Scorpio Tankers Inc.

Hello and welcome to the Scorpio tankers Inc second quarter 2024 conference call all participants will be. 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 a touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference 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 second quarter 2024 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. Earlier today, we issued our second quarter earnings press release, which is available on our website, www.bankers.com. The information discussed on this call is based on information as of today, July 30, 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. 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 ScorpioTinkers.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, Emmanuel Elora.

Thank you James and good morning or good afternoon everyone and thank you for joining us today. We are pleased to announce another strong quarter of financial results. In the second quarter we continue to see a significant year-over-year increase in rates and the company generated $278 million in adjusted EBITDA and more than $188 million in adjusted net income. When We last spoke, I highlighted that we have positioned the company to further reduce debt, act opportunistically, and increase shareholder returns. And in the second quarter, we were able to do exactly that. During the quarter, we repaid almost $400 million in debt and executed on reducing our to a level of $12,500 per day. Our net debt has decreased from $1.4 billion in June 2023 to around $700 million today. In addition, on a performer basis, which assumes the closing of the four remaining vessels sales, which we had previously announced, our net debt would be below $600 million as of today. We recently announced an agreement with the lenders on our $225 million credit facility to convert it from a term loan to a revolving credit facility. And we have also recently sent notice to prepay the outstanding debt on our facility with BNP and SignAssure for $64 million. The repayment of the net debt in these facilities could lower daily cash break-evens by over $1,000 per day to $11,500 per day break-evens. Since June 1st, we have repurchased 1.4 million shares of our company for an aggregate $109 million. at an average price of $78 per share. Selling older assets at prices above consensus net asset value and repurchasing stock below net asset value is accretive and crystallizes value for shareholders. Including share buybacks and dividends, we have thus far returned $2.86 per share to shareholders during 2024. In addition to that, today we declared a quarterly dividend of 40 cents per share and announced the replenishment of our securities repurchase program with an increased authorization limit of $400 million. We are very optimistic for the rest of the year as we start the third quarter with a spot split average of $36,000 per day TCE. This is more than $10,000 higher than it was last year, which was $26,000 per day. So compared to last year, we are $10,000 higher in TCE for the third quarter. We remain committed to delivering value to our shareholders. We appreciate your continued support and confidence in Scorpio Tankers. With low leverage, a strong liquidity position, and a young fleet, we are uniquely positioned to capture what this high rate environment has to offer. With this, my opening remarks are done, and I would like to turn the call to James, please.