Scorpio Tankers Inc.

Hello, and welcome to the Scorpio Tankers second quarter 2025 conference call. All participants will be in a 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 a touch-tone phone. 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 in IR. Please go ahead, sir.

Thank you for joining us today. Welcome to the Scorpio Tankers Second 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 Avella, Chief Financial Officer. Earlier today, we issued our second 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, July 30th, 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 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 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 Loro.

Thank you, James, and good morning or good afternoon to everyone. Thank you for joining us. We are pleased to report another quarter of strong financial results. In the second quarter, the company generated $144.5 million in adjusted EBITDA and $67.8 million in adjusted net income. When we last spoke in May, markets were dealing with rising concerns over trade policy, tariffs, and geopolitical instability, factors that pointed to the potential for an economic slowdown. As few major issues have been resolved regarding trade, tariffs, and geopolitics, the likelihood of a recession seems lower today than it was last time we spoke. We see two narratives unfolding. The first is one of strength. The product anchor market continues to benefit from strong demand for refined products and long-term structural changes in global refining that are extending trade routes and increasing tonn miles. The second is one of caution. The policy landscape remains uncertain, and geopolitical risks continue to create noise, clouding visibility. Scorpio Tankers is stronger today financially, operationally, and commercially than it was just one quarter ago. We continue to fortify our balance sheet, expanding revolving credit capacity, maintaining a cash break-even of $12,500 per day, and giving notice to repurchase our final three vessels under sale list by financing. At the start of 2022, our lease obligations totaled $2.2 billion. Today, that figure is below $70 million, and in just a few months, it will be zero. Today, our liquidity is approximately $1.4 billion, including cash, under-owned revolving credit, and our investment in DHT. Operationally, we completed RIDOX for eight vessels in the second quarter and 71 vessels over the last seven quarters, enhancing fleet efficiency and positioning as well for the quarters ahead. Commercially, we added one vessel on a 12-year variable charter with a time charter equivalent rate in excess of $21,000 per day. Our approach to capital allocation remains measured, not because our view on the product anchor market, which remains constructed, but due to the broader global uncertainty that continues to persist. This quarter, we trimmed our investment in DHC, selling 2.7 million shares at over $12 per share, realizing a 16% return. Looking ahead, we remain optimistic. OPEX recent production increase should provide a tailwind to tanker demand. Our view on both crude and refined products remains positive. With a modern fleet, robust liquidity, and a strong balance sheet, Scorpio Tankers is well positioned to navigate uncertainty and continues delivering long-term value to our shareholders. Thank you, and I will pass the call to James for a brief presentation. James.