of their gross revenue per charter fixture for LR1, LR2, Handymax and MR vessels. • Voyage expenses also consist of $0.5 million, $2.4 million and $19,175 charged by related party port agents during the years ended December 31, 2023, 2022 and 2021, respectively. SSH has a majority equity interest in port agents that provide supply and logistical services for vessels operating in their regions. (5) Related party expenditures included within vessel operating costs in the consolidated statements of operations consist of the following: • Technical management fees of $28.3 million, $29.8 million, and $32.7 million charged by SSM, a related party, during the years ended December 31, 2023, 2022 and 2021, respectively. SSM’s services include day-to-day vessel operations, 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. SSM administers the payment of salaries to our crew on our behalf. The crew wages that were administered by SSM (and disbursed through related party subcontractors of SSM) were $136.3 million, $141.2 million, and $152.0 million during the years ended December 31, 2023, 2022, and 2021, respectively. SSM's annual technical management fee is a fixed fee of $175,000 per vessel plus certain itemized expenses pursuant to the technical management agreement. • Vessel operating expenses of $4.8 million, $3.3 million, and $2.7 million charged by a related party port agent during the years ended December 31, 2023, 2022 and 2021, respectively. (6) We have an Amended Administrative Services Agreement with SSH, a related party, for the provision of administrative staff and office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH also administers the payroll for certain of our employees. The services provided to us by SSH may be sub-contracted to other entities within Scorpio. The expenses incurred under this agreement were recorded in general and administrative expenses in the consolidated statement of operations and were as follows: • The expense for the year ended December 31, 2023 of $15.5 million included (i) administrative fees of $10.5 million charged by SSH, (ii) restricted stock amortization of $5.0 million, which relates to 695,400 shares of restricted stock that was issued in the current or in prior years to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan, and (iii) the reimbursement of expenses of $25,145 to SSH and $26,653 to SCM. • The expense for the year ended December 31, 2022 of $13.2 million included (i) administrative fees of $11.0 million charged by SSH, (ii) restricted stock amortization of $2.0 million, which relates to 493,300 shares of restricted stock that was issued in the current or in prior years to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan and (iii) the reimbursement of expenses of $81,762 to SSH and $36,869 to SCM. • The expense for the year ended December 31, 2021 of $13.6 million included (i) administrative fees of $12.2 million charged by SSH, (ii) restricted stock amortization of $1.3 million, which relates to the issuance of 315,950 shares of restricted stock that was issued in the current or in prior years to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan and (iii) the reimbursement of expenses of $51,962 to SSH and $14,726 to SCM. (7) These amounts represent bunkers purchased from a related party which, for vessels operating in the spot market, are initially recorded as part of inventory on the balance sheet prior to being consumed. We had the following balances with related parties, which have been included in the consolidated balance sheets: As of December 31, In thousands of U.S. dollars 2023 2022 Assets: Prepaid expenses and accounts receivable (due from the Scorpio Pools) (1) $ 201,340 $ 236,389 Prepaid expenses (SSM) (2) 5,522 5,450 Prepaid expenses (SCM) 28 84 Prepaid expenses and accounts receivable (SSH) 10 4,976 Prepaid expenses (related party port agent) 2 98 Other assets (pool working capital contributions) (3) 51,411 53,161 Liabilities: Accounts payable and accrued expenses (SSM) 2,468 823 Accounts payable and accrued expenses (related party port agent) 1,368 955 Accounts payable (owed to the Scorpio Pools) (4) 626 10,090 Accounts payable and accrued expenses (SCM) 316 540 Accounts payable and accrued expenses (SSH) 284 287 Accounts payable and accrued expenses (related party bunker supplier) 95 2,380 (1) Accounts receivable due from the Scorpio Pools relate to hire receivables for revenues earned and receivables from working capital contributions. 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 LR2 Pool, Scorpio LR1 Pool, Scorpio MR Pool, Scorpio Handymax Tanker Pool and Mercury Pool, the initial contribution amount is 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 or lease financed 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 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 primarily relate to advances made for vessel operating expenses (such as crew wages) that will either be reimbursed or applied against future costs. (3) Represents the non-current portion of working capital receivables as described above. (4) Accounts payable and accrued expenses owed to the Scorpio Pools relate to expenses incurred by the Scorpio Pools on behalf of certain of our vessels. Other transactions In August 2021, we acquired a minority interest in a portfolio of nine product tankers, which at the time consisted of five dual-fuel MR methanol tankers (built between 2016 and 2021) along with four ice class 1A LR1 product tankers (two of which were sold during the fourth quarter of 2021). Two of the LR1 tankers that are part of this joint venture are commercially and technically managed by SCM and SSM, respectively. Pursuant to the Revised Master Agreement with SCM and SSM, in the event of the sale of one or more vessels, a notice period of three months and a payment equal to three months of commercial and technical management fees would be due and payable upon the sales of these vessels. During the year ended December 31, 2023, we sold two MR product tankers, STI Amber and STI Ville. Termination fees of $0.2 million and $0.1 million were paid to SCM and SSM, respectively, during the year ended December 31, 2023. Additionally, $0.1 million and $0.1 million to SCM and SSM, respectively, remained accrued (and have been recorded within Accrued Expenses) as of December 31, 2023. During the year ended December 31, 2022, we sold 18 vessels, consisting of three LR2s, 12 LR1s and three MRs. Termination fees of $2.5 million and $1.4 million were paid to SCM and SSM respectively, during the year ended December 31, 2022 as a result of these sales. SSH also owns a non-controlling 7.5% interest in the buyer of one of the MR product tankers that was sold during the year ended December 31, 2022 . SSH also has an interest in the entity that bareboat chartered-in one of the MR product tankers that we sold during the year ended December 31, 2022. During the year ended December 31, 2022, we received proceeds from an insurance claim of $1.7 million for certain repairs that this vessel required but were not yet undertaken at the time of the sale. As part of the sale of this vessel, we forwarded these funds to SSH in August 2022. In August 2022, we repurchased 1,293,661 of our common shares from Eneti Inc., a former related party, for $38.65 per share. Key management remuneration The table below shows key management remuneration for the years ended December 31, 2023, 2022, and 2021: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Short-term employee benefits $ 27,972 $ 32,663 $ 5,488 Share-based compensation (1) 31,702 13,777 17,476 Total $ 59,674 $ 46,440 $ 22,964 (1) Represents the amortization of restricted stock issued under our 2013 Equity Incentive Plan as described in Note 14. 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. We have entered into employment agreements with the majority of our executives. These employment agreements remain in effect until terminated in accordance with their terms upon not less than between 24 months' and 36 months' prior written notice, depending on the terms of the employment agreement applicable to each executive. Pursuant to the terms of their respective employment agreements, our executives are prohibited from disclosing or unlawfully using any of our material confidential information. Upon a change in control of us, the annual bonus provided under the employment agreement becomes a fixed bonus of between 150% and 250% of the executive’s base salary, and the executive may receive an assurance bonus equal to the fixed bonus, depending on the terms of the employment agreement applicable to each executive. Any such executive may be entitled to receive upon termination an assurance bonus equal to such fixed bonus and an immediate lump-sum payment in an amount equal to three times the sum of the executive’s then current base salary and the assurance bonus, and he will continue to receive all salary, compensation payments and benefits, including additional bonus payments, otherwise due to him, to the extent permitted by applicable law, for the remaining balance of his then-existing employment period. If an executive’s employment is terminated for cause or voluntarily by the employee, he shall not be entitled to any salary, benefits or reimbursements beyond those accrued through the date of his termination, unless he voluntarily terminated his employment in connection with certain conditions. Those conditions include a change in control combined with a significant geographic relocation of his office, a material diminution of his duties and responsibilities, and other conditions identified in the employment agreement. There are no material post-employment benefits for our executive officers or directors. By law, our employees in Monaco are entitled to a one-time payment of up to two months salary upon retirement if they meet certain minimum service requirements. |
Vessel revenue
Vessel revenue | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Vessel revenue | Vessel revenue During the years ended December 31, 2023 and 2022, we had 15 and 14 vessels that earned revenue through long-term time-charter contracts (with initial terms of one year or greater), respectively. There were no vessels that earned revenue through long-term time-charter contracts during the year ended December 31, 2021. The remaining vessels earned revenue from the Scorpio Pools or in the spot market. The following table sets forth our revenue, by employment type, for these periods: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Pool revenue $ 1,155,244 $ 1,186,577 $ 534,982 Voyage revenue (spot market) 32,718 328,087 5,804 Time charter revenue 153,260 48,209 — $ 1,341,222 $ 1,562,873 $ 540,786 IFRS 16 Lease Revenue In accordance with IFRS 16 - Leases, we are 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 is 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 are accounted for as follows: • All fixed lease revenue earned under these time charter-out arrangements is recognized on a straight-line basis over the term of the lease. • Lease revenue earned under our pool arrangements is recognized as it is earned, since it is 100% variable. • The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized “over time” as the customer (i.e. the pool or the charterer) is simultaneously receiving and consuming the benefits of the service. The following table summarizes the lease and non-lease components of revenue from time charter-out and pool revenue during the years ended December 31, 2023, 2022 and 2021. These figures are not readily quantifiable as the Company's contracts (with the Scorpio pools or under time charter-out arrangements) do not separate these components. We do not view pool and time charter-out revenue as two separate streams of revenue. Nevertheless, we have estimated these amounts by reference to (i) third party, published time charter rates for the lease component, and (ii) an approximation of the fair market value of vessel operating expenses for the non-lease component. For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Lease component of revenue from time charter-out and pool revenue $ 999,273 $ 879,168 $ 280,633 Non-lease component of revenue from time charter-out and pool revenue 309,231 355,618 254,349 $ 1,308,504 $ 1,234,786 $ 534,982 During the year ended December 31, 2023, we entered into a time charter-out agreement on an LR2 product tanker, which commenced in April 2023. During the year ended December 31, 2022, we entered into time charter-out agreements on 14 vessels. The terms of the agreements, including the dates of commencement are summarized as follows: Vessel Vessel class Term Rate ($/day) Commencement date STI Gratitude LR2 Three years $28,000 (1) May-22 STI Guard LR2 Five years $28,000 (2) July-22 STI Gladiator LR2 Three years $28,000 (3) July-22 STI Guide LR2 Three years $28,000 (3) July-22 STI Marshall MR Three years $23,000 (4) July-22 STI Magnetic MR Three years $23,000 (5) July-22 STI Miracle MR Three years $21,000 (6) August-22 STI Memphis MR Three years $21,000 (7) June-22 STI Connaught LR2 Three years $30,000 (8) August-22 STI Lombard LR2 Three years $32,750 (9) September-22 STI Gauntlet LR2 Three years $32,750 November-22 STI Duchessa MR Three years $25,000 October-22 STI Lavender LR2 Three years $35,000 December-22 STI Grace LR2 Three years $37,500 (10) December-22 STI Jermyn LR2 Three years $40,000 (11) April-23 (1) This vessel commenced a time charter in May 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day. (2) This vessel commenced a time charter in July 2022 for five years at a rate of $28,000 per day. The charterers have the option to convert the term of this agreement to three years at $30,000 per day, which must be declared within 30 months after the delivery date. (3) This vessel commenced a time charter in July 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day. (4) This vessel commenced a time charter in July 2022 for three years at a rate of $23,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $24,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $25,000 per day. If this second option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day. (5) This vessel commenced a time charter in July 2022 for three years at an average rate of $23,000 per day. The daily rate is the average rate over the three years period, which is payable in years one, two, and three at $30,000 per day, $20,000 per day, and $19,000 per day, respectively. The charterers have the option to extend the term of this agreement for an additional year at $24,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day. (6) This vessel commenced a time charter in August 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day. (7) This vessel commenced a time charter in June 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $30,000 per day, the next 6 months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day. (8) In April 2023, STI Connaught replaced STI Goal on a time charter which initially commenced in August 2022 for three years at a rate of $30,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $32,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $34,000 per day. (9) This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The charterer has the option to extend the term of this agreement for an additional year at $34,750 per day. If this option is declared, the charterer has the option to further extend the term of this agreement for an additional year at $36,750 per day. (10) This vessel commenced a time charter in December 2022 for three years at an average rate of $37,500 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $47,000 per day, the next 6 months are payable at $28,000 per day, and years two and three are payable at $37,500 per day. (11) This vessel commenced a time charter in April 2023 for three years at an average rate of $40,000 per day. The charterer has the option to extend the term of this agreement for an additional year at $42,500 per day. IFRS 15 Revenue from Contracts with Customers For our vessels operating in the spot market, we recognize revenue ‘over time’ as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. 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 recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. We also consider short-term time charters (with initial terms of less than one year) as spot market voyages. These voyages are accounted for under IFRS 16 – Leases (given the contractual nature of the agreements), but are disclosed as spot market voyages in the table above given their short-term nature, and greater exposure to spot market volatility. We had a decreased number of vessels trading in the spot market during the year ended December 31, 2023 as compared to the year ended December 31, 2022. The number of vessels operating in the spot market during the year ended December 31, 2022 was a result of changes in trading patterns brought on by the conflict in Ukraine starting in March 2022. Under spot market voyage charters, we pay voyage expenses, and therefore this decrease in spot market revenue during the year ended December 31, 2023 also resulted in a decrease in voyage expenses. Voyage expenses for the year ended December 31, 2023 consisted of bunker consumption of $4.1 million, port and agency expenses of $2.0 million, voyage related insurance of $1.2 million, and other voyage related expenses (including commissions) of $5.9 million. Voyage expenses for the year ended December 31, 2022 consisted of bunker consumption of $50.2 million, port and agency expenses of $23.2 million, voyage related insurance of $7.7 million, and other voyage related expenses (including commissions) of $11.6 million. |
Crewing costs
Crewing costs | 12 Months Ended |
Dec. 31, 2023 | |
Crewing cost [Abstract] | |
Crewing costs | Crewing costs The following table sets forth the components of our crew expenses, including crew benefits, during the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Short term crew benefits (i.e. wages, victualing, insurance) 150,194 155,782 171,546 Other crewing related costs 24,633 24,743 26,311 $ 174,827 $ 180,525 $ 197,857 |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
General and administrative expenses | General and administrative expenses General and administrative expenses primarily represent employee benefit expenses, professional fees and administrative fees payable to SSH under our administrative services agreement (as described in Note 15). Employee benefit expenses (excluding crew) consist of: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Short term employee benefits $ 36,768 $ 46,678 $ 10,841 Share based compensation (see Note 14) 47,340 20,397 22,931 $ 84,108 $ 67,075 $ 33,772 There are no material post-employment benefits for our executive officers or directors. By law, our employees in Monaco are entitled to a one-time payment of up to two months salary upon retirement if they meet certain minimum service requirements. |
Financial expenses
Financial expenses | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Financial expenses | Financial expenses The following table sets forth the components of our financial expenses for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Interest expense on debt, net of capitalized interest (1) $ 158,286 $ 137,123 $ 115,983 Accretion of convertible notes (as described in Note 12) — 12,718 13,265 Amortization of deferred financing fees 7,292 6,385 7,570 Loss on extinguishment of debt and write-off of deferred financing fees (2) 16,525 11,463 3,604 Accretion of premiums and discounts on debt (3) 1,128 2,106 3,682 Total financial expenses $ 183,231 $ 169,795 $ 144,104 (1) The increase in interest expense, net of capitalized interest during the year ended December 31, 2023 is primarily attributable to an increase in the benchmark interest rates (both LIBOR and SOFR) as compared to the year ended December 31, 2022. During the year ended December 31, 2023, benchmark interest rates continued to increase as central banks around the world introduced measures to combat inflation. The increases in benchmark rates were partially offset by the overall reduction in our indebtedness arising from (i) the sales of 20 vessels during the years ended December 31, 2023 and 2022 (and repayments of the related debt or lease financing obligations), (ii) the unscheduled debt and lease repayments on 58 and 23 vessels during the year ended December 31, 2023 and 2022, respectively, as discussed in Note 12, (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and (iv) the conversion of the Convertible Notes Due 2025 in December 2022. These reductions were partially offset by new borrowings as discussed in Note 12. The combination resulted in higher interest expense for the year ended December 31, 2023 compared to December 31, 2022 despite the reduction in the average carrying value of our debt to $1.92 billion from $2.69 billion, respectively. The increase in interest expense, net of capitalized interest during the year ended December 31, 2022 is primarily attributable to higher average LIBOR rates compared to the year ended December 31, 2021. As a result of the easing of COVID-19 restrictions, the related economic recovery and corresponding inflationary pressures, LIBOR rates increased significantly throughout 2022. The increases in LIBOR rates were partially offset by the overall reductions in our indebtedness arising from (i) the sales of 18 vessels during the year ended December 31, 2022 (and repayments of the related debt or lease financing obligations), (ii) the unscheduled debt and lease repayments on 23 vessels, (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and (iv) the conversion of the Convertible Notes Due 2025 in December 2022. The combination resulted in higher interest expense for the year ended December 31, 2022 compared to December 31, 2021 despite the decrease in the average carrying value of our debt to $2.69 billion during the year ended December 31, 2022 as compared to $3.14 billion for the year ended December 31, 2021. Interest payable during those periods was offset by interest capitalized of $0.2 million and $0.2 million, during the years ended December 31, 2022 and 2021 respectively. There was a nominal amount of capitalized interest during the year ended December 31, 2023. (2) The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2023 include (i) $10.2 million in costs related to the extinguishment of debt, (ii) $4.3 million of write-offs of deferred financing fees related to the unscheduled debt and lease repayments during the year, (iii) $2.7 million relating to write-offs of the discounts related to the unscheduled debt and lease repayments during the year, (iv) $0.8 million of accelerated effective interest on right of use liabilities related to unscheduled lease payments during the year, offset by (v) a gain of $1.5 million related to the adjustment of the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options. The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2022 include (i) $6.6 million of write-offs of deferred financing fees related to the repayments of debt for the 18 vessels sold during the year along with the notifications to exercise purchase options on certain lease financed vessels during the year, (ii) $4.9 million in costs related to the extinguishment of debt, (iii) $0.9 million of write-offs of the discounts related to the payment of indebtedness on certain vessels sold and to the notifications to exercise purchase options on certain vessels, offset by (iv) a gain of $0.9 million related to the adjustment of the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options . The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2021 include (i) $3.0 million of write-offs of deferred financing fees related to the refinancing of existing indebtedness on certain vessels and (ii) $0.6 million of write-offs of the premium and discounts related to the refinancing of existing indebtedness on certain vessels. (3) |
Tax
Tax | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Tax | Tax Scorpio Tankers Inc. and its vessel-owning or leasing subsidiaries are incorporated in either the Republic of the Marshall Islands or in Singapore. We are not subject to Marshall Islands’ income tax in accordance with the income tax laws of the Marshall Islands, and we are eligible for tax exemptions in accordance with the income tax laws of Singapore. Based upon review of applicable laws and regulations, and after consultation with counsel, we do not believe we are subject to material income taxes in any jurisdiction, including the United States of America. Therefore, we did not have any income tax charges, benefits, or balances as of or for the periods ended December 31, 2023, 2022 and 2021. |
Earnings _ (loss) per share
Earnings / (loss) per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings / (loss) per share | Earnings / (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 year ended December 31, In thousands of U.S. dollars except for share data 2023 2022 2021 Net income / (loss) attributable to equity holders of the parent - basic $ 546,898 $ 637,251 $ (234,434) Convertible notes interest expense, accretion, and deferred financing amortization — 19,584 — Net income / (loss) attributable to equity holders of the parent - diluted $ 546,898 $ 656,835 $ (234,434) Basic weighted average number of shares 52,369,269 55,455,277 54,718,709 Effect of dilutive potential basic shares: Restricted stock 2,158,478 2,610,544 — Convertible notes — 5,445,455 — 2,158,478 8,055,999 — Diluted weighted average number of shares 54,527,747 63,511,276 54,718,709 Earnings / (Loss) Per Share: Basic $ 10.44 $ 11.49 $ (4.28) Diluted $ 10.03 $ 10.34 $ (4.28) During the year ended December 31, 2023, potentially dilutive shares relating to unvested restricted stock were included in the computation of diluted earnings per share because their effect was dilutive. The inclusion of potentially dilutive shares of unvested restricted stock reflects the dilutive impact of 3,231,060 unvested shares of restricted stock. During the year ended December 31, 2022, potentially dilutive shares relating to unvested restricted stock and our Convertible Notes Due 2022 and Convertible Notes Due 2025 were included in the computation of diluted earnings per share because their effect was dilutive. The inclusion of potentially dilutive shares of unvested restricted stock reflects the dilutive impact of 2,705,989 unvested shares of restricted stock. The inclusion of potentially dilutive shares relating to our Convertible Notes Due 2022 and Convertible Notes Due 2025 represents the potentially dilutive shares arising from these instruments for an aggregate of 7,661,365 shares. The Convertible Notes Due 2022 matured in May 2022 and were repaid in cash upon maturity. Accordingly, the potentially dilutive impact of this instrument is included in the weighted average number of shares for a portion of the period, through the maturity date. In December 2022, all of the holders of the Company's Convertible Notes Due 2025 converted their notes into an aggregate of 5,757,698 common shares of the Company. Accordingly, the potentially dilutive impact of this instrument was included in the weighted average number of shares for a portion of the period, through the conversion date. |
Financial instruments - financi
Financial instruments - financial and other risks | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial instruments - financial and other risks | Financial instruments - financial and other risks Funding and capital risk management We manage our funding and capital resources to ensure our ability to continue as a going concern while maximizing the return to the shareholder through optimization of the balance between debt and equity. IFRS 13 requires classifications of fair value measures into Levels 1, 2 and 3. Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values and carrying values of our financial instruments at December 31, 2023 and 2022, respectively, are shown in the table below. Categories of Financial Instruments As of December 31, 2023 As of December 31, 2022 In thousands of U.S. dollars Fair value Carrying Value Fair value Carrying Value Financial assets Cash and cash equivalents (1) $ 355,551 $ 355,551 $ 376,870 $ 376,870 Accounts receivable (2) 203,500 203,500 276,700 276,700 Working capital contributions to Scorpio Pools (3) 51,411 51,411 53,161 53,161 Seller's credit on sale leaseback vessels (4) — — 11,430 11,430 Financial liabilities Accounts payable (5) $ 10,004 $ 10,004 $ 28,748 $ 28,748 Accrued expenses and other current liabilities (5) 72,678 72,678 91,508 91,508 Secured bank loans (6) 1,090,741 1,090,741 226,896 226,896 Sale and leaseback liability (7) 428,124 428,137 1,139,877 1,140,614 IFRS 16 - lease liability (8) — — 495,234 495,875 Unsecured Senior Notes Due 2025 (9) 70,260 70,571 69,639 70,571 (1) Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. (2) We consider that the carrying amount of accounts receivable approximate their fair value due to the relative short maturity of these instruments. (3) Non-current working capital contributions to the Scorpio Pools are repaid, without interest, upon a vessel’s exit from the pool. For all owned vessels, excluding those under long-term time charters, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within Other Assets on the consolidated balance sheets. We consider that their carrying values approximate fair value given that the amounts due are contractually fixed based on the terms of each pool agreement. (4) The seller's credit on lease financed vessels as of December 31, 2022 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 , which is described in Note 6. These deposits were recorded as financial assets measured at amortized cost at the commencement date of the leases. The present value was calculated based on the interest rate implied in the lease, and the carrying value was being accreted over the life of the lease using the effective interest method, through interest income, until the end of the lease. We considered that its carrying value approximates fair value given that its value is contractually fixed based on the terms of each lease. These deposits were applied to the purchase price of the vessels when the purchase options were exercised in December 2023. (5) We consider that the carrying amounts of accounts payable and accrued expenses approximate the fair value due to the relative short maturity of these instruments. (6) The carrying value 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 and the credit risk of the Company has remained stable. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $24.6 million and $2.8 million of unamortized deferred financing fees as of December 31, 2023 and 2022, respectively. (7) The carrying value of our obligations due under sale and leaseback arrangements are measured at amortized cost using the effective interest method. With the exception of our fixed rate sale and leaseback arrangements (as denoted in Note 12), we consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments are measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at December 31, 2023. Accordingly, we consider their fair value to be a Level 2 measurement. The amounts in the table above are shown net of $3.2 million and $8.2 million of unamortized deferred financing fees as of December 31, 2023 and 2022, respectively. (8) The carrying value of our lease obligations that were accounted for under IFRS 16 are measured at the present value of the minimum lease payments under each contract. These leases were mainly comprised of the leases acquired as part of the Trafigura Transaction. We considered that their carrying value approximated fair value because the interest rates on these leases change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments were measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at December 31, 2022. Accordingly, we considered their fair value to be a Level 2 measurement. During the year ended December 31, 2023, we exercised the purchase options for all vessels under lease arrangements and had no further commitments as of December 31, 2023. (9) The carrying value of our Senior Notes Due 2025 is measured at amortized cost using the effective interest method. The carrying value of our Senior Notes Due 2025 shown in the table above is their face value. The Senior Notes due 2025 are shown net of $1.1 million of deferred financing fees and $0.1 million of unamortized discount on our consolidated balance sheet as of December 31, 2023. The Senior Notes Due 2025 are shown net of $1.7 million of deferred financing fees and $0.1 million of unamortized discount on our consolidated balance sheet as of December 31, 2022. Our Senior Notes Due 2025 are quoted on the NYSE under the symbol 'SBBA'. We consider their fair value to be a Level 1 measurement due to their quotation on an active exchange. Financial risk management objectives We identify and evaluate significant risks on an ongoing basis with the objective of managing the sensitivity of our results and financial position to those risks. These risks include market risk, credit risk, liquidity risk and foreign exchange risk. The use of financial derivatives is governed by our policies as approved by the Board of Directors. Market risk Our activities expose us to the risks inherent with the tanker industry, which has historically been volatile, and financial risks of changes in interest rates. Spot market rate risk The cyclical nature of the tanker industry causes significant increases or decreases in the revenue that we earn from our vessels, particularly those vessels that operate in the spot market or participate in pools that are concentrated in the spot market such as the Scorpio Pools. Additionally, we have the ability to remove our vessels from the pools on relatively short notice if attractive time charter opportunities arise. A $1,000 per day increase or decrease in spot rates for all of our vessel classes operating in the spot market or in the Scorpio Pools would have increased or decreased our operating income by $35.3 million, $40.3 million and $46.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Interest rate risk The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments at the balance sheet date. If interest rates had been 1% higher/lower and all other variables were held constant, our net income for the year ended December 31, 2023 would have decreased/increased by $18.0 million. This is mainly attributable to our exposure to interest rate movements on our variable interest rate credit facilities, lease financing arrangements and leases being accounted for under IFRS 16 as described in Notes 6 and 12. If interest rates had been 1% higher/lower and all other variables were held constant, our net loss for the year ended December 31, 2022 would have decreased/increased by $22.8 million. This is mainly attributable to our exposure to interest rate movements on our variable interest rate credit facilities, lease financing arrangements and leases being accounted for under IFRS 16 as described in Notes 6 and 12. If interest rates had been 1% higher/lower and all other variables were held constant, our net income for the year ended December 31, 2021 would have decreased/increased by $26.5 million. This is mainly attributable to our exposure to interest rate movements on our variable interest rate credit facilities, lease financing arrangements and leases being accounted for under IFRS 16 that were in place during that year. Interest in most of our financing agreements has historically been based on published rates for LIBOR. The ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom’s Financial Conduct Authority, ceased the publication of all U.S. Dollar LIBOR tenors on June 30, 2023. In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or “SOFR.” Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in comparable benchmark or market rates, and SOFR over time may bear little or no relation to the historical indicative data. Additionally, since LIBOR represented an unsecured lending rate while SOFR represents a secured lending rate, lenders may include a credit spread adjustment on SOFR to compensate for the difference in risk. The possible volatility of and uncertainty around SOFR as a LIBOR replacement rate and the applicable credit spread adjustment could result in higher borrowing costs for us, which may adversely affect our liquidity, financial condition, and results of operations. During the year ended December 31, 2023, we transitioned our existing loan and lease financing agreements from U.S. Dollar LIBOR to SOFR plus a credit spread adjustment which varied from zero basis points to 26.161 basis points depending on the financing arrangement. Credit risk Credit risk is the potential exposure of loss in the event of non-performance by customers and derivative instrument counterparties. We only place cash deposits with major banks covered with strong and acceptable credit ratings. Accounts receivable are generally not collateralized; however, we believe that the credit risk is partially offset by the creditworthiness of our counterparties including the commercial manager. We did not experience any material credit losses on our accounts receivables portfolio in the years ended December 31, 2023, 2022, and 2021. The carrying amount of financial assets recognized on our consolidated financial statements represents the maximum exposure to credit risk without taking into account the value of any collateral obtained. We did not experience any impairment losses on financial assets in the years ended December 31, 2023, 2022, and 2021. We monitor exposure to credit risk and believe that there is no substantial credit risk arising from counterparties. 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. Liquidity risks can manifest themselves when economic conditions deteriorate or when we have significant maturities of our financial instruments. Financing risks During 2024 through the date of authorization of these financial statements, and in addition to our regularly scheduled debt and lease repayments, we have committed to the following: • The early repayment of debt on three 2014 built Handymax product tankers ( STI Acton , STI Camden and STI Clapham ) under our Prudential Credit Facility. These repayments were made in January 2024 resulting in a debt reduction of $33.7 million. • The exercise of the purchase options on two MR product tankers ( STI Jardins and STI San Telmo ) under our 2020 SPDBFL Lease Financing. These purchases closed in January 2024 resulting in a debt reduction of $38.3 million, which excludes deposits held by the lessor of $1.4 million and purchase option fees of $0.8 million . • The exercise of the purchase options on three MR product tankers ( STI Soho , STI Osceola and STI Memphis ) and one LR2 product tanker ( STI Lombard ) under the 2021 AVIC Lease Financing. These purchases closed in January 2024 resulting in a debt reduction of $77.4 million, which excludes deposits held by the lessor of $1.0 million and purchase option fees of $1.2 million . • The exercise of the purchase options on three 2012 built MR product tankers ( STI Topaz , STI Garnet and STI Onyx ) under the BCFL Lease Financing (MRs). These purchases closed in January 2024 resulting in a debt reduction of $21.7 million. • The exercise of the purchase options on three 2015 built MR product tankers ( STI Black Hawk , STI Notting Hill and STI Pontiac ) that are currently financed on the 2021 TSFL Lease Financing. The purchases are expected to close in the first quarter of 2024, and the aggregate lease liability at the date of the repurchase is expected to be $45.6 million and excludes purchase option fees of $0.9 million . • The exercise of the purchase options on one 2015 built MR product tanker ( STI Westminster ) and four 2014 built Handymax product tankers ( STI Brixton , STI Comandante , STI Pimlico and STI Finchley ) which are currently financed on the 2021 CMBFL Lease Financing. The notices were delivered in January 2024 and the purchases are expected to close in the first half of 2024. The aggregate lease liabilities at the dates of repurchase are expected to be $61.1 million. Additionally, purchase option fees are expected to be $0.7 million. • The exercise of the purchase options on four lease financed product tankers consisting of two MRs ( STI Gramercy and STI Queens ) and two LR2s ( STI Oxford and STI Selatar ) that are currently financed under the 2022 AVIC Lease Financing. The notices were delivered in February 2024 and the purchases are expected to close in the first half of 2024. The aggregate lease liabilities at the dates of repurchase are expected to be $102.4 million, which excludes deposits held by the lessor of $1.2 million . Additionally, purchase option fees are expected to be $1.5 million. We do not have any other debt or leasing financing arrangements that are scheduled to mature or expire within twelve months from the date of these financial statements. In January 2024, we drew down $99.0 million from the 2023 $1.0 Billion Credit Facility and placed two Handymax product tankers ( STI Acton and STI Camden ) and four MR product tankers ( STI Jardins , STI San Telmo , STI Soho and STI Osceola ) as collateral under the facility. While we believe our current financial position is adequate to address these cash outflows, a deterioration in economic conditions could cause us to breach the covenants under our financing arrangements and could have a material adverse effect on our business, results of operations, cash flows and financial condition. These circumstances could cause us to seek covenant waivers from our lenders and to pursue other means to raise liquidity, such as through the sale of vessels or in the capital markets, to meet our obligations. Conflict in Ukraine and Middle East The ongoing military conflict in Ukraine has had a significant direct and indirect impact on the trade of refined petroleum products. This conflict has resulted in the United States, the United Kingdom, and the European Union countries, among other countries and jurisdictions, implementing sanctions and executive orders against citizens, entities, and activities connected to Russia. Some of these sanctions and executive orders target the Russian oil sector, including a prohibition on the import of oil from Russia to the United States or the United Kingdom, and the European Union's recent ban on Russian crude oil and petroleum products which took effect in December 2022 and February 2023, respectively. We cannot foresee what other sanctions or executive orders may arise that affect the trade of petroleum products. Furthermore, the conflict and ensuing international response has disrupted the supply of Russian oil to the global market, and as a result, the price of oil and petroleum products has experienced significant volatility. We cannot predict what effect the higher price of oil and petroleum products will have on demand, and while thus far the impact has been favorable, it is possible that the current conflict in Ukraine could adversely affect our financial condition, results of operations, and future performance. Additionally, since December 2023, there have been multiple drone and missile attacks on commercial vessels transiting international waters in the southern Red Sea by groups believed to be affiliated with the Yemen-based Houthi rebel group purportedly in response to the ongoing military conflict between Israel and Hamas. Recent attacks on U.S. military installations in Jordan and other locations in the Middle East, the continuing military actions by the U.S. government and certain of its allies against the Houthi rebel group, which the U.S. government believes to be supported by the government of Iran and the ongoing military conflict between Israel and Hamas continue to threaten the political stability of the region and may lead to further military conflicts, including continued hostile actions towards commercial shipping in the region. We cannot predict the severity or length of the current conditions impacting international shipping in this region and the continuing disruption of the trade routes in the region of the Red Sea. It is also possible that these conditions could have a material and adverse impact on our financial condition, results of operations, and future performance. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance and the aforementioned commitments to repay additional debt and lease financing obligations, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including, but not limited to, debt service and lease financing obligations) for a period of at least twelve months from the date of approval of these consolidated financial statements. Accordingly, we continue to adopt the going concern basis in preparing our financial statements. Remaining contractual maturity on secured and unsecured credit facilities, sale and leaseback liabilities and IFRS 16 lease liabilities The following table details our remaining contractual maturity for our secured and unsecured credit facilities, sale and leaseback, and IFRS-16 lease liabilities. The amounts represent the future undiscounted cash flows of the financial liability based on the earliest date on which we can be required to pay. The table includes both interest and principal cash flows. As the interest cash flows are not fixed, the interest amount included has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the reporting date. As of December 31, In thousands of U.S. dollars 2023 2022 Less than 1 month $ 190,873 $ 100,660 1-3 months 107,015 87,811 3 months to 1 year 236,122 315,035 1-3 years 566,475 764,028 3-5 years 692,563 766,150 5+ years 110,155 421,816 Total $ 1,903,203 $ 2,455,500 All other current liabilities fall due within less than one month. Foreign Exchange Rate Risk Our primary economic environment is the international shipping market. This market utilizes the U.S. Dollar as its functional currency. Consequently, virtually all of our revenues and the majority of our operating expenses are in U.S. Dollars. However, we incur some of our combined expenses in other currencies, particularly the Euro. The amount and frequency of some of these expenses (such as vessel repairs, supplies and stores) may fluctuate from period to period. Depreciation in the value of the U.S. dollar relative to other currencies will increase the U.S. dollar cost of us paying such expenses. The portion of our business conducted in other currencies could increase in the future, which could expand our exposure to losses arising from currency fluctuations. There is a risk that currency fluctuations will have a negative effect on our cash flows. We have not entered into any hedging contracts to protect against currency fluctuations. However, we have some ability to shift the purchase of goods and services from one country to another and, thus, from one currency to another, on relatively short notice. We may seek to hedge this currency fluctuation risk in the future. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Events After Reporting Period [Abstract] | |
Subsequent events | Subsequent events Declaration of dividend On February 13, 2024, our Board of Directors declared a quarterly cash dividend of $0.40 per common share, which is expected to be paid on March 27, 2024 to all shareholders of record as of March 8, 2024. Vessel Sales In March 2024, we sold the 2015 built MR vessel, STI Tribeca , for $39.1 million. There was no debt repayment as a result of this sale, as this vessel has been replaced by STI Galata as collateral on the 2023 $1.0 Billion Credit Facility. In March 2024, we entered into an agreement to sell a 2013 built MR tanker, STI Larvotto for $36.15 million. The sale of this vessel is expected to close before the end of April of 2024. There will be no debt repayment as a result of this sale. In March 2024, we entered into an agreement to sell a 2013 built MR tanker, STI Le Rocher for $36.15 million. The sale of this vessel is expected to close in the second quarter of 2024. There will be no debt repayment as a result of this sale. Debt Activity During 2024 through the date of authorization of these financial statements, and in addition to our regularly scheduled debt and lease repayments, we have closed or committed to the following: • The early repayment of debt on three 2014 built Handymax product tankers ( STI Acton , STI Camden and STI Clapham ) under our Prudential Credit Facility. These repayments were made in January 2024 resulting in a debt reduction of $33.7 million. • The exercise of the purchase options on two MR product tankers ( STI Jardins and STI San Telmo ) under our 2020 SPDBFL Lease Financing. These purchases closed in January 2024 resulting in a debt reduction of $38.3 million, which excludes deposits held by the lessor of $1.4 million and purchase option fees of $0.8 million . • The exercise of the purchase options on three MR product tankers ( STI Soho , STI Osceola and STI Memphis ) and one LR2 product tanker ( STI Lombard ) under the 2021 AVIC Lease Financing. These purchases closed in January 2024 resulting in a debt reduction of $77.4 million, which excludes deposits held by the lessor of $1.0 million and purchase option fees of $1.2 million . • The exercise of the purchase options on three 2012 built MR product tankers ( STI Topaz , STI Garnet and STI Onyx ) under the BCFL Lease Financing (MRs). These purchases closed in January 2024 resulting in a debt reduction of $21.7 million. • The exercise of the purchase options on three 2015 built MR product tankers ( STI Black Hawk , STI Notting Hill and STI Pontiac ) that are currently financed on the 2021 TSFL Lease Financing. The purchases are expected to close in the first quarter of 2024, and the aggregate lease liability at the date of repurchase is expected to be $45.6 million and excludes purchase option fees of $0.9 million . • The exercise of the purchase options on one 2015 built MR product tanker ( STI Westminster ) and four 2014 built Handymax product tankers ( STI Brixton , STI Comandante , STI Pimlico and STI Finchley ) which are currently financed on the 2021 CMBFL Lease Financing. The notices were delivered in January 2024 and the purchases are expected to close in the first half of 2024. The aggregate lease liabilities at the dates of repurchase are expected to be $61.1 million. Additionally, purchase option fees are expected to be $0.7 million. • The exercise of the purchase options on four lease financed product tankers consisting of two MRs ( STI Gramercy and STI Queens ) and two LR2s ( STI Oxford and STI Selatar ) that are currently financed under the 2022 AVIC Lease Financing. The notices were delivered in February 2024 and the purchases are expected to close in the first half of 2024. The aggregate lease liabilities at the dates of repurchase are expected to be $102.4 million, which excludes deposits held by the lessor of $1.2 million . Additionally, purchase option fees are expected to be $1.5 million. In January 2024, we drew down $99.0 million from the 2023 $1.0 Billion Credit Facility and placed two Handymax ( STI Acton and STI Camden ) and four MR ( STI Jardins , STI San Telmo , STI Soho and STI Osceola ) product tankers as collateral under the facility. 2013 Equity Incentive Plan On February 13, 2024, the Company's Board of Directors reserved an additional 1,463,294 common shares, par value $0.01 per share, for issuance pursuant to the 2013 Equity Incentive Plan. All other terms of the 2013 Equity Incentive Plan remained unchanged. Related Party Transactions Our vessels are commercially managed by SCM and technically managed by SSM pursuant to the 2024 Revised Master Agreement (see Note 15, Related Party Transactions , for additional information). Effective January 1, 2024, under the 2024 Revised Master Agreement, the flat fees payable per day charged by SCM were increased by $35 per vessel per day. Under this agreement, commercial management fees on vessels operating in one of the Scorpio Pools are expected to increase during 2024 to $285 per vessel per day with respect to our LR2 vessels, and $360 per vessel per day with respect to each of our Handymax and MR vessels. For vessels that are not operating in any of the Scorpio Pools, commercial management fees will be $285 per vessel per day for each LR1 and LR2 vessel and $335 per vessel per day for each Handymax and MR vessel on the effective date of January 1, 2024. Commissions on gross revenue per charter fixture remain unchanged. In addition, effective January 1, 2024, the fixed annual technical management fee payable to SSM was increased by $12,500 to $187,500 plus additional amounts for certain itemized services per vessel to provide technical management services for each of our owned vessels. The EU Emissions Trading System (EU ETS), which came into effect on January 1, 2024, is a cap-and-trade system designed to limit greenhouse gas emissions from industries in the European Union. It sets a cap on the total amount of certain greenhouse gases that can be emitted by covered entities, and these entities are allocated or required to purchase permits (allowances) for their emissions. The system aims to incentivize emission reductions by allowing companies to trade allowances, creating a market-based approach to reducing emissions. In March 2024, we entered into an agreement with Geoserve Energy Transport DMCC ("Geoserve"), effective January 1, 2024, which is majority owned by the Lolli-Ghetti family, to serve as our emissions manager. Geoserve's services will include, among others, emission data monitoring and correction for commercial and regulatory compliance and procurement of carbon credits from EU approved carbon traders. Under this agreement, we will pay Geoserve emissions management fees of $350 per vessel per month and a rate of 1.25% per carbon trade. |
General information and signi_2
General information and significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Basis of accounting | Basis of accounting The consolidated financial statements incorporate the financial statements of Scorpio Tankers Inc. and its subsidiaries. The consolidated financial statements have been presented in United States dollars, or USD or $, which is the functional currency of Scorpio Tankers Inc. and all its subsidiaries, and have been authorized for issue by the Board of Directors on March 22, 2024. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board. All inter-company transactions, balances, income and expenses were eliminated on consolidation. |
Going concern | Going concern The financial statements have been prepared in accordance with the going concern basis of accounting as described further in the “Liquidity risk” section of Note 22. 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. Liquidity risks can manifest themselves when economic conditions deteriorate or when we have significant maturities of our financial instruments. Our revenues are earned via the seaborne transportation of crude oil and refined petroleum products in the international shipping markets. Since March 2022, there has been a significant increase in product tanker rates which have continued through the date of the issuance of these financial statements as seaborne exports and ton mile demand have continued to outpace the global supply of vessels. The cash flows generated from operations over this period have been, and continue to be, utilized to repay our outstanding debt and lease obligations. During the year ended December 31, 2023, we reduced the carrying amount of our outstanding debt and lease obligations (including leases accounted for under IFRS 16) by $343.8 million. At December 31, 2023, we had $355.6 million in cash and cash equivalents, $288.2 million available under a revolving line of credit (see Notes 12 and 23) and 14 unencumbered vessels. Favorable market conditions have continued into 2024 through the date of approval of these financial statements and, in addition to our regularly scheduled debt and lease repayments, we have repaid, or are committed to repaying certain debt and lease financing obligations on an additional 24 vessels for an aggregate of $380.2 million thus far during 2024. Based on internal forecasts and projections that take into account reasonably possible changes in our trading performance and the aforementioned commitments to repay additional debt and lease financing obligations, we believe that we have adequate financial resources to continue in operation and meet our financial commitments (including, but not limited to, debt service and lease financing obligations) for a period of at least twelve months from the date of approval of these consolidated financial statements. Accordingly, we continue to adopt the going concern basis in preparing our financial statements. |
Revenue recognition | Revenue recognition Revenue earned by our vessels is comprised of pool revenue, time charter revenue and voyage revenue. (1) Pool revenue for each vessel is determined in accordance with the profit-sharing terms specified within each pool agreement. In particular, the pool manager aggregates the revenues and expenses of all of the pool participants and distributes the net earnings to participants based on: • the pool points attributed to each vessel (which are determined by vessel attributes such as cargo carrying capacity, fuel consumption, and construction characteristics); and • the number of days the vessel participated in the pool in the period . (2) Time charter agreements are when our vessels are chartered to customers for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates. (3) Voyage charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate. Of these revenue streams, revenue generated in the spot market from voyage charter agreements is within the scope of IFRS 15 - Revenue from Contracts with Customers, which was issued by the International Accounting Standards Board on May 28, 2014 and applied to an entity's first annual IFRS financial statements for a period beginning on or after January 1, 2018. IFRS 15 amended 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. Revenue generated from pools and time charters is accounted for as revenue earned under operating leases and is therefore within the scope of IFRS 16 - Leases . IFRS 16, Leases , was issued by the International Accounting Standards Board on January 13, 2016 and applied to an entity's first annual IFRS financial statements for a period beginning on or after January 1, 2019. IFRS 16 amended 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. These components are accounted for as follows: • All fixed lease revenue earned under these time charter-out arrangements is recognized on a straight-line basis over the term of the lease. • Lease revenue earned under our pool arrangements is recognized as it is earned, since it is 100% variable. • The non-lease component is accounted for as services revenue under IFRS 15 - Revenue from Contracts with Customers. This revenue is recognized “over time” as the customer (i.e. the pool or the charterer) is simultaneously receiving and consuming the benefits of the service. The accounting for our different revenue streams pursuant to the above accounting standards is therefore summarized as follows: Pool revenue We recognize pool revenue based on quarterly reports from the pools which identifies the number of days the vessel participated in the pool, the total pool points for the period, the total pool revenue for the period, and the calculated share of pool revenue for the vessel. Spot market revenue For vessels operating in the spot market, we recognize revenue ‘over time’ as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. 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 recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. Time charter revenue Time charter revenue is recognized as services are performed based on the daily rates specified in the time charter contract. |
Voyage expenses and vessel operating costs | Voyage expenses Voyage expenses primarily include bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions paid by us under voyage charters for vessels trading in the spot market. Under IFRS 15, voyage costs incurred in the fulfillment of a voyage charter are deferred and amortized over the course of the charter commencing on the date that the cargo is loaded and concluding on the date of discharge. Voyage costs are only deferred 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. Vessel operating costs |
Earnings / (Loss) per share | Earnings / (Loss) per share Basic earnings / (loss) per share is calculated by dividing net income / (loss) attributable to equity holders of the parent by the weighted average number of common shares outstanding. Diluted earnings / (loss) per share is calculated by adjusting the net income / (loss) attributable to equity holders of the parent and the weighted average number of common shares used for calculating basic income / (loss) per share for the effects of all potentially dilutive shares (including restricted stock awards). Such dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share. In the years ended December 31, 2023, 2022 and 2021, there were potentially dilutive items as a result of our 2013 Equity Incentive Plan (as defined in Note 14), and in the years ended December 31, 2022 and 2021, there were potentially dilutive items as a result of (i) our Convertible Notes due 2022, and (ii) our Convertible Notes due 2025 (both of which are described in Note 12). We applied the if-converted method when determining diluted earnings / (loss) per share. This requires the assumption that all potential ordinary shares with respect to our Convertible Notes due 2022 and Convertible Notes due 2025 have been converted into ordinary shares at the beginning of the period or, if not in existence at the beginning of the period, the date of the issue of the financial instrument or the granting of the rights by which they are granted. Under this method, once potential ordinary shares are converted into ordinary shares during the period, the dividends, interest and other expense associated with those potential ordinary shares will no longer be incurred. The effect of conversion, therefore, is to increase income (or reduce losses) attributable to ordinary equity holders as well as the number of shares in issue. Conversion will not be assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. |
Leases | Leases In a time or bareboat charter-in arrangement, we pay to lease a vessel for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, profit sharing or current market rates. In a time charter-in arrangement, the vessel’s owner is responsible for crewing and other vessel operating costs, whereas these costs are the responsibility of the charterer in a bareboat charter-in arrangement. IFRS 16 - Leases amended 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 as right-of-use assets and corresponding lease liabilities, unless the term of the lease is 12 months or less. As of December 31, 2023, we did not have any bareboat chartered-in vessels which are being accounted for under IFRS 16, Leases as right of use assets and related lease liabilities. Under IFRS 16, there is no charterhire expense for these vessels as the right of use assets are depreciated on a straight-line basis (through depreciation expense) over the lease term, and the lease liability is amortized over that same period (with a portion of each payment allocated to principal and a portion allocated to interest expense). Lease Financing |
Foreign currencies | Foreign currencies The individual financial statements of Scorpio Tankers Inc. and each of its subsidiaries are presented in the currency of the primary economic environment in which we operate (its functional currency), which in all cases is U.S. dollars. For the purpose of the consolidated financial statements, our results and financial position are also expressed in U.S. dollars. In preparing the financial statements of Scorpio Tankers Inc. and each of its subsidiaries, transactions in currencies other than the U.S. dollar are recorded at the rate of exchange prevailing on the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in other currencies are translated into the functional currency at rates ruling at that date. All resultant exchange differences have been recognized in the consolidated statements of operations. The amounts charged to the consolidated statements of operations during the years ended December 31, 2023, 2022 and 2021 were not significant. |
Segment reporting | Segment reporting During the years ended December 31, 2023, 2022 and 2021, we owned, lease financed, or chartered-in vessels spanning four different vessel classes, Handymax, MR, LR1 (2022 and 2021 only, see Note 5) and LR2, all of which earned revenues in the seaborne transportation of crude oil and refined petroleum products in the international shipping markets. Vessel class is the aggregate level of information reported to our chief operating decision maker. Segment results are evaluated based on reported net income or loss from each segment. The accounting policies applied to the reportable segments are the same as those used in the preparation of our consolidated financial statements. It is not practical to report revenue or non-current assets on a geographical basis due to the global nature of the shipping market. |
Vessels and drydock | Vessels and drydock Our fleet is measured at cost, which includes the cost of work undertaken to enhance the capabilities of the vessels, less accumulated depreciation and impairment losses, if any. Depreciation is calculated on a straight-line basis to the estimated residual value over the anticipated useful life of the vessel from the date of delivery. We estimate the useful lives of our vessels to be 25 years. Vessels under construction are not depreciated until such time as they are ready for use. The residual value is estimated as the lightweight tonnage of each vessel multiplied by a scrap value per ton. The scrap value per ton is estimated taking into consideration the historical four-year average scrap market rates available at the balance sheet date with changes accounted for in the period of change and in future periods. The vessels are required to undergo planned drydocks for replacement of certain components, major repairs and maintenance of other components, which cannot be carried out while the vessels are operating, approximately every 30 months or 60 months depending on the nature of work and external requirements. These drydock costs are capitalized and depreciated on a straight-line basis over the estimated period until the next drydock. In deferred drydocking, we only include direct costs that are incurred as part of the drydocking to meet regulatory requirements, or are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs include shipyard costs as well as the costs of placing the vessel in the shipyard. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. For an acquired or newly built vessel, a notional drydock component is allocated from the vessel’s cost. The notional drydock cost is estimated by us, based on the expected costs related to the next drydock, which is based on experience and past history of similar vessels, and carried separately from the cost of the vessel. Subsequent drydocks are recorded at actual cost incurred. The drydock component is depreciated on a straight-line basis to the next estimated drydock. The estimated amortization period for a drydock is based on the estimated period between drydocks. When the drydock expenditure is incurred prior to the expiry of the period, the remaining balance is expensed. |
Impairment of goodwill | Impairment of goodwill Goodwill arising from our 2017 acquisition of Navig8 Product Tankers Inc. was allocated to the cash generating units within each of the respective operating segments that were expected to benefit from the synergies of the merger (LR2s and LR1s). Goodwill is not amortized and is tested annually (or more frequently, if impairment indicators arise) by comparing the aggregate carrying amount of the cash generating units within the reportable segment, plus the allocated goodwill, to their recoverable amounts. If there are impairment triggering events, the recoverable amount of goodwill is measured by the value in use of the cash generating units within the reportable segment. In assessing value in use, the estimated future cash flows of the reportable segment are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the reportable segment for which the estimates of future cash flows have not been adjusted. |
Impairment of vessels and drydock, vessels under construction and right of use assets for vessels | Impairment of vessels and drydock, vessels under construction and right of use assets for vessels At each balance sheet date, we review the carrying amount of our vessels and drydock, vessels under construction (if applicable), and right of use assets for vessels to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the vessels and drydock, vessels under construction and right of use assets for vessels is estimated in order to determine the extent of the impairment loss (if any). We treat each vessel and the related drydock as a cash generating unit. Recoverable amount is the higher of the fair value less cost to sell (determined by taking into consideration two valuations from independent ship brokers) and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where appropriate, our value in use calculations also incorporate probability weighted assessments of different scenarios (such as potential vessel sales). If the recoverable amount of the cash generating unit is estimated to be less than its carrying amount, the carrying amount of the cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately. |
Inventories | Inventories |
Interests in joint ventures | Interests in joint ventures In August 2021, we acquired a minority interest in a portfolio of nine product tankers, consisting of five dual-fuel MR methanol tankers (built between 2016 and 2021) which, in addition to traditional petroleum products, are designed to both carry methanol as a cargo and to consume it as a fuel, along with four ice class 1A LR1 product tankers (two of which were sold during the fourth quarter of 2021). As part of this agreement, we acquired a 50% interest in a joint venture that ultimately has a minority interest in the entities that own the vessels for final consideration of $6.7 million. On November 1, 2022, we contributed an additional $1.75 million to the joint venture. A joint venture is an arrangement where we have joint control and have rights to the net assets of the arrangement, rather than rights to the joint venture's assets and obligations for its liabilities. We account for our interest in this structure as a joint venture pursuant to IFRS 11 - Joint arrangements, |
Borrowing costs | Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time (for example, the time period necessary to construct a vessel) to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are recognized in the consolidated statement of operations or loss in the period in which they are incurred. |
Financial instruments | Financial instruments IFRS 9, Financial instruments , sets out requirements for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. Financial assets and financial liabilities are recognized in our balance sheet when we become a party to the contractual provisions of the instrument. |
Financial assets | Financial assets All financial assets are recognized and derecognized on a trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Financial assets are classified into the following specified categories: financial assets "at fair value through profit or loss", or FVTPL, "at fair value through other comprehensive income" or at amortized cost on the basis of the Company’s business model for managing financial assets and the contractual cash flow characteristics of the financial asset. Income is recognized on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Financial assets at amortized cost Financial assets are measured at amortized cost if both of the following conditions are met: • the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at fair value through other comprehensive income Financial assets are measured at fair value through other comprehensive income if both of the following conditions are met: • the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at FVTPL Financial assets are classified as at FVTPL where the financial asset is held for trading. A financial asset is classified as held for trading if: • it has been acquired principally for the purpose of selling in the near future; or • it is a part of an identified portfolio of financial instruments that we manage together and has a recent actual pattern of short-term profit-taking; or • it is a derivative that is not designated and effective as a hedging instrument. Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognized in the statement of income or loss. The net gain or loss recognized in income or loss incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described in Note 22. |
Accounts receivable | Accounts receivable Amounts due from the Scorpio Pools (defined in Note 4) and other receivables that have fixed or determinable payments and are not quoted in an active market are classified as accounts receivable. Accounts receivable without a significant financing component are initially measured at their transaction price and subsequently measured at amortized cost, less any impairment (as discussed below). Interest income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. |
Impairment of financial assets | Impairment of financial assets IFRS 9 introduced the expected credit loss ("ECL") model to determine and recognize impairments. ECLs are a probability-weighted estimate of credit losses and are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that we expect to receive). ECLs are discounted at the effective interest rate of the financial asset. Under IFRS 9, credit losses are recognized earlier than under the previous accounting guidance, IAS 39. Under the general model to ECLs under IFRS 9, loss allowances are measured in two different ways: • 12-month ECLs : 12-month ECLs are the expected credit losses that may result from default events on a financial instrument that are possible within the 12 months after the reporting date. 12-month ECLs are utilized when a financial asset has a low credit risk at the reporting date or has not had a significant increase in credit risk since initial recognition. • Lifetime ECLs : these are ECLs that result from all possible default events over the expected life of a financial instrument. Lifetime ECLs are determined when an impaired financial asset has been purchased or originated or when there has been a significant increase in credit risk since initial recognition. IFRS 9 also permits operational simplifications for trade receivables, contract assets and lease receivables because they are often held by entities that do not have sophisticated credit risk management systems (i.e. the ‘simplified model’). These simplifications eliminate the need to calculate 12-month ECLs and to assess when a significant increase in credit risk has occurred. Under the simplified approach: • For trade receivables or contract assets that do not contain a significant financing component, the loss allowance is required to be measured at initial recognition and throughout the life of the receivable at an amount equal to lifetime ECL. • For finance lease receivables, operating lease receivables, or trade receivables or contract assets that do contain a significant financing component, IFRS 9 permits an entity to choose as its accounting policy to measure the loss allowance using the general model or the simplified model (i.e. at an amount equal to lifetime expected credit losses). We measure loss allowances for all trade and lease receivables under the simplified model using the lifetime ECL approach. When estimating ECLs, we consider reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly-liquid investments with original maturities of three months or less, that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. |
Financial liabilities | Financial liabilities Financial liabilities are classified as either financial liabilities at amortized cost or financial liabilities at FVTPL. There were no financial liabilities recorded at FVTPL during the years ended December 31, 2023 or December 31, 2022. Financial liabilities at amortized cost Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Financial liabilities at FVTPL Financial liabilities not classified at amortized cost are classified as FVTPL. Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognized in the statement of operations. The net gain or loss recognized in the statement of operations incorporates any interest paid on the financial liability. Fair value is determined in the manner described in Note 22. |
Effective interest method | Effective interest method The effective interest method is a method of calculating the amortized cost of a financial asset and a financial liability. It allocates interest income and interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash flows (including all fees or points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) over the expected life of the financial asset and financial liability, or, where appropriate, a shorter period. |
Convertible debt instruments | Convertible debt instruments Our convertible debt (which was repaid or fully converted into common shares during the year ended December 31, 2022 as described in Note 12) was accounted for pursuant to IAS 32 - Financial liabilities and equity . Under IAS 32, we must separately account for the liability and equity components of convertible debt instruments in a manner that reflects the issuer’s economic interest cost. Under this methodology, the instrument is split between its liability and equity components upon initial recognition. The fair value of the liability is measured first, by estimating the fair value of a similar liability that does not have any associated equity conversion option. This becomes the liability’s carrying amount at initial recognition, which is recorded as part of Debt on the consolidated balance sheet. The equity component (the conversion feature) is assigned the residual amount after deducting the amount separately determined for the liability component from the fair value of the instrument as a whole and is recorded as part of Additional paid-in capital within stockholders’ equity on the consolidated balance sheet. Issuance costs are allocated proportionately between the liability and equity components. |
Lease financing | Leases In a time or bareboat charter-in arrangement, we pay to lease a vessel for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, profit sharing or current market rates. In a time charter-in arrangement, the vessel’s owner is responsible for crewing and other vessel operating costs, whereas these costs are the responsibility of the charterer in a bareboat charter-in arrangement. IFRS 16 - Leases amended 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 as right-of-use assets and corresponding lease liabilities, unless the term of the lease is 12 months or less. As of December 31, 2023, we did not have any bareboat chartered-in vessels which are being accounted for under IFRS 16, Leases as right of use assets and related lease liabilities. Under IFRS 16, there is no charterhire expense for these vessels as the right of use assets are depreciated on a straight-line basis (through depreciation expense) over the lease term, and the lease liability is amortized over that same period (with a portion of each payment allocated to principal and a portion allocated to interest expense). Lease Financing |
Equity instruments | Equity instruments An equity instrument is any contract that evidences a residual interest in our assets after deducting all of its liabilities. Equity instruments issued by us are recorded at the proceeds received, net of direct issue costs. We had 53,107,765 and 61,262,838 registered shares authorized, issued and outstanding with a par value of $0.01 per share at December 31, 2023 and December 31, 2022, respectively. These shares provide the holders with the same rights to dividends and voting rights. |
Provisions | Provisions Provisions are recognized when we have a present obligation as a result of a past event, and it is probable that we will be required to settle that obligation. Provisions are measured at our best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. |
Dividends | Dividends A provision for dividends payable is recognized when the dividend has been declared in accordance with the terms of the shareholder agreement. |
Share based payments | Share based payments The restricted stock awards granted under our 2013 Equity Incentive Plan as described in Note 14 contain only service conditions and are classified as equity settled. Accordingly, the fair value of our restricted stock awards was calculated by multiplying the average of the high and low share price on the grant date and the number of restricted stock shares granted that are expected to vest. In accordance with IFRS 2 - Share based payment , the share price at the grant date serves as a proxy for the fair value of services to be provided by the individual under the plan. Compensation expense related to the awards is recognized ratably over the vesting period, based on our estimate of the number of awards that will eventually vest. The vesting period is the period during which an individual is required to provide service in exchange for an award and is updated at each balance sheet date to reflect any revisions in estimates of the number of awards expected to vest as a result of the effect of service vesting conditions. The impact of the revision of the original estimate, if any, is recognized in the consolidated statements of operations such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves. |
Critical accounting judgments and key sources of estimation uncertainty | Critical accounting judgments and key sources of estimation uncertainty In the application of the accounting policies, we are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The significant judgments and estimates are as follows: Revenue recognition Our revenue is primarily generated from time charters, spot voyages, or pools (see Note 16 for the components of our revenue generated during the years ended December 31, 2023, 2022 and 2021). Revenue recognition for time charters and pools is generally not as complex or as subjective as voyage charters (spot voyages). Time charters are for a specific period of time at a specific rate per day. For long-term time charters, revenue is recognized on a straight-line basis over the term of the charter. Pool revenues are determined by the pool managers from the total revenues and expenses of the pool and allocated to pool participants using a mechanism set out in the time charter agreement between the vessel owner and the pool. We generated revenue from spot voyages during the years ended December 31, 2023, 2022 and 2021. We recognize spot market revenue ‘over time’ as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. 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 recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. Under IFRS 15, voyage costs incurred in the fulfillment of a voyage charter are deferred and amortized over the course of the charter commencing on the date that the cargo is loaded and concluding on the date of discharge. Voyage costs are only deferred 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. Vessel impairment We evaluate the carrying amounts of our vessels, vessels under construction (if applicable) and right of use assets for vessels to determine whether there is any indication that those vessels have suffered an impairment loss. If any such indication exists, the recoverable amount of vessels 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 (determined by taking into consideration vessel valuations from independent ship brokers for each vessel) and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to vessels is complex and requires us to make various estimates including future freight rates, earnings from the vessels and discount rates. All of these items have been historically volatile. As part of our process of assessing fair value less selling costs of the vessel, we obtain vessel valuations for our operating vessels from independent ship brokers on an annual basis or when there is an indication that an asset or assets may be impaired. We generally do not obtain vessel valuations for vessels under construction. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less selling costs and the value in use. Likewise, if there is an indication that an impairment loss recognized in prior periods no longer exists or may have decreased, the need for recognizing an impairment reversal is assessed by comparing the carrying amount of the vessels to the latest estimate of recoverable amount. The results of our impairment testing for the years ended December 31, 2023 and 2022 are described in Note 7. Vessel lives and residual value The carrying value of each of our vessels represents its original cost at the time it was delivered or purchased less depreciation and impairment. We depreciate our vessels to their residual value on a straight-line basis over their estimated useful lives of 25 years. The estimated useful life of 25 years is management’s best estimate and is also consistent with industry practice for similar vessels. The residual value is estimated as the lightweight tonnage of each vessel multiplied by a forecast scrap value per ton. The scrap value per ton is estimated by taking into consideration the historical four-year scrap market rate average at the balance sheet date, which we update annually. An increase in the estimated useful life of a vessel or in its scrap value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or scrap value would have the effect of increasing the annual depreciation charge. When regulations place significant limitations over the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted to end at the date such regulations become effective. No such regulations have been identified that would have impacted the estimated useful life of our vessels. The estimated salvage value of the vessels may not represent the fair value at any one time since market prices of scrap values tend to fluctuate. Deferred drydock cost We recognize drydock costs as a separate component of each vessel’s carrying amount and amortize the drydock cost on a straight-line basis over the estimated period until the next drydock. We use judgment when estimating the period between when drydocks are performed, which can result in adjustments to the estimated amortization of the drydock expense. If the vessel is disposed of before the next drydock, the remaining balance of the deferred drydock is written-off and forms part of the gain or loss recognized upon disposal of vessels in the period when contracted. We expect that our vessels will be required to be drydocked approximately every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are operating. Costs capitalized as part of the drydock include actual costs incurred at the drydock yard and parts and supplies used in making such repairs. Impact of Climate change We consider the impact of climate change on significant estimates and assumptions made, where appropriate. This assessment includes possible impacts due to both physical and transition risks. Even though climate-related risks might not currently have a significant impact on accounting measurements, we are closely monitoring relevant changes and developments, such as new climate-related legislation. The items and considerations that could be most directly impacted by climate-related matters include the impairment of and the determination of useful life for our vessels. As of December 31, 2023, we have concluded that climate change had no significant impact on the carrying values or remaining useful lives of our vessels. |
Adoption of new and amended IFRS and IFRIC interpretations from January 1, 2023 | Adoption of new and amended IFRS and IFRIC interpretations from January 1, 2023 Standards and Interpretations adopted during the year ended December 31, 2023. • Amendments to IAS 1 - Disclosure of Accounting Policies • Amendment to IAS 8 - Changes in Accounting Estimates • Amendment to IAS 12 - Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction • Amendment to IAS 12 - International Tax Reform - Pillar Two Model Rules • Amendment to IFRS 17 - Insurance Contracts Standards and Interpretations adopted during the year ended December 31, 2022. • Amendments to IFRS 3 - Reference to the Conceptual Framework • Amendments to IAS 16 - Property, Plant and Equipment - Proceeds before Intended Use • Amendments to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract • Annual Improvements to IFRS Standards 2018-2020 The adoption of these standards did not have a significant impact on these consolidated financial statements. Standards and Interpretations yet not adopted Additionally, at the date of authorization of these consolidated financial statements, the following Standards which have not been applied in these 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 significant impact on our financial statements. • Amendment to IAS 1 - Non-current Liabilities with Covenants - Regarding liabilities with a right to defer settlement that is subject to future covenants, this amendment clarifies that only covenants with which an entity must comply on or before the reporting date will affect a liability’s classification as current or non-current. Additional disclosures are required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period. The effective date is for annual periods beginning on or after January 1, 2024, with earlier application permitted. • Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements - The amendment requires the reporting entity to provide qualitative and quantities information about supplier finance arrangements. The effective date is for annual periods beginning on or after January 1, 2024, with earlier application permitted. • Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback - The amendment requires, in a sale and leaseback transaction, the seller-lessee to measure the lease liability without recognizing any gain or loss that relates to the right of use it retains. The effective date is for annual periods beginning on or after January 1, 2024, with earlier application permitted. • Amendments to IAS 21 – Lack of Exchangeability - The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. The effective date is for annual periods beginning on or after January 1, 2025, with earlier application permitted. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Disclosure of components of cash | The following is a table summarizing the components of our cash and cash equivalents as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Cash at banks $ 353,805 $ 375,229 Cash on vessels 1,746 1,641 $ 355,551 $ 376,870 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of prepaid expenses and other assets | The following is a table summarizing the components of our prepaid expenses and other current assets as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Prepaid vessel operating expenses - SSM $ 5,522 $ 5,450 Prepaid expense - SCM 28 84 Scorpio Services Holding Limited (SSH) 3 — Prepaid expense - related party port agent 2 98 Scorpio MR Pool Limited — 14 Scorpio Handymax Tanker Pool Limited — 3 Scorpio LR2 Pool Limited — 1 Prepaid expenses and other current assets - related parties 5,555 5,650 Third party - prepaid vessel operating expenses 1,553 2,787 Prepaid insurance 588 744 Prepaid port agent advances 72 3,086 Other prepaid expenses 2,445 5,892 10,213 18,159 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of the components of accounts receivable | The following is a table summarizing the components of our accounts receivable as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Scorpio MR Pool Limited $ 118,717 $ 115,092 Scorpio LR2 Pool Limited 75,252 113,523 Scorpio Handymax Tanker Pool Limited 3,532 7,149 Mercury Pool Limited 3,346 — Scorpio LR1 Pool Limited 494 607 Scorpio Services Holding Limited (SSH) 7 4,976 Receivables from the related parties 201,348 241,347 Spot voyage and time charter receivables 557 34,475 Insurance receivables 1,595 878 $ 203,500 $ 276,700 |
Vessels (Tables)
Vessels (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Operating vessels and drydock rollforward | Operating vessels and drydock In thousands of U.S. dollars Vessels Drydock Total Cost As of January 1, 2023 $ 4,045,062 $ 117,641 $ 4,162,703 Transfer from right of use assets, net (1) 695,162 3,722 698,884 Additions (2) 4,711 16,738 21,449 Disposal of vessels (3) (79,429) (3,134) (82,563) Write-offs (4) (771) (1,500) (2,271) As of December 31, 2023 4,664,735 133,467 4,798,202 Accumulated depreciation and impairment As of January 1, 2023 (1,016,258) (57,191) (1,073,449) Charge for the period (152,661) (25,598) (178,259) Disposal of vessels (3) 28,505 1,436 29,941 Write-offs (4) — 1,500 1,500 As of December 31, 2023 (1,140,414) (79,853) (1,220,267) Net book value As of December 31, 2023 $ 3,524,321 $ 53,614 $ 3,577,935 Cost As of January 1, 2022 $ 4,782,886 $ 135,471 $ 4,918,357 Additions (2) 20,426 19,807 40,233 Disposal of vessels (3) (758,250) (22,641) (780,891) Write-offs (4) — (14,996) (14,996) As of December 31, 2022 4,045,062 117,641 4,162,703 Accumulated depreciation and impairment As of January 1, 2022 (1,020,407) (55,879) (1,076,286) Charge for the period (145,140) (22,868) (168,008) Disposal of vessels (3) 136,581 6,560 143,141 Reversal of previously recorded impairment 12,708 — 12,708 Write-offs (4) — 14,996 14,996 As of December 31, 2022 (1,016,258) (57,191) (1,073,449) Net book value As of December 31, 2022 $ 3,028,804 $ 60,450 $ 3,089,254 (1) During the year ended December 31, 2023, we exercised the purchase options on leases for 17 MR vessels ( STI Magnetic , STI Marshall , STI Magic , STI Mystery , STI Marvel , STI Magister , STI Mythic , STI Miracle , STI Maestro , STI Mighty , STI Modest , STI Maverick , STI Millennia , STI Maximus , STI Beryl , STI Larvotto and STI Le Rocher ) and four LR2 vessels ( STI Lavender , STI Lobelia , STI Lotus and STI Lily ) that had been previously recorded as Right of use assets for vessels. The carrying amounts of these Right of Use Assets were reclassified to Vessels and Drydock as a result of these transactions. These transactions are further described in Note 6. (2) Additions during the years ended December 31, 2023 and 2022 primarily relate to the drydock, BWTS (defined below), and scrubber costs incurred on certain of our vessels. (3) Represents the net book value of an aggregate of 19 vessels that were sold during the years ended December 31, 2023 and 2022. These sales consisted of two MRs ( STI Ville and STI Amber ) during the year ended December 31, 2023, and three LR2s ( STI Savile Row , STI Carnaby and STI Nautilus ), 12 LR1s (STI Excelsior , STI Executive , STI Excellence , STI Pride , STI Providence, STI Prestige , STI Experience , STI Express , STI Exceed , STI Excel , STI Expedite , and STI Precision) , and two MRs ( STI Fontvieille and STI Benicia ) during the year ended December 31, 2022. These transactions are described below. (4) Primarily represents write-offs of fully depreciated equipment and notional drydock costs on certain of our vessels. |
Summary of cost capitalized | The following is a summary of the items that were capitalized during the years ended December 31, 2023 and 2022: In thousands of U.S. dollars Drydock (1) Notional component of scrubber (2) Total drydock additions Scrubber BWTS Other equipment Capitalized interest Total vessel additions For the year ended December 31, 2023 $ 16,738 $ — $ 16,738 $ — $ 4,554 $ 150 $ 7 $ 4,711 For the year ended December 31, 2022 19,657 150 19,807 14,386 5,522 347 171 20,426 (1) Additions during the years ended December 31, 2023 and 2022 include new costs accrued in prior periods relating to drydocks, ballast water treatment system, and scrubber installations. (2) For a newly installed scrubber, a notional component of approximately 10% is allocated from the scrubber's cost. The notional scrubber cost is estimated by us, based on the expected related costs that we will incur for this equipment at the next scheduled drydock date and relates to the replacement of certain components and maintenance of other components. This notional scrubber cost is carried separately from the cost of the scrubber. Subsequent costs are recorded at actual cost incurred. The notional component of the scrubber is depreciated on a straight-line basis to the next estimated drydock date. For the years ended December 31, 2023 and 2022, we did not allocate the notional component of the scrubber installation costs for those vessels that were sold during the period |
Schedule of collateral agreements | The below table is a summary of vessels with an aggregate carrying value of $3.2 billion at December 31, 2023 which have been pledged as collateral under the terms of our secured debt and lease financing arrangements as of December 31, 2023: Credit Facility Vessel Name Prudential Credit Facility STI Acton, STI Camden, STI Clapham BNPP Sinosure Credit Facility STI Elysees, STI Fulham, STI Hackney, STI Orchard, STI Park 2023 $225.0 Million Credit Facility STI Duchessa, STI San Antonio, STI Yorkville, STI Milwaukee, STI Battery, STI Madison, STI Opera, STI Venere, STI Virtus, STI Aqua, STI Dama, STI Regina, STI Sanctity 2023 $49.1 Million Credit Facility STI Rose, STI Rambla 2023 $117.4 Million Credit Facility STI Battersea, STI Wembley, STI Texas City, STI Meraux, STI St. Charles, STI Mayfair, STI Alexis 2023 $1.0 Billion Credit Facility STI Lobelia, STI Lotus, STI Lily, STI Lavender, STI Magic, STI Mystery, STI Marvel, STI Magnetic, STI Millennia, STI Magister, STI Mythic, STI Modest, STI Maverick, STI Miracle, STI Maestro, STI Mighty, STI Maximus, STI Spiga, STI Kingsway, STI Bosphorus, STI Leblon, STI Jermyn, STI Donald C Trauscht, STI Esles II, STI Solace, STI Solidarity, STI Stability, STI Tribeca, STI Bronx, STI Manhattan, STI Seneca, STI Sloane, STI Condotti, STI Brooklyn, STI Goal, STI Gladiator, STI Gratitude, STI Steadfast, STI Supreme 2023 $94.0 Million Credit Facility STI Marshall, STI Grace, STI Guide, STI Gauntlet Ocean Yield Lease Financing STI Symphony BCFL Lease Financing (MRs) STI Topaz, STI Garnet, STI Onyx 2020 SPDBFL Lease Financing STI San Telmo, STI Jardins 2021 AVIC Lease Financing STI Memphis, STI Soho, STI Osceola, STI Lombard 2021 CMBFL Lease Financing STI Brixton, STI Comandante, STI Finchley, STI Pimlico, STI Westminster 2021 TSFL Lease Financing STI Black Hawk, STI Pontiac, STI Notting Hill 2021 Ocean Yield Lease Financing STI Gallantry, STI Guard 2022 AVIC Lease Financing STI Oxford, STI Selatar, STI Gramercy, STI Queens The below table is a summary of vessels with an aggregate carrying value of $411.2 million which were unencumbered at December 31, 2023: Vessel Name Unencumbered STI Hammersmith, STI Rotherhithe, STI Poplar, STI Ruby, STI Galata, STI La Boca, STI Beryl, STI Larvotto, STI Le Rocher, STI Broadway, STI Winnie, STI Connaught, STI Lauren, STI Veneto |
Right of use assets and relat_2
Right of use assets and related lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of leases [Abstract] | |
Disclosure of quantitative information about right-of-use assets | The following is the activity of the "Right of use assets for vessels" starting on January 1, 2022 through December 31, 2023: In thousands of U.S. Dollars Vessels Drydock Total Cost As of January 1, 2023 $ 798,083 $ 22,577 $ 820,660 Transfers to vessels, net (1) (831,385) (19,942) (851,327) Additions (2) 33,302 — 33,302 Write-offs (3) — (2,635) (2,635) As of December 31, 2023 — — — Accumulated depreciation and impairment As of January 1, 2023 (114,902) (15,932) (130,834) Charge for the period (21,321) (2,923) (24,244) Transfers to vessels, net (1) 136,223 16,220 152,443 Write-offs (3) — 2,635 2,635 As of December 31, 2023 — — — Net book value As of December 31, 2023 $ — $ — $ — (1) Primarily represents the net book value of the 21 vessels for which the purchase options were exercised during the year ended December 31, 2023 and transferred to Vessels and drydock. (2) Represents the adjustment to the right of use asset as a result of the remeasurement of the related lease liability upon the commitments to exercise the purchase options. (3) Represents the write-offs of fully depreciated notional drydock costs on certain of our vessels. In thousands of U.S. Dollars Vessels Drydock Total Cost As of January 1, 2022 $ 836,246 $ 23,562 $ 859,808 Disposal of vessels (1) (38,163) (985) (39,148) As of December 31, 2022 798,083 22,577 820,660 Accumulated depreciation and impairment As of January 1, 2022 (84,221) (11,562) (95,783) Charge for the period (33,928) (4,899) (38,827) Disposal of vessels (1) 3,247 529 3,776 As of December 31, 2022 (114,902) (15,932) (130,834) Net book value As of December 31, 2022 $ 683,181 $ 6,645 $ 689,826 (1) Represents the net book value of one MR vessel ( STI Majestic ) which was sold during the year ended December 31, 2022. This transaction is described in Note 5 above. The following table summarizes the payments made for the years ended December 31, 2023 and 2022 relating to lease liabilities accounted for under IFRS 16 - Leases : For the year ended December 31, In thousands of U.S. dollars 2023 2022 Interest expense recognized in consolidated statements of operations $ 23,749 $ 30,420 Principal repayments recognized in consolidated cash flow statements (1) 516,127 79,502 Net decrease (increase) in accrued interest expense 467 (188) Total payments on lease liabilities under IFRS 16 - Leases $ 540,343 $ 109,734 (1) Principal repayments during the year ended December 31, 2022 includes the $25.6 million repayment of the lease obligation of one MR vessel ( STI Majestic ) which was sold during the year ended December 31, 2022. This transaction is described above. |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of the components of accounts payable | The following is a table summarizing the components of our accounts payable as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Scorpio Ship Management S.A.M. (SSM) $ 2,131 $ 734 Scorpio Handymax Tanker Pool Limited 434 2,333 Scorpio Services Holding Limited (SSH) 283 286 Scorpio Commercial Management S.A.M. (SCM) 260 507 Amounts due to related party port agents 260 137 Scorpio MR Pool Limited 180 7,333 Amounts due to a related party bunker supplier 95 2,322 Mercury Pool Limited 10 — Scorpio LR2 Pool Limited 2 424 Accounts payable to related parties 3,655 14,076 Suppliers 6,349 14,672 $ 10,004 $ 28,748 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of the components of accrued expenses and other current liabilities | The following is a table summarizing the components the components of our accrued expenses and other current liabilities as of December 31, 2023 and 2022: At December 31, In thousands of U.S. dollars 2023 2022 Accrued expenses to related party port agents $ 1,108 $ 876 Scorpio Ship Management S.A.M. (SSM) 337 89 Scorpio Commercial Management S.A.M. (SCM) 56 33 Scorpio Services Holding Limited (SSH) 1 1 Accrued expenses to related parties 1,502 999 Accrued short-term employee benefits 33,329 40,295 Suppliers 17,984 32,051 Deferred income 11,653 10,963 Accrued interest 8,210 7,200 $ 72,678 $ 91,508 |
Current and long-term debt (Tab
Current and long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Breakdown of current and non-current portion of debt outstanding | The following is a breakdown of the current and non-current portion of our debt outstanding as of December 31, 2023 and December 31, 2022: At December 31, In thousands of U.S. dollars 2023 2022 Current portion of bank debt (1) $ 220,965 $ 31,504 Sale and leaseback liabilities (2) 206,757 269,145 Current portion of long-term debt 427,722 300,649 Non-current portion of bank debt and bonds (3) 939,188 264,106 Sale and leaseback liabilities (4) 221,380 871,469 $ 1,588,290 $ 1,436,224 (1) The current portion at December 31, 2023 was net of unamortized deferred financing fees of $5.0 million. The current portion at December 31, 2022 was net of unamortized deferred financing fees of $0.5 million. (2) The current portion at December 31, 2023 was net of unamortized deferred financing fees of $0.8 million and prepaid interest of $0.3 million. The current portion at December 31, 2022 was net of unamortized deferred financing fees of $0.8 million and prepaid interest of $2.5 million. (3) The non-current portion at December 31, 2023 was net of unamortized deferred financing fees of $20.6 million. The non-current portion at December 31, 2022 was net of unamortized deferred financing fees of $4.0 million. (4) The non-current portion at December 31, 2023 was net of unamortized deferred financing fees of $2.3 million. The non-current portion at December 31, 2022 was net of unamortized deferred financing fees of $7.4 million. The following is a roll-forward of the activity within debt (current and non-current, and inclusive of IFRS 16 - lease liabilities), by facility, for the year ended December 31, 2023: Activity Balance as of December 31, 2023 consists of: In thousands of U.S. dollars Carrying Value as of December 31, 2022 Drawdowns Repayments Other Activity (1) Carrying Value as of December 31, 2023 Current Non-Current Hamburg Commercial Bank Credit Facility 33,732 — (33,732) — — — — Prudential Credit Facility 39,286 — (5,546) — 33,740 33,740 — 2019 DNB / GIEK Credit Facility 38,338 — (38,338) — — — — BNPP Sinosure Credit Facility 80,576 — (10,909) — 69,667 10,909 58,758 2020 $225.0 Million Credit Facility 37,765 — (37,765) — — — — 2023 $225.0 Million Credit Facility — 225,000 (25,425) — 199,575 33,900 165,675 2023 $49.1 Million Credit Facility — 49,088 (3,462) — 45,626 4,615 41,011 2023 $117.4 Million Credit Facility — 117,394 (8,504) — 108,890 17,007 91,883 2023 $1.0 Billion Credit Facility — 901,000 (336,093) — 564,907 116,149 448,758 2023 $94.0 Million Credit Facility — 94,000 (1,092) — 92,908 9,666 83,242 Ocean Yield Lease Financing 114,273 — (89,484) 454 25,243 3,035 22,208 BCFL Lease Financing (LR2s) 67,058 — (68,310) 1,252 — — — CSSC Lease Financing 119,165 — (121,279) 2,114 — — — BCFL Lease Financing (MRs) 53,202 — (31,068) (481) 21,653 21,653 — AVIC Lease Financing 77,769 — (77,769) — — — — 2020 CMBFL Lease Financing 38,090 — (38,090) — — — — 2020 TSFL Lease Financing 40,607 — (40,607) — — — — 2020 SPDBFL Lease Financing 80,616 — (43,753) 763 37,626 37,626 — 2021 AVIC Lease Financing 83,662 — (7,252) 1,157 77,567 77,567 — 2021 CMBFL Lease Financing 68,045 — (6,520) — 61,525 6,520 55,005 2021 TSFL Lease Financing 49,997 — (4,380) 865 46,482 46,482 — 2021 CSSC Lease Financing 48,631 — (48,631) — — — — 2021 $146.3 Million Lease Financing 133,699 — (133,699) — — — — 2021 Ocean Yield Lease Financing 63,933 — (5,850) — 58,083 5,866 52,217 2022 AVIC Lease Financing 112,620 — (9,169) — 103,451 9,168 94,283 IFRS 16 - Leases - 3 MR (See Note 6) 21,138 — (36,933) 15,795 — — — IFRS 16 - Leases - $670.0 Million (see Note 6) 475,939 — (480,396) 4,457 — — — Unsecured Senior Notes Due 2025 70,451 — — 45 70,496 — 70,496 $ 1,948,592 $ 1,386,482 $ (1,744,056) $ 26,421 $ 1,617,439 $ 433,903 $ 1,183,536 Less: deferred financing fees (12,758) (27,627) — 11,571 (28,814) (5,846) (22,968) Less: prepaid interest expense (3,735) — 3,400 — (335) (335) — Total $ 1,932,099 $ 1,358,855 $ (1,740,656) $ 37,992 $ 1,588,290 $ 427,722 $ 1,160,568 (1) Relates to non-cash accretion, write-offs, amortization or other adjustments on (i) debt or lease obligations assumed as part of the 2017 merger with Navig8 Product Tankers Inc. ("NPTI"), which were recorded at fair value on the closing dates, (ii) the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options; and (iii) our Unsecured Senior Notes Due 2025, as discussed below. Interest Rate Benchmark Reform Interest in most of our financing agreements has historically been based on published rates for LIBOR. The ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom’s Financial Conduct Authority, ceased the publication of all U.S. Dollar LIBOR tenors on June 30, 2023. In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or “SOFR.” During the year ended December 31, 2023, we transitioned our existing loan and lease financing agreements from U.S. Dollar LIBOR to SOFR plus a credit spread adjustment (“CSA”) which varied from zero basis points to 26.161 basis points depending on the financing arrangement. We have applied the practical expedient pursuant to the Amendments to IFRS 9 – Financial Instruments (IBOR reform) as our secured bank debt and lease financing arrangements are carried at amortized cost, and therefore the change in the effective interest rate on these arrangements that has arisen from IBOR reform was deemed to be economically equivalent to the previous basis. Accordingly, no gain or loss was recognized upon transition. For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Interest expense on debt, net of capitalized interest (1) $ 158,286 $ 137,123 $ 115,983 Accretion of convertible notes (as described in Note 12) — 12,718 13,265 Amortization of deferred financing fees 7,292 6,385 7,570 Loss on extinguishment of debt and write-off of deferred financing fees (2) 16,525 11,463 3,604 Accretion of premiums and discounts on debt (3) 1,128 2,106 3,682 Total financial expenses $ 183,231 $ 169,795 $ 144,104 (1) The increase in interest expense, net of capitalized interest during the year ended December 31, 2023 is primarily attributable to an increase in the benchmark interest rates (both LIBOR and SOFR) as compared to the year ended December 31, 2022. During the year ended December 31, 2023, benchmark interest rates continued to increase as central banks around the world introduced measures to combat inflation. The increases in benchmark rates were partially offset by the overall reduction in our indebtedness arising from (i) the sales of 20 vessels during the years ended December 31, 2023 and 2022 (and repayments of the related debt or lease financing obligations), (ii) the unscheduled debt and lease repayments on 58 and 23 vessels during the year ended December 31, 2023 and 2022, respectively, as discussed in Note 12, (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and (iv) the conversion of the Convertible Notes Due 2025 in December 2022. These reductions were partially offset by new borrowings as discussed in Note 12. The combination resulted in higher interest expense for the year ended December 31, 2023 compared to December 31, 2022 despite the reduction in the average carrying value of our debt to $1.92 billion from $2.69 billion, respectively. The increase in interest expense, net of capitalized interest during the year ended December 31, 2022 is primarily attributable to higher average LIBOR rates compared to the year ended December 31, 2021. As a result of the easing of COVID-19 restrictions, the related economic recovery and corresponding inflationary pressures, LIBOR rates increased significantly throughout 2022. The increases in LIBOR rates were partially offset by the overall reductions in our indebtedness arising from (i) the sales of 18 vessels during the year ended December 31, 2022 (and repayments of the related debt or lease financing obligations), (ii) the unscheduled debt and lease repayments on 23 vessels, (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and (iv) the conversion of the Convertible Notes Due 2025 in December 2022. The combination resulted in higher interest expense for the year ended December 31, 2022 compared to December 31, 2021 despite the decrease in the average carrying value of our debt to $2.69 billion during the year ended December 31, 2022 as compared to $3.14 billion for the year ended December 31, 2021. Interest payable during those periods was offset by interest capitalized of $0.2 million and $0.2 million, during the years ended December 31, 2022 and 2021 respectively. There was a nominal amount of capitalized interest during the year ended December 31, 2023. (2) The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2023 include (i) $10.2 million in costs related to the extinguishment of debt, (ii) $4.3 million of write-offs of deferred financing fees related to the unscheduled debt and lease repayments during the year, (iii) $2.7 million relating to write-offs of the discounts related to the unscheduled debt and lease repayments during the year, (iv) $0.8 million of accelerated effective interest on right of use liabilities related to unscheduled lease payments during the year, offset by (v) a gain of $1.5 million related to the adjustment of the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options. The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2022 include (i) $6.6 million of write-offs of deferred financing fees related to the repayments of debt for the 18 vessels sold during the year along with the notifications to exercise purchase options on certain lease financed vessels during the year, (ii) $4.9 million in costs related to the extinguishment of debt, (iii) $0.9 million of write-offs of the discounts related to the payment of indebtedness on certain vessels sold and to the notifications to exercise purchase options on certain vessels, offset by (iv) a gain of $0.9 million related to the adjustment of the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options . The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2021 include (i) $3.0 million of write-offs of deferred financing fees related to the refinancing of existing indebtedness on certain vessels and (ii) $0.6 million of write-offs of the premium and discounts related to the refinancing of existing indebtedness on certain vessels. (3) |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Disclosure of operating segments | Information about our reportable segments for the years ended December 31, 2023, 2022 and 2021 is as follows: For the year ended December 31, 2023 In thousands of U.S. dollars Handymax LR2 MR Reportable segments subtotal Corporate and eliminations Total Vessel revenue $ 154,586 $ 530,736 $ 655,900 $ 1,341,222 $ — $ 1,341,222 Vessel operating costs (37,940) (114,595) (163,047) (315,582) — (315,582) Voyage expenses (3,712) (5,536) (3,995) (13,243) — (13,243) Depreciation - owned or sale and leaseback vessels (20,654) (76,383) (81,222) (178,259) — (178,259) Depreciation - right of use assets — (4,910) (19,334) (24,244) — (24,244) General and administrative expenses (1,432) (3,876) (4,748) (10,056) (96,199) (106,255) Write-off of deposits on scrubbers — — (10,508) (10,508) — (10,508) Gain on sale of vessels — — 12,019 12,019 — 12,019 Financial expenses — — — — (183,231) (183,231) Financial income — — 617 617 18,495 19,112 Other income, net — — — — 5,867 5,867 Segment income or loss $ 90,848 $ 325,436 $ 385,682 $ 801,966 $ (255,068) $ 546,898 For the year ended December 31, 2022 In thousands of U.S. dollars LR1 Handymax LR2 MR Reportable segments subtotal Corporate and eliminations Total Vessel revenue $ 11,196 $ 243,951 $ 570,668 $ 737,058 $ 1,562,873 $ — $ 1,562,873 Vessel operating costs (9,076) (36,507) (112,407) (165,735) (323,725) — (323,725) Voyage expenses — (44,996) (26,641) (21,061) (92,698) — (92,698) Depreciation - owned or sale and leaseback vessels (1,593) (20,874) (75,360) (70,181) (168,008) — (168,008) Depreciation - right of use assets — — (8,297) (30,530) (38,827) — (38,827) General and administrative expenses (335) (1,367) (4,134) (6,230) (12,066) (76,065) (88,131) Reversal of previously recorded impairment — — — 12,708 12,708 — 12,708 Net loss on sale of vessels (44,701) — (12,446) (9,339) (66,486) — (66,486) Financial expenses — — — — — (169,795) (169,795) Gain on repurchase of convertible notes — — — — — 481 481 Financial income 20 — — 637 657 6,227 6,884 Other income, net 1,577 — — — 1,577 398 1,975 Segment income or loss $ (42,912) $ 140,207 $ 331,383 $ 447,327 $ 876,005 $ (238,754) $ 637,251 For the year ended December 31, 2021 In thousands of U.S. dollars LR1 Handymax LR2 MR Reportable segments subtotal Corporate and eliminations Total Vessel revenue $ 47,053 $ 50,143 $ 180,912 $ 262,678 540,786 $ — $ 540,786 Vessel operating costs (29,883) (38,157) (105,714) (161,086) (334,840) — (334,840) Voyage expenses 24 (477) (246) (2,756) (3,455) — (3,455) Depreciation - owned or sale and leaseback vessels (20,970) (21,120) (81,062) (74,315) (197,467) — (197,467) Depreciation - right of use assets — (1,773) (8,503) (32,510) (42,786) — (42,786) General and administrative expenses (1,158) (1,464) (4,050) (6,148) (12,820) (39,926) (52,746) Financial expenses — — — — — (144,104) (144,104) Loss on exchange of convertible notes — — — — — (5,504) (5,504) Financial income 2 — (5) 602 599 3,024 3,623 Other income and (expenses), net — — — — — 2,058 2,058 Segment income or loss $ (4,932) $ (12,848) $ (18,668) $ (13,535) $ (49,983) $ (184,452) $ (234,435) |
Disclosure of revenue from major customers | Revenue from customers representing greater than 10% of total revenue during the years ended December 31, 2023, 2022 and 2021, within their respective segments was as follows: In thousands of U.S. dollars For the year ended December 31, Segment Customer 2023 2022 2021 MR Scorpio MR Pool Limited (1) $ 605,442 $ 639,743 $ 256,874 LR2 Scorpio LR2 Pool Limited (1) 405,244 456,002 180,912 Handymax Scorpio Handymax Tanker Pool Limited (1) 135,481 79,636 50,143 $ 1,146,167 $ 1,175,381 $ 487,929 (1) These customers are related parties as described in Note 15. |
Common shares (Tables)
Common shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
Summary of activity for awards of restricted stock | The following is a summary of activity for awards of restricted stock during the years ended December 31, 2023 and 2022: Number of Shares Weighted Average Grant Date Fair Value Outstanding and non-vested, December 31, 2021 2,997,992 $ 23.27 Granted 1,047,997 21.39 Vested (1,337,500) 25.11 Forfeited (2,500) 16.66 Outstanding and non-vested, December 31, 2022 2,705,989 $ 21.63 Granted 1,817,750 55.61 Vested (1,280,179) 27.11 Forfeited (12,500) 24.27 Outstanding and non-vested, December 31, 2023 3,231,060 $ 38.57 |
Summary of future stock compensation expense | 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 For the year ending December 31, 2024 34,275 1,455 35,730 For the year ending December 31, 2025 26,228 382 26,610 For the year ending December 31, 2026 13,252 — 13,252 For the year ending December 31, 2027 4,399 — 4,399 $ 78,154 $ 1,837 $ 79,991 |
Summary of dividend payments | The following dividends were paid during the years ended December 31, 2023, 2022, and 2021. Dividends Date per share Paid $0.10 March 15, 2021 $0.10 June 15, 2021 $0.10 September 29, 2021 $0.10 December 15, 2021 $0.10 March 15, 2022 $0.10 June 15, 2022 $0.10 September 15, 2022 $0.10 December 15, 2022 $0.20 March 31, 2023 $0.25 June 30, 2023 $0.25 September 15, 2023 $0.35 December 15, 2023 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | Transactions with entities controlled by the Lolli-Ghetti family (herein referred to as related parties) in the consolidated statements of operations and balance sheets are as follows: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Pool revenue (1) Scorpio MR Pool Limited $ 605,442 $ 639,743 $ 256,874 Scorpio LR2 Pool Limited 405,244 456,002 180,912 Scorpio Handymax Tanker Pool Limited 135,481 79,636 50,143 Mercury Pool Limited 9,077 — — Scorpio LR1 Pool Limited — 11,196 47,053 Voyage revenue (2) — 5,657 — Time charter-out revenue (3) 21,555 2,358 — Voyage expenses (4) (4,495) (9,194) (1,461) Vessel operating costs (5) (33,061) (33,084) (35,427) Administrative expenses (6) (15,450) (13,175) (13,557) Purchases of bunkers (7) (4,784) (45,957) (2,561) (1) These transactions relate to revenue earned in the Scorpio Pools. The Scorpio Pools are related parties. When our vessels are in the Scorpio Pools, SCM, the pool manager, charges fees of $300 per vessel per day with respect to LR1 vessels, $250 per vessel per day with respect to LR2 vessels, and $325 per vessel per day with respect to both Handymax and MR vessels, plus a commission of 1.50% on gross revenue per charter fixture. These were the same fees that SCM charges other vessels in these pools, including third party vessels. (2) These transactions relate to revenue earned in the spot market on voyages chartered through a chartering subsidiary of SSH, a related party, to the end customer. (3) These transactions relate to revenue earned for certain vessels on time charter, which have been time chartered-out through a chartering subsidiary of SSH, a related party, to the end customer. (4) Related party expenditures included within voyage expenses in the consolidated statements of operations consist of the following: • Expenses due to SCM, a related party, 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 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 Pools, each vessel pays (i) flat fees of $250 per day for LR1 and LR2 vessels and $300 per day for Handymax and MR vessels and (ii) commissions of 1.25% of their gross revenue per charter fixture for LR1, LR2, Handymax and MR vessels. • Voyage expenses also consist of $0.5 million, $2.4 million and $19,175 charged by related party port agents during the years ended December 31, 2023, 2022 and 2021, respectively. SSH has a majority equity interest in port agents that provide supply and logistical services for vessels operating in their regions. (5) Related party expenditures included within vessel operating costs in the consolidated statements of operations consist of the following: • Technical management fees of $28.3 million, $29.8 million, and $32.7 million charged by SSM, a related party, during the years ended December 31, 2023, 2022 and 2021, respectively. SSM’s services include day-to-day vessel operations, 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. SSM administers the payment of salaries to our crew on our behalf. The crew wages that were administered by SSM (and disbursed through related party subcontractors of SSM) were $136.3 million, $141.2 million, and $152.0 million during the years ended December 31, 2023, 2022, and 2021, respectively. SSM's annual technical management fee is a fixed fee of $175,000 per vessel plus certain itemized expenses pursuant to the technical management agreement. • Vessel operating expenses of $4.8 million, $3.3 million, and $2.7 million charged by a related party port agent during the years ended December 31, 2023, 2022 and 2021, respectively. (6) We have an Amended Administrative Services Agreement with SSH, a related party, for the provision of administrative staff and office space, and administrative services, including accounting, legal compliance, financial and information technology services. SSH also administers the payroll for certain of our employees. The services provided to us by SSH may be sub-contracted to other entities within Scorpio. The expenses incurred under this agreement were recorded in general and administrative expenses in the consolidated statement of operations and were as follows: • The expense for the year ended December 31, 2023 of $15.5 million included (i) administrative fees of $10.5 million charged by SSH, (ii) restricted stock amortization of $5.0 million, which relates to 695,400 shares of restricted stock that was issued in the current or in prior years to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan, and (iii) the reimbursement of expenses of $25,145 to SSH and $26,653 to SCM. • The expense for the year ended December 31, 2022 of $13.2 million included (i) administrative fees of $11.0 million charged by SSH, (ii) restricted stock amortization of $2.0 million, which relates to 493,300 shares of restricted stock that was issued in the current or in prior years to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan and (iii) the reimbursement of expenses of $81,762 to SSH and $36,869 to SCM. • The expense for the year ended December 31, 2021 of $13.6 million included (i) administrative fees of $12.2 million charged by SSH, (ii) restricted stock amortization of $1.3 million, which relates to the issuance of 315,950 shares of restricted stock that was issued in the current or in prior years to SSH employees for no cash consideration pursuant to the 2013 Equity Incentive Plan and (iii) the reimbursement of expenses of $51,962 to SSH and $14,726 to SCM. (7) These amounts represent bunkers purchased from a related party which, for vessels operating in the spot market, are initially recorded as part of inventory on the balance sheet prior to being consumed. We had the following balances with related parties, which have been included in the consolidated balance sheets: As of December 31, In thousands of U.S. dollars 2023 2022 Assets: Prepaid expenses and accounts receivable (due from the Scorpio Pools) (1) $ 201,340 $ 236,389 Prepaid expenses (SSM) (2) 5,522 5,450 Prepaid expenses (SCM) 28 84 Prepaid expenses and accounts receivable (SSH) 10 4,976 Prepaid expenses (related party port agent) 2 98 Other assets (pool working capital contributions) (3) 51,411 53,161 Liabilities: Accounts payable and accrued expenses (SSM) 2,468 823 Accounts payable and accrued expenses (related party port agent) 1,368 955 Accounts payable (owed to the Scorpio Pools) (4) 626 10,090 Accounts payable and accrued expenses (SCM) 316 540 Accounts payable and accrued expenses (SSH) 284 287 Accounts payable and accrued expenses (related party bunker supplier) 95 2,380 (1) Accounts receivable due from the Scorpio Pools relate to hire receivables for revenues earned and receivables from working capital contributions. 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 LR2 Pool, Scorpio LR1 Pool, Scorpio MR Pool, Scorpio Handymax Tanker Pool and Mercury Pool, the initial contribution amount is 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 or lease financed 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 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 primarily relate to advances made for vessel operating expenses (such as crew wages) that will either be reimbursed or applied against future costs. (3) Represents the non-current portion of working capital receivables as described above. (4) Accounts payable and accrued expenses owed to the Scorpio Pools relate to expenses incurred by the Scorpio Pools on behalf of certain of our vessels. The table below shows key management remuneration for the years ended December 31, 2023, 2022, and 2021: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Short-term employee benefits $ 27,972 $ 32,663 $ 5,488 Share-based compensation (1) 31,702 13,777 17,476 Total $ 59,674 $ 46,440 $ 22,964 (1) Represents the amortization of restricted stock issued under our 2013 Equity Incentive Plan as described in Note 14. |
Vessel revenue (Tables)
Vessel revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Revenue sources | The following table sets forth our revenue, by employment type, for these periods: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Pool revenue $ 1,155,244 $ 1,186,577 $ 534,982 Voyage revenue (spot market) 32,718 328,087 5,804 Time charter revenue 153,260 48,209 — $ 1,341,222 $ 1,562,873 $ 540,786 |
Lease and non lease components | The following table summarizes the lease and non-lease components of revenue from time charter-out and pool revenue during the years ended December 31, 2023, 2022 and 2021. These figures are not readily quantifiable as the Company's contracts (with the Scorpio pools or under time charter-out arrangements) do not separate these components. We do not view pool and time charter-out revenue as two separate streams of revenue. Nevertheless, we have estimated these amounts by reference to (i) third party, published time charter rates for the lease component, and (ii) an approximation of the fair market value of vessel operating expenses for the non-lease component. For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Lease component of revenue from time charter-out and pool revenue $ 999,273 $ 879,168 $ 280,633 Non-lease component of revenue from time charter-out and pool revenue 309,231 355,618 254,349 $ 1,308,504 $ 1,234,786 $ 534,982 |
Terms of time chartered-out vessels | e entered into time charter-out agreements on 14 vessels. The terms of the agreements, including the dates of commencement are summarized as follows: Vessel Vessel class Term Rate ($/day) Commencement date STI Gratitude LR2 Three years $28,000 (1) May-22 STI Guard LR2 Five years $28,000 (2) July-22 STI Gladiator LR2 Three years $28,000 (3) July-22 STI Guide LR2 Three years $28,000 (3) July-22 STI Marshall MR Three years $23,000 (4) July-22 STI Magnetic MR Three years $23,000 (5) July-22 STI Miracle MR Three years $21,000 (6) August-22 STI Memphis MR Three years $21,000 (7) June-22 STI Connaught LR2 Three years $30,000 (8) August-22 STI Lombard LR2 Three years $32,750 (9) September-22 STI Gauntlet LR2 Three years $32,750 November-22 STI Duchessa MR Three years $25,000 October-22 STI Lavender LR2 Three years $35,000 December-22 STI Grace LR2 Three years $37,500 (10) December-22 STI Jermyn LR2 Three years $40,000 (11) April-23 (1) This vessel commenced a time charter in May 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day. (2) This vessel commenced a time charter in July 2022 for five years at a rate of $28,000 per day. The charterers have the option to convert the term of this agreement to three years at $30,000 per day, which must be declared within 30 months after the delivery date. (3) This vessel commenced a time charter in July 2022 for three years at an average rate of $28,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day. (4) This vessel commenced a time charter in July 2022 for three years at a rate of $23,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $24,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $25,000 per day. If this second option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day. (5) This vessel commenced a time charter in July 2022 for three years at an average rate of $23,000 per day. The daily rate is the average rate over the three years period, which is payable in years one, two, and three at $30,000 per day, $20,000 per day, and $19,000 per day, respectively. The charterers have the option to extend the term of this agreement for an additional year at $24,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day. (6) This vessel commenced a time charter in August 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day. (7) This vessel commenced a time charter in June 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $30,000 per day, the next 6 months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day. (8) In April 2023, STI Connaught replaced STI Goal on a time charter which initially commenced in August 2022 for three years at a rate of $30,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $32,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $34,000 per day. (9) This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The charterer has the option to extend the term of this agreement for an additional year at $34,750 per day. If this option is declared, the charterer has the option to further extend the term of this agreement for an additional year at $36,750 per day. (10) This vessel commenced a time charter in December 2022 for three years at an average rate of $37,500 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $47,000 per day, the next 6 months are payable at $28,000 per day, and years two and three are payable at $37,500 per day. (11) This vessel commenced a time charter in April 2023 for three years at an average rate of $40,000 per day. The charterer has the option to extend the term of this agreement for an additional year at $42,500 per day. |
Crewing costs (Tables)
Crewing costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Crewing cost [Abstract] | |
Crewing cost | The following table sets forth the components of our crew expenses, including crew benefits, during the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Short term crew benefits (i.e. wages, victualing, insurance) 150,194 155,782 171,546 Other crewing related costs 24,633 24,743 26,311 $ 174,827 $ 180,525 $ 197,857 |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of general and administrative expenses | Employee benefit expenses (excluding crew) consist of: For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Short term employee benefits $ 36,768 $ 46,678 $ 10,841 Share based compensation (see Note 14) 47,340 20,397 22,931 $ 84,108 $ 67,075 $ 33,772 |
Financial expenses (Tables)
Financial expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Components of financial expenses | The following is a breakdown of the current and non-current portion of our debt outstanding as of December 31, 2023 and December 31, 2022: At December 31, In thousands of U.S. dollars 2023 2022 Current portion of bank debt (1) $ 220,965 $ 31,504 Sale and leaseback liabilities (2) 206,757 269,145 Current portion of long-term debt 427,722 300,649 Non-current portion of bank debt and bonds (3) 939,188 264,106 Sale and leaseback liabilities (4) 221,380 871,469 $ 1,588,290 $ 1,436,224 (1) The current portion at December 31, 2023 was net of unamortized deferred financing fees of $5.0 million. The current portion at December 31, 2022 was net of unamortized deferred financing fees of $0.5 million. (2) The current portion at December 31, 2023 was net of unamortized deferred financing fees of $0.8 million and prepaid interest of $0.3 million. The current portion at December 31, 2022 was net of unamortized deferred financing fees of $0.8 million and prepaid interest of $2.5 million. (3) The non-current portion at December 31, 2023 was net of unamortized deferred financing fees of $20.6 million. The non-current portion at December 31, 2022 was net of unamortized deferred financing fees of $4.0 million. (4) The non-current portion at December 31, 2023 was net of unamortized deferred financing fees of $2.3 million. The non-current portion at December 31, 2022 was net of unamortized deferred financing fees of $7.4 million. The following is a roll-forward of the activity within debt (current and non-current, and inclusive of IFRS 16 - lease liabilities), by facility, for the year ended December 31, 2023: Activity Balance as of December 31, 2023 consists of: In thousands of U.S. dollars Carrying Value as of December 31, 2022 Drawdowns Repayments Other Activity (1) Carrying Value as of December 31, 2023 Current Non-Current Hamburg Commercial Bank Credit Facility 33,732 — (33,732) — — — — Prudential Credit Facility 39,286 — (5,546) — 33,740 33,740 — 2019 DNB / GIEK Credit Facility 38,338 — (38,338) — — — — BNPP Sinosure Credit Facility 80,576 — (10,909) — 69,667 10,909 58,758 2020 $225.0 Million Credit Facility 37,765 — (37,765) — — — — 2023 $225.0 Million Credit Facility — 225,000 (25,425) — 199,575 33,900 165,675 2023 $49.1 Million Credit Facility — 49,088 (3,462) — 45,626 4,615 41,011 2023 $117.4 Million Credit Facility — 117,394 (8,504) — 108,890 17,007 91,883 2023 $1.0 Billion Credit Facility — 901,000 (336,093) — 564,907 116,149 448,758 2023 $94.0 Million Credit Facility — 94,000 (1,092) — 92,908 9,666 83,242 Ocean Yield Lease Financing 114,273 — (89,484) 454 25,243 3,035 22,208 BCFL Lease Financing (LR2s) 67,058 — (68,310) 1,252 — — — CSSC Lease Financing 119,165 — (121,279) 2,114 — — — BCFL Lease Financing (MRs) 53,202 — (31,068) (481) 21,653 21,653 — AVIC Lease Financing 77,769 — (77,769) — — — — 2020 CMBFL Lease Financing 38,090 — (38,090) — — — — 2020 TSFL Lease Financing 40,607 — (40,607) — — — — 2020 SPDBFL Lease Financing 80,616 — (43,753) 763 37,626 37,626 — 2021 AVIC Lease Financing 83,662 — (7,252) 1,157 77,567 77,567 — 2021 CMBFL Lease Financing 68,045 — (6,520) — 61,525 6,520 55,005 2021 TSFL Lease Financing 49,997 — (4,380) 865 46,482 46,482 — 2021 CSSC Lease Financing 48,631 — (48,631) — — — — 2021 $146.3 Million Lease Financing 133,699 — (133,699) — — — — 2021 Ocean Yield Lease Financing 63,933 — (5,850) — 58,083 5,866 52,217 2022 AVIC Lease Financing 112,620 — (9,169) — 103,451 9,168 94,283 IFRS 16 - Leases - 3 MR (See Note 6) 21,138 — (36,933) 15,795 — — — IFRS 16 - Leases - $670.0 Million (see Note 6) 475,939 — (480,396) 4,457 — — — Unsecured Senior Notes Due 2025 70,451 — — 45 70,496 — 70,496 $ 1,948,592 $ 1,386,482 $ (1,744,056) $ 26,421 $ 1,617,439 $ 433,903 $ 1,183,536 Less: deferred financing fees (12,758) (27,627) — 11,571 (28,814) (5,846) (22,968) Less: prepaid interest expense (3,735) — 3,400 — (335) (335) — Total $ 1,932,099 $ 1,358,855 $ (1,740,656) $ 37,992 $ 1,588,290 $ 427,722 $ 1,160,568 (1) Relates to non-cash accretion, write-offs, amortization or other adjustments on (i) debt or lease obligations assumed as part of the 2017 merger with Navig8 Product Tankers Inc. ("NPTI"), which were recorded at fair value on the closing dates, (ii) the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options; and (iii) our Unsecured Senior Notes Due 2025, as discussed below. Interest Rate Benchmark Reform Interest in most of our financing agreements has historically been based on published rates for LIBOR. The ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom’s Financial Conduct Authority, ceased the publication of all U.S. Dollar LIBOR tenors on June 30, 2023. In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, proposed an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or “SOFR.” During the year ended December 31, 2023, we transitioned our existing loan and lease financing agreements from U.S. Dollar LIBOR to SOFR plus a credit spread adjustment (“CSA”) which varied from zero basis points to 26.161 basis points depending on the financing arrangement. We have applied the practical expedient pursuant to the Amendments to IFRS 9 – Financial Instruments (IBOR reform) as our secured bank debt and lease financing arrangements are carried at amortized cost, and therefore the change in the effective interest rate on these arrangements that has arisen from IBOR reform was deemed to be economically equivalent to the previous basis. Accordingly, no gain or loss was recognized upon transition. For the year ended December 31, In thousands of U.S. dollars 2023 2022 2021 Interest expense on debt, net of capitalized interest (1) $ 158,286 $ 137,123 $ 115,983 Accretion of convertible notes (as described in Note 12) — 12,718 13,265 Amortization of deferred financing fees 7,292 6,385 7,570 Loss on extinguishment of debt and write-off of deferred financing fees (2) 16,525 11,463 3,604 Accretion of premiums and discounts on debt (3) 1,128 2,106 3,682 Total financial expenses $ 183,231 $ 169,795 $ 144,104 (1) The increase in interest expense, net of capitalized interest during the year ended December 31, 2023 is primarily attributable to an increase in the benchmark interest rates (both LIBOR and SOFR) as compared to the year ended December 31, 2022. During the year ended December 31, 2023, benchmark interest rates continued to increase as central banks around the world introduced measures to combat inflation. The increases in benchmark rates were partially offset by the overall reduction in our indebtedness arising from (i) the sales of 20 vessels during the years ended December 31, 2023 and 2022 (and repayments of the related debt or lease financing obligations), (ii) the unscheduled debt and lease repayments on 58 and 23 vessels during the year ended December 31, 2023 and 2022, respectively, as discussed in Note 12, (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and (iv) the conversion of the Convertible Notes Due 2025 in December 2022. These reductions were partially offset by new borrowings as discussed in Note 12. The combination resulted in higher interest expense for the year ended December 31, 2023 compared to December 31, 2022 despite the reduction in the average carrying value of our debt to $1.92 billion from $2.69 billion, respectively. The increase in interest expense, net of capitalized interest during the year ended December 31, 2022 is primarily attributable to higher average LIBOR rates compared to the year ended December 31, 2021. As a result of the easing of COVID-19 restrictions, the related economic recovery and corresponding inflationary pressures, LIBOR rates increased significantly throughout 2022. The increases in LIBOR rates were partially offset by the overall reductions in our indebtedness arising from (i) the sales of 18 vessels during the year ended December 31, 2022 (and repayments of the related debt or lease financing obligations), (ii) the unscheduled debt and lease repayments on 23 vessels, (iii) the maturity of the Convertible Notes Due 2022 in May 2022, and (iv) the conversion of the Convertible Notes Due 2025 in December 2022. The combination resulted in higher interest expense for the year ended December 31, 2022 compared to December 31, 2021 despite the decrease in the average carrying value of our debt to $2.69 billion during the year ended December 31, 2022 as compared to $3.14 billion for the year ended December 31, 2021. Interest payable during those periods was offset by interest capitalized of $0.2 million and $0.2 million, during the years ended December 31, 2022 and 2021 respectively. There was a nominal amount of capitalized interest during the year ended December 31, 2023. (2) The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2023 include (i) $10.2 million in costs related to the extinguishment of debt, (ii) $4.3 million of write-offs of deferred financing fees related to the unscheduled debt and lease repayments during the year, (iii) $2.7 million relating to write-offs of the discounts related to the unscheduled debt and lease repayments during the year, (iv) $0.8 million of accelerated effective interest on right of use liabilities related to unscheduled lease payments during the year, offset by (v) a gain of $1.5 million related to the adjustment of the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options. The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2022 include (i) $6.6 million of write-offs of deferred financing fees related to the repayments of debt for the 18 vessels sold during the year along with the notifications to exercise purchase options on certain lease financed vessels during the year, (ii) $4.9 million in costs related to the extinguishment of debt, (iii) $0.9 million of write-offs of the discounts related to the payment of indebtedness on certain vessels sold and to the notifications to exercise purchase options on certain vessels, offset by (iv) a gain of $0.9 million related to the adjustment of the carrying values of certain sale and leaseback arrangements related to the notifications to exercise purchase options . The loss on extinguishment of debt and write-off of deferred financing fees during the year ended December 31, 2021 include (i) $3.0 million of write-offs of deferred financing fees related to the refinancing of existing indebtedness on certain vessels and (ii) $0.6 million of write-offs of the premium and discounts related to the refinancing of existing indebtedness on certain vessels. (3) |
Earnings _ (loss) per share (Ta
Earnings / (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of basic and diluted (loss) / earnings 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 year ended December 31, In thousands of U.S. dollars except for share data 2023 2022 2021 Net income / (loss) attributable to equity holders of the parent - basic $ 546,898 $ 637,251 $ (234,434) Convertible notes interest expense, accretion, and deferred financing amortization — 19,584 — Net income / (loss) attributable to equity holders of the parent - diluted $ 546,898 $ 656,835 $ (234,434) Basic weighted average number of shares 52,369,269 55,455,277 54,718,709 Effect of dilutive potential basic shares: Restricted stock 2,158,478 2,610,544 — Convertible notes — 5,445,455 — 2,158,478 8,055,999 — Diluted weighted average number of shares 54,527,747 63,511,276 54,718,709 Earnings / (Loss) Per Share: Basic $ 10.44 $ 11.49 $ (4.28) Diluted $ 10.03 $ 10.34 $ (4.28) |
Financial instruments - finan_2
Financial instruments - financial and other risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Fair values and carrying values of financial assets | The fair values and carrying values of our financial instruments at December 31, 2023 and 2022, respectively, are shown in the table below. Categories of Financial Instruments As of December 31, 2023 As of December 31, 2022 In thousands of U.S. dollars Fair value Carrying Value Fair value Carrying Value Financial assets Cash and cash equivalents (1) $ 355,551 $ 355,551 $ 376,870 $ 376,870 Accounts receivable (2) 203,500 203,500 276,700 276,700 Working capital contributions to Scorpio Pools (3) 51,411 51,411 53,161 53,161 Seller's credit on sale leaseback vessels (4) — — 11,430 11,430 Financial liabilities Accounts payable (5) $ 10,004 $ 10,004 $ 28,748 $ 28,748 Accrued expenses and other current liabilities (5) 72,678 72,678 91,508 91,508 Secured bank loans (6) 1,090,741 1,090,741 226,896 226,896 Sale and leaseback liability (7) 428,124 428,137 1,139,877 1,140,614 IFRS 16 - lease liability (8) — — 495,234 495,875 Unsecured Senior Notes Due 2025 (9) 70,260 70,571 69,639 70,571 (1) Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. (2) We consider that the carrying amount of accounts receivable approximate their fair value due to the relative short maturity of these instruments. (3) Non-current working capital contributions to the Scorpio Pools are repaid, without interest, upon a vessel’s exit from the pool. For all owned vessels, excluding those under long-term time charters, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within Other Assets on the consolidated balance sheets. We consider that their carrying values approximate fair value given that the amounts due are contractually fixed based on the terms of each pool agreement. (4) The seller's credit on lease financed vessels as of December 31, 2022 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 , which is described in Note 6. These deposits were recorded as financial assets measured at amortized cost at the commencement date of the leases. The present value was calculated based on the interest rate implied in the lease, and the carrying value was being accreted over the life of the lease using the effective interest method, through interest income, until the end of the lease. We considered that its carrying value approximates fair value given that its value is contractually fixed based on the terms of each lease. These deposits were applied to the purchase price of the vessels when the purchase options were exercised in December 2023. (5) We consider that the carrying amounts of accounts payable and accrued expenses approximate the fair value due to the relative short maturity of these instruments. (6) The carrying value 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 and the credit risk of the Company has remained stable. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $24.6 million and $2.8 million of unamortized deferred financing fees as of December 31, 2023 and 2022, respectively. (7) The carrying value of our obligations due under sale and leaseback arrangements are measured at amortized cost using the effective interest method. With the exception of our fixed rate sale and leaseback arrangements (as denoted in Note 12), we consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments are measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at December 31, 2023. Accordingly, we consider their fair value to be a Level 2 measurement. The amounts in the table above are shown net of $3.2 million and $8.2 million of unamortized deferred financing fees as of December 31, 2023 and 2022, respectively. (8) The carrying value of our lease obligations that were accounted for under IFRS 16 are measured at the present value of the minimum lease payments under each contract. These leases were mainly comprised of the leases acquired as part of the Trafigura Transaction. We considered that their carrying value approximated fair value because the interest rates on these leases change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments were measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at December 31, 2022. Accordingly, we considered their fair value to be a Level 2 measurement. During the year ended December 31, 2023, we exercised the purchase options for all vessels under lease arrangements and had no further commitments as of December 31, 2023. (9) |
Fair values and carrying values of financial liabilities | The fair values and carrying values of our financial instruments at December 31, 2023 and 2022, respectively, are shown in the table below. Categories of Financial Instruments As of December 31, 2023 As of December 31, 2022 In thousands of U.S. dollars Fair value Carrying Value Fair value Carrying Value Financial assets Cash and cash equivalents (1) $ 355,551 $ 355,551 $ 376,870 $ 376,870 Accounts receivable (2) 203,500 203,500 276,700 276,700 Working capital contributions to Scorpio Pools (3) 51,411 51,411 53,161 53,161 Seller's credit on sale leaseback vessels (4) — — 11,430 11,430 Financial liabilities Accounts payable (5) $ 10,004 $ 10,004 $ 28,748 $ 28,748 Accrued expenses and other current liabilities (5) 72,678 72,678 91,508 91,508 Secured bank loans (6) 1,090,741 1,090,741 226,896 226,896 Sale and leaseback liability (7) 428,124 428,137 1,139,877 1,140,614 IFRS 16 - lease liability (8) — — 495,234 495,875 Unsecured Senior Notes Due 2025 (9) 70,260 70,571 69,639 70,571 (1) Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. (2) We consider that the carrying amount of accounts receivable approximate their fair value due to the relative short maturity of these instruments. (3) Non-current working capital contributions to the Scorpio Pools are repaid, without interest, upon a vessel’s exit from the pool. For all owned vessels, excluding those under long-term time charters, we assume that these contributions will not be repaid within 12 months and are thus classified as non-current within Other Assets on the consolidated balance sheets. We consider that their carrying values approximate fair value given that the amounts due are contractually fixed based on the terms of each pool agreement. (4) The seller's credit on lease financed vessels as of December 31, 2022 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 , which is described in Note 6. These deposits were recorded as financial assets measured at amortized cost at the commencement date of the leases. The present value was calculated based on the interest rate implied in the lease, and the carrying value was being accreted over the life of the lease using the effective interest method, through interest income, until the end of the lease. We considered that its carrying value approximates fair value given that its value is contractually fixed based on the terms of each lease. These deposits were applied to the purchase price of the vessels when the purchase options were exercised in December 2023. (5) We consider that the carrying amounts of accounts payable and accrued expenses approximate the fair value due to the relative short maturity of these instruments. (6) The carrying value 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 and the credit risk of the Company has remained stable. Accordingly, we consider their fair value to be a Level 2 measurement. These amounts are shown net of $24.6 million and $2.8 million of unamortized deferred financing fees as of December 31, 2023 and 2022, respectively. (7) The carrying value of our obligations due under sale and leaseback arrangements are measured at amortized cost using the effective interest method. With the exception of our fixed rate sale and leaseback arrangements (as denoted in Note 12), we consider that their carrying value approximates fair value because the interest rates on these instruments change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments are measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at December 31, 2023. Accordingly, we consider their fair value to be a Level 2 measurement. The amounts in the table above are shown net of $3.2 million and $8.2 million of unamortized deferred financing fees as of December 31, 2023 and 2022, respectively. (8) The carrying value of our lease obligations that were accounted for under IFRS 16 are measured at the present value of the minimum lease payments under each contract. These leases were mainly comprised of the leases acquired as part of the Trafigura Transaction. We considered that their carrying value approximated fair value because the interest rates on these leases change with, or approximate, market interest rates and the credit risk of the Company has remained stable. The fair value of leases with fixed payments were measured at the net discounted value of the remaining minimum lease payments using our incremental borrowing rate at December 31, 2022. Accordingly, we considered their fair value to be a Level 2 measurement. During the year ended December 31, 2023, we exercised the purchase options for all vessels under lease arrangements and had no further commitments as of December 31, 2023. (9) |
Contractual maturity of secured and unsecured credit facilities | The following table details our remaining contractual maturity for our secured and unsecured credit facilities, sale and leaseback, and IFRS-16 lease liabilities. The amounts represent the future undiscounted cash flows of the financial liability based on the earliest date on which we can be required to pay. The table includes both interest and principal cash flows. As the interest cash flows are not fixed, the interest amount included has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the reporting date. As of December 31, In thousands of U.S. dollars 2023 2022 Less than 1 month $ 190,873 $ 100,660 1-3 months 107,015 87,811 3 months to 1 year 236,122 315,035 1-3 years 566,475 764,028 3-5 years 692,563 766,150 5+ years 110,155 421,816 Total $ 1,903,203 $ 2,455,500 |
General information and signi_3
General information and significant accounting policies - Company (Details) - vessel | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels | 1 | |||
Vessels | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels | 111 | 113 | ||
Vessels | MR | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels | 13 | 13 | ||
Vessels | Owned or financed lease product tankers | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels | 111 | |||
Vessels | Owned or financed lease product tankers | Handymax | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels | 14 | |||
Vessels | Owned or financed lease product tankers | MR | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels | 58 | |||
Vessels | Owned or financed lease product tankers | LR2 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Number of vessels | 39 |
General information and signi_4
General information and significant accounting policies - Going concern (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 22, 2024 USD ($) | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of attribution of expenses by nature to their function [line items] | |||||
Reduction of carrying amount of our outstanding debt and lease obligations | $ | $ 343,800 | ||||
Cash and cash equivalents | $ | 355,551 | $ 376,870 | $ 230,415 | $ 187,511 | |
Undrawn borrowing facilities | $ | $ 288,200 | ||||
Number of vessels | vessel | 1 | ||||
Repayments and Commitments to Repay Long-Term Debt and Lease Obligations | |||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||
Number of vessels | vessel | 24 | ||||
Vessels | |||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||
Number of unencumbered vessels | vessel | 14 | ||||
Number of vessels | vessel | 111 | 113 | |||
Vessels | Repayments and Commitments to Repay Long-Term Debt and Lease Obligations | |||||
Disclosure of attribution of expenses by nature to their function [line items] | |||||
Repayments of borrowings and commitments to repay borrowings | $ | $ 380,200 |
General information and signi_5
General information and significant accounting policies - Revenue recognition (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Pool Arrangements | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Percentage lease revenue recognized as earned | 100% |
General information and signi_6
General information and significant accounting policies - Segments (Details) - vesselClass | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Number of vessel classes | 4 | 4 | 4 |
General information and signi_7
General information and significant accounting policies - Vessels and drydock (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives | 25 years | ||
Impairment loss recognised in profit or loss, goodwill | $ 14,200 | ||
Vessels | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful lives | 25 years | ||
Average scrap market rates period | 4 years | ||
Vessels | MR | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reversal of impairment loss recognised in profit or loss | $ 12,700 | ||
Number of vessels with fair value less than carrying value | vessel | 13 | ||
Vessels | Bottom of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Period for scheduled repairs and maintenance | 30 months | ||
Vessels | Top of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Period for scheduled repairs and maintenance | 60 months |
General information and signi_8
General information and significant accounting policies - Joint ventures (Details) $ in Thousands | 1 Months Ended | ||
Aug. 31, 2021 USD ($) vessel | Nov. 01, 2022 USD ($) | Dec. 31, 2021 vessel | |
Disclosure of transactions between related parties [line items] | |||
Number of vessels acquired | 9 | ||
Number of dual fuel tankers acquired | 5 | ||
Number of 1A LR1 product tankers acquired | 4 | ||
Proportion of ownership interest in joint venture | 50% | ||
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Consideration paid (received) | $ | $ 6,700 | ||
Additional investment in joint venture | $ | $ 1,750 | ||
Vessels | LR1 | |||
Disclosure of transactions between related parties [line items] | |||
Joint venture, sale of ships | 2 |
General information and signi_9
General information and significant accounting policies - Financial liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of attribution of expenses by nature to their function [line items] | ||
Financial liabilities at FVTPL | $ 0 | $ 0 |
General information and sign_10
General information and significant accounting policies - Equity instruments (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Number of shares authorised (in shares) | 53,107,765 | 61,262,838 |
Number of shares issued (in shares) | 53,107,765 | |
Common stock | ||
Disclosure of classes of share capital [line items] | ||
Number of shares authorised (in shares) | 150,000,000 | 150,000,000 |
Number of shares outstanding (in shares) | 53,107,765 | 61,262,838 |
Number of shares issued (in shares) | 53,107,765 | 61,262,838 |
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Cash at banks | $ 353,805 | $ 375,229 | ||
Cash on vessels | 1,746 | 1,641 | ||
Total cash | $ 355,551 | $ 376,870 | $ 230,415 | $ 187,511 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Prepaid port agent advances | $ 72 | $ 3,086 |
Third party - prepaid vessel operating expenses | 1,553 | 2,787 |
Prepaid insurance | 588 | 744 |
Other prepaid expenses | 2,445 | 5,892 |
Current prepayments and other current assets | 10,213 | 18,159 |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 5,555 | 5,650 |
Prepaid vessel operating expenses - SSM | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 5,522 | 5,450 |
Prepaid expense - SCM | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 28 | 84 |
Scorpio Services Holding Limited (SSH) | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 3 | 0 |
Prepaid expense - related party port agent | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 2 | 98 |
Scorpio MR Pool Limited | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 0 | 14 |
Scorpio Handymax Tanker Pool Limited | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | 0 | 3 |
Scorpio LR2 Pool Limited | Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Prepaid expenses and other current assets - related parties | $ 0 | $ 1 |
Accounts receivable - Summary o
Accounts receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Spot voyage and time charter receivables | $ 557 | $ 34,475 |
Insurance receivables | 1,595 | 878 |
Accounts receivable | $ 203,500 | 276,700 |
Owned vessels period we assume working capital contributions will not be repaid | 12 months | |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from the related parties | $ 201,348 | 241,347 |
Other related parties | Scorpio MR Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from the related parties | 118,717 | 115,092 |
Other related parties | Scorpio LR2 Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from the related parties | 75,252 | 113,523 |
Other related parties | Scorpio Handymax Tanker Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from the related parties | 3,532 | 7,149 |
Other related parties | Mercury Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from the related parties | 3,346 | 0 |
Other related parties | Scorpio LR1 Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from the related parties | 494 | 607 |
Other related parties | Scorpio Services Holding Limited (SSH) | ||
Disclosure of transactions between related parties [line items] | ||
Receivables from the related parties | $ 7 | $ 4,976 |
Vessels - Operating vessels and
Vessels - Operating vessels and drydock rollforward (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) vessel tanker | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Nov. 30, 2023 USD ($) | |
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | $ 3,089,254 | |||
Reversal of previously recorded impairment | 0 | $ (12,708) | $ 0 | |
Ending balance | 3,577,935 | $ 3,089,254 | ||
Number of vessels in agreement to sell | vessel | 18 | |||
Property, plant and equipment | $ 3,577,935 | $ 3,089,254 | ||
STI Ville and STI Amber | MR | Sale of Vessels | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Number of vessels in agreement to sell | vessel | 2 | |||
Cost | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | $ 4,162,703 | 4,918,357 | ||
Transfer from right of use assets, net | 698,884 | |||
Additions | 21,449 | 40,233 | ||
Disposal of vessels | (82,563) | (780,891) | ||
Write-offs | (2,271) | (14,996) | ||
Ending balance | 4,798,202 | 4,162,703 | 4,918,357 | |
Property, plant and equipment | 4,798,202 | 4,162,703 | 4,918,357 | |
Accumulated depreciation and impairment | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | (1,073,449) | (1,076,286) | ||
Charge for the period | (178,259) | (168,008) | ||
Disposal of vessels | 29,941 | 143,141 | ||
Reversal of previously recorded impairment | 12,708 | |||
Write-offs | 1,500 | 14,996 | ||
Ending balance | (1,220,267) | (1,073,449) | (1,076,286) | |
Property, plant and equipment | (1,220,267) | (1,073,449) | (1,076,286) | |
Vessels | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | 3,028,804 | |||
Ending balance | 3,524,321 | 3,028,804 | ||
Property, plant and equipment | 3,524,321 | 3,028,804 | ||
Vessels | Sale of Vessels | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | $ 637,800 | |||
Ending balance | 637,800 | |||
Number of vessels in agreement to sell | vessel | 19 | |||
Property, plant and equipment | $ 637,800 | |||
Vessels | LR2 | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Number of ships purchased, previously recorded as right of use assets | tanker | 4 | |||
Vessels | MR | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Number of ships purchased, previously recorded as right of use assets | tanker | 17 | |||
Vessels | STI Ville and STI Amber | MR | Sale of Vessels | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Property, plant and equipment | $ 52,600 | |||
Vessels | STI Savile Row, STI Carnaby and STI Nautilus | LR2 | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Number of vessels in agreement to sell | vessel | 3 | |||
Vessels | STI Fontvieille and STI Benicia | MR | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Number of vessels in agreement to sell | vessel | 2 | |||
Vessels | STI Excelsior, STI Executive, STI Excellence, STI Pride, STI Providence, STI Prestige, STI Experience, STI Express, STI Exceed, STI Excel, STI Expedite, and STI Precision | LR1 | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Number of vessels in agreement to sell | vessel | 12 | |||
Vessels | Cost | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | $ 4,045,062 | $ 4,782,886 | ||
Transfer from right of use assets, net | 695,162 | |||
Additions | 4,711 | 20,426 | ||
Disposal of vessels | (79,429) | (758,250) | ||
Write-offs | (771) | 0 | ||
Ending balance | 4,664,735 | 4,045,062 | 4,782,886 | |
Property, plant and equipment | 4,664,735 | 4,045,062 | 4,782,886 | |
Vessels | Accumulated depreciation and impairment | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | (1,016,258) | (1,020,407) | ||
Charge for the period | (152,661) | (145,140) | ||
Disposal of vessels | 28,505 | 136,581 | ||
Reversal of previously recorded impairment | 12,708 | |||
Write-offs | 0 | 0 | ||
Ending balance | (1,140,414) | (1,016,258) | (1,020,407) | |
Property, plant and equipment | (1,140,414) | (1,016,258) | (1,020,407) | |
Drydock | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | 60,450 | |||
Ending balance | 53,614 | 60,450 | ||
Property, plant and equipment | 53,614 | 60,450 | ||
Drydock | Cost | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | 117,641 | 135,471 | ||
Transfer from right of use assets, net | 3,722 | |||
Additions | 16,738 | 19,807 | ||
Disposal of vessels | (3,134) | (22,641) | ||
Write-offs | (1,500) | (14,996) | ||
Ending balance | 133,467 | 117,641 | 135,471 | |
Property, plant and equipment | 133,467 | 117,641 | 135,471 | |
Drydock | Accumulated depreciation and impairment | ||||
Changes in Property, Plant and Equipment [Roll Forward] | ||||
Beginning balance | (57,191) | (55,879) | ||
Charge for the period | (25,598) | (22,868) | ||
Disposal of vessels | 1,436 | 6,560 | ||
Reversal of previously recorded impairment | 0 | |||
Write-offs | 1,500 | 14,996 | ||
Ending balance | (79,853) | (57,191) | (55,879) | |
Property, plant and equipment | $ (79,853) | $ (57,191) | $ (55,879) |
Vessels - Summary of cost capit
Vessels - Summary of cost capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Vessel Additions [Abstract] | ||
Percentage of equipment cost estimated to require replacement value of vessel | 10% | 10% |
Capitalized cost | Drydock | ||
Drydock Additions\ [Abstract] | ||
Drydock expenses | $ 16,738 | $ 19,657 |
Notional of component of scrubber | 0 | 150 |
Total drydock cost | 16,738 | 19,807 |
Capitalized cost | Vessels | ||
Vessel Additions [Abstract] | ||
Scrubber cost | 0 | 14,386 |
BWTS cost | 4,554 | 5,522 |
Other equipment cost | 150 | 347 |
Capitalized interest | 7 | 171 |
Vessel additions | $ 4,711 | $ 20,426 |
Vessels - Vessel deliveries (De
Vessels - Vessel deliveries (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||
Aug. 31, 2021 equipment | Jul. 31, 2018 equipment | Sep. 30, 2022 vessel | Jun. 30, 2022 vessel | Mar. 31, 2022 vessel | Dec. 31, 2023 USD ($) tanker vessel | Dec. 31, 2022 USD ($) vessel tanker | Dec. 31, 2021 USD ($) | Dec. 31, 2023 vessel tanker | Feb. 28, 2021 tanker | Dec. 31, 2019 tanker | Nov. 30, 2018 agreement tanker | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||
Number of vessels | vessel | 1 | 1 | ||||||||||
Write-off of deposits on scrubbers | $ | $ 10,508 | $ 0 | $ 0 | |||||||||
Percentage of equipment cost estimated to require replacement value of vessel | 10% | 10% | ||||||||||
Number of vessels sold | vessel | 2 | 9 | 7 | 18 | 20 | |||||||
Ballast water treatment systems | ||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||
Number of pieces of equipment | 55 | 4 | 4 | |||||||||
Ships to be installed with scrubbers | ||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||
Number of vessels | 77 | |||||||||||
Exhaust gas cleaning system | ||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||
Number of agreements | agreement | 2 | |||||||||||
Number of vessels | 6 | 6 | ||||||||||
Exhaust gas cleaning system | Option exercised | ||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||
Number of vessels | 21 | |||||||||||
Postpone installation of scrubbers | Option exercised | ||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||
Number of vessels | 19 | |||||||||||
Scrubbers | ||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||
Number of pieces of equipment | equipment | 6 |
Vessels - Vessel sales (Details
Vessels - Vessel sales (Details) $ in Thousands | 3 Months Ended | 5 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Sep. 30, 2022 vessel | Jun. 30, 2022 vessel | Mar. 31, 2022 vessel | Nov. 30, 2023 USD ($) vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) vessel | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels sold | vessel | 2 | 9 | 7 | 18 | 20 | |||
Vessels and drydock | $ 3,577,935 | $ 3,089,254 | $ 3,577,935 | |||||
Right of use assets for vessels | 0 | 689,826 | $ 0 | |||||
Gain (loss) on sale of vessels | 12,019 | (66,486) | $ 0 | |||||
Write-off of deferred financing fees | $ 16,525 | $ 11,463 | $ 3,604 | |||||
Number of vessels in agreement to sell | vessel | 18 | |||||||
LR2 | Sale of Vessels | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Write-off of goodwill | $ 700 | |||||||
STI Ville and STI Amber | MR | Sale of Vessels | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels in agreement to sell | vessel | 2 | 2 | ||||||
STI Majestic | MR | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels sold | vessel | 1 | |||||||
Vessels | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Proceeds from sale of vessels | $ 607,700 | |||||||
Vessels and drydock | $ 3,524,321 | 3,028,804 | $ 3,524,321 | |||||
Right of use assets for vessels | $ 0 | $ 683,181 | $ 0 | |||||
Vessels | Sale of Vessels | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels sold | vessel | 17 | |||||||
Vessels and drydock | $ 637,800 | |||||||
Gain (loss) on sale of vessels | 66,500 | |||||||
Repayments | 347,400 | |||||||
Write-off of deferred financing fees | $ 3,500 | |||||||
Number of vessels in agreement to sell | vessel | 19 | 19 | ||||||
Vessels | STI Ville and STI Amber | MR | Sale of Vessels | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels sold | vessel | 2 | |||||||
Proceeds from sale of vessels | $ 64,600 | |||||||
Accrued and unpaid selling costs | 300 | |||||||
Vessels and drydock | 52,600 | |||||||
Gain (loss) on sale of vessels | 12,000 | |||||||
Vessels | STI Savile Row, STI Carnaby and STI Nautilus | LR2 | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels in agreement to sell | vessel | 3 | |||||||
Vessels | STI Excelsior, STI Executive, STI Excellence, STI Pride, STI Providence, STI Prestige, STI Experience, STI Express, STI Exceed, STI Excel, STI Expedite, and STI Precision | LR1 | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels in agreement to sell | vessel | 12 | |||||||
Vessels | STI Fontvieille, STI Benicia and STI Majestic | MR | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels in agreement to sell | vessel | 3 | |||||||
Vessels | STI Majestic | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels sold | vessel | 1 | |||||||
Vessels | STI Majestic | Sale of Vessels | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Number of vessels sold | vessel | 1 | |||||||
Right of use assets for vessels | $ 35,400 | |||||||
Vessels | STI Amber | MR | Sale of Vessels | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Repayments | $ 8,200 | |||||||
Ballast water treatment systems | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Contract liabilities | $ 0 | $ 0 |
Vessels - Collateral agreements
Vessels - Collateral agreements (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Property, plant and equipment [abstract] | |
Vessels pledged as collateral | $ 3,200 |
Aggregate carrying value of unencumbered vessels | $ 411.2 |
Right of use assets and relat_3
Right of use assets and related lease liabilities - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 26, 2019 USD ($) vessel | Nov. 30, 2023 USD ($) vessel | Apr. 30, 2022 USD ($) | Apr. 30, 2017 USD ($) agreement | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Dec. 31, 2020 vessel | Jan. 31, 2019 agreement | Jan. 01, 2019 | |
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Number of vessels under fixed rate bareboat charter agreements | vessel | 3 | 3 | ||||||||
Number of vessels under variable rate bareboat charter agreements | vessel | 18 | 19 | ||||||||
Number of vessels | vessel | 1 | |||||||||
Number of vessels, purchase option exercised | vessel | 18 | |||||||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | ||||||||
Principal repayments recognized in consolidated cash flow statements | 516,127,000 | 79,502,000 | $ 56,729,000 | |||||||
Income from subleasing right-of-use assets | 136,600,000 | 246,500,000 | $ 91,800,000 | |||||||
Trafigura transaction | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Monthly installments | $ 200,000 | |||||||||
Prepayments | $ 18,000,000 | |||||||||
Vessels are required to maintain a fair value, as determined by the average value of semi-annual appraisals from two approved third party brokers | 111% | |||||||||
Trafigura transaction | London Interbank Offered Rate LIBOR plus margin | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Adjustment to interest rate basis | 3.50% | |||||||||
Trafigura transaction | From the latter of the date of the Trafigura Transaction or the delivery date of the respective vessel | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Number of vessels | vessel | 8 | |||||||||
Modified agreement period | 8 years | |||||||||
Gross carrying amount | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Additions | 33,302,000 | |||||||||
Borrowings | 1,617,439,000 | 1,948,592,000 | ||||||||
IFRS 16 - Leases - 3 MR (See Note 6) | Gross carrying amount | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Borrowings | 0 | 21,138,000 | ||||||||
IFRS 16 - Leases - $670.0 Million (see Note 6) | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | 459,100,000 | |||||||||
Right-of-use assets, increase (decrease) in revaluation surplus | 4,500,000 | |||||||||
Increase (decrease) in liabilities arising from financing activities | 4,500,000 | |||||||||
IFRS 16 - Leases - $670.0 Million (see Note 6) | Gross carrying amount | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Borrowings | $ 0 | $ 475,939,000 | ||||||||
MR | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 6% | |||||||||
MR | Trafigura transaction | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Prepayments | $ 800,000 | |||||||||
MR | Bareboat chartered-in product tankers | STI Beryl, STI Le Rocher and STI Larvotto | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Number of vessels | agreement | 3 | 3 | ||||||||
LR2 | Trafigura transaction | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Prepayments | $ 1,500,000 | |||||||||
Vessels | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Number of vessels | vessel | 111 | 113 | ||||||||
Vessels | STI Beryl, STI Le Rocher and STI Larvotto | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Sale leaseback transaction, deposit per vessel | $ 4,350,000 | |||||||||
Number of vessels, purchase option exercised | vessel | 3 | |||||||||
Accretion gain on lease deposits | 600,000 | $ 600,000 | ||||||||
Vessels | Leasehold interest | Trafigura transaction | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Number of vessels | 19 | |||||||||
Vessels | Gross carrying amount | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Additions | $ 33,302,000 | |||||||||
Vessels | IFRS 16 - Leases - 3 MR (See Note 6) | STI Beryl, STI Le Rocher and STI Larvotto | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Increase through new leases, liabilities arising from financing activities | $ 28,800,000 | |||||||||
Additions | 28,800,000 | |||||||||
Accretion gain on lease deposits | 1,000,000 | |||||||||
Lease payments, daily rate | $ 13,100,000 | |||||||||
Vessels | IFRS 16 - Leases - $670.0 Million (see Note 6) | STI Majestic | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 25,600,000 | |||||||||
Vessels | MR | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Number of vessels | vessel | 13 | 13 | ||||||||
Vessels | MR | STI Beryl, STI Le Rocher and STI Larvotto | ||||||||||
Disclosure of finance lease and operating lease by lessee [line items] | ||||||||||
Leaseback, daily rate | $ 8,800 | |||||||||
Sale leaseback transaction, deposit per vessel | $ 4,400,000 | |||||||||
Sale and leaseback, term of lease | 8 years |
Right of use assets and relat_4
Right of use assets and related lease liabilities - Right of use asset activity (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Sep. 30, 2022 vessel | Jun. 30, 2022 vessel | Mar. 31, 2022 USD ($) vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) vessel | |
Cost | |||||||
Beginning balance | $ 689,826 | ||||||
Accumulated depreciation and impairment | |||||||
Charge for the period | (24,244) | $ (38,827) | $ (42,786) | ||||
Ending balance | 0 | $ 689,826 | $ 0 | ||||
Number of vessels sold | vessel | 2 | 9 | 7 | 18 | 20 | ||
Gross carrying amount | |||||||
Cost | |||||||
Beginning balance | $ 859,808 | 820,660 | $ 859,808 | $ 859,808 | |||
Transfer to vessels, net | (851,327) | ||||||
Additions | 33,302 | ||||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | (39,148) | ||||||
Right of use asset cost | 0 | 820,660 | 0 | ||||
Accumulated depreciation and impairment | |||||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | (39,148) | ||||||
Ending balance | 820,660 | 859,808 | |||||
Accumulated depreciation and impairment | |||||||
Cost | |||||||
Transfer to vessels, net | 152,443 | ||||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | 3,776 | ||||||
Accumulated depreciation and impairment | |||||||
Beginning accumulated depreciation | 95,783 | 130,834 | 95,783 | 95,783 | |||
Charge for the period | (24,244) | (38,827) | |||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | 3,776 | ||||||
Ending accumulated depreciation | 0 | 130,834 | 95,783 | 0 | |||
Vessels | |||||||
Cost | |||||||
Beginning balance | 683,181 | ||||||
Accumulated depreciation and impairment | |||||||
Ending balance | $ 0 | $ 683,181 | $ 0 | ||||
Vessels | STI Majestic | |||||||
Accumulated depreciation and impairment | |||||||
Number of vessels sold | vessel | 1 | ||||||
Vessels | Lease option to purchase option exercised | |||||||
Accumulated depreciation and impairment | |||||||
Number of ships, purchase options exercised | vessel | 21 | 21 | |||||
Vessels | Gross carrying amount | |||||||
Cost | |||||||
Beginning balance | 836,246 | $ 798,083 | $ 836,246 | $ 836,246 | |||
Transfer to vessels, net | (831,385) | ||||||
Additions | 33,302 | ||||||
Fully depreciated assets | 0 | ||||||
Disposal of vessels | (38,163) | ||||||
Right of use asset cost | 0 | 798,083 | 0 | ||||
Accumulated depreciation and impairment | |||||||
Fully depreciated assets | 0 | ||||||
Disposal of vessels | (38,163) | ||||||
Ending balance | 798,083 | 836,246 | |||||
Vessels | Accumulated depreciation and impairment | |||||||
Cost | |||||||
Transfer to vessels, net | 136,223 | ||||||
Fully depreciated assets | 0 | ||||||
Disposal of vessels | 3,247 | ||||||
Accumulated depreciation and impairment | |||||||
Beginning accumulated depreciation | 84,221 | 114,902 | 84,221 | 84,221 | |||
Charge for the period | (21,321) | (33,928) | |||||
Fully depreciated assets | 0 | ||||||
Disposal of vessels | 3,247 | ||||||
Ending accumulated depreciation | 0 | 114,902 | 84,221 | 0 | |||
Drydock | |||||||
Cost | |||||||
Beginning balance | 6,645 | ||||||
Accumulated depreciation and impairment | |||||||
Ending balance | 0 | 6,645 | 0 | ||||
Drydock | Gross carrying amount | |||||||
Cost | |||||||
Beginning balance | 23,562 | 22,577 | 23,562 | 23,562 | |||
Transfer to vessels, net | (19,942) | ||||||
Additions | 0 | ||||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | (985) | ||||||
Right of use asset cost | 0 | 22,577 | 0 | ||||
Accumulated depreciation and impairment | |||||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | (985) | ||||||
Ending balance | 22,577 | 23,562 | |||||
Drydock | Accumulated depreciation and impairment | |||||||
Cost | |||||||
Transfer to vessels, net | 16,220 | ||||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | 529 | ||||||
Accumulated depreciation and impairment | |||||||
Beginning accumulated depreciation | $ 11,562 | 15,932 | 11,562 | 11,562 | |||
Charge for the period | (2,923) | (4,899) | |||||
Fully depreciated assets | (2,635) | ||||||
Disposal of vessels | 529 | ||||||
Ending accumulated depreciation | $ 0 | $ 15,932 | $ 11,562 | $ 0 |
Right of use assets and relat_5
Right of use assets and related lease liabilities - Payments lease liability (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Interest expense recognized in consolidated statements of operations | $ 23,749 | $ 30,420 | ||
Principal repayments recognized in consolidated cash flow statements | 516,127 | 79,502 | $ 56,729 | |
Net decrease (increase) in accrued interest expense | 467 | (188) | ||
Total payments on lease liabilities under IFRS 16 - Leases | 540,343 | 109,734 | ||
Principal repayments on IFRS 16 lease liabilities | 516,127 | $ 79,502 | $ 56,729 | |
IFRS 16 - Leases - $670.0 Million (see Note 6) | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Principal repayments recognized in consolidated cash flow statements | 459,100 | |||
Principal repayments on IFRS 16 lease liabilities | $ 459,100 | |||
STI Majestic | IFRS 16 - Leases - $670.0 Million (see Note 6) | Vessels | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Principal repayments recognized in consolidated cash flow statements | $ 25,600 | |||
Principal repayments on IFRS 16 lease liabilities | $ 25,600 |
Carrying values of vessels, v_2
Carrying values of vessels, vessels under construction, right of use assets for vessels and goodwill - Carrying value of vessels narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2020 USD ($) vessel | Dec. 31, 2021 vessel | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Number of vessels | vessel | 1 | |||
Reversal of previously recorded impairment | $ 12,708 | |||
Vessels estimated useful life | 25 years | |||
Goodwill | $ 8,197 | $ 8,197 | ||
Vessels | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Number of vessels | vessel | 111 | 113 | ||
MR | Vessels | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Number of vessels | vessel | 13 | 13 | ||
Impairment loss recognised in profit or loss, property, plant and equipment | $ 14,200 | |||
Reversal of previously recorded impairment | $ 12,700 | |||
Approximate age of vessels previously impaired | 10 years |
Carrying values of vessels, v_3
Carrying values of vessels, vessels under construction, right of use assets for vessels and goodwill - Capitalized interest (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of impairment of assets [Abstract] | |||
Interest costs capitalised | $ 0 | $ 0.2 | $ 0.2 |
Capitalisation rate of borrowing costs eligible for capitalisation | 0.10% | ||
Number of vessels under construction | 0 | 0 |
Other non-current assets (Detai
Other non-current assets (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 14 Months Ended | 24 Months Ended | ||||||||||
Nov. 30, 2023 USD ($) | Aug. 31, 2021 USD ($) vessel tanker | Sep. 30, 2022 vessel | Jun. 30, 2022 vessel | Mar. 31, 2022 vessel | Dec. 31, 2021 vessel | Dec. 31, 2023 USD ($) vessel tanker | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Sep. 30, 2019 tanker supplier | Dec. 31, 2023 USD ($) vessel tanker | Nov. 30, 2022 USD ($) vessel | Dec. 31, 2020 vessel | Apr. 30, 2020 tanker | Apr. 30, 2017 USD ($) | |
Other non-current assets | |||||||||||||||
Investment in dual fuel tanker joint venture | $ 11,800 | $ 7,672 | $ 11,800 | ||||||||||||
Capitalized loan fees | 2,229 | 0 | 2,229 | ||||||||||||
Sellers credit on sale leaseback vessels | 0 | 11,430 | 0 | ||||||||||||
Other | 0 | 1,754 | 0 | ||||||||||||
Other non-current assets | $ 65,440 | 83,754 | $ 65,440 | ||||||||||||
Number of tankers | vessel | 1 | 1 | |||||||||||||
Proportion of ownership interest in joint venture | 50% | ||||||||||||||
Distributions from dual fuel tanker joint venture | $ 1,822 | 493 | $ 1,525 | ||||||||||||
Number of suppliers, scrubber installation | supplier | 2 | ||||||||||||||
Write-off of deposits on scrubbers | 10,508 | $ 0 | $ 0 | ||||||||||||
Number of vessels sold | vessel | 2 | 9 | 7 | 18 | 20 | ||||||||||
Minority Interest in Portfolio Acquired, August 2021 | |||||||||||||||
Other non-current assets | |||||||||||||||
Consideration paid (received) | $ 6,700 | ||||||||||||||
Additional investment in joint venture | $ 1,750 | ||||||||||||||
Share of net income in joint venture | 5,900 | $ 700 | |||||||||||||
Distributions from dual fuel tanker joint venture | 1,800 | 500 | |||||||||||||
Other related parties | Scorpio LR2 Pool Limited | |||||||||||||||
Other non-current assets | |||||||||||||||
Non-current receivables due from related parties | 22,950 | 25,500 | $ 22,950 | ||||||||||||
Other related parties | Scorpio MR Pool Limited | |||||||||||||||
Other non-current assets | |||||||||||||||
Non-current receivables due from related parties | 21,200 | 22,000 | 21,200 | ||||||||||||
Other related parties | Scorpio Handymax Tanker Pool Limited | |||||||||||||||
Other non-current assets | |||||||||||||||
Non-current receivables due from related parties | 5,661 | 5,661 | 5,661 | ||||||||||||
Other related parties | Scorpio Pools | |||||||||||||||
Other non-current assets | |||||||||||||||
Non-current receivables due from related parties | 51,411 | 53,161 | 51,411 | ||||||||||||
Other related parties | Mercury Pool Limited | |||||||||||||||
Other non-current assets | |||||||||||||||
Non-current receivables due from related parties | 1,600 | 0 | 1,600 | ||||||||||||
Exhaust gas cleaning system | |||||||||||||||
Other non-current assets | |||||||||||||||
Deposits for exhaust gas cleaning system ('scrubbers') | $ 0 | $ 9,737 | $ 0 | ||||||||||||
Number of tankers | tanker | 6 | 6 | |||||||||||||
Vessels | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | vessel | 111 | 113 | 111 | ||||||||||||
Vessels | MR | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | vessel | 13 | 13 | 13 | ||||||||||||
Product tanker | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | vessel | 9 | 0 | 0 | 0 | |||||||||||
Product tanker | MR | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | vessel | 5 | ||||||||||||||
Long-term charter contracts, term | 5 years | ||||||||||||||
Product tanker | LR1 | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | vessel | 4 | 2 | 2 | ||||||||||||
Number of vessels sold | vessel | 2 | ||||||||||||||
Product tanker | Minority Interest in Portfolio Acquired, August 2021 | LR1 | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | vessel | 1 | ||||||||||||||
STI Beryl, STI Le Rocher and STI Larvotto | Vessels | |||||||||||||||
Other non-current assets | |||||||||||||||
Sale leaseback transaction, deposit per vessel | $ 4,350 | $ 4,350 | |||||||||||||
Sale leaseback transaction, aggregate amount | 13,100 | $ 13,100 | |||||||||||||
Accretion gain on lease deposits | 600 | $ 600 | |||||||||||||
STI Beryl, STI Le Rocher and STI Larvotto | Vessels | IFRS 16 - Leases - 3 MR (See Note 6) | |||||||||||||||
Other non-current assets | |||||||||||||||
Accretion gain on lease deposits | $ 1,000 | ||||||||||||||
STI Beryl, STI Le Rocher and STI Larvotto | Vessels | MR | |||||||||||||||
Other non-current assets | |||||||||||||||
Sale leaseback transaction, deposit per vessel | $ 4,400 | ||||||||||||||
Scrubbers | Vessels | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | tanker | 98 | ||||||||||||||
Postpone installation of scrubbers | Vessels | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | tanker | 19 | ||||||||||||||
Installation of scrubbers | Vessels | |||||||||||||||
Other non-current assets | |||||||||||||||
Number of tankers | tanker | 6 | ||||||||||||||
Deposits on installation of scrubbers | Vessels | |||||||||||||||
Other non-current assets | |||||||||||||||
Write-off of deposits on scrubbers | 9,700 | ||||||||||||||
Previously purchased equipment | Vessels | |||||||||||||||
Other non-current assets | |||||||||||||||
Write-off of deposits on scrubbers | $ 800 |
Restricted Cash (Details)
Restricted Cash (Details) | Sep. 01, 2017 vessel |
STI Solace, STI Solidarity and STI Stability | BCFL Lease Financing (LR2s) | NPTI September Closing | Vessels | LR2 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of vessels under finance lease arrangements | 3 |
Accounts payable (Details)
Accounts payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Suppliers | $ 6,349 | $ 14,672 |
Accounts payable | $ 10,004 | 28,748 |
Accounts payable settlement days | 90 days | |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | $ 3,655 | 14,076 |
Other related parties | Prepaid vessel operating expenses - SSM | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 2,131 | 734 |
Other related parties | Scorpio Handymax Tanker Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 434 | 2,333 |
Other related parties | Scorpio Services Holding Limited (SSH) | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 283 | 286 |
Other related parties | Prepaid expense - SCM | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 260 | 507 |
Other related parties | Amounts due to related party port agents | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 260 | 137 |
Other related parties | Scorpio MR Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 180 | 7,333 |
Other related parties | Amounts due to a related party bunker supplier | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 95 | 2,322 |
Other related parties | Mercury Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 10 | 0 |
Other related parties | Scorpio LR2 Pool Limited | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | $ 2 | $ 424 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Accrued short-term employee benefits | $ 33,329 | $ 40,295 |
Suppliers | 17,984 | 32,051 |
Deferred income | 11,653 | 10,963 |
Accrued interest | 8,210 | 7,200 |
Accrued expenses and other current liabilities | 72,678 | 91,508 |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 1,502 | 999 |
Other related parties | Accrued expenses to related party port agents | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 1,108 | 876 |
Other related parties | Prepaid vessel operating expenses - SSM | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 337 | 89 |
Other related parties | Prepaid expense - SCM | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | 56 | 33 |
Other related parties | Scorpio Services Holding Limited (SSH) | ||
Disclosure of transactions between related parties [line items] | ||
Accrued expenses to related parties | $ 1 | $ 1 |
Current and long-term debt - Sc
Current and long-term debt - Schedule of current and non-current portion of debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||
Current portion of long-term bank debt | $ 220,965 | $ 31,504 |
Sale and leaseback | 206,757 | 269,145 |
Current portion of long-term debt | 427,722 | 300,649 |
Non-current portion of bank debt and bonds | 939,188 | 264,106 |
Sale and leaseback | 221,380 | 871,469 |
Total debt outstanding | 1,588,290 | 1,436,224 |
Finance lease | ||
Disclosure of detailed information about borrowings [line items] | ||
Total debt outstanding | 3,200 | 8,200 |
Deferred financing fees | ||
Disclosure of detailed information about borrowings [line items] | ||
Current portion of long-term debt | 5,846 | |
Non-current portion of bank debt and bonds | 22,968 | |
Total debt outstanding | 28,814 | 12,758 |
Unamortized deferred financing fees | 5,000 | 500 |
Deferred financing fees | Finance lease | ||
Disclosure of detailed information about borrowings [line items] | ||
Current portion of long-term debt | 800 | 800 |
Non-current portion of bank debt and bonds | 20,600 | 4,000 |
Sale and leaseback | 2,300 | 7,400 |
Prepaid interest, borrowings | $ 300 | $ 2,500 |
Current and long-term debt - _2
Current and long-term debt - Schedule of debt rollforward by facility (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | $ 1,436,224 | ||||
Carrying Value as of December 31, 2023 | 1,588,290 | $ 1,436,224 | |||
Current | (427,722) | (300,649) | |||
Non-Current | (939,188) | (264,106) | |||
BNPP Sinosure Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Drawdowns | 5,100 | $ 1,900 | $ 101,500 | ||
BCFL Lease Financing (MRs) | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 53,200 | ||||
Carrying Value as of December 31, 2023 | 21,700 | 53,200 | |||
2020 SPDBFL Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 80,600 | ||||
Carrying Value as of December 31, 2023 | 37,600 | 80,600 | |||
2021 Ocean Yield Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 63,900 | 70,200 | |||
Carrying Value as of December 31, 2023 | 58,100 | 63,900 | $ 70,200 | ||
Unsecured Senior Notes Due 2025 | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Drawdowns | $ 26,500 | ||||
Gross carrying amount | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 1,948,592 | ||||
Drawdowns | 1,386,482 | ||||
Repayments | (1,744,056) | ||||
Other Activity | (26,421) | ||||
Carrying Value as of December 31, 2023 | 1,617,439 | 1,948,592 | |||
Current | (433,903) | ||||
Non-Current | (1,183,536) | ||||
Gross carrying amount | Hamburg Commercial Bank Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 33,732 | ||||
Drawdowns | 0 | ||||
Repayments | (33,732) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 33,732 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | Prudential Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 39,286 | ||||
Drawdowns | 0 | ||||
Repayments | (5,546) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 33,740 | 39,286 | |||
Current | (33,740) | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2019 DNB / GIEK Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 38,338 | ||||
Drawdowns | 0 | ||||
Repayments | (38,338) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 38,338 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | BNPP Sinosure Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 80,576 | ||||
Drawdowns | 0 | ||||
Repayments | (10,909) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 69,667 | 80,576 | |||
Current | (10,909) | ||||
Non-Current | (58,758) | ||||
Gross carrying amount | 2020 $225.0 Million Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 37,765 | ||||
Drawdowns | 0 | ||||
Repayments | (37,765) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 37,765 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2023 $225.0 Million Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 0 | ||||
Drawdowns | 225,000 | ||||
Repayments | (25,425) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 199,575 | 0 | |||
Current | (33,900) | ||||
Non-Current | (165,675) | ||||
Gross carrying amount | 2023 $49.1 Million Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 0 | ||||
Drawdowns | 49,088 | ||||
Repayments | (3,462) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 45,626 | 0 | |||
Current | (4,615) | ||||
Non-Current | (41,011) | ||||
Gross carrying amount | 2023 $117.4 Million Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 0 | ||||
Drawdowns | 117,394 | ||||
Repayments | (8,504) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 108,890 | 0 | |||
Current | (17,007) | ||||
Non-Current | (91,883) | ||||
Gross carrying amount | 2023 $1.0 Billion Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 0 | ||||
Drawdowns | 901,000 | ||||
Repayments | (336,093) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 564,907 | 0 | |||
Current | (116,149) | ||||
Non-Current | (448,758) | ||||
Gross carrying amount | 2023 $94.0 Million Credit Facility | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 0 | ||||
Drawdowns | 94,000 | ||||
Repayments | (1,092) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 92,908 | 0 | |||
Current | (9,666) | ||||
Non-Current | (83,242) | ||||
Gross carrying amount | Ocean Yield Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 114,273 | ||||
Drawdowns | 0 | ||||
Repayments | (89,484) | ||||
Other Activity | (454) | ||||
Carrying Value as of December 31, 2023 | 25,243 | 114,273 | |||
Current | (3,035) | ||||
Non-Current | (22,208) | ||||
Gross carrying amount | BCFL Lease Financing (LR2s) | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 67,058 | ||||
Drawdowns | 0 | ||||
Repayments | (68,310) | ||||
Other Activity | (1,252) | ||||
Carrying Value as of December 31, 2023 | 0 | 67,058 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | CSSC Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 119,165 | ||||
Drawdowns | 0 | ||||
Repayments | (121,279) | ||||
Other Activity | (2,114) | ||||
Carrying Value as of December 31, 2023 | 0 | 119,165 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | BCFL Lease Financing (MRs) | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 53,202 | ||||
Drawdowns | 0 | ||||
Repayments | (31,068) | ||||
Other Activity | 481 | ||||
Carrying Value as of December 31, 2023 | 21,653 | 53,202 | |||
Current | (21,653) | ||||
Non-Current | 0 | ||||
Gross carrying amount | AVIC Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 77,769 | ||||
Drawdowns | 0 | ||||
Repayments | (77,769) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 77,769 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2020 CMBFL Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 38,090 | ||||
Drawdowns | 0 | ||||
Repayments | (38,090) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 38,090 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2020 TSFL Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 40,607 | ||||
Drawdowns | 0 | ||||
Repayments | (40,607) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 40,607 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2020 SPDBFL Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 80,616 | ||||
Drawdowns | 0 | ||||
Repayments | (43,753) | ||||
Other Activity | (763) | ||||
Carrying Value as of December 31, 2023 | 37,626 | 80,616 | |||
Current | (37,626) | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2021 AVIC Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 83,662 | ||||
Drawdowns | 0 | ||||
Repayments | (7,252) | ||||
Other Activity | (1,157) | ||||
Carrying Value as of December 31, 2023 | 77,567 | 83,662 | |||
Current | (77,567) | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2021 CMBFL Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 68,045 | ||||
Drawdowns | 0 | ||||
Repayments | (6,520) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 61,525 | 68,045 | |||
Current | (6,520) | ||||
Non-Current | (55,005) | ||||
Gross carrying amount | 2021 TSFL Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 49,997 | ||||
Drawdowns | 0 | ||||
Repayments | (4,380) | ||||
Other Activity | (865) | ||||
Carrying Value as of December 31, 2023 | 46,482 | 49,997 | |||
Current | (46,482) | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2021 CSSC Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 48,631 | ||||
Drawdowns | 0 | ||||
Repayments | (48,631) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 48,631 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2021 $146.3 Million Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 133,699 | ||||
Drawdowns | 0 | ||||
Repayments | (133,699) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 0 | 133,699 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | 2021 Ocean Yield Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 63,933 | ||||
Drawdowns | 0 | ||||
Repayments | (5,850) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 58,083 | 63,933 | |||
Current | (5,866) | ||||
Non-Current | (52,217) | ||||
Gross carrying amount | 2022 AVIC Lease Financing | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 112,620 | ||||
Drawdowns | 0 | ||||
Repayments | (9,169) | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 103,451 | 112,620 | |||
Current | (9,168) | ||||
Non-Current | (94,283) | ||||
Gross carrying amount | IFRS 16 - Leases - 3 MR (See Note 6) | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 21,138 | ||||
Drawdowns | 0 | ||||
Repayments | (36,933) | ||||
Other Activity | (15,795) | ||||
Carrying Value as of December 31, 2023 | 0 | 21,138 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | IFRS 16 - Leases - $670.0 Million (see Note 6) | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 475,939 | ||||
Drawdowns | 0 | ||||
Repayments | (480,396) | ||||
Other Activity | (4,457) | ||||
Carrying Value as of December 31, 2023 | 0 | 475,939 | |||
Current | 0 | ||||
Non-Current | 0 | ||||
Gross carrying amount | Unsecured Senior Notes Due 2025 | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 70,451 | ||||
Drawdowns | 0 | ||||
Repayments | 0 | ||||
Other Activity | (45) | ||||
Carrying Value as of December 31, 2023 | 70,496 | 70,451 | |||
Current | 0 | ||||
Non-Current | (70,496) | ||||
Deferred financing fees | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 12,758 | ||||
Drawdowns | 27,627 | ||||
Repayments | 0 | ||||
Other Activity | 11,571 | ||||
Carrying Value as of December 31, 2023 | 28,814 | 12,758 | |||
Current | (5,846) | ||||
Non-Current | (22,968) | ||||
Deferred financing fees | Unsecured Senior Notes Due 2025 | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 1,700 | ||||
Carrying Value as of December 31, 2023 | 1,100 | 1,700 | |||
Prepaid interest expense | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 3,735 | ||||
Drawdowns | 0 | ||||
Repayments | 3,400 | ||||
Other Activity | 0 | ||||
Carrying Value as of December 31, 2023 | 335 | 3,735 | |||
Current | (335) | ||||
Non-Current | 0 | ||||
Net carrying amount | |||||
Reconciliation of Changes in Borrowings [Roll Forward] | |||||
Carrying Value as of December 31, 2022 | 1,932,099 | ||||
Drawdowns | 1,358,855 | ||||
Repayments | (1,740,656) | ||||
Other Activity | (37,992) | ||||
Carrying Value as of December 31, 2023 | 1,588,290 | $ 1,932,099 | |||
Current | (427,722) | ||||
Non-Current | $ (1,160,568) |
Current and long-term debt - Na
Current and long-term debt - Narrative (Details) | 24 Months Ended |
Dec. 31, 2023 vessel | |
Disclosure of detailed information about borrowings [line items] | |
Number of ships, purchase option exercised and lease obligation repaid | 53 |
Top of range | |
Disclosure of detailed information about borrowings [line items] | |
Adjustment to interest rate basis | 0.26161% |
Top of range | Secured Overnight Financing Rate (SOFR) | |
Disclosure of detailed information about borrowings [line items] | |
Adjustment to interest rate basis | 0.26161% |
Bottom of range | Secured Overnight Financing Rate (SOFR) | |
Disclosure of detailed information about borrowings [line items] | |
Adjustment to interest rate basis | 0% |
Current and long-term debt - Ha
Current and long-term debt - Hamburg Commercial Bank credit facility (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2020 | Nov. 30, 2019 |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 1,588,290 | $ 1,436,224 | ||
Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 1,617,439 | 1,948,592 | ||
Hamburg Commercial Bank credit facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan maximum borrowing capacity | $ 43,650 | |||
Hamburg Commercial Bank credit facility | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 33,700 | |||
Tranche 1-refinance KEXIM two vessels | Hamburg Commercial Bank credit facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan maximum borrowing capacity | $ 42,200 | |||
Ships to be installed with scrubbers | Hamburg Commercial Bank credit facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan maximum borrowing capacity | $ 1,400 |
Current and long-term debt - Pr
Current and long-term debt - Prudential Private Capital facility (Details) | 1 Months Ended | ||
Nov. 30, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | |
Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,617,439,000 | 1,948,592,000 | |
Prudential Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | $ 55,500,000 | ||
Adjustment to interest rate basis | 3% | ||
Net debt to capitalization ratio | 0.60 | ||
Consolidated tangible net worth | $ 1,000,000,000 | ||
Cumulative positive net income | 25% | ||
Net proceeds of equity issuance | 50% | ||
Prudential Credit Facility | Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 33,740,000 | $ 39,286,000 | |
Consolidated Liquidity Requirement - Scenario One | Prudential Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Covenant liquidity requirement amount | $ 25,000,000 | ||
Consolidated Liquidity Requirement - Scenario Two | Prudential Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Consolidated liquidity requirement per each owned vessel | 500,000 | ||
Consolidated liquidity requirement per each chartered-in vessel | $ 250,000 | ||
Borrowings, Financial Covenants, Period One | Prudential Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Minimum ratio for fair value of vessels | 125% |
Current and long-term debt - 20
Current and long-term debt - 2019 DNB / GIEK credit facility (Details) $ in Thousands | 1 Months Ended | ||
Nov. 30, 2019 USD ($) facility | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,588,290 | $ 1,436,224 | |
Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,617,439 | 1,948,592 | |
DNB / GIEK credit facility 2019 | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | $ 55,500 | ||
Number of credit facilities | facility | 2 | ||
DNB / GIEK credit facility 2019 | Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 38,300 | ||
DNB / GIEK credit facility 2019 (ECA facility) | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | $ 47,200 | ||
GIEK tranche | DNB / GIEK credit facility 2019 | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | 41,600 | ||
Commercial bank tranche | DNB / GIEK credit facility 2019 | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | 5,600 | ||
Commercial facility | DNB / GIEK credit facility 2019 | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | $ 8,300 |
Current and long-term debt - BN
Current and long-term debt - BNPP Sinosure credit facility (Details) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 USD ($) vessel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) vessel | Jul. 31, 2023 | |
Disclosure of detailed information about borrowings [line items] | ||||||
Number of vessels | vessel | 1 | |||||
Borrowings | $ 1,436,224,000 | $ 1,588,290,000 | ||||
BNPP Sinosure Credit Facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Loan maximum borrowing capacity | $ 134,100,000 | |||||
Drawdowns | $ 5,100,000 | $ 1,900,000 | $ 101,500,000 | |||
Net debt to capitalization ratio | 0.60 | |||||
Consolidated tangible net worth | $ 1,000,000,000 | |||||
Cumulative positive net income | 25% | |||||
Net proceeds of equity issuance | 50% | |||||
BNPP Sinosure Credit Facility | Consolidated Liquidity Requirement - Scenario One | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Covenant liquidity requirement amount | $ 25,000,000 | |||||
BNPP Sinosure Credit Facility | Consolidated Liquidity Requirement - Scenario Two | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Consolidated liquidity requirement per each owned vessel | 500,000 | |||||
Consolidated liquidity requirement per each chartered-in vessel | $ 250,000 | |||||
BNPP Sinosure Credit Facility | Borrowings, Financial Covenants, Period One | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Minimum ratio for fair value of vessels | 130% | |||||
BNPP Sinosure Credit Facility | Borrowings, Financial Covenants, Period Two | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Minimum ratio for fair value of vessels | 135% | |||||
BNPP Sinosure Credit Facility | Repayment Period One | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Periodic borrowing payment amount | $ 5,500,000 | |||||
BNPP Sinosure Credit Facility | Repayment Period Two | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Periodic borrowing payment amount | 3,400,000 | |||||
BNPP Sinosure Credit Facility | Repayment Period Three | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Periodic borrowing payment amount | 900,000 | |||||
Commercial facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Loan maximum borrowing capacity | 67,000,000 | |||||
Commercial facility | Secured Overnight Financing Rate (SOFR) | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis | 2.80% | |||||
Sinosure facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Loan maximum borrowing capacity | $ 67,000,000 | |||||
Number of vessels | vessel | 5 | |||||
Sinosure facility | Secured Overnight Financing Rate (SOFR) | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis | 1.80% |
Current and long-term debt - _3
Current and long-term debt - 2020 $225.0 million credit facility (Details) $ in Thousands | Dec. 31, 2023 USD ($) vessel | Jan. 31, 2023 USD ($) tanker | Dec. 31, 2022 USD ($) |
Disclosure of detailed information about borrowings [line items] | |||
Number of vessels | vessel | 1 | ||
Borrowings | $ | $ 1,588,290 | $ 1,436,224 | |
2020 $225.0 Million Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | $ | $ 225,000 | ||
Number of vessels | 9 | ||
2020 $225.0 Million Credit Facility | LR2 | |||
Disclosure of detailed information about borrowings [line items] | |||
Number of vessels | 7 | ||
2020 $225.0 Million Credit Facility | LR1 | |||
Disclosure of detailed information about borrowings [line items] | |||
Number of vessels | 2 |
Current and long-term debt - _4
Current and long-term debt - 2023 $225 million credit facility (Details) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 USD ($) tanker | Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) tanker | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||
Number of vessels | vessel | 1 | ||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | |||
Gross carrying amount | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Drawdowns | 1,386,482,000 | ||||
Borrowings | 1,617,439,000 | 1,948,592,000 | |||
2023 $225.0 Million Credit Facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings instrument, term | 5 years | ||||
Net debt to capitalization ratio | 0.65 | ||||
Consolidated tangible net worth | $ 1,500,000,000 | ||||
Minimum ratio for fair value of vessels | 140% | ||||
2023 $225.0 Million Credit Facility | Gross carrying amount | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Drawdowns | 225,000,000 | ||||
Borrowings | $ 199,575,000 | $ 0 | |||
2023 $225.0 Million Credit Facility | Consolidated Liquidity Requirement - Scenario One | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Covenant liquidity requirement amount | $ 25,000,000 | ||||
2023 $225.0 Million Credit Facility | Consolidated Liquidity Requirement - Scenario Two | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Liquidity requirement, per each owned ship | 500,000 | ||||
Liquidity requirement, per each chartered-in ship | $ 250,000 | ||||
2023 $225.0 Million Credit Facility | MR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Number of vessels | tanker | 11 | ||||
2023 $225.0 Million Credit Facility | MR | Repayment Period One | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic payment per vessel | $ 630,000 | ||||
Repayment term | 2 years | ||||
2023 $225.0 Million Credit Facility | MR | Repayment Period Two | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic payment per vessel | $ 330,000 | ||||
2023 $225.0 Million Credit Facility | LR2 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Number of vessels | tanker | 2 | ||||
2023 $225.0 Million Credit Facility | LR2 | Repayment Period One | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic payment per vessel | $ 800,000 | ||||
Repayment term | 2 years | ||||
2023 $225.0 Million Credit Facility | LR2 | Repayment Period Two | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Periodic payment per vessel | $ 450,000 | ||||
2023 $225.0 Million Credit Facility | Secured Overnight Financing Rate (SOFR) | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Adjustment to interest rate basis | 1.975% | ||||
Thirteen Product Tankers | 2023 $225.0 Million Credit Facility | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan maximum borrowing capacity | $ 225,000,000 | ||||
Drawdowns | $ 40,100,000 | $ 184,900,000 | |||
Number of vessels | tanker | 13 |
Current and long-term debt - _5
Current and long-term debt - 2023 $49.1 million credit facility (Details) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 USD ($) tanker | Feb. 28, 2023 USD ($) | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||
Number of vessels | vessel | 1 | |||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | ||
Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Drawdowns | 1,386,482,000 | |||
Borrowings | 1,617,439,000 | 1,948,592,000 | ||
2023 $49.1 Million Credit Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan maximum borrowing capacity | $ 49,100,000 | |||
Borrowings instrument, term | 5 years | |||
Periodic borrowing payment amount | $ 1,200,000 | |||
Net debt to capitalization ratio | 0.65 | |||
Consolidated tangible net worth | $ 1,600,000,000 | |||
Cumulative positive net income | 25% | |||
Net proceeds of equity issuance | 50% | |||
Minimum ratio for fair value of vessels | 150% | |||
2023 $49.1 Million Credit Facility | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Drawdowns | 49,088,000 | |||
Borrowings | $ 45,626,000 | $ 0 | ||
2023 $49.1 Million Credit Facility | Consolidated Liquidity Requirement - Scenario One | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Covenant liquidity requirement amount | $ 25,000,000 | |||
2023 $49.1 Million Credit Facility | Consolidated Liquidity Requirement - Scenario Two | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Liquidity requirement, per each owned ship | 500,000 | |||
Liquidity requirement, per each chartered-in ship | $ 250,000 | |||
2023 $49.1 Million Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis | 1.90% | |||
2023 $49.1 Million Credit Facility | STI Rose and STI Rambla | LR2 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Drawdowns | $ 49,100,000 | |||
Number of vessels | tanker | 2 |
Current and long-term debt - _6
Current and long-term debt - 2023 $117.4 million credit facility (Details) | 1 Months Ended | ||
May 31, 2023 USD ($) vessel | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | |
Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 1,617,439,000 | 1,948,592,000 | |
2023 $117.4 Million Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Loan maximum borrowing capacity | $ 117,400,000 | ||
Borrowings instrument, term | 5 years | ||
Periodic borrowing payment amount | $ 4,300,000 | ||
Net debt to capitalization ratio | 0.65 | ||
Consolidated tangible net worth | $ 1,000,000,000 | ||
Cumulative positive net income | 25% | ||
Net proceeds of equity issuance | 50% | ||
Minimum ratio for fair value of vessels | 150% | ||
2023 $117.4 Million Credit Facility | Vessels | STI Battersea, STI Wembley, STI Texas City, STI Meraux, STI Mayfair, STI St. Charles, STI Alexis | |||
Disclosure of detailed information about borrowings [line items] | |||
Vessels pledged as security | vessel | 7 | ||
2023 $117.4 Million Credit Facility | Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 108,890,000 | $ 0 | |
2023 $117.4 Million Credit Facility | Consolidated Liquidity Requirement - Scenario One | |||
Disclosure of detailed information about borrowings [line items] | |||
Covenant liquidity requirement amount | $ 25,000,000 | ||
2023 $117.4 Million Credit Facility | Consolidated Liquidity Requirement - Scenario Two | |||
Disclosure of detailed information about borrowings [line items] | |||
Liquidity requirement, per each owned ship | 500,000 | ||
Liquidity requirement, per each chartered-in ship | $ 250,000 | ||
2023 $117.4 Million Credit Facility | Secured Overnight Financing Rate (SOFR) | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 1.925% |
Current and long-term debt - _7
Current and long-term debt - 2023 $1.0 billion credit facility (Details) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) vessel tanker | Nov. 30, 2023 USD ($) tanker | Sep. 30, 2023 USD ($) | Aug. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) vessel tanker | Mar. 31, 2023 tanker | Dec. 31, 2022 USD ($) vessel | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels | vessel | 1 | 1 | ||||||
Undrawn borrowing facilities | $ 288,200,000 | $ 288,200,000 | ||||||
Borrowings | 1,588,290,000 | 1,588,290,000 | $ 1,436,224,000 | |||||
Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Drawdowns | 1,386,482,000 | |||||||
Borrowings | $ 1,617,439,000 | $ 1,617,439,000 | $ 1,948,592,000 | |||||
Top of range | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Adjustment to interest rate basis | 0.26161% | 0.26161% | ||||||
Vessels | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels | vessel | 111 | 111 | 113 | |||||
2023 $1.0 Billion Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Loan maximum borrowing capacity | $ 1,000,000,000 | |||||||
Net debt to capitalization ratio | 0.65 | |||||||
Consolidated tangible net worth | $ 1,500,000,000 | |||||||
Minimum ratio for fair value of vessels | 140% | |||||||
Undrawn commitment fee | 0.78% | |||||||
2023 $1.0 Billion Credit Facility | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Drawdowns | $ 901,000,000 | |||||||
Borrowings | $ 564,907,000 | 564,907,000 | $ 0 | |||||
2023 $1.0 Billion Credit Facility | Consolidated Liquidity Requirement - Scenario One | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Covenant liquidity requirement amount | $ 25,000,000 | |||||||
2023 $1.0 Billion Credit Facility | Consolidated Liquidity Requirement - Scenario Two | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Liquidity requirement, per each owned ship | 500,000 | |||||||
Liquidity requirement, per each chartered-in ship | 250,000 | |||||||
2023 $1.0 Billion Credit Facility | Repayment Period One | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Periodic borrowing payment amount | $ 29,000,000 | |||||||
2023 $1.0 Billion Credit Facility | Repayment Period Two | Minimum | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Repayment term | 3 years | |||||||
2023 $1.0 Billion Credit Facility | Repayment Period Two | Maximum | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Repayment term | 5 years | |||||||
2023 $1.0 Billion Credit Facility | Repayment Period Two | Top of range | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Periodic borrowing payment amount | $ 22,300,000 | |||||||
2023 $1.0 Billion Credit Facility | Repayment Period Two | Bottom of range | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Periodic borrowing payment amount | $ 18,900,000 | |||||||
2023 $1.0 Billion Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Adjustment to interest rate basis | 1.95% | |||||||
2023 $1.0 Billion Credit Facility | Vessels | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Repayments | $ 288,200,000 | |||||||
Twenty Twenty Three $1.0 Billion Credit Facility, Term Loan | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Undrawn borrowing facilities | 49,500,000 | 49,500,000 | ||||||
Twenty Twenty Three $1.0 Billion Credit Facility, Revolver | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Undrawn borrowing facilities | 337,700,000 | $ 337,700,000 | ||||||
STI Supreme, STI Spiga, STI Kingsway, STI Sloane, STI Condotti | 2023 $1.0 Billion Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Drawdowns | $ 135,800,000 | |||||||
Number of vessels | tanker | 5 | |||||||
STI Lotus, STI Lily, STI Gladiator, STI Gratitude, STI Goal, STI Maximus, STI Leblon and STI Bosphorous | 2023 $1.0 Billion Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Drawdowns | $ 202,300,000 | |||||||
Number of vessels | tanker | 8 | |||||||
STI Donald C Trauscht, STI Esles II, STI Stability, STI Solace and STI Solidarity | 2023 $1.0 Billion Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Drawdowns | $ 122,300,000 | |||||||
Number of vessels | tanker | 5 | 5 | ||||||
Twenty One Vessels | 2023 $1.0 Billion Credit Facility | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Drawdowns | $ 440,600,000 | |||||||
Number of vessels | tanker | 21 |
Current and long-term debt - _8
Current and long-term debt - 2023 $94.0 million credit facility (Details) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 USD ($) vessel | Sep. 30, 2023 USD ($) vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | ||
Number of vessels | vessel | 1 | |||
Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 1,617,439,000 | 1,948,592,000 | ||
Drawdowns | 1,386,482,000 | |||
2023 $94.0 Million Credit Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings instrument, term | 5 years | |||
Periodic borrowing payment amount | $ 2,400,000 | |||
Net debt to capitalization ratio | 0.65 | |||
Consolidated tangible net worth | $ 1,500,000,000 | |||
Minimum ratio for fair value of vessels | 143% | |||
Loan maximum borrowing capacity | $ 94,000,000 | |||
2023 $94.0 Million Credit Facility | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 92,908,000 | $ 0 | ||
Drawdowns | $ 94,000,000 | |||
2023 $94.0 Million Credit Facility | Consolidated Liquidity Requirement - Scenario One | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Covenant liquidity requirement amount | 25,000,000 | |||
2023 $94.0 Million Credit Facility | Consolidated Liquidity Requirement - Scenario Two | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Liquidity requirement, per each owned ship | 500,000 | |||
Liquidity requirement, per each chartered-in ship | $ 250,000 | |||
2023 $94.0 Million Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis | 1.70% | |||
2023 $94.0 Million Credit Facility | STI Marshall and STI Grace | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Drawdowns | $ 43,800,000 | |||
Number of vessels | vessel | 2 | |||
2023 $94.0 Million Credit Facility | STI Guide and STI Gauntlet | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Drawdowns | $ 50,200,000 | |||
Number of vessels | vessel | 2 |
Current and long-term debt - Oc
Current and long-term debt - Ocean Yield lease financing (Details) | 1 Months Ended | |||||
Oct. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2017 USD ($) vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Sep. 01, 2017 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||
Number of vessels | vessel | 1 | |||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | ||||
Ocean Yield Lease Financing | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Sale leaseback, option to purchase period | 7 years | |||||
Net debt to capitalization ratio | 0.60 | |||||
Consolidated tangible net worth | $ 1,000,000,000 | |||||
Cumulative positive net income | 25% | |||||
Borrowings, restrictive covenants, percent of new equity offerings | 50% | |||||
Vessels | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Number of vessels | vessel | 111 | 113 | ||||
Vessels | Ocean Yield Lease Financing | STI Sanctity | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Sale-leaseback transaction, purchase option price | $ 27,800,000 | |||||
Vessels | Ocean Yield Lease Financing | STI Steadfast and STI Supreme | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Sale-leaseback transaction, purchase option price | $ 27,800,000 | |||||
LR2 | NPTI September Closing | Ocean Yield Lease Financing | STI Sanctity, STI Steadfast, STI Supreme and STI Symphony | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, bareboat charter term | 13 years | |||||
LR2 | NPTI September Closing | Ocean Yield Lease Financing | Secured Overnight Financing Rate (SOFR) | STI Sanctity, STI Steadfast, STI Supreme and STI Symphony | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Adjustment to interest rate basis | 5.40% | |||||
LR2 | NPTI September Closing | Vessels | Ocean Yield Lease Financing | STI Sanctity, STI Steadfast, STI Supreme and STI Symphony | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Number of vessels | vessel | 4 | |||||
Monthly payments | LR2 | NPTI September Closing | Ocean Yield Lease Financing | STI Sanctity, STI Steadfast, STI Supreme and STI Symphony | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Periodic payment per vessel | $ 200,000 | |||||
Monthly payment increase | LR2 | NPTI September Closing | Ocean Yield Lease Financing | STI Sanctity, STI Steadfast, STI Supreme and STI Symphony | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Periodic payment per vessel | $ 300,000 | |||||
Consolidated Liquidity Requirement - Scenario One | Ocean Yield Lease Financing | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Covenant liquidity requirement amount | $ 25,000,000 | |||||
Consolidated Liquidity Requirement - Scenario Two | Ocean Yield Lease Financing | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Consolidated liquidity requirement per each owned vessel | 500,000 | |||||
Consolidated liquidity requirement per each chartered-in vessel | $ 250,000 |
Current and long-term debt - BC
Current and long-term debt - BCFL lease financing (LR2) (Details) | 1 Months Ended | 12 Months Ended | |||||||
Sep. 01, 2017 vessel | Dec. 31, 2023 USD ($) | Apr. 30, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2023 | Jan. 31, 2021 USD ($) vessel | Jul. 31, 2020 USD ($) vessel | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 1,588,290,000 | $ 1,588,290,000 | $ 1,436,224,000 | ||||||
Principal repayments recognized in consolidated cash flow statements | 516,127,000 | $ 79,502,000 | $ 56,729,000 | ||||||
BCFL Lease Financing (LR2s) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Principal repayments recognized in consolidated cash flow statements | 58,400,000 | ||||||||
Deposit in debt service reserve account | $ 800,000 | $ 800,000 | |||||||
LR2 | BCFL Lease Financing (LR2s) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Increase through new leases, liabilities arising from financing activities | $ 1,900,000 | ||||||||
Borrowings instrument, term | 3 years | ||||||||
Finance lease daily rate per vessel | $ 1,910 | ||||||||
LR2 | BCFL Lease Financing (LR2s) | Installation of scrubbers | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of vessels under finance lease arrangements | vessel | 2 | 1 | |||||||
Borrowings | $ 3,800,000 | $ 1,900,000 | |||||||
Vessels | LR2 | BCFL Lease Financing (LR2s) | STI Solace, STI Solidarity and STI Stability | London Interbank Offered Rate (LIBOR) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 3.50% | ||||||||
Vessels | NPTI September Closing | LR2 | BCFL Lease Financing (LR2s) | STI Solace, STI Solidarity and STI Stability | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of vessels under finance lease arrangements | vessel | 3 | ||||||||
Borrowings, bareboat charter term | 10 years |
Current and long-term debt - CS
Current and long-term debt - CSSC Shipping lease financing (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Oct. 31, 2023 USD ($) | Sep. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2023 | Sep. 01, 2017 vessel | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127 | $ 79,502 | $ 56,729 | |||||
CSSC Scrubber Lease Financing and CSSC Lease Financing | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Repayments of borrowings | $ 81,700 | |||||||
Prepayments | $ 1,600 | |||||||
Principal repayments recognized in consolidated cash flow statements | $ 110,400 | |||||||
Vessels | LR2 | Finance Lease - CSSC Lease Financing, Amended and Restated | STI Gratitude, STI Gladiator, STI Gauntlet, STI Guide and STI Goal | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, option to extend | 24 months | |||||||
Vessels | LR2 | Finance Lease - CSSC Lease Financing, Amended and Restated | Secured Overnight Financing Rate (SOFR) | STI Gratitude, STI Gladiator, STI Gauntlet, STI Guide and STI Goal | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Adjustment to interest rate basis | 3.50% | |||||||
Vessels | LR2 | NPTI September Closing | CSSC Lease Financing | STI Gallantry, STI Nautilus, STI Guard, STI Guide, STI Goal, STI Gauntlet, STI Gladiator and STI Gratitude | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels under finance lease arrangements | vessel | 8 | |||||||
Ships to be installed with scrubbers | LR2 | CSSC Lease Financing | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Periodic payment per vessel | $ 200 |
Current and long-term debt - _9
Current and long-term debt - BCFL lease financing (MR) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2023 USD ($) vessel | Apr. 30, 2020 USD ($) | Sep. 30, 2017 USD ($) optionToAcquireAdditionalProperty vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | Jan. 31, 2021 USD ($) vessel | Jul. 31, 2020 USD ($) vessel | Sep. 30, 2019 USD ($) | Sep. 30, 2018 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127,000 | 79,502,000 | $ 56,729,000 | |||||||||
Number of vessels, purchase option exercised | vessel | 18 | |||||||||||
Purchase option fees | $ 1,700,000 | $ 1,200,000 | ||||||||||
Sellers credit on sale leaseback vessels | $ 0 | 11,430,000 | ||||||||||
BCFL Lease Financing (MRs) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 21,700,000 | $ 53,200,000 | ||||||||||
BCFL Lease Financing (MRs) | STI Amber | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 8,200,000 | |||||||||||
BCFL Lease Financing (MRs) | STI Topaz, STI Garnet, STI Onyx, STI Ruby | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Number of vessels, purchase option exercised | vessel | 4 | |||||||||||
BCFL Lease Financing (MRs) | STI Ruby | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 7,400,000 | |||||||||||
BCFL Lease Financing (MRs) | Bottom of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Deposit minimum per vessel | $ 5,100,000 | |||||||||||
Minimum ratio for fair value of vessels | 100% | |||||||||||
MR | BCFL Lease Financing (MRs) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Finance lease daily rate per vessel | $ 1,910 | |||||||||||
Increase through new leases, liabilities arising from financing activities | $ 1,900,000 | |||||||||||
Borrowings instrument, term | 3 years | |||||||||||
MR | Installation of scrubbers | BCFL Lease Financing (MRs) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Number of vessels under finance lease arrangements | vessel | 3 | 1 | ||||||||||
Borrowings | $ 5,800,000 | $ 1,900,000 | ||||||||||
MR | Vessels | Bottom of range | STI Amber, STI Topaz, STI Ruby, STI Garnet and STI Onyx | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Sales Leaseback Transaction, Option To Purchase, Term | 5 years | |||||||||||
MR | Vessels | Top of range | STI Amber, STI Topaz, STI Ruby, STI Garnet and STI Onyx | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Sale leaseback, option to purchase period | 10 years | |||||||||||
MR | Vessels | BCFL Lease Financing (MRs) | STI Amber, STI Topaz, STI Ruby, STI Garnet and STI Onyx | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Number of vessels under finance lease arrangements | vessel | 5 | |||||||||||
Sale leaseback transaction, gross proceeds per vessel | $ 27,500,000 | |||||||||||
Sale leaseback transaction, term | 7 years | |||||||||||
Finance lease daily rate per vessel | $ 9,025 | |||||||||||
Number of options in sale leaseback | optionToAcquireAdditionalProperty | 3 | |||||||||||
Sale leaseback, option term | 1 year | |||||||||||
Sale leaseback, deposit per vessel | $ 5,100,000 |
Current and long-term debt - AV
Current and long-term debt - AVIC lease financing (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2023 USD ($) | Sep. 30, 2022 vessel | Feb. 28, 2022 USD ($) | Dec. 31, 2020 USD ($) vessel | Jul. 31, 2018 USD ($) tanker | Sep. 30, 2018 | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 1,588,290 | $ 1,436,224 | ||||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127 | 79,502 | $ 56,729 | |||||||
Number of vessels, purchase option exercised | vessel | 18 | |||||||||
Purchase option fees | $ 1,200 | $ 1,700 | ||||||||
Gross carrying amount | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 1,617,439 | 1,948,592 | ||||||||
Top of range | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Adjustment to interest rate basis | 0.26161% | |||||||||
AVIC Lease Financing | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 145,000 | |||||||||
Principal repayments recognized in consolidated cash flow statements | $ 77,800 | |||||||||
Number of vessels, purchase option exercised | vessel | 4 | |||||||||
Borrowings, bareboat charter term | 8 years | |||||||||
AVIC Lease Financing | Gross carrying amount | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 0 | $ 77,769 | ||||||||
AVIC Lease Financing | STI Fontvieille | Gross carrying amount | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 17,200 | |||||||||
AVIC Lease Financing | Top of range | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Sale leaseback, option to purchase period | 8 years | |||||||||
AVIC Lease Financing | London Interbank Offered Rate (LIBOR) | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Adjustment to interest rate basis | 4.20% | 3.70% | ||||||||
Vessels | MR | AVIC Lease Financing | STI Ville, STI Fontvieille and STI Brooklyn | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Number of vessels under finance lease arrangements | tanker | 3 | |||||||||
Borrowings | $ 24,000 | |||||||||
Vessels | LR2 | AVIC Lease Financing | STI Rose and STI Rambla | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Number of vessels under finance lease arrangements | tanker | 2 | |||||||||
Borrowings | $ 36,500 | |||||||||
Installation of scrubbers | AVIC Lease Financing | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 4,600 | |||||||||
Sale leaseback transaction, term | 3 years | |||||||||
Installation of scrubbers | Vessels | AVIC Lease Financing | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Number of vessels under finance lease arrangements | vessel | 3 |
Current and long-term debt -_10
Current and long-term debt - 2020 CMBFL lease financing (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2023 USD ($) | Sep. 30, 2020 USD ($) tanker | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | Jul. 31, 2023 | Jan. 31, 2023 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 1,588,290 | $ 1,436,224 | ||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127 | $ 79,502 | $ 56,729 | |||||
Purchase option fees | $ 1,700 | $ 1,200 | ||||||
2020 CMBFL Lease Financing | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 45,400 | |||||||
Sale leaseback transaction, term | 7 years | |||||||
Principal repayments recognized in consolidated cash flow statements | $ 36,500 | |||||||
Purchase option fees | $ 400 | |||||||
Borrowings, bareboat charter term | 7 years | |||||||
2020 CMBFL Lease Financing | Vessels | MR | STI Leblon and STI Bosphorus | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels under finance lease arrangements | tanker | 2 | |||||||
2020 CMBFL Lease Financing | Secured Overnight Financing Rate (SOFR) | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Adjustment to interest rate basis | 3.20% |
Current and long-term debt -_11
Current and long-term debt - 2020 TSFL lease financing (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2023 USD ($) | Mar. 31, 2021 | Nov. 30, 2020 USD ($) tanker | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | Jul. 31, 2023 | Jan. 31, 2023 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 1,588,290 | $ 1,436,224 | |||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127 | $ 79,502 | $ 56,729 | ||||||
Purchase option fees | $ 1,700 | $ 1,200 | |||||||
2020 TSFL Lease Financing | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | $ 47,300 | ||||||||
Sale leaseback transaction, term | 7 years | ||||||||
Principal repayments recognized in consolidated cash flow statements | $ 38,100 | ||||||||
Purchase option fees | $ 1,100 | ||||||||
Borrowings, bareboat charter term | 7 years | ||||||||
2020 TSFL Lease Financing | Secured Overnight Financing Rate (SOFR) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 3.20% | ||||||||
2020 TSFL Lease Financing | Vessels | MR | STI Galata and STI La Boca | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Number of vessels under finance lease arrangements | tanker | 2 |
Current and long-term debt -_12
Current and long-term debt - 2020 SPDBFL lease financing (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Mar. 31, 2021 USD ($) | Nov. 30, 2020 USD ($) tanker | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | Jul. 31, 2023 | Jan. 31, 2023 USD ($) | |
2020 SPDBFL Lease Financing | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Borrowings | $ 96,500 | $ 37,600 | $ 80,600 | ||||||
Deposit held by lessor | 1,400 | 1,400 | |||||||
Purchase option fees | 800 | 800 | |||||||
2020 SPDBFL Lease Financing | STI Donald C Trauscht and STI San Telmo | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Sale leaseback transaction, term | 7 years | ||||||||
2020 SPDBFL Lease Financing | STI Esles II and STI Jardins | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Sale leaseback transaction, term | 8 years | ||||||||
2020 SPDBFL Lease Financing | STI Esles II and STI Donald C Trauscht | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Deposit held by lessor | $ 1,500 | ||||||||
Principal repayments recognized in consolidated cash flow statements | 38,100 | ||||||||
Purchase option fees | $ 800 | ||||||||
2020 SPDBFL Lease Financing | Secured Overnight Financing Rate (SOFR) | STI Donald C Trauscht, STI Esles II, STI San Telmo and STI Jardins | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Adjustment to interest rate basis | 3.05% | ||||||||
2020 SPDBFL Lease Financing | Vessels | STI Donald C Trauscht, STI Esles II, STI San Telmo and STI Jardins | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Sale leaseback transaction, number of vessels | tanker | 4 | ||||||||
Borrowing to be deposited with lessor (percent) | 3% | ||||||||
Aggregate deposit required | $ 2,900 | ||||||||
Borrowings | 1,588,290 | 1,436,224 | |||||||
Deposit held by lessor | 0 | 11,430 | |||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127 | $ 79,502 | $ 56,729 | ||||||
Purchase option fees | $ 1,700 | $ 1,200 |
Current and long-term debt -_13
Current and long-term debt - 2021 AVIC lease financing (Details) $ in Thousands | 2 Months Ended | |||||||
Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) | Jul. 31, 2023 | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) vessel | Feb. 28, 2021 USD ($) vessel | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 1,588,290 | $ 1,436,224 | ||||||
Purchase option fees | $ 1,700 | $ 1,200 | ||||||
Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | 1,617,439 | 1,948,592 | ||||||
2021 AVIC Lease Financing | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, bareboat charter term | 9 years | |||||||
Lease deposit, percent of borrowing amount | 1% | |||||||
Lease deposit, aggregate amount | $ 1,000 | |||||||
Net debt to capitalization ratio | 0.70 | |||||||
Consolidated tangible net worth | $ 650,000 | |||||||
Borrowings, restrictive covenant, minimum aggregate fair market value of vessels provided as collateral on or before the third anniversary of delivery, percent | 115% | |||||||
Borrowings, restrictive covenant, minimum aggregate fair market value of vessels provided as collateral after third anniversary of delivery, percent | 120% | |||||||
Deposits held by lessor | 1,000 | 1,000 | ||||||
Purchase option fees | 1,200 | 1,200 | ||||||
2021 AVIC Lease Financing | Gross carrying amount | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 77,567 | $ 83,662 | ||||||
2021 AVIC Lease Financing | Secured Overnight Financing Rate (SOFR) | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Adjustment to interest rate basis | 3.45% | |||||||
STI Memphis and STI Soho | 2021 AVIC Lease Financing | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels under finance lease arrangements | vessel | 2 | |||||||
STI Memphis and STI Soho | 2021 AVIC Lease Financing | Vessels | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 44,200 | |||||||
STI Lombard and STI Osceola | 2021 AVIC Lease Financing | Vessels | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels under finance lease arrangements | vessel | 2 | |||||||
Borrowings | $ 53,100 |
Current and long-term debt -_14
Current and long-term debt - 2021 CMBFL lease financing (Details) | 1 Months Ended | 2 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Jul. 31, 2023 | Dec. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) vessel | Mar. 30, 2021 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | |||||
Finance Lease - CMBFL Lease Financing 2021 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, bareboat charter term | 7 years | ||||||
Net debt to capitalization ratio | 0.60 | ||||||
Consolidated tangible net worth | $ 1,000,000,000 | ||||||
Cumulative positive net income | 25% | ||||||
Net proceeds of equity issuance | 50% | ||||||
Minimum ratio for fair value of vessels | 120% | ||||||
Borrowings | $ 61,500,000 | $ 68,000,000 | |||||
Finance Lease - CMBFL Lease Financing 2021 | Consolidated Liquidity Requirement - Scenario One | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Covenant liquidity requirement amount | $ 25,000,000 | ||||||
Finance Lease - CMBFL Lease Financing 2021 | Consolidated Liquidity Requirement - Scenario Two | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Consolidated liquidity requirement per each owned vessel | 500,000 | ||||||
Consolidated liquidity requirement per each chartered-in vessel | $ 250,000 | ||||||
Finance Lease - CMBFL Lease Financing 2021 | Handymax | Secured Overnight Financing Rate (SOFR) | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Adjustment to interest rate basis | 3.25% | ||||||
Finance Lease - CMBFL Lease Financing 2021 | MR | Secured Overnight Financing Rate (SOFR) | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Adjustment to interest rate basis | 3.20% | ||||||
STI Comandante, STI Brixton, STI Pimlico and STI Finchley | Finance Lease - CMBFL Lease Financing 2021 | Vessels | Handymax | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of vessels under finance lease arrangements | vessel | 4 | ||||||
Borrowings | $ 58,800,000 | ||||||
STI Westminster | Finance Lease - CMBFL Lease Financing 2021 | Vessels | MR | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of vessels under finance lease arrangements | vessel | 1 | ||||||
Borrowings | $ 20,250,000 |
Current and long-term debt -_15
Current and long-term debt - 2021 TSFL lease financing (Details) | 1 Months Ended | ||||||
Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) | Jul. 31, 2023 | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 30, 2021 USD ($) vessel | |
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | |||||
Purchase option fees | $ 1,700,000 | $ 1,200,000 | |||||
Gross carrying amount | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,617,439,000 | 1,948,592,000 | |||||
2021 TSFL Lease Financing | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 46,500,000 | 50,000,000 | |||||
Borrowings, bareboat charter term | 7 years | ||||||
Net debt to capitalization ratio | 0.65 | ||||||
Consolidated tangible net worth | $ 1,000,000,000 | ||||||
Minimum ratio for fair value of vessels | 115% | ||||||
Purchase option fees | $ 900,000 | $ 900,000 | |||||
2021 TSFL Lease Financing | Secured Overnight Financing Rate (SOFR) | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Adjustment to interest rate basis | 3.20% | ||||||
STI Black Hawk, STI Notting Hill and STI Pontiac | 2021 TSFL Lease Financing | Vessels | MR | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of vessels under finance lease arrangements | vessel | 3 | ||||||
Borrowings | $ 57,700,000 |
Current and long-term debt -_16
Current and long-term debt - 2021 CSSC lease financing (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
May 31, 2023 USD ($) | May 31, 2021 USD ($) vessel | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127 | $ 79,502 | $ 56,729 | ||||
Purchase option fees | $ 1,700 | $ 1,200 | |||||
2021 CSSC Lease Financing | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, bareboat charter term | 6 years | ||||||
Principal repayments recognized in consolidated cash flow statements | $ 46,900 | ||||||
Purchase option fees | $ 700 | ||||||
2021 CSSC Lease Financing | London Interbank Offered Rate (LIBOR) | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Adjustment to interest rate basis | 3.50% | ||||||
STI Grace and STI Jermyn | 2021 CSSC Lease Financing | Vessels | LR2 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Number of vessels under finance lease arrangements | vessel | 2 | ||||||
Consideration paid (received) | $ 57,400 |
Current and long-term debt -_17
Current and long-term debt - 2021 $146.3 million lease financing (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Nov. 30, 2021 USD ($) vessel | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | Jul. 31, 2023 | Jan. 31, 2023 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 1,588,290 | $ 1,588,290 | $ 1,436,224 | |||||
Principal repayments recognized in consolidated cash flow statements | 516,127 | $ 79,502 | $ 56,729 | |||||
Purchase option fees | $ 1,700 | $ 1,200 | ||||||
2021 $146.3 Million Lease Financing | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 146,300 | |||||||
Borrowings, bareboat charter term | 7 years | |||||||
Principal repayments recognized in consolidated cash flow statements | 120,500 | |||||||
Purchase option fees | $ 1,500 | $ 1,500 | ||||||
2021 $146.3 Million Lease Financing | Secured Overnight Financing Rate (SOFR) | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Adjustment to interest rate basis | 3.30% | |||||||
2021 $146.3 Million Lease Financing | STI Connaught, STI Winnie, STI Lauren and STI Broadway | Vessels | LR2 | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels under finance lease arrangements | vessel | 4 | |||||||
2021 $146.3 Million Lease Financing | STI Rotherhithe and STI Hammersmith | Vessels | Handymax | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of vessels under finance lease arrangements | vessel | 2 |
Current and long-term debt -_18
Current and long-term debt - 2021 Ocean Yield financing (Details) | 1 Months Ended | |||
Dec. 31, 2021 USD ($) vessel | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | ||
2021 Ocean Yield Lease Financing | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 70,200,000 | $ 58,100,000 | $ 63,900,000 | |
Borrowings, bareboat charter term | 10 years | |||
Net debt to capitalization ratio | 0.60 | |||
Consolidated tangible net worth | $ 1,000,000,000 | |||
Cumulative positive net income | 25% | |||
Net proceeds of equity issuance | 50% | |||
2021 Ocean Yield Lease Financing | Consolidated Liquidity Requirement - Scenario One | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Covenant liquidity requirement amount | $ 25,000,000 | |||
2021 Ocean Yield Lease Financing | Consolidated Liquidity Requirement - Scenario Two | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Consolidated liquidity requirement per each owned vessel | $ 500,000 | |||
Consolidated liquidity requirement per each chartered-in vessel | $ 250,000 | |||
STI Gallantry and STI Guard | 2021 Ocean Yield Lease Financing | Vessels | LR2 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of vessels under finance lease arrangements | vessel | 2 | |||
Periodic payment per vessel | $ 200,000 |
Current and long-term debt -_19
Current and long-term debt - 2022 AVIC lease financing (Details) | 1 Months Ended | 2 Months Ended | |||
Jun. 30, 2022 USD ($) vessel | May 31, 2022 | Jun. 30, 2022 USD ($) vessel | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | |||
Deposit held by lessor | 0 | 11,430,000 | |||
2022 AVIC Lease Financing | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Net debt to capitalization ratio | 0.70 | ||||
Consolidated tangible net worth | $ 650,000,000 | ||||
Minimum ratio for fair value of vessels | 110% | ||||
Deposit held by lessor | $ 1,200,000 | $ 1,200,000 | |||
2022 AVIC Lease Financing | Vessels | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 118,400,000 | 118,400,000 | |||
Repayments | $ 90,200,000 | ||||
2022 AVIC Lease Financing | Vessels | MR and LR2 | London Interbank Offered Rate LIBOR plus margin | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Adjustment to interest rate basis | 3.50% | 3.50% | |||
STI Gramercy and STI Queens | 2022 AVIC Lease Financing | Vessels | MR | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Number of vessels under finance lease arrangements | vessel | 2 | 2 | |||
STI Selatar and STI Oxford | 2022 AVIC Lease Financing | Vessels | LR2 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Number of vessels under finance lease arrangements | vessel | 2 | 2 | |||
STI Gramercy, STI Queens, STI Selatar and STI Oxford | 2022 AVIC Lease Financing | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, bareboat charter term | 9 years | ||||
Periodic borrowing payment amount | $ 2,300,000 | ||||
STI Gramercy, STI Queens, STI Selatar and STI Oxford | 2022 AVIC Lease Financing | Vessels | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Lease deposit, percent of borrowing amount | 1% | 1% | |||
Lease deposit, aggregate amount | $ 1,200,000 | $ 1,200,000 |
Current and long-term debt - Se
Current and long-term debt - Senior notes due 2025 (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2020 | Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Jan. 31, 2021 | May 29, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings | $ 1,588,290,000 | $ 1,436,224,000 | ||||
Gross carrying amount | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Drawdowns | 1,386,482,000 | |||||
Borrowings | 1,617,439,000 | 1,948,592,000 | ||||
Unsecured Senior Notes Due 2025 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Aggregate principal amount notes issued | $ 28,100,000 | $ 28,100,000 | ||||
Borrowings interest rate | 7% | |||||
Drawdowns | $ 26,500,000 | |||||
Minimum denominations | $ 25 | |||||
Net borrowings limit | 70% | |||||
Consolidated tangible net worth | $ 650,000,000 | |||||
Unsecured Senior Notes Due 2025 | Gross carrying amount | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Drawdowns | 0 | |||||
Borrowings | $ 70,496,000 | $ 70,451,000 | ||||
Unsecured Senior Notes Due 2025 | Borrowings, Redemption, Period One | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Repurchased face amount percentage | 102% | |||||
Unsecured Senior Notes Due 2025 | Borrowings, Redemption, Period Two | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Repurchased face amount percentage | 101% | |||||
Unsecured Senior Notes Due 2025 | Borrowings Redemption, Period Three | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Repurchased face amount percentage | 100% | |||||
Unsecured Senior Notes Due 2025 | B. Riley Securities Inc. | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Authorized amount of additional principal | $ 75,000,000 | |||||
Unsecured Senior Notes Due 2025 | B. Riley Securities Inc. | Sales of additional notes | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Aggregate principal amount notes issued | $ 42,100,000 | |||||
Drawdowns | $ 41,200,000 | |||||
Unsecured Senior Notes Due 2025 | Exercise of Underwriters Options Senior Notes | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Drawdowns | $ 3,100,000 |
Current and long-term debt - Co
Current and long-term debt - Convertible senior notes due 2022 (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2018 | May 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Gain (loss) on exchange of convertible notes | $ 0 | $ 481 | $ (5,504) | ||||
Convertible Senior Notes Due 2019 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Aggregate principal amount notes issued | $ 203,500 | ||||||
Borrowings interest rate | 3% | ||||||
Convertible Senior Notes Due 2022 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Aggregate principal amount notes issued | $ 81,500 | $ 203,500 | |||||
Borrowings interest rate | 3% | ||||||
Gain (loss) on exchange of convertible notes | $ 5,500 | ||||||
Convertible Senior Notes Due 2025 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Aggregate principal amount notes issued | $ 81,500 | ||||||
Borrowings interest rate | 3% | 3% | 3% |
Current and long-term debt -_20
Current and long-term debt - Convertible senior notes due 2025 (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 01, 2022 | May 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||||||
Repurchase / repayment of convertible notes | $ 0 | $ (83,968) | $ 0 | ||||
Borrowings | 1,588,290 | 1,436,224 | |||||
Interest expense on borrowings | 158,286 | 137,123 | 115,983 | ||||
Non-cash accretion | 0 | 12,718 | $ 13,265 | ||||
Gross carrying amount | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | 1,617,439 | $ 1,948,592 | |||||
Convertible Senior Notes Due 2025 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings interest rate | 3% | 3% | 3% | ||||
Aggregate principal amount notes issued | $ 81,500 | ||||||
Borrowings, initial carrying value of liability component | 193,700 | ||||||
Carrying amount of equity component | $ 7,700 | ||||||
Repurchase of notes, face amount | $ 12,300 | ||||||
Repurchase / repayment of convertible notes | 14,300 | ||||||
Reduction of liability - convertible note | $ 14,800 | ||||||
Gain (loss) on repurchase of convertible notes | $ 500 | ||||||
Shares converted (in shares) | 5,757,698 | 5,757,698 | |||||
Interest expense on borrowings | $ 5,200 | ||||||
Non-cash accretion | 11,300 | ||||||
Accreted principal amount | $ 9,800 | ||||||
Convertible Senior Notes Due 2025 | Gross carrying amount | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | $ 198,900 | ||||||
Debt converted to equity | 205,100 | ||||||
Unamortized deferred financing costs | 2,100 | ||||||
Unamortized premium | 4,200 | ||||||
Accrued coupon interest | $ 100 | ||||||
Convertible Senior Notes Due 2025 | At Maturity | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings interest rate | 8.25% | ||||||
Borrowings, accreted principal amount per $1,000 principal, percent | 125.30% | ||||||
Convertible Senior Notes Due 2025 | March 2021 Convertible Notes Offering | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Aggregate principal amount notes issued | $ 118,500 | ||||||
Convertible Senior Notes Due 2025 | June 2021 Convertible Notes Offering | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, issue price, percentage of par | 102.25% | ||||||
Notional amount issued | $ 43,300 | ||||||
Convertible Senior Notes Due 2025 | Compounds semi-annual | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings interest rate | 5.5202% |
Segment reporting - Information
Segment reporting - Information About Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Vessel revenue | $ 1,341,222 | $ 1,562,873 | $ 540,786 |
Vessel operating costs | (315,582) | (323,725) | (334,840) |
Voyage expenses | (13,243) | (92,698) | (3,455) |
Depreciation - owned or sale and leaseback vessels | (178,259) | (168,008) | (197,467) |
Depreciation - right of use assets for vessels | (24,244) | (38,827) | (42,786) |
General and administrative expenses | (106,255) | (88,131) | (52,746) |
Reversal of previously recorded impairment | 12,708 | ||
Write-off of deposits on scrubbers | (10,508) | 0 | 0 |
Gain on sale of vessels | 12,019 | (66,486) | 0 |
Financial expenses | (183,231) | (169,795) | (144,104) |
Gain / (loss) on repurchase/exchange of convertible notes | 0 | 481 | (5,504) |
Financial income | 19,112 | 6,884 | 3,623 |
Other income, net | 5,867 | 1,975 | 2,058 |
Net income / (loss) | 546,898 | 637,251 | (234,435) |
Reportable segments subtotal | |||
Disclosure of operating segments [line items] | |||
Vessel revenue | 1,341,222 | 1,562,873 | 540,786 |
Vessel operating costs | (315,582) | (323,725) | (334,840) |
Voyage expenses | (13,243) | (92,698) | (3,455) |
Depreciation - owned or sale and leaseback vessels | (178,259) | (168,008) | (197,467) |
Depreciation - right of use assets for vessels | (24,244) | (38,827) | (42,786) |
General and administrative expenses | (10,056) | (12,066) | (12,820) |
Reversal of previously recorded impairment | 12,708 | ||
Write-off of deposits on scrubbers | (10,508) | ||
Gain on sale of vessels | 12,019 | (66,486) | |
Financial expenses | 0 | 0 | 0 |
Gain / (loss) on repurchase/exchange of convertible notes | 0 | 0 | |
Financial income | 617 | 657 | 599 |
Other income, net | 0 | 1,577 | 0 |
Net income / (loss) | 801,966 | 876,005 | (49,983) |
Reportable segments subtotal | LR1 | |||
Disclosure of operating segments [line items] | |||
Vessel revenue | 11,196 | 47,053 | |
Vessel operating costs | (9,076) | (29,883) | |
Voyage expenses | 0 | 24 | |
Depreciation - owned or sale and leaseback vessels | (1,593) | (20,970) | |
Depreciation - right of use assets for vessels | 0 | 0 | |
General and administrative expenses | (335) | (1,158) | |
Reversal of previously recorded impairment | 0 | ||
Gain on sale of vessels | (44,701) | ||
Financial expenses | 0 | 0 | |
Gain / (loss) on repurchase/exchange of convertible notes | 0 | 0 | |
Financial income | 20 | 2 | |
Other income, net | 1,577 | 0 | |
Net income / (loss) | (42,912) | (4,932) | |
Reportable segments subtotal | Handymax | |||
Disclosure of operating segments [line items] | |||
Vessel revenue | 154,586 | 243,951 | 50,143 |
Vessel operating costs | (37,940) | (36,507) | (38,157) |
Voyage expenses | (3,712) | (44,996) | (477) |
Depreciation - owned or sale and leaseback vessels | (20,654) | (20,874) | (21,120) |
Depreciation - right of use assets for vessels | 0 | 0 | (1,773) |
General and administrative expenses | (1,432) | (1,367) | (1,464) |
Reversal of previously recorded impairment | 0 | ||
Write-off of deposits on scrubbers | 0 | ||
Gain on sale of vessels | 0 | 0 | |
Financial expenses | 0 | 0 | 0 |
Gain / (loss) on repurchase/exchange of convertible notes | 0 | 0 | |
Financial income | 0 | 0 | 0 |
Other income, net | 0 | 0 | 0 |
Net income / (loss) | 90,848 | 140,207 | (12,848) |
Reportable segments subtotal | LR2 | |||
Disclosure of operating segments [line items] | |||
Vessel revenue | 530,736 | 570,668 | 180,912 |
Vessel operating costs | (114,595) | (112,407) | (105,714) |
Voyage expenses | (5,536) | (26,641) | (246) |
Depreciation - owned or sale and leaseback vessels | (76,383) | (75,360) | (81,062) |
Depreciation - right of use assets for vessels | (4,910) | (8,297) | (8,503) |
General and administrative expenses | (3,876) | (4,134) | (4,050) |
Reversal of previously recorded impairment | 0 | ||
Write-off of deposits on scrubbers | 0 | ||
Gain on sale of vessels | 0 | (12,446) | |
Financial expenses | 0 | 0 | 0 |
Gain / (loss) on repurchase/exchange of convertible notes | 0 | 0 | |
Financial income | 0 | 0 | (5) |
Other income, net | 0 | 0 | 0 |
Net income / (loss) | 325,436 | 331,383 | (18,668) |
Reportable segments subtotal | MR | |||
Disclosure of operating segments [line items] | |||
Vessel revenue | 655,900 | 737,058 | 262,678 |
Vessel operating costs | (163,047) | (165,735) | (161,086) |
Voyage expenses | (3,995) | (21,061) | (2,756) |
Depreciation - owned or sale and leaseback vessels | (81,222) | (70,181) | (74,315) |
Depreciation - right of use assets for vessels | (19,334) | (30,530) | (32,510) |
General and administrative expenses | (4,748) | (6,230) | (6,148) |
Reversal of previously recorded impairment | 12,708 | ||
Write-off of deposits on scrubbers | (10,508) | ||
Gain on sale of vessels | 12,019 | (9,339) | |
Financial expenses | 0 | 0 | 0 |
Gain / (loss) on repurchase/exchange of convertible notes | 0 | 0 | |
Financial income | 617 | 637 | 602 |
Other income, net | 0 | 0 | 0 |
Net income / (loss) | 385,682 | 447,327 | (13,535) |
Corporate and eliminations | |||
Disclosure of operating segments [line items] | |||
Vessel revenue | 0 | 0 | 0 |
Vessel operating costs | 0 | 0 | 0 |
Voyage expenses | 0 | 0 | 0 |
Depreciation - owned or sale and leaseback vessels | 0 | 0 | 0 |
Depreciation - right of use assets for vessels | 0 | 0 | 0 |
General and administrative expenses | (96,199) | (76,065) | (39,926) |
Reversal of previously recorded impairment | 0 | ||
Write-off of deposits on scrubbers | 0 | ||
Gain on sale of vessels | 0 | 0 | |
Financial expenses | (183,231) | (169,795) | (144,104) |
Gain / (loss) on repurchase/exchange of convertible notes | 481 | (5,504) | |
Financial income | 18,495 | 6,227 | 3,024 |
Other income, net | 5,867 | 398 | 2,058 |
Net income / (loss) | $ (255,068) | $ (238,754) | $ (184,452) |
Segment reporting - Revenue fro
Segment reporting - Revenue from Major Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of major customers [line items] | |||
Percentage of revenues from customers | 10% | ||
MR | Other related parties | Scorpio MR Pool Limited | |||
Disclosure of major customers [line items] | |||
Pool revenue | $ 605,442 | $ 639,743 | $ 256,874 |
LR2 | Other related parties | Scorpio LR2 Pool Limited | |||
Disclosure of major customers [line items] | |||
Pool revenue | 405,244 | 456,002 | 180,912 |
Handymax | Other related parties | Scorpio Handymax Tanker Pool Limited | |||
Disclosure of major customers [line items] | |||
Pool revenue | 135,481 | 79,636 | 50,143 |
MR, LR2 and Handymax | |||
Disclosure of major customers [line items] | |||
Pool revenue | 1,146,167 | 1,175,381 | 487,929 |
Scorpio MR Pool Limited | MR | Other related parties | Scorpio MR Pool Limited | |||
Disclosure of major customers [line items] | |||
Pool revenue | 605,442 | 639,743 | 256,874 |
Scorpio LR2 Pool Limited | LR2 | Other related parties | Scorpio LR2 Pool Limited | |||
Disclosure of major customers [line items] | |||
Pool revenue | 405,244 | 456,002 | 180,912 |
Scorpio Handymax Tanker Pool Limited | Handymax | Other related parties | Scorpio Handymax Tanker Pool Limited | |||
Disclosure of major customers [line items] | |||
Pool revenue | $ 135,481 | $ 79,636 | $ 50,143 |
Common shares - Narrative (Deta
Common shares - Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jul. 31, 2019 | May 31, 2023 $ / shares shares | Apr. 30, 2023 $ / shares | Mar. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Aug. 31, 2022 $ / shares shares | Jul. 31, 2022 USD ($) | May 31, 2022 USD ($) $ / shares | Apr. 30, 2022 $ / shares | Apr. 30, 2021 shares $ / shares | Dec. 31, 2020 shares | Sep. 30, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Apr. 30, 2023 shares | Feb. 15, 2023 $ / shares shares | May 31, 2022 USD ($) shares | Apr. 30, 2023 $ / shares shares | Nov. 09, 2023 $ / shares shares | Oct. 31, 2022 $ / shares shares | Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 | Oct. 31, 2021 $ / shares shares | Jun. 30, 2021 $ / shares shares | Apr. 30, 2013 shares | |
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Number of shares issued (in shares) | 53,107,765 | ||||||||||||||||||||||||||
Treasury shares | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Number of shares outstanding (in shares) | 11,429,197 | 21,389,520 | 11,429,197 | ||||||||||||||||||||||||
Entei, Inc. | Other related parties | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Entity's shares acquired (in shares) | 1,293,661 | ||||||||||||||||||||||||||
Shares repurchased, average purchase price (in dollars per share) | $ / shares | $ 38.65 | ||||||||||||||||||||||||||
2020 Securities Repurchase Program | Entei, Inc. | Other related parties | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Entity's shares acquired (in shares) | 1,293,661 | ||||||||||||||||||||||||||
Shares repurchased, average purchase price (in dollars per share) | $ / shares | $ 38.65 | ||||||||||||||||||||||||||
Convertible Senior Notes Due 2025 | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Shares converted (in shares) | 5,757,698 | 5,757,698 | |||||||||||||||||||||||||
Convertible Senior Notes Due 2025 | 2020 Securities Repurchase Program | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Notional amount repurchased | $ | $ 1.5 | $ 10.8 | $ 10.8 | ||||||||||||||||||||||||
Repayments of bonds, notes and debentures | $ | $ 1.7 | $ 12.6 | |||||||||||||||||||||||||
Convertible Senior Notes Due 2025 | Convertible Debt Securities | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Shares converted (in shares) | 5,757,698 | ||||||||||||||||||||||||||
Minimum | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Range of vesting period for restricted stock grants | 1 year | 1 year | 1 year | ||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Range of vesting period for restricted stock grants | 5 years | 5 years | 5 years | ||||||||||||||||||||||||
2013 Equity Incentive Plan | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Shares reserved for issuance (in shares) | 500,000 | ||||||||||||||||||||||||||
Maximum years grants are exercisable | 10 years | ||||||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Number of shares, granted (in shares) | 1,817,750 | 1,047,997 | |||||||||||||||||||||||||
Weighted average grant date fair value, granted (in USD per share) | $ / shares | $ 55.61 | $ 21.39 | |||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Remaining shares available for issuance (in shares) | 15,513 | ||||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Employees | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Number of shares, granted (in shares) | 276,369 | ||||||||||||||||||||||||||
Weighted average grant date fair value, granted (in USD per share) | $ / shares | $ 18.38 | ||||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Employees | First vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | 33% | 33% | 33% | ||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Employees | Second vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | 33% | 33% | 33% | ||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Employees | Third vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | 33% | 33% | 33% | ||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Directors | First vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | |||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Directors | Second vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | |||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Directors | Third vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | |||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Employees, Directors and SSH Employees | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Weighted average grant date fair value, granted (in USD per share) | $ / shares | $ 55.57 | $ 21.33 | |||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | Employees and SSH Employees | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Number of shares, granted (in shares) | 1,817,750 | 1,047,997 | |||||||||||||||||||||||||
Weighted average grant date fair value, granted (in USD per share) | $ / shares | $ 55.89 | $ 26.11 | |||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | SSH Employees | First vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | 33% | ||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | SSH Employees | Second vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | 33% | ||||||||||||||||||||||||
Restricted Stock | 2013 Equity Incentive Plan | SSH Employees | Third vesting period | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Vested shares percentage | 33% | 33% | 33% | ||||||||||||||||||||||||
Common stock | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||
Number of shares issued (in shares) | 61,262,838 | 53,107,765 | 61,262,838 | ||||||||||||||||||||||||
Number of shares outstanding (in shares) | 61,262,838 | 53,107,765 | 61,262,838 | ||||||||||||||||||||||||
Common stock | 2023 Securities Repurchase Program | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Additional amount authorized for purchase of treasury shares | 250,000,000 | 250,000,000 | |||||||||||||||||||||||||
Entity's shares acquired (in shares) | 3,699,336 | 1,723,465 | |||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 47.54 | $ 54.37 | |||||||||||||||||||||||||
Common stock | 2022 Securities Repurchase Program | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Entity's shares acquired (in shares) | 789,532 | 1,891,303 | 2,646,219 | ||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 51.61 | $ 50.27 | $ 47.25 | ||||||||||||||||||||||||
Common stock | 2020 Securities Repurchase Program | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Entity's shares acquired (in shares) | 3,120,341 | ||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 38.66 | ||||||||||||||||||||||||||
Shares repurchased on the open market (in shares) | 1,826,680 | ||||||||||||||||||||||||||
Average share price purchased on the open market (dollars per share) | $ / shares | $ 38.66 | ||||||||||||||||||||||||||
Common stock | 2013 Equity Incentive Plan | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Shares reserved for issuance (in shares) | 1,785,500 | 5,824,646 | 693,864 | 386,883 | |||||||||||||||||||||||
Par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 |
Common shares - Summary of rest
Common shares - Summary of restricted stock awards (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | |
Number of Shares | ||
Number of shares, outstanding and non-vested (in shares) | 2,705,989 | |
Number of shares, outstanding and non-vested (in shares) | 3,231,060 | 2,705,989 |
Restricted Stock | ||
Number of Shares | ||
Number of shares, outstanding and non-vested (in shares) | 2,997,992 | |
Number of shares, granted (in shares) | 1,817,750 | 1,047,997 |
Number of shares, vested (in shares) | (1,280,179) | (1,337,500) |
Number of shares, forfeited (in shares) | (12,500) | (2,500) |
Number of shares, outstanding and non-vested (in shares) | ||
Weighted average grant date fair value, outstanding and non-vested (in USD per share) | $ | $ 21.63 | $ 23.27 |
Weighted average grant date fair value, granted (in USD per share) | $ / shares | $ 55.61 | $ 21.39 |
Weighted average grant date fair value, vested (in USD per share) | $ | $ 27.11 | $ 25.11 |
Weighted average grant date fair value, forfeited (in USD per share) | $ | 24.27 | 16.66 |
Weighted average grant date fair value, outstanding and non-vested (in USD per share) | $ | $ 38.57 | $ 21.63 |
Common shares - Stock compensat
Common shares - Stock compensation expense (Details) - Restricted Stock $ in Thousands | Dec. 31, 2023 USD ($) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
For the year ending December 31, 2024 | $ 35,730 |
For the year ending December 31, 2025 | 26,610 |
For the year ending December 31, 2026 | 13,252 |
For the year ending December 31, 2027 | 4,399 |
Total expected stock compensation expense | 79,991 |
Employees | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
For the year ending December 31, 2024 | 34,275 |
For the year ending December 31, 2025 | 26,228 |
For the year ending December 31, 2026 | 13,252 |
For the year ending December 31, 2027 | 4,399 |
Total expected stock compensation expense | 78,154 |
Directors | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
For the year ending December 31, 2024 | 1,455 |
For the year ending December 31, 2025 | 382 |
For the year ending December 31, 2026 | 0 |
For the year ending December 31, 2027 | 0 |
Total expected stock compensation expense | $ 1,837 |
Common shares - Dividend paymen
Common shares - Dividend payments (Details) - $ / shares | 12 Months Ended | |||||||||||||
Dec. 15, 2023 | Sep. 15, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 15, 2022 | Jun. 15, 2022 | Mar. 15, 2022 | Dec. 15, 2021 | Sep. 29, 2021 | Jun. 15, 2021 | Mar. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangements [Abstract] | ||||||||||||||
Dividends paid per share (in USD per share) | $ 0.35 | $ 0.25 | $ 0.25 | $ 0.20 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 1.05 | $ 0.40 | $ 0.40 |
Common shares - Securities repu
Common shares - Securities repurchase programs (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
May 31, 2023 | Dec. 31, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | May 31, 2022 | Feb. 15, 2023 | Apr. 30, 2023 | Nov. 09, 2023 | Oct. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 01, 2023 | Apr. 30, 2021 | May 31, 2018 | |
Disclosure of classes of share capital [line items] | |||||||||||||||
Purchase of treasury shares | $ 489,680 | $ 161,373 | |||||||||||||
Repurchase / repayment of convertible notes | $ 0 | $ (83,968) | $ 0 | ||||||||||||
Number of shares authorized (in shares) | 61,262,838 | 53,107,765 | 61,262,838 | ||||||||||||
Entei, Inc. | Other related parties | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Entity's shares acquired (in shares) | 1,293,661 | ||||||||||||||
Shares repurchased, average purchase price (in dollars per share) | $ 38.65 | ||||||||||||||
Convertible Senior Notes Due 2022 | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Aggregate principal amount notes issued | $ 81,500 | $ 203,500 | |||||||||||||
Convertible Senior Notes Due 2025 | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Aggregate principal amount notes issued | $ 81,500 | ||||||||||||||
Repurchase / repayment of convertible notes | $ 14,300 | ||||||||||||||
Gain (loss) on repurchase of convertible notes | $ 500 | ||||||||||||||
Common stock and Preference shares | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of shares authorized (in shares) | 175,000,000 | ||||||||||||||
Common stock | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of shares authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||||||
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Number of shares outstanding (in shares) | 61,262,838 | 53,107,765 | 61,262,838 | ||||||||||||
Preference shares | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of shares authorized (in shares) | 25,000,000 | ||||||||||||||
Par value per share (in dollars per share) | $ 0.01 | ||||||||||||||
2020 Securities Repurchase Program | Entei, Inc. | Other related parties | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Entity's shares acquired (in shares) | 1,293,661 | ||||||||||||||
Shares repurchased, average purchase price (in dollars per share) | $ 38.65 | ||||||||||||||
2020 Securities Repurchase Program | Convertible Senior Notes Due 2025 | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Notional amount repurchased | $ 1,500 | 10,800 | |||||||||||||
Repayments of bonds, notes and debentures | $ 1,700 | $ 12,600 | |||||||||||||
2020 Securities Repurchase Program | Common stock | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Entity's shares acquired (in shares) | 3,120,341 | ||||||||||||||
Common stock, par value (in dollars per share) | $ 38.66 | ||||||||||||||
Shares repurchased on the open market (in shares) | 1,826,680 | ||||||||||||||
Average share price purchased on the open market (dollars per share) | $ 38.66 | ||||||||||||||
2022 Securities Repurchase Program | Common stock | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Authorized amount of share repurchase | $ 250,000 | ||||||||||||||
Entity's shares acquired (in shares) | 789,532 | 1,891,303 | 2,646,219 | ||||||||||||
Common stock, par value (in dollars per share) | $ 51.61 | $ 50.27 | $ 47.25 | ||||||||||||
2023 Securities Repurchase Program | Common stock | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Authorized amount of share repurchase | $ 250,000 | $ 250,000 | |||||||||||||
Entity's shares acquired (in shares) | 3,699,336 | 1,723,465 | |||||||||||||
Common stock, par value (in dollars per share) | $ 47.54 | $ 54.37 | |||||||||||||
Stock buyback program, remaining authorized amount | $ 250,000 | ||||||||||||||
Additional amount authorized for purchase of treasury shares | 250,000,000 | 250,000,000 |
Related party transactions - Na
Related party transactions - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 vessel | Aug. 31, 2021 vessel | |
Disclosure of transactions between related parties [line items] | ||||
Termination notice required by Revised Master Agreement | 24 months | |||
Number of vessels | 1 | |||
Termination notice required upon sale of vehicle | 3 months | |||
Term of management payments due upon sale of vessel | 3 months | |||
Months of management fees due upon change of control | 24 months | |||
Contract termination fees | $ | $ 0.2 | $ 0.1 | ||
Accrued contract termination fees | $ | $ 0.1 | $ 0.1 | ||
Product tanker | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels | 0 | 0 | 9 | |
Vessels | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of vessels | 111 | 113 |
Related party transactions - Re
Related party transactions - Related party statement of income or loss (Details) | 12 Months Ended | |||
Jan. 01, 2024 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Disclosure of transactions between related parties [line items] | ||||
Voyage revenue | $ 0 | $ 5,657,000 | $ 0 | |
Voyage expenses | (4,495,000) | (9,194,000) | (1,461,000) | |
Vessel operating costs | (33,061,000) | (33,084,000) | (35,427,000) | |
Administrative expenses | (15,450,000) | (13,175,000) | (13,557,000) | |
Restricted stock amortization | $ 47,340,000 | $ 20,397,000 | 22,931,000 | |
Restricted Stock | ||||
Disclosure of transactions between related parties [line items] | ||||
Issuance of restricted stock, net of forfeitures (in shares) | shares | 1,817,750 | 1,047,997 | ||
Handymax and MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees charged by pool manager, per vessel, per day when out of pools | $ 300 | |||
LR1/Panamax | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees charged by pool manager, per vessel, per day when out of pools | 250 | |||
Amounts due to a related party bunker supplier | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases of bunkers | 4,784,000 | $ 45,957,000 | 2,561,000 | |
Other related parties | Scorpio LR1 Pool Limited | LR1 | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 0 | 11,196,000 | 47,053,000 | |
Other related parties | Scorpio Services Holding Limited (SSH) | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 21,555,000 | 2,358,000 | 0 | |
Administrative fees charged by SSH | (10,500,000) | 11,000,000 | 12,200,000 | |
Reimbursement of expenses | 25,145 | 81,762 | 51,962 | |
Other related parties | Scorpio Services Holding Limited (SSH) | Restricted Stock | ||||
Disclosure of transactions between related parties [line items] | ||||
Restricted stock amortization | $ (5,000,000) | $ 2,000,000 | $ 1,300,000 | |
Issuance of restricted stock, net of forfeitures (in shares) | shares | 695,400 | 493,300 | 315,950 | |
Other related parties | Prepaid expense - SCM | ||||
Disclosure of transactions between related parties [line items] | ||||
Commission on gross revenue per charter fixture when included in pools, percent | 1.50% | |||
Commission on gross revenue per charter fixture when excluded in pools, percent | 1.25% | |||
Reimbursement of expenses | $ 26,653 | $ 36,869 | $ 14,726 | |
Other related parties | Prepaid expense - SCM | LR2 | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees charged by pool manager, per vessel, per day when in pools | 250 | |||
Other related parties | Prepaid expense - SCM | Handymax and MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees charged by pool manager, per vessel, per day when in pools | 325 | |||
Other related parties | Prepaid expense - SCM | LR1/Panamax | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees charged by pool manager, per vessel, per day when in pools | 300 | |||
Other related parties | Prepaid vessel operating expenses - SSM | ||||
Disclosure of transactions between related parties [line items] | ||||
Technical management fee | 28,300,000 | 29,800,000 | 32,700,000 | |
Crew wages | 136,300,000 | 141,200,000 | 152,000,000 | |
Fixed annual technical management fee | $ 187,500 | 175,000 | ||
Other related parties | Amounts due to related party port agents | ||||
Disclosure of transactions between related parties [line items] | ||||
Voyage expenses | 500,000 | 2,400,000 | 19,175 | |
Vessel operating costs | 4,800,000 | 3,300,000 | 2,700,000 | |
Scorpio MR Pool Limited | Other related parties | MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 605,442,000 | 639,743,000 | 256,874,000 | |
Scorpio MR Pool Limited | Other related parties | Scorpio MR Pool Limited | MR | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 605,442,000 | 639,743,000 | 256,874,000 | |
Scorpio LR2 Pool Limited | Other related parties | LR2 | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 405,244,000 | 456,002,000 | 180,912,000 | |
Scorpio LR2 Pool Limited | Other related parties | Scorpio LR2 Pool Limited | LR2 | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 405,244,000 | 456,002,000 | 180,912,000 | |
Scorpio Handymax Tanker Pool Limited | Other related parties | Handymax | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 135,481,000 | 79,636,000 | 50,143,000 | |
Scorpio Handymax Tanker Pool Limited | Other related parties | Scorpio Handymax Tanker Pool Limited | Handymax | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | 135,481,000 | 79,636,000 | 50,143,000 | |
Mercury Pool Limited | Other related parties | ||||
Disclosure of transactions between related parties [line items] | ||||
Pool revenue | $ 9,077,000 | $ 0 | $ 0 |
Related party transactions - _2
Related party transactions - Related party balance sheet (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 vessel | Aug. 31, 2021 vessel | |
Liabilities [abstract] | ||||
Number of vessels | vessel | 1 | |||
Product tanker | ||||
Liabilities [abstract] | ||||
Number of vessels | vessel | 0 | 0 | 9 | |
Other related parties | ||||
Assets | ||||
Accounts receivable and prepaid expenses | $ 201,348 | $ 241,347 | ||
Scorpio Pools | ||||
Liabilities [abstract] | ||||
Working capital repayment period upon vessel's exit from each pool | 6 months | |||
Scorpio Pools | Other related parties | ||||
Assets | ||||
Accounts receivable and prepaid expenses | $ 201,340 | 236,389 | ||
Other assets (pool working capital contributions) | 51,411 | 53,161 | ||
Liabilities [abstract] | ||||
Accounts payable and accrued expenses | 626 | 10,090 | ||
Prepaid vessel operating expenses - SSM | Other related parties | ||||
Assets | ||||
Prepaid expenses (SSM) | 5,522 | 5,450 | ||
Liabilities [abstract] | ||||
Accounts payable and accrued expenses | 2,468 | 823 | ||
Prepaid expense - SCM | Other related parties | ||||
Assets | ||||
Current prepaid expenses | 28 | 84 | ||
Liabilities [abstract] | ||||
Accounts payable and accrued expenses | 316 | 540 | ||
Amounts due to related party port agents | Other related parties | ||||
Liabilities [abstract] | ||||
Accounts payable and accrued expenses | 1,368 | 955 | ||
Scorpio Services Holding Limited (SSH) | Other related parties | ||||
Assets | ||||
Accounts receivable and prepaid expenses | 7 | 4,976 | ||
Receivables due from related parties | 10 | 4,976 | ||
Liabilities [abstract] | ||||
Accounts payable and accrued expenses | 284 | 287 | ||
Scorpio Handymax Tanker Pool Limited | Other related parties | ||||
Assets | ||||
Accounts receivable and prepaid expenses | 3,532 | 7,149 | ||
Other assets (pool working capital contributions) | 5,661 | 5,661 | ||
Scorpio MR Pool Limited | Other related parties | ||||
Assets | ||||
Accounts receivable and prepaid expenses | 118,717 | 115,092 | ||
Other assets (pool working capital contributions) | 21,200 | 22,000 | ||
Prepaid expense - related party port agent | Other related parties | ||||
Assets | ||||
Current prepaid expenses | 2 | 98 | ||
Amounts due to a related party bunker supplier | Other related parties | ||||
Liabilities [abstract] | ||||
Accounts payable and accrued expenses | $ 95 | $ 2,380 |
Related party transactions - Ot
Related party transactions - Other transactions (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 $ / shares shares | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 vessel | Aug. 31, 2021 vessel | Dec. 31, 2020 vessel | |
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 1 | |||||
Number of vessels in agreement to sell | 18 | |||||
Termination notice required upon sale of vehicle | 3 months | |||||
Term of management payments due upon sale of vessel | 3 months | |||||
Contract termination fees | $ | $ 200 | $ 100 | ||||
Prepaid expense - SCM | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Contract termination fees | $ | 2,500 | |||||
Prepaid vessel operating expenses - SSM | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Contract termination fees | $ | $ 1,400 | |||||
Product tanker | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 0 | 0 | 9 | |||
Product tanker | MR | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 5 | |||||
Product tanker | LR1 | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 2 | 4 | ||||
Product tanker | LR1 | SCM and SSM | Management | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 2 | |||||
Vessels | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 111 | 113 | ||||
Vessels | MR | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 13 | 13 | ||||
Vessels | MR | STI Amber And STI Ville | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels in agreement to sell | 2 | |||||
Vessels | MR | STI Fontvieille, STI Benicia and STI Majestic | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels in agreement to sell | 3 | |||||
Vessels | LR1 | STI Excelsior, STI Executive, STI Excellence, STI Pride, STI Providence, STI Prestige, STI Experience, STI Express, STI Exceed, STI Excel, STI Expedite, and STI Precision | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels in agreement to sell | 12 | |||||
Vessels | LR2 | STI Savile Row, STI Carnaby and STI Nautilus | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels in agreement to sell | 3 | |||||
Other related parties | Scorpio Services Holding Limited (SSH) | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Payment made to related parties, insurance settlement | $ | $ 1,700 | |||||
Receivables due from related parties | $ | $ 10 | $ 4,976 | ||||
Other related parties | Entei, Inc. | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Entity's shares acquired (in shares) | shares | 1,293,661 | |||||
Shares repurchased, average purchase price (in dollars per share) | $ / shares | $ 38.65 | |||||
Other related parties | Vessels | MR | Scorpio Services Holding Limited (SSH) | STI Benicia | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of vessels | 1 | |||||
Sale of ships, percentage of buyer-owned by related party | 7.50% |
Related party transactions - Ke
Related party transactions - Key management renumeration (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) payment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | $ 27,972,000 | $ 32,663,000 | $ 5,488,000 |
Share-based compensation | 31,702,000 | 13,777,000 | 17,476,000 |
Total | 59,674,000 | $ 46,440,000 | $ 22,964,000 |
Material post retirement benefits for executive offices and directors | $ 0 | ||
Key management personnel compensation, post-employment benefits, number of payments | payment | 1 | ||
Key management personnel compensation, post-employment benefits, amount of salary paid | 2 months | ||
Minimum | |||
Disclosure of transactions between related parties [line items] | |||
Upon change in control fixed bonus percentage of executives salary | 150% | ||
Maximum | |||
Disclosure of transactions between related parties [line items] | |||
Upon change in control fixed bonus percentage of executives salary | 250% |
Vessel revenue - Revenue by emp
Vessel revenue - Revenue by employment type (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Aug. 31, 2021 vessel | |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Vessels that earned revenue in long-term time-charter contracts | vessel | 15 | 14 | ||
Number of vessels | vessel | 1 | |||
Pool revenue | $ 1,155,244 | $ 1,186,577 | $ 534,982 | |
Voyage revenue (spot market) | 32,718 | 328,087 | 5,804 | |
Time charter revenue | 153,260 | 48,209 | 0 | |
Revenue | $ 1,341,222 | $ 1,562,873 | $ 540,786 | |
Product tanker | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Number of vessels | vessel | 0 | 0 | 9 |
Vessel revenue - Lease and non-
Vessel revenue - Lease and non-lease components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Lease component of revenue from time charter-out and pool revenue | $ 999,273 | $ 879,168 | $ 280,633 |
Non-lease component of revenue from time charter-out and pool revenue | 309,231 | 355,618 | 254,349 |
Total lease and non-lease components of revenue | $ 1,308,504 | $ 1,234,786 | $ 534,982 |
Variability of lease revenue | 100% |
Vessel revenue - Terms of time
Vessel revenue - Terms of time chartered vessels (Details) | 1 Months Ended | 12 Months Ended | ||||||
Apr. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Aug. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2023 USD ($) vessel | |
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Number pf time charter-out agreements | vessel | 14 | |||||||
Vessels | LR2 | STI Gratitude | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 28,000 | |||||||
Term of first extension | $ 31,000 | |||||||
Term of second extension | $ 33,000 | |||||||
Vessels | LR2 | STI Guard | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 5 years | 5 years | ||||||
Operating leases daily rate receivable | $ 28,000 | $ 28,000 | ||||||
Term of option to convert | 3 years | |||||||
Daily rate of modification option | $ 30,000 | |||||||
Term of modification | 30 months | |||||||
Vessels | LR2 | STI Gladiator | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | |||||||
Operating leases daily rate receivable | $ 28,000 | |||||||
Vessels | LR2 | STI Guide | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | |||||||
Operating leases daily rate receivable | $ 28,000 | |||||||
Vessels | LR2 | STI Connaught | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 30,000 | $ 30,000 | ||||||
Term of first extension | 32,000 | |||||||
Term of second extension | $ 34,000 | |||||||
Vessels | LR2 | STI Lombard | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 32,750 | $ 32,750 | ||||||
Term of first extension | 34,750 | |||||||
Term of second extension | $ 36,750 | |||||||
Vessels | LR2 | STI Gauntlet | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | |||||||
Operating leases daily rate receivable | $ 32,750 | |||||||
Vessels | LR2 | STI Lavender | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | |||||||
Operating leases daily rate receivable | $ 35,000 | |||||||
Vessels | LR2 | STI Grace | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 37,500 | $ 37,500 | ||||||
Daily rate, period one | 47,000 | |||||||
Daily rate period two | 28,000 | |||||||
Daily rate period three | $ 37,500 | |||||||
Vessels | LR2 | STI Gladiator and STI Guide | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | |||||||
Operating leases daily rate receivable | $ 28,000 | |||||||
Term of first extension | 31,000 | |||||||
Term of second extension | $ 33,000 | |||||||
Vessels | LR2 | STI Jermyn | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 40,000 | $ 40,000 | ||||||
Term of first extension | $ 42,500 | |||||||
Vessels | MR | STI Marshall | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 23,000 | $ 23,000 | ||||||
Term of first extension | 24,000 | |||||||
Term of second extension | 25,000 | |||||||
Term of third extension | $ 26,000 | |||||||
Vessels | MR | STI Magnetic | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 23,000 | $ 23,000 | ||||||
Term of first extension | 24,500 | |||||||
Term of second extension | 26,000 | |||||||
Daily rate, period one | 30,000 | |||||||
Daily rate period two | 20,000 | |||||||
Daily rate period three | $ 19,000 | |||||||
Vessels | MR | STI Miracle | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 21,000 | $ 21,000 | ||||||
Term of first extension | 22,500 | |||||||
Term of second extension | 24,000 | |||||||
Term of third extension | 19,000 | |||||||
Daily rate, period one | 30,000 | |||||||
Daily rate period two | $ 20,000 | |||||||
Vessels | MR | STI Memphis | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | 3 years | ||||||
Operating leases daily rate receivable | $ 21,000 | $ 21,000 | ||||||
Term of first extension | 22,500 | |||||||
Term of second extension | 24,000 | |||||||
Daily rate, period one | 30,000 | |||||||
Daily rate period two | 20,000 | |||||||
Daily rate period three | $ 19,000 | |||||||
Vessels | MR | STI Duchessa | ||||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||||
Term of lease | 3 years | |||||||
Operating leases daily rate receivable | $ 25,000 |
Vessel revenue - Voyage expense
Vessel revenue - Voyage expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Voyage expenses | $ 13,243 | $ 92,698 | $ 3,455 |
Bunker Consumption Expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Voyage expenses | 4,100 | 50,200 | |
Port and Agency Expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Voyage expenses | 2,000 | 23,200 | |
Voyage Related Insurance | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Voyage expenses | 1,200 | 7,700 | |
Other Voyage Related Expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Voyage expenses | $ 5,900 | $ 11,600 |
Crewing costs (Details)
Crewing costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Crewing cost [Abstract] | |||
Short term crew benefits (i.e. wages, victualing, insurance) | $ 150,194 | $ 155,782 | $ 171,546 |
Other crewing related costs | 24,633 | 24,743 | 26,311 |
Total crewing costs | $ 174,827 | $ 180,525 | $ 197,857 |
General and administrative ex_3
General and administrative expenses (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) payment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Analysis of income and expense [abstract] | |||
Short term employee benefits | $ 36,768,000 | $ 46,678,000 | $ 10,841,000 |
Share based compensation | 47,340,000 | 20,397,000 | 22,931,000 |
Total employee benefit expenses | 84,108,000 | $ 67,075,000 | $ 33,772,000 |
Key management personnel compensation, post- employment benefits [Abstract] | |||
Material post retirement benefits for executive offices and directors | $ 0 | ||
Key management personnel compensation, post-employment benefits, number of payments | payment | 1 | ||
Key management personnel compensation, post-employment benefits, amount of salary paid | 2 months |
Financial expenses - Schedule o
Financial expenses - Schedule of financial expenses (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Sep. 30, 2022 vessel | Jun. 30, 2022 vessel | Mar. 31, 2022 vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Dec. 31, 2023 vessel | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Interest expense on debt, net of capitalized expenses | $ 158,286 | $ 137,123 | $ 115,983 | ||||
Accretion of convertible notes (as described in Note 12) | 0 | 12,718 | 13,265 | ||||
Amortization of deferred financing fees | 7,292 | 6,385 | 7,570 | ||||
Loss on extinguishment of debt and write-off of deferred financing fees | 16,525 | 11,463 | 3,604 | ||||
Accretion of premiums and discounts on debt | 1,128 | 2,106 | 3,682 | ||||
Total financial expenses | $ 183,231 | $ 169,795 | 144,104 | ||||
Number of vessels sold | vessel | 2 | 9 | 7 | 18 | 20 | ||
Number of vessels option to purchased exercised | vessel | 58 | 23 | 58 | ||||
Average borrowings | $ 1,920,000 | $ 2,690,000 | 3,140,000 | ||||
Number of vessels in agreement to sell | vessel | 18 | ||||||
Interest costs capitalised | 0 | $ 200 | 200 | ||||
Write-offs of the premium and discounts related to the refinancing of existing | 2,700 | 900 | 600 | ||||
Accelerated effective interest | 800 | ||||||
Gains (losses) arising from sale and leaseback transactions | 0 | 0 | 2,851 | ||||
Borrowing refinanced | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Debt extinguishment costs | 10,200 | 4,900 | |||||
Write-offs of deferred financing fees related to the refinancing of borrowings | 4,300 | 6,600 | $ 3,000 | ||||
Gains (losses) arising from sale and leaseback transactions | $ 1,500 | $ 900 |
Earnings _ (loss) per share - S
Earnings / (loss) per share - Schedule of basic and diluted earnings / (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Net income / (loss) attributable to equity holders of the parent - basic | $ 546,898 | $ 637,251 | $ (234,434) |
Convertible notes interest expense, accretion, and deferred financing amortization | 0 | 19,584 | 0 |
Net income / (loss) attributable to equity holders of the parent - diluted | $ 546,898 | $ 656,835 | $ (234,434) |
Basic weighted average number of shares (in shares) | 52,369,269 | 55,455,277 | 54,718,709 |
Effect of dilutive potential basic shares: | |||
Restricted stock (in shares) | 2,158,478 | 2,610,544 | 0 |
Convertible notes (in shares) | 0 | 5,445,455 | 0 |
Dilutive shares (in shares) | 2,158,478 | 8,055,999 | 0 |
Diluted weighted average number of shares (in shares) | 54,527,747 | 63,511,276 | 54,718,709 |
Earnings / (Loss) Per Share: | |||
Basic (in USD per share) | $ 10.44 | $ 11.49 | $ (4.28) |
Diluted (in USD per share) | $ 10.03 | $ 10.34 | $ (4.28) |
Earnings _ (loss) per share - N
Earnings / (loss) per share - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Earnings per share [line items] | |||
Convertible notes (in shares) | 0 | 5,445,455 | 0 |
Number of other equity instruments outstanding in share-based payment arrangement | 3,231,060 | 2,705,989 | |
Restricted Stock | |||
Earnings per share [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 2,997,992 | ||
Convertible Senior Notes Due 2025 | Convertible instruments | |||
Earnings per share [line items] | |||
Convertible notes (in shares) | 5,757,698 | ||
Convertible Senior Notes Due 2022 and Due 2025 | Convertible instruments | |||
Earnings per share [line items] | |||
Number of potential ordinary shares that are antidilutive in period presented | 7,661,365 | 7,324,132 |
Financial instruments - finan_3
Financial instruments - financial and other risks - Categories of financial instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Debt outstanding | $ 1,588,290 | $ 1,436,224 | |
Convertible notes (in shares) | 0 | 5,445,455 | 0 |
Deferred financing fees | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt outstanding | $ 28,814 | $ 12,758 | |
Secured bank loans | Deferred financing fees | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt outstanding | 24,600 | 2,800 | |
Finance lease | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt outstanding | 3,200 | 8,200 | |
Unsecured Senior Notes Due 2025 | Deferred financing fees | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt outstanding | 1,100 | 1,700 | |
Unsecured Senior Notes Due 2025 | Unamortized discount on debt | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt outstanding | 100 | 100 | |
Accounts payable | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 10,004 | 28,748 | |
Accrued expenses and other current liabilities | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 72,678 | 91,508 | |
Secured bank loans | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 1,090,741 | 226,896 | |
Finance lease | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 428,137 | 1,140,614 | |
Lease liabilities | Lease liabilities | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 0 | 495,875 | |
Unsecured Senior Notes Due 2025 | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, carrying value | 70,571 | 70,571 | |
Cash and cash equivalents | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 355,551 | 376,870 | |
Accounts receivable | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 203,500 | 276,700 | |
Seller's credit on sale leaseback vessels | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 0 | 11,430 | |
Level 1 of fair value hierarchy | Accounts payable | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 10,004 | 28,748 | |
Level 1 of fair value hierarchy | Accrued expenses and other current liabilities | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 72,678 | 91,508 | |
Level 1 of fair value hierarchy | Unsecured Senior Notes Due 2025 | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 70,260 | 69,639 | |
Level 1 of fair value hierarchy | Cash and cash equivalents | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 355,551 | 376,870 | |
Level 1 of fair value hierarchy | Accounts receivable | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 203,500 | 276,700 | |
Level 1 of fair value hierarchy | Seller's credit on sale leaseback vessels | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | 0 | 11,430 | |
Level 2 of fair value hierarchy | Secured bank loans | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 1,090,741 | 226,896 | |
Level 2 of fair value hierarchy | Finance lease | Financial liabilities at amortised cost, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 428,124 | 1,139,877 | |
Level 2 of fair value hierarchy | Lease liabilities | Lease liabilities | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, at fair value | 0 | 495,234 | |
STI Beryl, STI Le Rocher and STI Larvotto | Vessels | |||
Disclosure of detailed information about financial instruments [line items] | |||
Sale leaseback transaction, deposit per vessel | 4,350 | ||
Sale leaseback transaction, aggregate amount | 13,100 | ||
Scorpio Pools | Working capital contributions to Scorpio Pools | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, carrying value | 51,411 | 53,161 | |
Scorpio Pools | Level 1 of fair value hierarchy | Working capital contributions to Scorpio Pools | Loans and receivables, category | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, at fair value | $ 51,411 | $ 53,161 |
Financial instruments - finan_4
Financial instruments - financial and other risks - Market risk (Details) - Spot market rate risk - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Amount of changes in spot rate used for sensitivity analysis | $ 1,000 | ||
Impact on operating income (loss) due to increase (decrease) in spot rate in sensitivity analysis | $ 35,300,000 | $ 40,300,000 | $ 46,900,000 |
Financial instruments - finan_5
Financial instruments - financial and other risks - Interest rate risk (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Bottom of range | Secured Overnight Financing Rate (SOFR) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Adjustment to interest rate basis | 0% | ||
Top of range | |||
Disclosure of detailed information about financial instruments [line items] | |||
Adjustment to interest rate basis | 0.26161% | ||
Top of range | Secured Overnight Financing Rate (SOFR) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Adjustment to interest rate basis | 0.26161% | ||
Interest rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of change in interest rates used for sensitivity analysis | 1% | 1% | 1% |
Impact on profit (loss) due to changes in interest rate in sensitivity analysis | $ 18 | $ 22.8 | $ 26.5 |
Financial instruments - finan_6
Financial instruments - financial and other risks - Financing risks (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Feb. 29, 2024 USD ($) vessel | Jan. 31, 2024 USD ($) vessel | Mar. 22, 2024 USD ($) vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Oct. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2020 vessel | |
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels | vessel | 1 | ||||||||
Principal repayments on IFRS 16 lease liabilities | $ 516,127 | $ 79,502 | $ 56,729 | ||||||
Number of vessels, purchase option exercised | vessel | 18 | ||||||||
Purchase option fees | $ 1,700 | $ 1,200 | |||||||
Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels | vessel | 111 | 113 | |||||||
MR | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels | vessel | 13 | 13 | |||||||
2020 SPDBFL Lease Financing | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Purchase option fees | $ 800 | $ 800 | |||||||
2021 AVIC Lease Financing | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Deposits held by lessor | 1,000 | 1,000 | |||||||
Purchase option fees | 1,200 | 1,200 | |||||||
2021 TSFL Lease Financing | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Purchase option fees | $ 900 | $ 900 | |||||||
2021 CMBFL Lease Financing | Lease option to purchase option exercised | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Purchase option fees | $ 700 | ||||||||
2021 CMBFL Lease Financing | Lease option to purchase option exercised | MR | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Principal repayments on IFRS 16 lease liabilities | 61,100 | ||||||||
2022 AVIC Lease Financing | Lease option to purchase option exercised | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Deposits held by lessor | $ 1,200 | ||||||||
2022 AVIC Lease Financing | Lease option to purchase option exercised | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Principal repayments on IFRS 16 lease liabilities | $ 102,400 | $ 102,400 | |||||||
Number of vessels, purchase option exercised | vessel | 4 | 4 | |||||||
Deposits held by lessor | $ 1,200 | ||||||||
Purchase option fees | $ 1,500 | $ 1,500 | |||||||
2023 $1.0 Billion Credit Facility | Debt drawdown | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Drawdowns | $ 99,000 | ||||||||
STI Acton, STI Camden and STI Clapham | Prudential Credit Facility | Early repayment of borrowings | Handymax | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels | vessel | 3 | ||||||||
Principal repayments on IFRS 16 lease liabilities | $ 33,700 | ||||||||
STI Jardins and STI San Telmo | 2020 SPDBFL Lease Financing | Lease option to purchase option exercised | MR | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Principal repayments on IFRS 16 lease liabilities | $ 38,300 | ||||||||
Number of vessels, purchase option exercised | vessel | 2 | ||||||||
Deposits held by lessor | $ 1,400 | ||||||||
Purchase option fees | $ 800 | ||||||||
STI Lombard | 2021 AVIC Lease Financing | Lease option to purchase option exercised | LR2 | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels, purchase option exercised | vessel | 1 | ||||||||
STI Soho, STI Osceola and STI Memphis | 2021 AVIC Lease Financing | Lease option to purchase option exercised | MR | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Principal repayments on IFRS 16 lease liabilities | $ 77,400 | ||||||||
Number of vessels, purchase option exercised | vessel | 3 | ||||||||
Deposits held by lessor | $ 1,000 | ||||||||
Purchase option fees | 1,200 | ||||||||
STI Soho, STI Osceola and STI Memphis | 2021 AVIC Lease Financing | Lease option to purchase option exercised | MR and LR2 | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Principal repayments on IFRS 16 lease liabilities | 77,400 | ||||||||
Deposits held by lessor | 1,000 | ||||||||
Purchase option fees | 1,200 | ||||||||
STI Topaz, STI Garnet and STI Onyx | BCFL Lease Financing (MRs) | Lease option to purchase option exercised | MR | Vessels | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Principal repayments on IFRS 16 lease liabilities | $ 21,700 | ||||||||
Number of vessels, purchase option exercised | vessel | 3 | ||||||||
STI Black Hawk, STI Notting Hill and STI Pontiac | 2021 TSFL Lease Financing | Lease option to purchase option exercised | MR | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Principal repayments on IFRS 16 lease liabilities | $ 45,600 | ||||||||
Number of vessels, purchase option exercised | vessel | 3 | ||||||||
Purchase option fees | $ 900 | ||||||||
STI Westminster | 2021 CMBFL Lease Financing | Lease option to purchase option exercised | MR | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels, purchase option exercised | vessel | 1 | ||||||||
STI Comandante, STI Brixton, STI Pimlico and STI Finchley | 2021 CMBFL Lease Financing | Lease option to purchase option exercised | Handymax | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels, purchase option exercised | vessel | 4 | ||||||||
STI Gramercy and STI Queens | 2022 AVIC Lease Financing | Lease option to purchase option exercised | MR | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels, purchase option exercised | vessel | 2 | 2 | |||||||
STI Oxford and STI Selatar | 2022 AVIC Lease Financing | Lease option to purchase option exercised | LR2 | Vessels | Forecast | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Number of vessels, purchase option exercised | vessel | 2 | 2 | |||||||
STI Acton and STI Camden | 2023 $1.0 Billion Credit Facility | Debt drawdown | Handymax | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Vessels pledged as security | vessel | 2 | ||||||||
STI Jardins, STI San Telmo, STI Soho and STI Osceola | 2023 $1.0 Billion Credit Facility | Debt drawdown | MR | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Vessels pledged as security | vessel | 4 |
Financial instruments - finan_7
Financial instruments - financial and other risks - Schedule of contractual maturity for secured and unsecured facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Future undiscounted cash flows of financial liability | $ 1,903,203 | $ 2,455,500 |
Less than 1 month | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Future undiscounted cash flows of financial liability | 190,873 | 100,660 |
1-3 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Future undiscounted cash flows of financial liability | 107,015 | 87,811 |
3 months to 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Future undiscounted cash flows of financial liability | 236,122 | 315,035 |
1-3 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Future undiscounted cash flows of financial liability | 566,475 | 764,028 |
3-5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Future undiscounted cash flows of financial liability | 692,563 | 766,150 |
5+ years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Future undiscounted cash flows of financial liability | $ 110,155 | $ 421,816 |
Subsequent Events - Declaration
Subsequent Events - Declaration of dividend (Details) | Feb. 14, 2024 $ / shares |
Payment of cash dividends | |
Disclosure of non-adjusting events after reporting period [line items] | |
Dividends per share (in USD per share) | $ 0.40 |
Subsequent events - Vessel Sale
Subsequent events - Vessel Sales (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2024 USD ($) | Feb. 29, 2024 USD ($) vessel | Jan. 31, 2024 USD ($) vessel | Mar. 22, 2024 USD ($) vessel | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Oct. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2020 vessel | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels | vessel | 1 | |||||||||
Principal repayments recognized in consolidated cash flow statements | $ 516,127 | $ 79,502 | $ 56,729 | |||||||
Number of vessels, purchase option exercised | vessel | 18 | |||||||||
Purchase option fees | $ 1,700 | $ 1,200 | ||||||||
2020 SPDBFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Purchase option fees | $ 800 | 800 | ||||||||
2021 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Purchase option fees | 1,200 | 1,200 | ||||||||
Deposits held by lessor | 1,000 | 1,000 | ||||||||
2021 TSFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Purchase option fees | $ 900 | 900 | ||||||||
Early repayment of borrowings | Handymax | STI Acton, STI Camden and STI Clapham | Prudential Credit Facility | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels | vessel | 3 | |||||||||
Principal repayments recognized in consolidated cash flow statements | $ 33,700 | |||||||||
Debt drawdown | Handymax | STI Acton and STI Camden | 2023 $1.0 Billion Credit Facility | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Vessels pledged as security | vessel | 2 | |||||||||
Debt drawdown | MR | STI Jardins, STI San Telmo, STI Soho and STI Osceola | 2023 $1.0 Billion Credit Facility | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Vessels pledged as security | vessel | 4 | |||||||||
Vessels | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Proceeds from sale of vessels | $ 607,700 | |||||||||
Number of vessels | vessel | 111 | 113 | ||||||||
Vessels | MR | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels | vessel | 13 | 13 | ||||||||
Vessels | Sale of property, plant and equipment | STI Tribeca | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Proceeds from sale of vessels | $ 39,100 | |||||||||
Vessels | Sale of property, plant and equipment | MR | STI Larvotto | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Sale of ships, gross sales price | $ 36,150 | |||||||||
Vessels | Sale of property, plant and equipment | MR | STI Le Rocher | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Sale of ships, gross sales price | $ 36,150 | |||||||||
Vessels | Lease option to purchase option exercised | 2022 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Deposits held by lessor | 1,200 | |||||||||
Vessels | Lease option to purchase option exercised | Forecast | 2021 CMBFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Purchase option fees | $ 700 | |||||||||
Vessels | Lease option to purchase option exercised | Forecast | 2022 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 102,400 | $ 102,400 | ||||||||
Number of vessels, purchase option exercised | vessel | 4 | 4 | ||||||||
Purchase option fees | $ 1,500 | $ 1,500 | ||||||||
Deposits held by lessor | $ 1,200 | |||||||||
Vessels | Lease option to purchase option exercised | Handymax | STI Comandante, STI Brixton, STI Pimlico and STI Finchley | Forecast | 2021 CMBFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels, purchase option exercised | vessel | 4 | |||||||||
Vessels | Lease option to purchase option exercised | MR | Forecast | 2021 CMBFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 61,100 | |||||||||
Vessels | Lease option to purchase option exercised | MR | STI Jardins and STI San Telmo | 2020 SPDBFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 38,300 | |||||||||
Number of vessels, purchase option exercised | vessel | 2 | |||||||||
Purchase option fees | $ 800 | |||||||||
Deposits held by lessor | 1,400 | |||||||||
Vessels | Lease option to purchase option exercised | MR | STI Soho, STI Osceola and STI Memphis | 2021 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 77,400 | |||||||||
Number of vessels, purchase option exercised | vessel | 3 | |||||||||
Purchase option fees | $ 1,200 | |||||||||
Deposits held by lessor | 1,000 | |||||||||
Vessels | Lease option to purchase option exercised | MR | STI Topaz, STI Garnet and STI Onyx | BCFL Lease Financing (MRs) | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 21,700 | |||||||||
Number of vessels, purchase option exercised | vessel | 3 | |||||||||
Vessels | Lease option to purchase option exercised | MR | STI Black Hawk, STI Notting Hill and STI Pontiac | Forecast | 2021 TSFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 45,600 | |||||||||
Number of vessels, purchase option exercised | vessel | 3 | |||||||||
Purchase option fees | $ 900 | |||||||||
Vessels | Lease option to purchase option exercised | MR | STI Westminster | Forecast | 2021 CMBFL Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels, purchase option exercised | vessel | 1 | |||||||||
Vessels | Lease option to purchase option exercised | MR | STI Gramercy and STI Queens | Forecast | 2022 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels, purchase option exercised | vessel | 2 | 2 | ||||||||
Vessels | Lease option to purchase option exercised | LR2 | STI Lombard | 2021 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels, purchase option exercised | vessel | 1 | |||||||||
Vessels | Lease option to purchase option exercised | LR2 | STI Oxford and STI Selatar | Forecast | 2022 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of vessels, purchase option exercised | vessel | 2 | 2 | ||||||||
Vessels | Lease option to purchase option exercised | MR and LR2 | STI Soho, STI Osceola and STI Memphis | 2021 AVIC Lease Financing | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Principal repayments recognized in consolidated cash flow statements | $ 77,400 | |||||||||
Purchase option fees | 1,200 | |||||||||
Deposits held by lessor | 1,000 | |||||||||
Vessels | Debt drawdown | 2023 $1.0 Billion Credit Facility | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Drawdowns | $ 99,000 |
Subsequent Events - 2013 Equity
Subsequent Events - 2013 Equity Incentive Plan (Details) - $ / shares | Feb. 13, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Oct. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 30, 2013 |
Common stock | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
2013 Equity Incentive Plan | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Shares reserved for issuance (in shares) | 500,000 | |||||||
2013 Equity Incentive Plan | Common stock | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Shares reserved for issuance (in shares) | 1,785,500 | 693,864 | 386,883 | 5,824,646 | ||||
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||||||
2013 Equity Incentive Plan | Common stock | Major ordinary share transactions | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Shares reserved for issuance (in shares) | 1,463,294 | |||||||
Par value per share (in dollars per share) | $ 0.01 |
Subsequent Events - Related Par
Subsequent Events - Related Party Transactions (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 01, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Handymax and MR | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Fees charged by pool manager, per vessel, per day when out of pools | $ 300 | ||
Other related parties | Related party fee increase | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Increase in fees charged by pool manager, per vessel, per day | $ 35 | ||
Other related parties | Prepaid expense - SCM | LR2 | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Fees charged by pool manager, per vessel, per day when in pools | 250 | ||
Other related parties | Prepaid expense - SCM | Handymax and MR | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Fees charged by pool manager, per vessel, per day when in pools | 325 | ||
Other related parties | Prepaid expense - SCM | Related party fee increase | LR2 | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Fees charged by pool manager, per vessel, per day when in pools | 285 | ||
Other related parties | Prepaid expense - SCM | Related party fee increase | Handymax and MR | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Fees charged by pool manager, per vessel, per day when in pools | 360 | ||
Fees charged by pool manager, per vessel, per day when out of pools | 335 | ||
Other related parties | Prepaid expense - SCM | Related party fee increase | LR1 And LR2 | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Fees charged by pool manager, per vessel, per day when out of pools | 285 | ||
Other related parties | Prepaid vessel operating expenses - SSM | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Technical management fee, related party | 187,500 | $ 175,000 | |
Increase in technical management fee, related party transactions | $ 12,500 | ||
Other related parties | Geoserve Energy Transport DMCC | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Emissions management fees, per vessel | $ 350 | ||
Emissions Management Fees, Percentage Per Carbon Trade | 1.25% |
Subsequent events - Licensing A
Subsequent events - Licensing Agreement (Details) - T T in Thousands | Mar. 22, 2024 | Dec. 31, 2023 |
Disclosure of non-adjusting events after reporting period [line items] | ||
Licensing agreement, expected reduction in fuel costs, percent | 3% | |
Licensing agreement, expected reduction in carbon emissions annually | 100 | |
Fowe Eco Solutions Ltd. | Entering into significant commitments or contingent liabilities [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Licensing agreement, expected savings, percent | 33% |