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v3.24.1

Segment reporting (Tables) | 12 Months Ended
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Dec. 31, 2023
Operating Segments [Abstract] |
Disclosure of operating segments | Information about our reportable segments for the years ended December 31, 2023, 2022 and 2021 is as follows: For the year ended December 31, 2023
In thousands of U.S. dollars |  |  |  | Handymax |  | LR2 |  | MR |  | Reportable segments subtotal |  | Corporate and eliminations |  | Total
Vessel revenue |  |  |  | $ | 154,586 |  |  | $ | 530,736 |  |  | $ | 655,900 |  |  | $ | 1,341,222 |  |  | $ | — |  |  | $ | 1,341,222 |
Vessel operating costs |  |  |  | (37,940) |  |  | (114,595) |  |  | (163,047) |  |  | (315,582) |  |  | — |  |  | (315,582) |
Voyage expenses |  |  |  | (3,712) |  |  | (5,536) |  |  | (3,995) |  |  | (13,243) |  |  | — |  |  | (13,243) |
Depreciation - owned or sale and leaseback vessels |  |  |  | (20,654) |  |  | (76,383) |  |  | (81,222) |  |  | (178,259) |  |  | — |  |  | (178,259) |
Depreciation - right of use assets |  |  |  | — |  |  | (4,910) |  |  | (19,334) |  |  | (24,244) |  |  | — |  |  | (24,244) |
General and administrative expenses |  |  |  | (1,432) |  |  | (3,876) |  |  | (4,748) |  |  | (10,056) |  |  | (96,199) |  |  | (106,255) |
Write-off of deposits on scrubbers |  |  |  | — |  |  | — |  |  | (10,508) |  |  | (10,508) |  |  | — |  |  | (10,508) |
Gain on sale of vessels |  |  |  | — |  |  | — |  |  | 12,019 |  |  | 12,019 |  |  | — |  |  | 12,019 |
Financial expenses |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (183,231) |  |  | (183,231) |
Financial income |  |  |  | — |  |  | — |  |  | 617 |  |  | 617 |  |  | 18,495 |  |  | 19,112 |
Other income, net |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,867 |  |  | 5,867 |
Segment income or loss |  |  |  | $ | 90,848 |  |  | $ | 325,436 |  |  | $ | 385,682 |  |  | $ | 801,966 |  |  | $ | (255,068) |  |  | $ | 546,898 |
For the year ended December 31, 2022
In thousands of U.S. dollars |  | LR1 |  | Handymax |  | LR2 |  | MR |  | Reportable segments subtotal |  | Corporate and eliminations |  | Total
Vessel revenue |  | $ | 11,196 |  |  | $ | 243,951 |  |  | $ | 570,668 |  |  | $ | 737,058 |  |  | $ | 1,562,873 |  |  | $ | — |  |  | $ | 1,562,873 |
Vessel operating costs |  | (9,076) |  |  | (36,507) |  |  | (112,407) |  |  | (165,735) |  |  | (323,725) |  |  | — |  |  | (323,725) |
Voyage expenses |  | — |  |  | (44,996) |  |  | (26,641) |  |  | (21,061) |  |  | (92,698) |  |  | — |  |  | (92,698) |
Depreciation - owned or sale and leaseback vessels |  | (1,593) |  |  | (20,874) |  |  | (75,360) |  |  | (70,181) |  |  | (168,008) |  |  | — |  |  | (168,008) |
Depreciation - right of use assets |  | — |  |  | — |  |  | (8,297) |  |  | (30,530) |  |  | (38,827) |  |  | — |  |  | (38,827) |
General and administrative expenses |  | (335) |  |  | (1,367) |  |  | (4,134) |  |  | (6,230) |  |  | (12,066) |  |  | (76,065) |  |  | (88,131) |
Reversal of previously recorded impairment |  | — |  |  | — |  |  | — |  |  | 12,708 |  |  | 12,708 |  |  | — |  |  | 12,708 |
Net loss on sale of vessels |  | (44,701) |  |  | — |  |  | (12,446) |  |  | (9,339) |  |  | (66,486) |  |  | — |  |  | (66,486) |
Financial expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (169,795) |  |  | (169,795) |
Gain on repurchase of convertible notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 481 |  |  | 481 |
Financial income |  | 20 |  |  | — |  |  | — |  |  | 637 |  |  | 657 |  |  | 6,227 |  |  | 6,884 |
Other income, net |  | 1,577 |  |  | — |  |  | — |  |  | — |  |  | 1,577 |  |  | 398 |  |  | 1,975 |
Segment income or loss |  | $ | (42,912) |  |  | $ | 140,207 |  |  | $ | 331,383 |  |  | $ | 447,327 |  |  | $ | 876,005 |  |  | $ | (238,754) |  |  | $ | 637,251 |
For the year ended December 31, 2021
In thousands of U.S. dollars |  | LR1 |  | Handymax |  | LR2 |  | MR |  | Reportable segments subtotal |  | Corporate and eliminations |  | Total
Vessel revenue |  | $ | 47,053 |  |  | $ | 50,143 |  |  | $ | 180,912 |  |  | $ | 262,678 |  |  | 540,786 |  |  | $ | — |  |  | $ | 540,786 |
Vessel operating costs |  | (29,883) |  |  | (38,157) |  |  | (105,714) |  |  | (161,086) |  |  | (334,840) |  |  | — |  |  | (334,840) |
Voyage expenses |  | 24 |  |  | (477) |  |  | (246) |  |  | (2,756) |  |  | (3,455) |  |  | — |  |  | (3,455) |
Depreciation - owned or sale and leaseback vessels |  | (20,970) |  |  | (21,120) |  |  | (81,062) |  |  | (74,315) |  |  | (197,467) |  |  | — |  |  | (197,467) |
Depreciation - right of use assets |  | — |  |  | (1,773) |  |  | (8,503) |  |  | (32,510) |  |  | (42,786) |  |  | — |  |  | (42,786) |
General and administrative expenses |  | (1,158) |  |  | (1,464) |  |  | (4,050) |  |  | (6,148) |  |  | (12,820) |  |  | (39,926) |  |  | (52,746) |
Financial expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (144,104) |  |  | (144,104) |
Loss on exchange of convertible notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,504) |  |  | (5,504) |
Financial income |  | 2 |  |  | — |  |  | (5) |  |  | 602 |  |  | 599 |  |  | 3,024 |  |  | 3,623 |
Other income and (expenses), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,058 |  |  | 2,058 |
Segment income or loss |  | $ | (4,932) |  |  | $ | (12,848) |  |  | $ | (18,668) |  |  | $ | (13,535) |  |  | $ | (49,983) |  |  | $ | (184,452) |  |  | $ | (234,435) |
Disclosure of revenue from major customers | Revenue from customers representing greater than 10% of total revenue during the years ended December 31, 2023, 2022 and 2021, within their respective segments was as follows:
In thousands of U.S. dollars |  |  |  | For the year ended December 31,
Segment |  | Customer |  | 2023 |  | 2022 |  | 2021
MR |  | Scorpio MR Pool Limited (1) |  | $ | 605,442 |  |  | $ | 639,743 |  |  | $ | 256,874 |
LR2 |  | Scorpio LR2 Pool Limited (1) |  | 405,244 |  |  | 456,002 |  |  | 180,912 |
Handymax |  | Scorpio Handymax Tanker Pool Limited (1) |  | 135,481 |  |  | 79,636 |  |  | 50,143 |
|  |  |  | $ | 1,146,167 |  |  | $ | 1,175,381 |  |  | $ | 487,929 |
(1)These customers are related parties as described in Note 15.

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