Scorpio Tankers : ESG Report 2023

SCORPIO TANKERS

2023 SUSTAINABILITY REPORT

CONTENTS

1. Key Figures 2023
2. A Message from the CEO

OVERVIEW

5 About Scorpio Tankers

9 Approach to Sustainability

OUR PEOPLE, AT SEA AND ON SHORE

10 Safeguarding Our Seafarers

1. Promoting Health and Well-Being
2. Investing in Human Capital
3. Supporting Diversity

EMISSIONS, EFFICIENCY,

AND MARINE ENVIRONMENT

1. Monitoring Emissions and Air Quality
2. Optimizing Energy Efficiency

19 Managing Water and Waste

1. Complying with Maritime Regulations
2. Pursuing Industry Collaboration

RESPONSIBLE GOVERNANCE

1. Leadership and Guiding Principles
2. Ethics at the Forefront

1. Responsible Business Practices
2. Sustainability Oversight
3. Data Privacy and Cybersecurity

APPENDIX

1. SASB Report Metrics

1. TCFD Disclosure

1. Disclaimers and Forward-Looking Statement
2. Offices and Operations

	OVERVIEW
ABOUT THIS REPORT	OUR PEOPLE, AT SEA AND ON SHORE
EMISSIONS, EFFICIENCY, AND
MARINE ENVIRONMENT
	RESPONSIBLE GOVERNANCE
	APPENDIX

Scorpio Tankers Inc.'s 2023 Sustainability Report sets forth the sustainability-related commitments, initiatives, and performance of Scorpio Tankers Inc. ("Scorpio Tankers", "Scorpio" or the "Company") for the calendar year of 2023. This report has been prepared in accordance with the Sustainability Accounting Standards Board (SASB) Marine Transportation Standard (v. 2023-12). Where considered relevant, this report details management and performance information up to the date of publication. Some information presented in the report includes the activity of the Scorpio group of companies (Scorpio). Scorpio includes companies which are service providers to Scorpio Tankers and provided seafarers for vessels and shoreside services during the reporting period. Please see Scorpio Tankers' 2023 Annual Report for further information on these relationships.

Since 2019, Scorpio has published annual Environmental, Social, and Governance (ESG) reports. For the 2023 report, the decision was made to instead produce a Sustainability Report. This change was made to better communicate the ways in which the reported metrics are integrated across the business rather than viewed as an optional activity. Feedback on this report is welcome. To provide feedback or to request additional information related to the contents of this report, please contact us at [e-mail]

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KEY FIGURES 2023

Fleet Vessels*

Average Age*

NUMBER

109

2022: 113

YEARS

8.2

2022: 7.0

Sailing Distance

MILLION NAUTICAL MILES 6.78

2022: 7.01

Health & Safety

0.53 LTIF**

2022: 0.5

GHG Emissions

MILLION MT CO2e	2.36
	2022: 2.33

Spills

0

2022: 0

• As of May 9, 2024
• Scorpio reports on LTIF in accordance with the OCIMF Marine Injury Reporting Guidelines.

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A MESSAGE FROM THE CEO

DEAR STAKEHOLDERS,

As we navigate another year marked by both challenges and opportunities, it is my privilege to present our 2023 Sustainability Report. Reflecting on the past year, we are reminded of the critical importance of resilience, innovation, and commitment to our guiding principles in steering our course.

In light of recent regulations and the discourse around climate change, we are focused on aligning our short- term actions with our long-term sustainability goals.

Recently, we announced our decision to install FOWE fuel-savings devices across our fleet, a significant step towards enhancing our energy efficiency and reducing our carbon footprint. This initiative is in line with our commitment to the International Maritime Organization's (IMO) and the Poseidon Principles' goal of reducing carbon intensity by 40% by 2030, relative to 2008 levels. Assuming the Poseidon Principles' 2008 baseline, we have achieved a reduction of over 30% and we are optimistic that the integration of FOWE devices will propel us closer to this ambitious target.

Safety remains our unwavering priority, an ethos that guides every decision and action within our company. In a world where geopolitical tensions and regional instabilities can impact maritime safety, we continue to advance our safety protocols and preparedness, ensuring the well-being of our employees, seafarers, and communities we serve. Without compromising on safety, we strive to be the beacon of reliability and trust in the industry.

Our seafarers, the heart of our operations, receive our full support through various initiatives. We have led the industry in providing comprehensive insurance for our seafarers and their families. Our latest initiative, Māori, a matched savings plan, further exemplifies our commitment to their welfare and financial security.

As a company that has always positioned itself ahead of the curve, our early adoption of eco-class vessels marked the beginning of our innovation journey. Today, we are exploring new frontiers by integrating Artificial Intelligence, where able, to enhance operational efficiency and navigate the swiftly changing global landscape.

Our dedication to protecting the marine environment is further exemplified by our participation in the 2023 Protecting Blue Whales and Blue Skies Vessel Speed Reduction (VSR) incentive program. This initiative underscores our commitment to treading lightly within the delicate maritime ecosystems. Furthermore, we acknowledge the critical need for effective waste management. As such, we have achieved a near-100% reduction of single-use plastic water bottles on our vessels, reflecting our dedication to sustainability and respect for the oceans that sustain our business.

As we look ahead, we are committed to deepening our collaborations with like-minded organizations. These partnerships are pivotal in achieving our sustainability objectives and reinforcing our position as

a responsible corporate steward in the global maritime industry. In closing, I extend my heartfelt gratitude to our employees, partners, and stakeholders for their continued trust and support. Together, we are not only navigating the challenges of today but also shaping a sustainable and resilient future for maritime transport.

With sincerest appreciation,

Emanuele A. Lauro

Chairman and CEO, Scorpio Tankers

Monaco, May 2024

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ABOUT SCORPIO TANKERS

Scorpio Tankers is a trusted partner for refined petroleum product transportation worldwide. For decades, we've built strong relationships with a diverse clientele, providing reliable and sustainable shipping solutions. Our commitment is to create long-term value for our partners and the industry.

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DELIVERING REFINED PRODUCTS WORLDWIDE

Our modern fleet, comprised of short-range to long- range vessels, efficiently transports refined petroleum products like gasoline, diesel, jet fuel, and naphtha. We strategically employ these vessels through a combination of time charters and participation in commercial pools managed by affiliated Scorpio companies. This flexibility allows us to adapt to changing market conditions and maximize profitability.

MODERN AND EFFICIENT FLEET

At Scorpio Tankers, we prioritize a young and efficient fleet. Our average vessel age is 8.2 years (as of May 9, 2024), significantly lower than the global average of

13.4 years for similar tankers. Additionally, 85 of our vessels are fitted with scrubbers, or exhaust gas cleaning systems, that remove harmful gases from being disbursed into the air. This commitment to fuel-efficient and remediating technology ensures environmentally responsible operations.

GLOBAL REACH AND FOCUS

After strategically reducing our fleet from 131 to 113 active vessels in 2022, we deleveraged further by reducing to 111 active vessels in 2023. As of May 9, 2024, Scorpio Tankers owns and operates 109 vessels. Despite this reduction, our global reach remained extensive. Our tankers visited ports in 108 countries and territories, with the top ten destinations accounting for nearly half of all port calls.

2023 FINANCIAL HIGHLIGHTS

EBITDA: $959 million

Net income: $547 million

Market cap: $4.2 billion (as of May 9, 2024)

Annual revenue: $1.3 billion

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PORTEMISSIONS,CALLSEFFICIENCY,2023AND MARINE- TOPENVIRONMENT10 COUNTRIES

PURSUING INDUSTRY COLLABORATION

1	United States	425
2	Republic of Korea	213
3	Australia	211
4	Singapore	203
5	United Arab Emirates	201
6	Mexico	187
7	Netherlands	185
8	Spain	166
9	United Kingdom	140
10	Italy	118

OVERVIEW OUR PEOPLE, AT SEA AND ON SHORE EMISSIONS, EFFICIENCY, AND MARINE ENVIRONMENT RESPONSIBLE GOVERNANCE APPENDIX

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VISION

VALUES

INTEGRITY - WORKING ABOVE BOARD

We believe in the honorable ideals of seafaring and shipping. Integrity, ethics, and strong moral principles are fundamental to our business and company culture. Our goal is to achieve the highest industry standards in our work through comprehensive training programs, policies, and procedural checks built on compliance.

STEWARDSHIP - RESPECT AND RESPONSIBILITY

We take pride in our responsibility to our various stakeholders - employees, customers, shareholders, and society - and apply the greatest care to preserve their trust. For our ship staff, we strive to maintain a safe, respectful working environment, both offshore and onshore. For our customers, we work hard to meet their expectations and deliver their products in a secure, efficient manner. Our banks and investors entrust us with their capital, and we aim to fulfill our financial obligations with complete transparency. Lastly, for the broader society, we utilize strict procedures and industry best practices to ensure safe, incident-free transportation on fuel efficient vessels.

COLLABORATION - NO MAN IS AN ISLAND

We work across our industry with other companies, nonprofits, and authorities to leverage the multidisciplinary expertise in how we operate

our business. These partnerships create shared value that accelerates our organization - and the industry as a whole - in a positive direction. We also believe that embracing diverse backgrounds and cultures generates stronger performance and long-term resiliency. Through diversity and the free exchange of ideas, we encourage innovation and provide opportunities for personal and professional development within our organization.

MOXIE - FORTUNE FAVORS THE BOLD

We challenge ourselves to take risks and pursue new opportunities to achieve long-term, risk adjusted returns. Our energetic, ambitious, and innovative culture fuels our bold approach for success. We are not afraid to explore uncharted waters.

Scorpio Tankers strives to be a leader in the product tanker industry in all aspects of our business. Our vision is to provide the best services for our customers through our diligent focus on people, planet, principles, and performance. We are committed to...

PEOPLE: Maintaining a safe and healthy work environment through extensive training, improved awareness, and proper procedures

PLANET: Minimizing greenhouse gas (GHG) emissions, improving vessels' operational efficiency, and safeguarding our oceans

PRINCIPLES: Complying with global and national rules and regulations concerning environmental disclosures, fair labor practices, anti-corruption laws, etc.

PERFORMANCE: Operating efficient systems and investing in advanced technologies for long-term resilience

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SCORPIO TANKERS

ACTIVE FLEET AS OF MAY 9, 2024

HANDYMAX (HM)

VESSELS:	AVERAGE AGE:	GLOBAL AVERAGE:
14	9.6	16.6
TYPICAL ROUTE:		TYPICAL CARGO:
Intra-Europe		Ultra-low sulfur diesel
MEDIUM RANGE (MR)
VESSELS:	AVERAGE AGE:	GLOBAL AVERAGE:
56	8.2	12.3
TYPICAL ROUTE:		TYPICAL CARGO:
USA to Europe		Gasoline
LONG RANGE (LR2)
VESSELS:	AVERAGE AGE:	GLOBAL AVERAGE:
39	8.2	10.5
TYPICAL ROUTE:		TYPICAL CARGO:
Middle East to Far East		Ultra-low sulfur diesel

HM HANDYMAX

MR MEDIUM RANGE

LR2	LONG RANGE

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OVERVIEW

OUR PEOPLE, AT SEA AND ON SHORE

EMISSIONS, EFFICIENCY, AND

MARINE ENVIRONMENT

RESPONSIBLE GOVERNANCE

APPENDIX

APPROACH TO SUSTAINABILITY

Our business strategy prioritizes both environmental responsibility and financial performance. We believe that sustainability is the cornerstone to long-term success. It strengthens our operations and allows us to create lasting environmental and financial value for all stakeholders. We achieve this balance through the following methods:

• Eco-FriendlyFleet: We operate a modern fleet of fuel-efficient vessels, minimizing our environmental impact and reducing operating costs.
• Safety First: The safety of our crew and cargo is paramount. We prioritize comprehensive safety protocols to ensure secure and responsible operations.
• Global Responsibility: We adhere to all international maritime regulations, demonstrating our commitment to environmental stewardship and responsible business practices.
• Industry Collaboration: We actively pursue opportunities to collaborate with peers, non-profitorganizations, and technical innovators striving to decarbonize the maritime industry.

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OUR PEOPLE, AT SEA AND ON SHORE

SAFEGUARDING OUR SEAFARERS

Scorpio Tankers is committed to the safety of our seafarers and implements a thorough approach to ensure occupational health and safety. Seafarers are trained in safety procedures during onboarding and we promote a culture of safety awareness, shared accountability, and compliance.

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SAFETY STRATEGY

Scorpio Tankers implements a comprehensive safety strategy to maintain safe conditions onboard our vessels and mitigate potential risks to seafarers. There are a wide range of occupational risks inherent in maritime shipping, including slips and falls, hot work and electrical accidents, and injuries due to equipment failure. In addition to safety risks as a result of standard onboard work, there are also safety risks related to physical health, mental well-being, and external threats like piracy. Scorpio's safety strategy is outlined in our Health, Safety, Security and Quality Policy. We take the following steps to diligently pursue for a zero-incident workplace:

• Identify current and potential risks and hazards.
• Assess likelihood of risks and the procedures used to mitigate them.
• Train all crew members on proper safety procedures and safety awareness practices.
• Monitor performance data and review effectiveness of the safety strategy.
• Comply with applicable regulations related to occupational health, safety, and security

SAFETY TRAINING AND CULTURE

Providing proper safety training is crucial for preventing workplace accidents and upholding our robust safety culture. Scorpio Tankers guarantees that all seafarers, officers, and other ship personnel possess adequate safety knowledge and adhere strictly to all onboard protocols. Given the numerous inherent risks and safety threats in our maritime workplace environment, it is imperative to cultivate safe work practices and awareness. To achieve this, senior management maintains consistent communication with employees via internal media campaigns and training initiatives, incorporating best practices within the maritime shipping industry.

We commit resources and personnel to ensure that all operations comply with safety regulations and standards, including those specific to maritime operations such as the maritime equivalent of ISO 9001 and 14001. While dedicated safety personnel oversee safety initiatives and monitor operations, every employee is empowered with the authority to halt any activity they perceive as unsafe. These proactive measures, along with adherence to industry-specific safety protocols, contribute significantly to our strong safety culture and minimal incident rates.

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