Scorpio Tankers Inc.

Hello and welcome to the Scorpio Tankers, Inc. fourth quarter 2022 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the call over to James Doyle, Head of Corporate Development and Investor Relations. Please go ahead.

James Doyle Thank you for joining us today. Welcome to the ScorpioTankers Fourth Quarter 2022 Earnings Conference Call. On the call with me today are Emanuele Ouro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Brian Lee, Chief Financial Officer, Lars Denker-Nielsen, Commercial Director. 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 16, 2023, 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, as well as Scorpio 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 presentation. 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. If you have an additional question, please rejoin the queue. Now, I'd like to introduce our Chief Executive Officer, Emanuele Loura.

Thank you very much, James. Good morning or afternoon, everyone. And thanks for taking the time to join us today. So the fourth quarter was a strong finish to the best year in the company's history. In 2022, the company generated $1.1 billion in EBITDA. It would have been very, very difficult to imagine this only 12 months ago since The first quarter of 2022 was actually a loss-making quarter for the company. So considering this and considering that we are often asked whether 2023 could be better than 2022, our answer is yes, we do expect this year to be better than 2022. The market fundamentals which created a strong rate environment remain intact. Our outlook has not really changed. If anything, it has improved. with recession fears easing and the reopening of the world's second largest economy. The company enters 2023 with its strongest financial position in its history. And while our capital allocation has prioritized the balance sheet and still does, after reducing our debt by more than 1.2 billion in 2022, we have increased our ability and flexibility to allocate capital. Since July, we have repurchased 5.8 million of our common shares for $256 million. Today, we announced the renewal of our securities repurchase program for up to $250 million, and we announced also the doubling of our quarterly dividend from $0.10 to $0.20 per share. Our strategy remains the same, improve the quality of Scorpio tankers as an investment and create long-term shareholder value. Consistent with this, as of now, we feel reducing our leverage and repurchasing shares given their discount to companies and AV is the best way to create this value. In the first quarter, we have booked a fleet spot average of $39,500 a day for more than 60% of the available days and have seen a significant increase in rates over the last two weeks. As significant shareholders ourselves, we are excited about the constructive outlook for the product anchor market and do remain committed to creating long-term value. Thank you for the continued support that you have shown us, and my opening remarks are over. I will now pass the call to Robert for his remarks. Robert. Thank you, Emmanuel.