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Vessels
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment [abstract]  
Vessels Vessels
Operating vessels and drydock
 In thousands of U.S. dollars Vessels Drydock Total
 Cost
As of January 1, 2024$4,664,735 $133,467 $4,798,202 
Additions (1)
148 105,329 105,477 
Disposal of vessels (2)
(414,484)(21,281)(435,765)
Write-offs (3)
— (44,597)(44,597)
As of December 31, 20244,250,399 172,918 4,423,317 
 Accumulated depreciation and impairment
As of January 1, 2024(1,140,414)(79,853)(1,220,267)
Charge for the period(155,882)(29,437)(185,319)
Disposal of vessels (2)
122,403 6,089 128,492 
Write-offs (3)
— 44,597 44,597 
As of December 31, 2024(1,173,893)(58,604)(1,232,497)
Net book value
As of December 31, 2024$3,076,506 $114,314 $3,190,820 
 Cost
As of January 1, 2023$4,045,062 $117,641 $4,162,703 
Transfer from right of use assets, net (4)
695,162 3,722 698,884 
Additions (1)
4,711 16,738 21,449 
Disposal of vessels (2)
(79,429)(3,134)(82,563)
Write-offs (3)
(771)(1,500)(2,271)
As of December 31, 20234,664,735 133,467 4,798,202 
 Accumulated depreciation and impairment
As of January 1, 2023(1,016,258)(57,191)(1,073,449)
Charge for the period(152,661)(25,598)(178,259)
Disposal of vessels (2)
28,505 1,436 29,941 
Write-offs (3)
— 1,500 1,500 
As of December 31, 2023(1,140,414)(79,853)(1,220,267)
 Net book value
As of December 31, 2023$3,524,321 $53,614 $3,577,935 
(1)Additions during the years ended December 31, 2024 and 2023 primarily relate to the drydock and Ballast Water Treatment System ("BWTS") costs and installations incurred on certain of our vessels.
(2)Represents the net book value of an aggregate of 14 vessels that were sold during the years ended December 31, 2024 and 2023. These sales consisted of 11 MRs (STI Tribeca, STI Larvotto, STI Le Rocher, STI Manhattan, STI Beryl, STI Onyx, STI Garnet, STI Ruby, STI Topaz, STI San Antonio and STI Texas City) and one LR2 (STI Lily) during the year ended December 31, 2024, and two MRs (STI Ville and STI Amber) during the year ended December 31, 2023. These transactions are described below.
(3)Primarily represents write-offs of fully depreciated equipment and drydock costs on certain of our vessels.
(4)During the year ended December 31, 2023, we exercised the purchase options on leases for 17 MRs (STI Magnetic, STI Marshall, STI Magic, STI Mystery, STI Marvel, STI Magister, STI Mythic, STI Miracle, STI Maestro, STI Mighty, STI Modest, STI Maverick, STI Millennia, STI Maximus, STI Beryl, STI Larvotto and STI Le Rocher) and four LR2s (STI Lavender, STI Lobelia, STI Lotus and STI Lily) that had been previously recorded as Right of use assets for vessels. The carrying amounts of these Right of Use Assets were reclassified to Vessels and Drydock as a result of these transactions. These transactions are further described in Note 7.
The following is a summary of the items that were capitalized during the years ended December 31, 2024 and 2023:
In thousands of U.S. dollars
Drydock (1)
BWTSOther equipmentCapitalized interestTotal vessel additions
For the year ended December 31, 2024$105,329 $126 $22 $— $148 
For the year ended December 31, 202316,738 4,554 150 7 4,711 

(1)Additions during the years ended December 31, 2024 and 2023 include new costs accrued in prior periods relating to drydocks and ballast water treatment system.

Activity
Other than exercising purchase options on leases, we did not purchase any vessels during the years ended December 31, 2024 and December 31, 2023. Additionally, as of December 31, 2024, we did not have any newbuildings on order.
During the year ended December 31, 2023, we wrote-off $10.5 million related to options to purchase additional exhaust gas cleaning systems, or scrubbers, which expired unexercised. This amount included deposits and previously incurred installation costs. These amounts were previously recorded within Other assets on the consolidated balance sheet.
Vessel Sales
During the year ended December 31, 2024, we entered into agreements to sell 11 MR vessels (STI Tribeca, STI Larvotto, STI Le Rocher, STI Manhattan, STI Beryl, STI Onyx, STI Garnet, STI Ruby, STI Topaz, STI San Antonio and STI Texas City) and one LR2 vessel (STI Lily). The aggregate net book value of the vessels was $307.3 million on the dates they were held for sale. The aggregate net proceeds of these sales was $479.8 million. Accrued and unpaid selling costs related to the sale of STI San Antonio as of December 31, 2024 was $0.2 million. We recorded an aggregate gain of $176.5 million during the year ended December 31, 2024 as a result of these sales.
Of these vessels, STI Tribeca and STI Manhattan were replaced by STI Galata and STI Notting Hill, respectively, as collateral on the 2023 $1.0 Billion Credit Facility. STI Larvotto, STI Le Rocher, STI Beryl, STI Onyx, STI Garnet, STI Ruby and STI Topaz were unencumbered at the time of sale. STI San Antonio was replaced by STI Memphis as collateral on the 2023 $225.0 Million Credit Facility. The 2023 $117.4 Million Credit Facility was amended in October 2024, releasing STI Texas City as the residual collateral value of the remaining vessels under the facility provided for sufficient headroom under the leverage covenant of the agreement. In October 2024, we repaid the $22.9 million outstanding related to STI Lily under the 2023 $1.0 Billion Credit Facility. This debt repayment did not impact the undrawn amount of $288.2 million available under the revolving portion of this facility.
During the year ended December 31, 2023, we closed on the sales of two MRs, STI Ville and STI Amber, in July 2023 and November 2023, respectively, for aggregate net proceeds of $64.6 million. This amount includes $0.3 million of accrued and unpaid selling costs as of December 31, 2023. The aggregate net book value of the vessels was $52.6 million on the dates they were held for sale and we recorded an aggregate gain of $12.0 million during the year ended December 31, 2023 as a result of these sales. Additionally, we repaid the outstanding sale and leaseback obligation of $8.2 million with respect to STI Amber as a result of this sale.
Collateral agreements
The below table is a summary of vessels with an aggregate carrying value of $2.3 billion at December 31, 2024 which have been pledged as collateral under the terms of our secured debt and lease financing arrangements as of December 31, 2024:
Credit FacilityVessel Name
2023 $225.0 Million Credit FacilitySTI Duchessa, STI Memphis, STI Yorkville, STI Milwaukee, STI Battery, STI Madison, STI Opera, STI Venere, STI Virtus, STI Aqua, STI Dama, STI Regina, STI Sanctity
2023 $49.1 Million Credit FacilitySTI Rose, STI Rambla
2023 $117.4 Million Credit FacilitySTI Battersea, STI Wembley, STI Meraux, STI St. Charles, STI Mayfair, STI Alexis
2023 $1.0 Billion Credit FacilitySTI Lobelia, STI Lotus, STI Lavender, STI Magic, STI Mystery, STI Marvel, STI Magnetic, STI Millennia, STI Magister, STI Mythic, STI Modest, STI Maverick, STI Miracle, STI Maestro, STI Mighty, STI Maximus, STI Spiga, STI Kingsway, STI Bosphorus, STI Leblon, STI Jermyn, STI Donald C Trauscht, STI Esles II, STI Solace, STI Solidarity, STI Stability, STI Galata, STI Bronx, STI Notting Hill, STI Seneca, STI Sloane, STI Condotti, STI Brooklyn, STI Goal, STI Gladiator, STI Gratitude, STI Steadfast, STI Supreme, STI Acton, STI Camden, STI Jardins, STI San Telmo, STI Soho, STI Osceola
2023 $94.0 Million Credit FacilitySTI Marshall, STI Grace, STI Guide, STI Gauntlet
Ocean Yield Lease FinancingSTI Symphony
2021 Ocean Yield Lease FinancingSTI Gallantry, STI Guard

The below table is a summary of vessels with an aggregate carrying value of $846.3 million which were unencumbered at December 31, 2024:
Vessel Name
UnencumberedSTI Clapham, STI Hammersmith, STI Rotherhithe, STI Poplar, STI La Boca, STI Broadway, STI Winnie, STI Connaught, STI Lauren, STI Veneto, STI Fulham, STI Elysees, STI Park, STI Orchard, STI Hackney, STI Lombard, STI Comandante, STI Brixton, STI Pimlico, STI Finchley, STI Westminster, STI Pontiac, STI Black Hawk, STI Oxford, STI Selatar, STI Gramercy, STI Queens