Scorpio Tankers Inc.

And welcome to the Scorpio Tankers Inc. First Quarter 2023 Conference Call. I would now like to turn the call over to James Doyle, Head of Corporate Development and IR. Please go ahead, sir.

Thank you for joining us today. Welcome to the Scorpio Tankers First Quarter 2023 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, Chris Savella, Chief Accounting Officer, Water Stanker Nielsen, Commercial Director. Earlier today, we issued our first 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, May 2, 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. All 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, Emmanuel Iwora.

Thank you, James, and thank you for joining us today. In the first quarter, the company generated $286 million in EBITDA and $196 million in adjusted net income. This compares with the first quarter last year, when the company generated an adjusted loss of around $15 million. So we're starting 2023 with $210 million more in adjusted net income compared to 2022. Today, we have $800 million of pro forma liquidity. We see an order book near record lows, an aging fleet, constructive demand for refined products, refinery dislocations, and a time-shutter market with duration and high rates, which continue to improve. Corpiotankes is a young and large fleet with significant operating leverage and, most importantly, minimal capex. We do not intend to grow the company. Rather, we intend to harvest. The balance sheet has, and we continue to see, a reduction in leverage but we will look to optimize it as well. Our new $750 to $1 billion term loan and revolving credit facility, while still under discussion, can accelerate the repurchase of more expensive lease financing and can create more balance sheet flexibility. The revolver increases the flexibility and efficiency of managing the two critical levers vital to shipping companies, leverage and liquidity. While overall debt reduction continues to be our priority, our strong financial position continues to improve and has allowed us to start to return capital to shareholders. Since July 2022, we have repurchased 7.5 million of our common shares for $350 million. Today, we announced the renewal of our security repurchase program for up to $250 million and an increase of our quarterly dividend from 20 cents per share to 25 cents per share. Finally, it is with mixed feelings that I must announce today that Brian Lee, our Chief Financial Officer, will be stepping down in September of this year. He will be replaced by Chris Avella, who has been with the company since 2010 and currently serves as our Chief Accounting Officer. Brian's leadership and experience has been instrumental in the growth and development of the company over the last 13 years. He's been with us since the beginning and leaves the company in its strongest financial position with a well-trained team poised to maintain high standards. Brian, I will miss you. We will miss you. We will miss your unparalleled work ethic, your temperament, and character, too. I'm truly grateful for your contribution to the company and wish you the best on a well-deserved retirement. And by the way, if you change your mind now that the chief accountant position is open, I'm sure that Chris would hire you in a heartbeat. With that, I'd like to turn the call to James for a brief presentation.