Scorpio Tankers Inc.

Hello and welcome to the Scorpio Tankers Inc. Third Quarter 2026 Conference Call. 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 Third Quarter 2026 Earnings Conference Call. On the call with me today are Emanuele Lauro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Chris Avella, Chief Financial Officer, Lars Dencker Nielsen, Chief Commercial Officer. Earlier today, we issued our third quarter earnings press release, which is available on our website, scorpiotakers.com. The information discussed on this call is based on information as of today, October 28, 2026, 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 Lauro.

Thank you, James, and good morning or good afternoon, everyone. Over the past quarters, I've spoken about our focus on things we can control, like strengthening our balance sheets, lowering our cost of capital, and cash break-evens, optimizing and renewing our fleet, and returning capital to shareholders. That approach has not changed. Today, Scorpio Tankers enters the fourth quarter of 2026 in the strongest financial position in its history, with a modern fleet and considerable flexibility to navigate the cycles ahead. In the third quarter, we generated an adjusted EBITDA of $172 million and adjusted net income of $127 million. To appreciate how far we have come, five years ago the company had $3.1 billion in debt and just $230 million in cash. Today we have $655 million in debt and more than $2 billion in cash. At the same time, we've continued to lower our daily cash break events, which is now below $11,000 per day per vessel. This gives us significant structural advantage. In a strong market, we're positioned to generate substantial free cash flow. In a weaker market, our low break-evens and strong balance sheet provide resilience and the flexibility to take advantage of opportunities. We have applied the same discipline to our fleet. As I mentioned last quarter, we've sold older vessels at attractive prices and selectively reinvested in modern fuel-efficient tonnage. This is our approach to fleet renewal, realizing value from existing assets while strengthening the fleet for the years ahead. Turning to markets, the fourth quarter is off to a much stronger start as we enter what is typically the seasonally strongest part of the year. To date, for Q4, we've booked our LR2s at approximately $181,000 per day, MRs at $56,000 per day, and our Handimax vessels at $40,000 per day. While crude tankers have led the broader market in 2026, product tankers have begun to follow. Increasing crude volumes from the Middle East are supporting higher refinery runs and refined product exports. Together with the constrained vessel supply, we believe these dynamics are creating favorable conditions for product tankers and the potential for further strengthening in rates. As always, there is uncertainty around how markets and geopolitical events will evolve. But as I said last quarter, our job is not to predict the cycle. Our job is to be prepared for it. That brings me to capital returns. Today, our board increased the quarterly dividend from 45 cents per share to 75 cents per share. This is an increase of approximately 67%. This decision reflects the strength of our balance sheets and our confidence in the company's ability to return capital to shareholders through the cycle. We expect to continue increasing the dividend annually. We have built a platform that can generate meaningful cash flow in strong markets, remain resilient in weaker ones, and preserve the flexibility to invest when the opportunity arises. That philosophy has guided us for many years and it will continue to guide us in the years ahead. Just would like to thank you for your continued support. My opening remarks are over and I will now like to turn the call to Robert. Thank you.