Segment reporting (Tables)

12 Months Ended

Dec. 31, 2023

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.