Scorpio Tankers Inc.

Hello, and welcome to the Scorpio Tankers, Inc. Fourth Quarter 2021 Conference Call. I would now like to turn the call over to James Doyle, Head of Corporate Development and Investor Relations. Please go ahead.

Thank you for joining us today. Welcome to the Scorpio Tankers Fourth Quarter 2021 Earnings Conference Call. On the call with me today are Emanuele Loro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Brian Lee, Chief Financial Officer. Earlier today, we issued our fourth quarter earnings press release, which is available on our website, ScorpioTankers.com. The information discussed on this call is based on information as of today, February 14, 2022, and may contain forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release issued today, as well as Scorpio's tankers SEC filings, which are available at scorpiotankers.com and sec.gov. Call participants are advised that the audio of this conference call is being broadcasted live on the Internet and is also being recorded for playback purposes. An archive of the webcast will be made available on the investor relations page of our website for approximately 14 days. We will be giving a short presentation today. The presentation is available at scorpiotankers.com on the investor relations page under reports and presentations. The slides will also be available on the webcast. After the presentation, we will go to Q&A. For those asking questions, please limit the number of questions to two. We want all our analysts to have a chance to ask a question. If you have an additional question, we are more than happy to answer it, but please rejoin the queue. Now, I'd like to introduce our Chief Executive Officer, Emanuele Oro.

Thank you, James, and good morning and good afternoon to everyone. Thank you for your time today. For the last six quarters, product anchor rates have remained below our all-in cash break-even levels. There is no sugarcoating it. The weakness in the product anchor market and prolonged recovery has been frustrating. I'd like to thank our shareholders for their support and patience during the past year, which unfortunately has been another COVID year. Scorpio tankers finished 2021 with more cash on the balance sheet than in 2020. We continue to focus on what we can control. In January 2022, we agreed to sell 14 vessels. These sales increase liquidity. They reduce overall debt and highlight both a significant increase in asset values as well as the discount our shares trade to these higher asset values themselves. The decision to sell assets is consistent with our efforts to maintain a strong liquidity position and significant operating leverage in a challenging market. Our top priority remains the same, position the company to create shareholder value in an improving market and for the next anchor cycle. We feel the recovery is close and the next tanker cycle not far behind. As far as demand is concerned, oil demand increased by 19 million barrels a day since May 2020, and is expected to surpass pre-COVID levels this year. At the same time, refined product inventories are at historically low levels and drew 180 million barrels from January through November 2021. So the catalyst is simple. Supplying incremental oil demand within inventory draws is just not sustainable in the long term. The timing is less simple to read, but the inflection point is near. In December, product anchor rates reached their highest level since the start of COVID. While the spread of the Omicron variant slowed the momentum, there is several reasons to suggest it will return this year. I would like to now turn the call to James Doyle, who has been recently promoted to the position of Head of Corporate Development and Investor Relations. He will now walk you through a brief presentation as he discussed in his opening remarks. James, congratulations. Please go ahead.