Scorpio Tankers Inc.

Hello and welcome to the Scorpio Tankers third quarter 2024 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 IR. Please go ahead, sir.

Thank you for joining us today. Welcome to the Scorpio tankers third 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, Lars Denker Nielsen, Chief Commercial Officer. 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, October 29th, 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 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 this 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 Ouro.

Emanuele Ouro Thank you, James. Hello, everyone, and thank you for joining us today. We are pleased to report another strong quarter of financial results. In the third quarter, the company generated $166 million in adjusted EBITDA and $87.7 million in adjusted net income. While rates experienced a seasonal dip during the quarter, they remain above historical averages. Thanks to significant improvement in our balance sheets and lower daily breakeven costs, With the rates we have booked in QFAR so far, our LR2s generate $18,000 in cash per day, and our MR fleets generate $8,000 per day. And rates have already started to improve, particularly on our LR2 segments. Throughout the third quarter, we continue our strategy of reducing debt. We've been acting opportunistically and returning capital to shareholders. Since July, we have reduced our debt further by $115 million and significantly decreased our share count. We have also reduced our daily cash break evens to $12,500 per day. strategically positioning the company to generate more cash even at lower rates and improve per share earnings. During the quarter, we capitalized on opportunities to sell assets at attractive prices while also repurchasing our own shares at a discount to net asset value, thereby creating and crystallizing value. We completed the sale of six vessels and announced the sale of another three vessels expected to close in the fourth quarter. On a pro forma basis, which assumes the closing of the three remaining vessels sales and marketable securities, the company has liquidity today of $463 million. From April 1st, we have repurchased over 300 million of our own shares, representing over 7% of the company. Of these, 3.4 million shares, or around $240 million, were purchased since July 1st. Including share buybacks and dividends, we have returned $7.13 per share to shareholders in 2024 so far. Additionally, today we've declared a quarterly dividend of 40 cents per share. In the third quarter, we acquired a 4.9% stake in the crude tanker company DHT, a passive but liquid investment that positions us to capitalize on the upside of an improving crude tanker sector. Our outlook for both crude oil and refined products remains positive. And for the first time in several months, we anticipate that improvements in the crude oil market will also positively impact refined products. With low leverage, strong liquidity, and a young fleet, we are exceptionally well positioned. We remain committed to delivering value to our shareholders, and we do appreciate your continued support and confidence in Scorpio Tankers. With this, I would like to turn the call to James for a presentation, please.