Scorpio Tankers Inc.

and welcome to the Scorpio Tankers Inc. First Quarter 2025 Conference Call. I would now like to turn the call over to James Doyle, Head of Corporate Development and Investor Relations. Please go ahead, sir.

Thank you for joining us today. Welcome to the Scorpio Tankers First Quarter 2025 Earnings Conference Call. On the call with me today are Emanuele Loro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Chris Abella, Chief Financial Officer, Lars Denker-Nielsen, Chief Commercial Officer. 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 1st, 2025, and may contain forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a 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 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 Oro.

Thank you, James, and good morning and good afternoon to all. Thank you for joining us today. We are pleased to report another quarter of strong financial results. In the first quarter, the company generated $123 million in adjusted EBITDA and $49 million in adjusted net income. More so now than ever, we find ourselves reporting results within an environment marked by both strong product earnings and persistent global uncertainty. On one hand, structural changes, such as refinery closures, are increasing demand for seaborne transportation of refined products. On the other, policy shifts, tariffs, and geopolitical developments continue to cloud visibility. In markets like this, we don't get the luxury of clarity, and we operate with ambiguity and must prepare accordingly. And that is exactly what we've done. The company is financially, operationally, and commercially stronger than it was last quarter. We have materially strengthened our balance sheet, reducing debt by $2.2 billion since 2022, expanding our revolving credit capacity and locking in low-cost capital and lowering our daily cash break events to $12,500 per day. Our liquidity now stands at close to $1.4 billion, comprising of nearly $400 million in cash, $838 million in undrawn revolving capacity, and our investment in VHC. Operationally, we completed the special surveys or dry docking of 10 vessels this quarter and 63 vessels over the last six quarters. These upgrades will enhance and have enhanced vessel efficiency, eliminating the need for repositioning voyages solely for dry docking purposes that have historically impacted earnings. Commercially, we added one new vessel on time charter and had three LR2 chapters extended for one additional year. Recently, we've taken a more conservative approach to capital allocation, not because of our view on the product anchor market, which remains constructive, but due to the broader global uncertainty that continues to persist. Our outlook for both crude and oil refined products remains positive. other tanker rates had begun the second quarter of 2025 at higher levels than those seen in the first quarter. With our balance sheets fortified, our fleet upgraded, and market fundamentals still in our favor, we are well equipped to navigate uncertainty and continue creating long-term value for our shareholders. My opening remarks are concluded, and I would like to turn the call to James Doyle, please. James.