Scorpio Tankers Inc.

Hello and welcome to the Scorpio tankers Inc. 3rd 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 3rd 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, Chris Avella, Chief Financial Officer, Sean Hager, Head of U.S. Chartering. Earlier today, we issued our third 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, November 9, 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 ScorpioTankers 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 Investorations 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. If you have an additional question, please rejoin the queue. Now I'd like to introduce our Chief Executive Officer, Emanuele Woro.

Thank you, James, and thanks, everybody, for joining us today. We are pleased to report another quarter of strong financial results. In the third quarter, the company generated $200 million in adjusted EBITDA, and despite the conclusion of summer driving season and elevated refinery maintenance, rate experienced a steady and sequential increase throughout the quarter. Today, this increase continues and is driven by the same factors which have led to an elevated rate environment for the last six quarters. These factors are strong global demand for refined products, dislocated refinery capacity, and a constrained maritime supply. The cash flows have been significant and transformative for the company. The quality of Scorpio tankers as an investment is improving each day. De-leveraging and returning capital to shareholders is our primary focus. Our balance sheet continues to improve and the company has today a net debt of $1.3 billion. We have reduced our sale lead specs financing from $2.3 billion in 2022 to $730 million as of today. In the fourth quarter, we expect to repay a further $460 million in lease financings, of which $196 million have already been repaid. We have more than $800 million in liquidity consisting of $520 in unrestricted cash and nearly $300 million available under our revolving credit facility. In the third quarter, we repurchased close to 80 million of company shares. Year to date, we have returned over $530 million to shareholders. Of these, 490 million in share repurchases and 40 million in dividends. Today, we have announced the renewal of our securities repurchase program. for up to $250 million, and we have increased our quarterly dividend from 25 cents to 35 cents per share. Looking forward, we expect low global inventories, robust demand, and limited fleet growth to support strong product anchor fundamentals. With this, I finish with my remarks, and I would like to turn the call to Robert. Thank you.