Scorpio Tankers Inc. (NYSE:STNG) Q2 2023 Earnings Conference Call August 2, 2023 8:30 AM ET

Company Participants

James Doyle - Head of Corporate Development & Investor Relations

Emanuele Lauro - Chief Executive Officer

Robert Bugbee - President

Brian Lee - Chief Financial Officer

Conference Call Participants

Omar Nokta - Jefferies

John Chappell - Evercore

Nathan Ho - Bank of America

Samuel Bland - JP Morgan

Frode Morkedal - Clarkson Securities

Sherri Elmaghrabi - BTIG

Liam Burke - B. Riley FBR

Christopher Robertson - Deutsche Bank

Operator

Hello and welcome to the Scorpio Tankers Inc. Second Quarter 2023 Conference Call.

I would now like to turn the call over to James Doyle, Head of Corporate Development and IR. Please go ahead, sir.

James Doyle

Thank you for joining us today. Welcome to the Scorpio Tankers, second quarter 2023 earnings conference call. On the call with me today are, Emmanuel Lauro, Chief Executive Officer; Robert Bugbee, President; Cameron Mackey, Chief Operating Officer; Brian Lee, Chief Financial Officer; and Chris Abella, Chief Accounting 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, August 2, 2023 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 Scorpio Tankers' SEC filings which are available at scorpiotankers.com andsec.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 in not 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 scorpiatankers.com on the Investor Relations page under Reports and Presentations. These 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, Emmanuel Lauro.

Emanuele Lauro

Thank you, James and thank you for joining us today, everybody. We are pleased to report another quarter of strong financial results. In the second quarter, the company generated $235 million in EBITDA and EUR 133 million in adjusted net income. The product tanker market has been and continues to remain strong. And to put this into context, over the last six quarters, the company has generated $1.6 billion in EBITDA and $1 billion in adjusted net income, during which we have reduced our leverage by $1.3 billion and repurchased $582 million of the company shares.