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Vessel revenue (Tables) | 12 Months Ended
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Dec. 31, 2025
Analysis of income and expense [abstract] |
Revenue sources | The following table sets forth our revenue, by employment type, for these periods:
| For the year ended December 31,
In thousands of U.S. dollars | 2025 |  | 2024 |  | 2023
Pool revenue | $ | 754,266 |  |  | $ | 1,068,427 |  |  | $ | 1,155,244 |
Time charter revenue | 170,237 |  |  | 153,881 |  |  | 153,260 |
Voyage revenue (spot market) | 11,970 |  |  | 21,643 |  |  | 32,718 |
Bareboat charter-out revenue | 1,749 |  |  | — |  |  | — |
| $ | 938,222 |  |  | $ | 1,243,951 |  |  | $ | 1,341,222 |
Lease and non lease components | The following table summarizes the lease and non-lease components of revenue from time and bareboat charter-out and pool revenue during the years ended December 31, 2025, 2024, and 2023. These figures are not readily quantifiable as the Company's contracts (with the Scorpio pools or under time charter-out arrangements) do not separate these components. We do not view pool and time and bareboat charter-out revenue as two separate streams of revenue. Nevertheless, we have estimated these amounts by reference to (i) third party, published time charter rates for the lease component, and (ii) an approximation of the fair market value of vessel operating expenses for the non-lease component.
|  | For the year ended December 31,
In thousands of U.S. dollars |  | 2025 |  | 2024 |  | 2023
Lease component of revenue from time and bareboat charter-out and pool revenue |  | $ | 603,170 |  |  | $ | 907,497 |  |  | $ | 999,273 |
Non-lease component of revenue from time and bareboat charter-out and pool revenue |  | 323,082 |  |  | 314,811 |  |  | 309,231 |
|  | $ | 926,252 |  |  | $ | 1,222,308 |  |  | $ | 1,308,504 |
Terms of time chartered-out vessels | The terms of the time charter-out agreements in effect during the years ended December 31, 2025, 2024, and 2023 are summarized as follows:
Vessel | Vessel Class | Initial Term | Commencement Date | Initial Rate ($/Day) | Estimated End Date | Current Rate ($/Day) |
STI Gratitude | LR2 | Three years | May 2022 | $28,000 | May 2026 | $31,000 | (1)
STI Guard | LR2 | Five years | Jul 2022 | $28,000 | Jul 2027 | $28,000 | (2)
STI Gladiator | LR2 | Three years | Jul 2022 | $28,000 | Jul 2026 | $31,000 | (3)
STI Guide | LR2 | Three years | Jul 2022 | $28,000 | Jul 2026 | $31,000 | (3)
STI Marshall | MR | Three years | Jul 2022 | $23,000 | May 2025 | N/A | (4)
STI Magnetic | MR | Three years | Jul 2022 | $23,000 | May 2026 | $27,500 | (5)
STI Miracle | MR | Three years | Aug 2022 | $27,500 | May 2026 | $27,500 | (6)
STI Memphis | MR | Three years | Jun 2022 | $27,500 | May 2026 | $27,500 | (7)
STI Connaught | LR2 | Three years | Aug 2022 | $30,000 | Oct 2025 | N/A | (8)
STI Lombard | LR2 | Three years | Sep 2022 | $32,750 | Dec 2025 | N/A | (9)
STI Gauntlet | LR2 | Three years | Nov 2022 | $32,750 | Nov 2026 | $36,000 | (10)
STI Duchessa | MR | Three years | Oct 2022 | $25,000 | Nov 2025 | N/A | (11)
STI Lavender | LR2 | Three years | Dec 2022 | $35,000 | Nov 2025 | N/A | (12)
STI Grace | LR2 | Three years | Dec 2022 | $37,500 | Dec 2026 | $36,000 | (13)
STI Jermyn | LR2 | Three years | Apr 2023 | $40,000 | Apr 2026 | $40,000 | (14)
STI Jardins | MR | Three years | Oct 2024 | $29,550 | Oct 2027 | $29,550 |
STI Battersea | Handymax | Two years | Apr 2025 | $24,000 | Apr 2027 | $24,000 |
STI Orchard | LR2 | Five years | Aug 2025 | $28,350 | Aug 2030 | $28,350 |
STI Spiga | LR2 | One year | Nov 2025 | $35,000 | Nov 2026 | $35,000 |
(1) This vessel commenced a time charter in May 2022 for three years at an average rate of $28,000 per day. The charterer exercised its option to extend the term of this agreement for an additional year at $31,000 per day commencing in May 2025. The charterer has an additional option to further extend the term of this agreement for an additional year at $33,000 per day. (2) This vessel commenced a time charter in July 2022 for five years at a rate of $28,000 per day. (3) This vessel commenced a time charter in July 2022 for three years at an average rate of $28,000 per day. The charterer exercised its option to extend the term of this agreement for an additional year at $31,000 per day commencing in July 2025. The charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day. (4) This vessel commenced a time charter in July 2022 for three years at a rate of $23,000 per day. The vessel was redelivered to us upon the completion of the time charter in May 2025. (5) This vessel commenced a time charter in July 2022 for three years at an average rate of $23,000 per day. The daily rate is the average rate over the three years period, which is payable in years one, two, and three at $30,000 per day, $20,000 per day, and $19,000 per day, respectively. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 per day. (6) This vessel commenced a time charter in August 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 per day. (7) This vessel commenced a time charter in June 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 per day. (8) In April 2023, STI Connaught replaced STI Goal on a time charter which initially commenced in August 2022 for three years at a rate of $30,000 per day. The vessel was redelivered to us upon completion of the time charter in October 2025. (9) This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The vessel was redelivered to us upon the completion of the time charter in December 2025. (10) This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. In November 2025, this time charter was extended for a period of one year at a rate of $36,000 per day. (11) This vessel commenced a time charter in October 2022 for three years at an average rate of $25,000 per day. This vessel was redelivered to us upon the completion of the time charter in November 2025. (12) This vessel commenced a time charter in December 2022 for three years at an average rate of $35,000 per day. This vessel was redelivered to us upon completion of the time charter in November 2025. (13) This vessel commenced a time charter in December 2022 for three years at an average rate of $37,500 per day. The daily rate is the average rate over the three years period, which is payable during the first six months at $47,000 per day, the next six months are payable at $28,000 per day, and years two and three are payable at $37,500 per day. In November 2025, this time charter was extended for a period of one year at a rate of $36,000 per day commencing in December 2025. (14) This vessel commenced a time charter in April 2023 for three years at an average rate of $40,000 per day. The charterer has the option to extend the term of this agreement for an additional year at $42,500 per day.
Disclosure of voyage expense | Voyage expenses for the years ended December 31, 2025, 2024, and 2023 consisted of:
| For the year ended December 31,
| 2025 |  | 2024 |  | 2023
Carbon emissions costs(1) | $ | 22,725 |  |  | $ | 12,557 |  |  | $ | — |
Bunker consumption | 2,983 |  |  | 8,413 |  |  | 4,103 |
Port and agency expenses | 1,858 |  |  | 1,912 |  |  | 2,027 |
Voyage related insurance | 7 |  |  | 606 |  |  | 1,240 |
Other voyage related expenses | 9,340 |  |  | 6,883 |  |  | 5,873 |
| $ | 36,913 |  |  | $ | 30,371 |  |  | $ | 13,243 |
(1) Carbon emissions costs under the EU ETS regulations of $22.7 million and $12.6 million for the years ended December 31, 2025 and 2024, respectively, are mostly rebilled to the end customers.

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