Scorpio Tankers Inc.

Hello, 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 Fourth Quarter 2023 Earnings Conference Call. On the call with me today are Emanuele Ouro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Chris Avella, 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 14th, 2024, 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. 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, Emmanuel Aylero.

Thank you, James, and thank you everybody for joining us today. We appreciate your time. We're pleased to report another quarter and another year of strong financial results. In the fourth quarter of 2023, the company generated $237 million in adjusted EBITDA and more than $142 million in adjusted net income. For the full year 2023, the company generated $959 million in adjusted EBITDA and more than $570 million in adjusted net income. The fundamentals, which have created a strong rate environment over the last two years, remain intact. Those still are an increasing global demand for refined products, a dislocated refining capacity, and a constrained maritime supply curve. In addition to this, we've seen low water levels in the Panama Canal, attacks in the Red Sea, and sanctions on Russia, which have led to the rerouting of vessels. This has made the fleet more inefficient and further tightened supply against a strong demand curve. The cash flow from the elevated rate environments are significant. They have also been transformative for our company. The balance sheets and the quality of Scorpio Tankers as an investment has become stronger and continues to improve. The leveraging has been and remains our primary focus over the last two years. The company has reduced lease financing by almost $2 billion and our total debt by $1.6 billion. In the first quarter of 2024, we will repay $316 million in debt. And today, our net debt stands at just a shade below $1.1 billion. And we feel very well positioned at these levels. Over the last two years, we have returned $732 million to shareholders. This has been returned through share repurchases and through dividends. which includes $548 million or roughly $10 per share in 2023 alone. Today, we have announced another increase in our quarterly dividend, which is now 40 cents per share. This is our fourth increase since 2022. Looking forward, we expect low global inventories, robust demand, and limited feed growth to support the strong product-tanker fundamentals which we've experienced in the last two years. I'd just like to thank you for your continued support, and I would like to now turn the call to James for a brief presentation. Thank you. James, please.