Financial Performance - Q3 2025 TCE income was USD 247 million, with a year-to-date (YTD) 9M 2025 figure of USD 6969 million[15] - Adjusted EBITDA for Q3 2025 reached USD 1505 million, and YTD 9M 2025 stood at USD 4097 million[15] - Net profit for Q3 2025 was USD 915 million (USD 018 per share), while YTD 9M 2025 amounted to USD 230 million (USD 046 per share)[15] - Dividends declared for Q3 2025 totaled USD 732 million (USD 01470 per share), representing 80% of the net profit[15] - Net LTV at the end of Q3 2025 improved to 205%[28] Fleet and Market Dynamics - As of November 14, 2025, 71% of the fleet's total earning days were covered for Q4 2025 at USD 25610 per day[16] - Approximately 88% of coated LR2 newbuilds have migrated into the Aframax dirty trading segment YTD 2025[43] - The effective increase in clean trading supply is only around 11 million DWT, equivalent to 05% clean trading supply growth after factoring in LR2 migration and sanctioned vessels[50] - Clean tonnage growth from 2025-2028 is projected to be around 11%, with nearly half of this increase expected in 2026[54] Strategic Initiatives - Hafnia entered into a joint venture with Cargill to create Seascale Energy, a stronger bunker procurement entity[21, 113] - The company has invested in several dual-fuel newbuilds, including LR2 LNG dual-fueled vessels and Chemical IMO-II MR Methanol dual-fueled vessels[114]

Core Viewpoint - Scorpio Tankers Inc. reported a net income of $84.5 million for Q3 2025, a significant decrease from $158.7 million in Q3 2024, attributed to lower Time Charter Equivalent (TCE) revenue and changes in market conditions [2][4][39]. Financial Performance - For the three months ended September 30, 2025, the company had a net income of $84.5 million, translating to $1.81 basic and $1.73 diluted earnings per share [2][4]. - Adjusted net income for the same period was $72.7 million, or $1.56 basic and $1.49 diluted earnings per share, excluding a fair value gain and a loss on debt extinguishment [3]. - In comparison, for Q3 2024, the company reported a net income of $158.7 million, or $3.31 basic and $3.16 diluted earnings per share [4]. Revenue and Expenses - TCE revenue for Q3 2025 was $232.9 million, down from $258.2 million in Q3 2024, reflecting a decrease of $25.3 million [39]. - Average daily TCE revenue decreased to $26,231 per vessel in Q3 2025 from $28,488 per vessel in Q3 2024 [39]. - Vessel operating costs decreased to $74.3 million in Q3 2025 from $80.9 million in Q3 2024, driven by a reduction in the average number of vessels [39]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.42 per common share, with a payment date set for December 5, 2025 [10]. Debt and Liquidity - As of October 28, 2025, the company had $626.7 million in unrestricted cash and cash equivalents, along with $788.3 million of undrawn revolver capacity [20]. - The company reached agreements for unscheduled prepayments totaling $154.6 million on certain secured credit facilities, expected to occur in Q4 2025 [33]. Recent Transactions - The company entered into a time charter-out agreement for an LR2 product tanker at a rate of $35,000 per day and sold two scrubber-fitted LR2 product tankers for $61.2 million each [14]. - The company sold 4,778,000 common shares of DHT Holdings Inc. at an average price of $12.50 per share during Q3 2025 [14].