November 11, 2021

Scorpio Tankers Inc.

Third Quarter 2021 Earnings Presentation

2

Disclaimer and Forward-looking Statements

This presentation includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Scorpio Tankers Inc.’s (“Scorpio’s”) current views with respect to future events and financial performance. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” and similar expressions identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in Scorpio’s records and other data available from third parties. Although Scorpio believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond Scorpio’s control, Scorpio cannot assure you that it will achieve or accomplish these expectations, beliefs, projections or future financial performance.

Risks and uncertainties include, but are not limited to, the failure of counterparties to fully perform their contracts with Scorpio, the strength of world economies and currencies, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the tanker vessel markets, changes in Scorpio’s operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of our vessels, the market for Scorpio's vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental and environmental rules and regulations or actions taken by regulatory authorities including those that may limit the commercial useful lives of tankers, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports Scorpio files with, or furnishes to, the Securities and Exchange Commission, or the Commission, and the New York Stock Exchange, or NYSE. Scorpio undertakes no obligation to update or revise any forward-looking statements. These forward-looking statements are not guarantees of Scorpio's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements

This presentation describes time charter equivalent revenue, or TCE revenue, which is not a measure prepared in accordance with IFRS (i.e. a "Non-IFRS" measure). TCE revenue is presented here because we believe that it provides investors with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. This Non-IFRS measure should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with IFRS.

The Company believes that the presentation of TCE revenue is useful to investors because it facilitates the comparability and the evaluation of companies in the Company’s industry. In addition, the Company believes that TCE revenue is useful in evaluating its operating performance compared to that of other companies in the Company’s industry. The Company’s definition of TCE revenue may not be the same as reported by other companies in the shipping industry or other industries. See appendix for a reconciliation of TCE revenue to revenue, please see the Appendix of this presentation.

Unless otherwise indicated, information contained in this presentation concerning Scorpio’s industry and the market in which it operates, including its general expectations about its industry, market position, market opportunity and market size, is based on data from various sources including internal data and estimates as well as third party sources widely available to the public such as independent industry publications, government publications, reports by market research firms or other published independent sources. Internal data and estimates are based upon this information as well as information obtained from trade and business organizations and other contacts in the markets in which Scorpio operates and management’s understanding of industry conditions. This information, data and estimates involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed above. You are cautioned not to give undue weight to such information, data and estimates. While Scorpio believes the market and industry information included in this presentation to be generally reliable, it has not independently verified any third-party information or verified that more recent information is not available.

3

The Largest & Most Modern

Product Tanker Fleet in the

World

• 131 wholly owned, finance leased or bareboat chartered-in tankers on the water with an average age of 5.8 years

• 98 product tanker vessels equipped with exhaust gas scrubbers

• Vessels trading within one of the world’s largest product tanker platforms with a strong track record

Strong Liquidity Position• Cash and cash equivalents of $228.9 million as of November 10, 2021

• In addition, the Company is in discussions to increase its liquidity by $34.1 million from the refinancing of six vessels.

Limited Capex Going Forward

• Since 2018, the Company completed $445.8 million in capex payments for drydock, ballast water treatment systems and scrubbers

• Remaining capex for FY-21 is $12.8 million

• In addition to the above refinancing's, the Company has $18.0 million of additional liquidity available (after the repayment of existing debt)

from previously announced financings that have been committed and are tied to scrubber installations

Scorpio Has Significant

Operating Leverage

• $1,000/day increase in average daily rates would generate ~$48 million of incremental annualized cash flow(1)

• An increase in average daily rates from $20,000 to $25,000 (25%) translates to an increase in annualized cash flow from $421 million to

$665 million, a 57% increase in net cash flow

Favorable Long Term

Supply/Demand Fundamentals

• Refinery closures and additions are expected to increase seaborne volumes of refined products and ton miles

• Limited newbuilding orders drives lowest orderbook as a percentage of fleet ever recorded

• Favorable supply/demand environment with demand to outstrip growth in 2022

1) Based on utilization of 131 vessels and utilization of 365 days per year

Investment Highlights

4

Fleet Overview Key Facts

• Scorpio Tankers Inc. (“Scorpio”) is the world’s largest product

tanker owner, providing marine transportation of refined

petroleum products (gasoline, diesel, jet fuel and naphtha) to

a diversified blue-chip customer base

• NYSE-listed with compliant governance

• The Company’s fleet consists of 131 wholly owned, finance

leased or bareboat chartered-in tankers

• Vessels employed in well-established Scorpio pools with a

strong track record of outperforming the market

• Headquartered in Monaco, Scorpio is incorporated in the

Marshall Islands and is not subject to US income tax

• Diversified blue-chip customer base

Largest Product Tanker Fleet in the World

with 131 Vessels on the Water

Average Age of Fleet:

5.8 Years

Attractive Mix of

Modern MR and LR Vessels

Scrubber Fitted Vessels:

98 vessels1

91% of Fleet Built at

Leading Korean Shipyards2

14x

Handymax(25,000 – 39,999 dwt)

63x

MR(40,000 – 59,999 dwt)

12x

LR1(60,000 – 79,999 dwt)

42x

LR2(80,000 – 120,000 dwt)

Scorpio Tankers at a Glance

1) As of November 10, 2021

2) Includes Tankers built at Hyundai’s Vinashin yard in Vietnam

5

Largest & Most Modern Product Tanker Fleet in the World

Largest & Most Modern Product Tanker Fleet

• World’s largest and youngest product tanker fleet, including the leading owner in the MR and LR2 product tanker segments

• While a significant portion of the global MR and LR fleets are older than 15 years of age, the Scorpio fleet has an average age of 5.8 years

Average Age vs. Worldwide Fleet

(# of Ships)

Source: Clarksons Shipping Intelligence, November 2021

Note: Figures do not include newbuild vessels on order.

14

11 2 5 6 16

63

4354

3441

319

12

229

135

9

42

6

13

14

10

3

131

8278

66

5350

28

5.88.6 10.8 12.8 12.6

10.2 9.1

0

30

60

90

120

150

Scorpio BW/Hafnia TORM COSCO InternationalSeaways

SCF Group A.P. Moller

HM MR LR1 Total Average Age

7.1

5.85.5 5.7

15.2

10.8

12.2

9.4

0

2

4

6

8

10

12

14

16

Handymax MR LR1 LR2

Scorpio Tankers Active Fleet

6

Q3-21 Actual & Q4-21 Guidance of Company TCE Rates

Source: Company’s earnings release

% of Q4-21 Days Booked as of November 10, 2021

LR2 LR1 MR HM

Q4-21 58% 55% 55% 52%

Scorpio Fleet TCE by Segment ($/day)

$10,871

$10,015$10,262

$7,457

$13,750

$12,500

$10,500

$8,700

LR2 LR1 MR HM

Q3-21 Q4-21 Guidance

7

$51.3

$77.0

$102.6

$100 $150 $200

Scrubber Fuel Savings

Scorpio Scrubber Fleet Scorpio TCE Savings Annual Cash Flow Benefit

41

7

50

0

10

20

30

40

50

60

70

80

LR2 LR1 MR

$2,509

$2,091

$1,867

LR2 LR1 MR

Assumes VLSFO - HFSO Spread of $150 / MT VLSFO - HFSO Spread of ($/MT)Vessel Type

(Millions $USD)($/day)(Vessels installed with scrubbers)

• As of November 10, 2021 the Company has 98 vessels currently installed with exhaust gas cleaning systems (“scrubbers”)

8

Financials

9

Quarterly Financial Performance

(In '000s of USD) Q3-21 Q2-21

Revenue $ 119,271 $ 139,442

Vessel operating costs (85,881) (80,598)

Voyage expenses (661) (1,396)

Charterhire - -

Depreciation (60,115) (59,422)

Impairment of vessels and goodwill - -

G&A (13,054) (13,324)

Marger related transaction costs - -

Total operating expenses (159,711) (154,740)

Operating income / (loss) $ (40,440) $ (15,298)

Gain on repurchase of convertible notes - -

Net finance expenses (32,769) (35,719)

Loss on exchange of convertible notes - (1,648)

Other expenses,net (58) (117)

Net (loss) / income $ (73,267) $ (52,782)

Add Back

Financial expenses 32,769 35,719

Depreciation and amortization 65,863 65,713

Impairment of vessels and goodwill - -

Gain on repurchase of convertible notes - 1,648

Adjusted EBITDA $ 25,365 $ 50,298

10

Limited Capex & Upcoming Maturities Have Been Refinanced

Company CapEx (Drydock, BWTS & Scrubber Installations) Debt Repayment Schedule

Millions $USD

• Since 2018, the Company completed $445.8 million in capex payments for drydock, ballast water treatment systems and scrubbers

• Remaining capex for FY-21 is $12.8 million

• The Company has $18 million of committed scrubber financing that has yet to be drawn

Millions $USD

$17.5

$60.9

$72.7 $76.3 $70.8 $74.5

$69.7

$78.4$72.7

$146.0

$70.8$74.5

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

Q4-21 Q1-22 Q2-22 Q3-22 Q4-22

Remaining Principal Payments Convertible Bond Total

$26.7

$204.0

$172.1

$43.0

$12.8

$38.9

$26.7

$204.0

$172.1

$55.8

$38.9

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

FY-18 FY-19 FY-20 FY-21 FY-22

Payments Made Remaining Payments

11

Liquidity

• As of November 10, 2021, the Company had $228.9

million in unrestricted cash and cash equivalents.

• The Company is also in discussions with financial

institutions to further increase liquidity by up to $34.1

million in connection with the refinancing of six vessels.

• In addition to the above, the Company has $18.0 million

of additional liquidity available (after the repayment of

existing debt) which are expected to occur at varying

points in the future as several of these financings are tied

to scrubber installations on the Company’s vessels.

Liquidity

Millions $USD

$18.0

$34.1

$228.9

$246.9

$281.0 $281.0

$0.0

$100.0

$200.0

$300.0

Cash and cashequivalents as of

November 10, 2021

Scrubber Financing Financing UnderDiscussion

Pro Forma Liqudity

12

Potential Cash Flow Generation

Note: Annual revenue calculated as TCE Rate x 365 days x number of vessels. Based on 131 vessels and assumes vessel cash breakeven of $17,100 per day and debt repayment of $280.7 million from Q4-21 through Q3-22

(1) TCE Rate reflects a market TCE Rate for a non-scrubber ECO vessel.

Potential Annual Cash Flow Generation Excluding Debt Repayment

Millions $USD

TCE Rate ($/day) (1)

Potential Annual Cash Flow Generation Including Debt Repayment

Millions $USD

TCE Rate ($/day) (1)

$537

$419

$658

$898

$1,137

$1,376

$0

$500

$1,000

$1,500

$2,000

$2,500

OPEX, CashG&A & Interest

$20,000 $25,000 $30,000 $35,000 $40,000

$537

$281

$139

$378

$617

$856

$1,095

$0

$500

$1,000

$1,500

$2,000

$2,500

OPEX, CashG&A &Interest

PrincipalRepayment

$20,000 $25,000 $30,000 $35,000 $40,000

13

Market Fundamentals

14

Short Term Market Update

1) Energy Aspects, November 2021

• Global oil demand has recovered significantly since April 2020 and is

approaching pre pandemic levels

• Inventory draws continue to push refined product inventories below their five

year avg

• Product tanker spot rates have improved in November as:

• Increasing global vaccinations have increased personal mobility / refined

product demand

• Shorter refinery turnarounds and low inventories are leading to

increased refinery runs and product exports

• Global gasoline, diesel and naphtha demand near or above pre-covid levels,

offsetting lower jet fuel demand

• European energy shortage is expected to increase global oil demand by 500

kb/d

• Global distillate and naphtha spread remains wide, encouraging increased

arbitrage trading

• Lower product inventories and increasing product demand will be met by higher

refinery runs and seaborne exports

• Robust economic growth, rising vaccination rates, increasing mobility levels

and the easing of social distancing to underpin stronger global oil demand in

Q4-21 and 2022

Refinery Maintenance Schedule – CDU Capacity Offline (mb/d) (1)

Global Oil Demand (mb/d) (1)

8.7

4.9

2.9

1.5

0.0

2.0

4.0

6.0

8.0

10.0

Oct 21 Nov 21 Dec 21 Jan 22

Asia Pacific North America Europe Latin America FSU Middle East Africa

79.4

96.395.0

99.0 98.7100.8

70

75

80

85

90

95

100

105

Apr-20 Dec-20 Mar-21 Jun-21 Sep-21 Nov-21e

15

US, ARA and Singapore Product Inventories (million barrels) (1)

Floating and Land Based Inventories Continue to Decline

1) Energy Aspects, IEA, EIA, November 2021 / Note: “ARA” is Amsterdam, Rotterdam and Antwerp

2) Clarksons Shipping Intelligence, November 2021

• Refined product (gasoline, diesel and jet fuel) inventories are below their five year average in the United States, ARA and Singapore

• Floating refined product inventories decreased from 108.2 million barrels in May 2020 to 20.4 million barrels in Nove2021

Refined Product Floating Storage (million barrels) (2)

400

420

440

460

480

500

520

540

Ap

r-20

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct-

20

Nov-2

0

Dec-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-21

Ma

y-2

1

Jun

-21

Jul-

21

Au

g-2

1

Se

p-2

1

Oct-

21

US, ARA & Singapore Five Yr Avg108.6

20.4

0

20

40

60

80

100

120

Ap

r-20

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct-

20

Nov-2

0

Dec-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-21

Ma

y-2

1

Jun

-21

Jul-

21

Au

g-2

1

Se

p-2

1

Oct-

21

Nov-2

1

16

Historical East-West Diesel Spread ($/MT) (1)

East – West Diesel Spread Remains Wide

1) Bloomberg, November 2021

Distillate spread continues to widen for the 2021-22 winter, encouraging diesel flows from the East to the West

Forward Curve of East-West Diesel Spread($/MT ) (1)

-$10

-$5

$0

$5

$10

$15

$20

$25

$30

Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23

-$25

-$20

-$15

-$10

-$5

$0

$5

$10

Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21

17

Historical East-West Naphtha Spread ($/MT) (1)

East – West Naphtha Spread Remains at Healthy Levels

1) Bloomberg, November 2021

• The East-West naphtha spread remains wide for the 2021-22 winter, encouraging naphtha flows from the West to the East

• Naphtha is used as feedstock for petrochemical plants in Asia and can be a substitute for LPG as prices increase during the winter

Forward Curve of East-West Naphtha Spread($/MT ) (1)

$0

$5

$10

$15

$20

$25

$30

Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21

$10.0

$15.0

$20.0

Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22

18

Commercial Flights Compared to 2019 (1)

Jet Fuel Demand Is Improving but Still Below 2019 Levels

1) Flight Radar, November 2021

2) Energy Aspects, November 2021

• Global commercial flights have continued to recover from their 2020 lows, but are still at 82% of their 2019 levels

• Remaining recovery in jet fuel demand will be driven by a reduction in travel restrictions and an increase in long-haul international

travel

26%

82%

0%

20%

40%

60%

80%

100%

120%

Jan

-20

Fe

b-2

0

Ma

r-2

0

Ap

r-20

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct-

20

Nov-2

0

Dec-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-21

Ma

y-2

1

Jun

-21

Jul-

21

Au

g-2

1

Se

p-2

1

Oct-

21

Nov-2

1

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22

Jet Demand Forecasted

Global Jet Fuel Demand (million barrels) (1)

19

Share of People with One COVID-19 Vaccine Dose

As of June 29, 2021 As of November 8, 2021

Source: Our World Data Vaccination Tracker November 8, 2021

20

Vaccinations to Drive Demand Recovery in Refined Products

Energy Aspects, Novemner 2021

• Robust economic growth, rising vaccination rates, increasing mobility levels and the easing of social distancing to underpin stronger global

oil demand in Q4-21 and 2022

• Low product inventories, refinery closures and growing demand are expected to increase seaborne exports and ton miles

Refined Product Demand (mb/d)

29.1 27.7 28.9 29.3

26.324.4

26.3 26.8

8.0

5.05.8

7.1

7.8

7.9

8.38.5

71.2

65.0

69.471.8

-

10

20

30

40

50

60

70

80

Nov-19 Nov-20 Nov-21 Nov-22e

Diesel Gasoline Jet Naphtha

21

Product Tanker Demand Drivers

Increased Volumes (Seaborne Exports)

Voyage Distance

(Ton Mile Demand)Trading Activity

• Oil consumption

growth

• Refinery margins

• Refinery

throughput

• Dislocation

between refinery

and consumer

• Refining capacity

expansions have

moved closer to the

well head and

further away from

the consumer

• Arbitrage opportunities

from price volatility

• Low inventory levels

• Growing regional

imbalances from crude

slates, product grades

and refining capacity

Product Tanker

Demand

22

Long Term Fundamentals

Refined Product Demand Expected to Continue to Recover through 2021 & 2022

• Seaborne refined product exports are estimated to increase 6.7% and 5.1% in 2021 and 2022, respectively (1)

• Refined product ton mile demand is estimated to increase 9.8% and 5.5% in 2021 and 2022, respectively (1)

Refining Capacity Closures & Expansions Expected to Increase Product Exports & Ton Miles

• Older and less efficient refineries face a wave of closures due to weak refining margins, tightening environmental rules and overseas competition, prompting

some owners to opt to converting to import terminals or biofuels production facilities

• At the same time, over 1 million barrels of complex refining capacity will come online in the Middle East in 2021-22

Limited Newbuilding Orders & Aging Fleet Extends Limited Fleet Growth

• Limited newbuilding orders have kept the current orderbook near all-time lows

• Including newbuilding deliveries, a significant portion of the product tanker fleet will turn 15 years old over the next three years

Environmental Regulations to Benefit Modern Vessels

• The EU has put pressure on the IMO to accelerate it’s 2030 GHG emission targets and may implement its own ETS system by 2023

• While it’s unclear how the timeline of these plans will accelerate, the focus on reducing GHG emissions in the shipping sector is clear and modern fuel

efficient vessels will be in the best position to benefit from increasing regulation

1) Clarksons Shipping Intelligence, November 2021

Note: GHG = green house gas emissions , ETS = emission trading systems

23

Global Refinery Closures Accelerate

• Global oil refining is being reconfigured and will have

a significant change on future global trade patterns

• Older refineries have faced a wave of closures due to:

• Lower efficiencies

• Weak refining margins

• Tightening environmental rules/regulation

• Overseas competition

• This has prompted some owners to opt for closure or

converting plants for storage or biofuels production

• After closing, the lost production in these regions is

likely to be replaced through imports

• At the same time, the Middle East is adding over 1

million barrels of complex and export oriented refining

capacity over the next 12 months

• Jazan (400 kb/d) and Al Zhour (615 kb/d)

Announced Refinery Closures

Operator Location Capacity (kbd) Timing

MPC Martinez, CA(USA) 161 2020

MPC Gallup, NM (USA) 26 2020

PBF Paulsboro, NJ (USA) 170 2020

HFC Cheyenne, WY (USA) 52 2020

Shell Convent, LA (USA) 211 2020

Phillips 66 Rodeo, CA (USA)* 120 2020

Freepoint/ArcLight St Croix (US Virgin Islands) 200 2021

North Atlantic Come by Chance, Canada 135 2021

Exxon Mobil Slagentangen, Norway 120 2021

Ineos Grangemouth, Scotland 90 2021

Total Granpuits, France* 101 2021

Gunvor Group Antwerp, Belgium 110 2021

Neste Naantali, Finland 55 2021

Livorno Livorno, Italy 84 2022

Galp Port Refinery, Portugal 110 2021

Shell Tabangao, Philippines 110 2020

Refining NZ Marsden Point, New Zealand 40/ 135 2022

BP Kwinana Beach, Australia 146 2020

Exxon Mobil Altona, Australia 90 2021

Cosmo Oil Osaka, Japan 115 2021

Shell Pulau Bukom, Singapore ** 200 2021

* Conversion ** Output Reduction

24

Impact of Closing Australia’s Kwinana & Altona Refinery

1) JODI, Aug 2021

2) Clarksons Shipping Intelligence, February 2021 (estimates seaborne trade of 2,860.6 million ton miles for refined products in 2020)

• BP announced that they are closing their 146 kb/d Kwinana refinery in

Australia at the end of 2020

• In February 2021 Exxon Mobil announced that they will be closing

their Altona Refinery

• Australia already imports more than 50% of it’s refined product

demand and imports have continued to increase since 2015

• To replace the lost production from the Kwinana and Altona refineries,

Australia will need to import an additional 236 kb of refined product

per day or 86 million barrels of refined product per year

• Assuming the lost production is replaced by imports from Saudi

Arabia and Singapore it would:

• Require an additional 23 MRs or 11 LR1/LR2s per year

• Increase seaborne refined product ton mile demand by 2.2% (2)

Refinery Owner Capacity (kb/d) Status

Altona Exxon Mobil 90 Closing

Geelong Viva Energy 120 Active

Lytton Ampol 128 Active

Kwinana BP 146 Closing

Total Refining Capacity 484

Australia Refined Product Imports (kb/d) (1)

Australia Refining Capacity

146

90

499 507 549 564 579

815 815

-

100

200

300

400

500

600

700

800

900

2015 2016 2017 2018 2019 KwinanaClosure

Altona PostClosure

(kb/d

)

Product Imports Kwinana Altona

25

Orderbook as % of Fleet Remains Near Historical Low

Orderbook as % of Fleet

• Limited newbuilding orders coupled with a low orderbook has kept orderbook as % of fleet near historical lows

Source: Clarksons Research Intelligence, November 2021

Newbuilding Orders

44

79 68

114 111130

288

125

83

1335

5892

193

5383

17

7560 60 49 48

17 33

51 53 24

67

42

17

14

142 25

35

3

10

10 11

21 15 25

78

21

11

1

15 2

11

62

17

35

38

15 120 19

57

106 112

186179 179

433

188

111

28

64 62

106

255

95

153

22

118

81 7769 67

0

50

100

150

200

250

300

350

400

450

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0

202

1

MR LR1 LR2(# of Vessels)

6.3%

5.0%

10.0%

15.0%

20.0%

25.0%

No

v-1

2

May-1

3

No

v-1

3

May-1

4

No

v-1

4

May-1

5

No

v-1

5

May-1

6

No

v-1

6

May-1

7

No

v-1

7

May-1

8

No

v-1

8

May-1

9

No

v-1

9

May-2

0

No

v-2

0

May-2

1

No

v-2

1

Product Tanker 10K+ Orderbook % Fleet

5 Yr Avg

10 Yr Avg

26

Seaborne Product Exports to Outpace Supply in 2021 & 2022

Clarksons Shipping Intelligence, November 2021 Note: Supply slippage on scheduled newbuilding deliveries of 20% for 2021-2023, Scrapping assumptions for 2021 (3.7 million DWT of which 3.23 million scrapped YTD) 2022-2023 is 2.0 million dwt per year.

Seaborne Exports vs Product Tanker Fleet Growth

2.6%

4.0%

5.7%6.3%

4.2%

1.9%

4.8%

2.5%

2.0%1.3%

1.1%

4.9%

-1.0%

7.4%

4.5%

1.6%

1.2%

-5.0%

-12.0%

6.9%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e

Product Tanker Net Fleet Growth Seaborne Refined Products Exports

27

Scrapping Continues to Accelerate

MR Product Tanker Scrapping at Record Levels (# of vessels) Product Tanker Fleet Scrapping (DWT millions)

• There have been 32 MR vessels scrapped year to date and it’s projected to be the highest number of MR vessels scrapped in a year

• Increased scrapping is driven by higher scrap prices, lower rate environment and obsolescence for upcoming environmental regulations

41

59

53 3

8

2

17

29

1014

16

62

1215

24

16

8

32

3

0

8

8

4

3 2

1

7

2

9

4

14

5

6

2

1

3

7

3

3

0 1

0

3

4

2

7

36

5

4

8

7

1

13

20

9

6 6

9 9

22

42

16

35

24

12

4

13

24

36

16

12

43

0

5

10

15

20

25

30

35

40

45

50

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0

YT

D

MR LR1 LR2

2.4

1.0

2.5

3.2

1.7

1.3

1.6

1.9

1.2

2.2

3.8

1.8

3.0

2.2

1.4

0.8 0.8

1.9

2.7

1.0 1.0

3.2

0

1

2

3

4

5

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0

YT

D

HS/HM MR LR1 LR2

Clarksons Shipping Intelligence, November 2021

28

Significant % of the Fleet Turning 15 Years & Older

Fleet Age Profile Today

• Certain key customers will only employ product tankers 15 years & younger

• This limits trading opportunities for older tonnage and creates a two-tiered market where;

• Owners consider continuing to carry refined products, switching from products to crude, vessel conversion, storage, and scrapping

• There are currently 645 product tanker vessels that are 15 to 19 years old and an additional 956 vessels turning 15 over the next five years

• With only 158 product tanker vessels on order and the potential for new environmental regulation the active product tanker fleet could

experience a continued reduction in supply

Source: Clarksons Research Intelligence, November 2021

110

341452

650

495

17748

155

142

306

150

29158

496

594

956

645

206

0

200

400

600

800

1,000

1,200

Vessels on Order 0-4 5-9 10-14 15-19 20 & Older

(# o

f V

essels

)

Age (Years)

HM/MR LR1/LR2

29

Increasing Environmental Regulations to Benefit Modern Vessels

Worldwide Fleet ECO vs Non-ECOScorpio Fleet ECO vs Non-ECO

Source: Clarksons Shipping Intelligence, November 2021

Note: ECO defined as vessels built in 2012 and later.

• The EU has put pressure on the IMO to accelerate it’s 2030 GHG emission targets and may implement its own ETS by 2023

• It’s unclear how the timeline of these plans will accelerate, but the focus on reducing GHG emissions in the shipping sector is clear

• Modern fuel-efficient vessels will benefit given their lower GHG emissions while older less efficient vessels may undergo retrofits or be scrapped

• Scorpio is well positioned for future regulation as it operates the largest and youngest fleet of scale with an average age of 5.8 years

100% 100% 100% 100%

0% 0% 0% 0%

HM MR LR1 LR2

ECO Non-ECO

19%

42%

24%

51%

81%

58%

76%

49%

HM MR LR1 LR2

ECO Non ECO

30

Appendix

31

Product Tankers in the Oil Supply Chain

Oil production includes drilling, extraction, and recovery of oil from underground.

Crude oil is transported to the refinery for processing by crude tankers, rail cars, and pipelines.

Refineries convert the crude oil into a wide range of consumable products.

Refined products are moved from the refinery to the end users via product tankers, railcars, pipelines and trucks.

Terminals are located closer to transportation hubs and are the final staging point for the refined fuel before the point of sale.

Products

TransportationTerminalling &

Distribution

Exploration &

ProductionCrude Transportation Refining

• Crude Tankers provide the marine transportation of the crude oil to the refineries.

• Product Tankers provide the marine transportation of the refined products to areas of demand.

• Structural demand drivers in the product tanker industry:

• US has emerged as a refined products powerhouse, becoming the worlds largest product exporter

• Changes in refinery locations, expansion of refining capacity in Asia and Middle East as well as a reduction in OECD refining capacity (Europe & Australia).

• Changes in consumption demand growth in Latin America, Africa, and non-China/Japan Asia and lack of corresponding growth in refining capacity

• Balance of trade: needs of each particular region- gasoline/diesel trade between U.S./Europe is a prime example of this given significantly different diesel penetration rates for light vehicles

• Europe imports surplus diesel from the United States, and exports surplus gasoline to the United States.

32

What is in a Barrel of Crude Oil?

Source: Valero & EIA, December 2019

33

Product & Crude Tankers

Vessel

Size

Cargo

Size

Naphtha

Clean Condensate

Jet Fuels

Kerosene

Gasoline

Vegoil

Gasoils

Diesels

Cycle Oils

Fuel Oils

Chemicals

Clean

Products

-

-

-

-

-

Dirty

Products

Crude Oil

VLCC

(200,000 +

DWT)

Suezmax

(120,000 -

200,000 DWT)

Aframax

(80,000 -

120,000 DWT)

Panamax

(60,000 -

80,000 DWT)

Handysize

(< 60,000

DWT)

LR2

(80,000-

120,000 DWT)

LR1

(60,000-

80,000 DWT)

Hmx/MR

(25,000-

60,000 DWT)

Handysize

(<25,000

DWT)

Crude Products

“Dirty” “Clean”Tankers

2,000,000

bbls

1,000,000

bbls

500,000-

800,000 bbls

350,000-

500,000 bbls<=350,000

bbls

615,000-

800,000 bbls

345,000-

615,000 bbls

200,000-

345,000 bbls

<=200,000

bbls

34

Product Tanker Specifications

• Product tankers have coated tanks, typically epoxy, making them easy to clean and preventing

cargo contamination and hull corrosion.

• IMO II & III tankers have at least 6 segregations and 12 tanks, i.e. 2 tanks can have a common line

for discharge.

• Oil majors and traders have strict requirements for the transportation of chemicals, FOSFA cargoes

(vegetable oils and chemicals), and refined products.

• Tanks must be completely cleaned before a new product is loaded to prevent contamination.

IMO Class I Chemical

TankersIMO Class I refers to the transportation of the most hazardous,

very acidic, chemicals. The tanks can be stainless steel, epoxy or

marine-line coated.

IMO Class II Chemical &

Product Tankers IMO Class II carries Veg & Palm Oils, Caustic Soda. These tanks

tend to be coated with Epoxy or Stainless steel.

IMO Class III Product TankersTypically carry refined either light, refined oil “clean” products or

“dirty” heavy crude or refined oils.

IMO Classes I, II, & III

35

Design Features on Scorpio Product Tankers

36

Scrubber Fuel Savings

Consumption figures below assume that:

• Scrubbers do not operate during any port activities

• Each voyage has a load and discharge port in an ECA, i.e. scrubber does not operate in

ECA waters

Annual ECO Vessel Fuel Consumption (MT/year) (1)

Sailing (Ballast & Laden) MR LR1 LR2

Non ECA 4,641 5,072 6,019

Waiting/Idle

Non ECA 153 272 347

Less

Additional Consumption for Scrubber -252 -257 -261

Total Non ECA Consumption (MT) 4,542 5,087 6,105

MGO-HSFO Spread ($/MT) $200 $200 $200

Annual Scrubber Savings $908,400 $1,017,450 $1,220,940

Scrubber TCE Savings ($/day) $2,489 $2,788 $3,345

Every $100 change in fuel spread equates to TCE savings

of ($/day)$1,244 $1,394 $1,673

(1) Based on average Scorpio ECO vessel consumption in 2018.

www.scorpiotankers.com