Segment reporting

12 Months Ended

Dec. 31, 2024

The information provided to our chief operating decision maker, the Chief Executive Officer, to review Company performance and allocate resources is aggregated by vessel class. The Company does not monitor performance by geographical areas as our vessels regularly move between countries in international waters, over dozens of trade routes and, as a result, the disclosure of financial information about geographic areas is impracticable.

Information about our reportable segments for the years ended December 31, 2024, 2023, and 2022 is as follows:

For the year ended December 31, 2024


In thousands of U.S. dollars	Handymax		LR2		MR		Reportable segments subtotal		Corporate and eliminations		Total
Vessel revenue	$	120,542	$	571,422	$	551,987	$	1,243,951	$	—	$	1,243,951
Vessel operating costs	(39,174)		(127,540)		(152,433)		(319,147)		—		(319,147)
Voyage expenses	(3,998)		(15,504)		(10,869)		(30,371)		—		(30,371)
Depreciation - vessels and drydock	(20,423)		(80,191)		(84,705)		(185,319)		—		(185,319)

General and administrative expenses	(1,211)		(3,260)		(4,441)		(8,912)		(112,136)		(121,048)
Gain on sale of vessels	—		26,326		150,211		176,537		—		176,537
Financial expenses	—		—		—		—		(109,539)		(109,539)
Financial income	—		—		—		—		15,947		15,947
Income from joint venture	—		—		—		—		7,664		7,664
Dividend income and fair value loss on financial assets measured at fair value through profit or loss	—		—		—		—		(11,176)		(11,176)
Other income and (expenses), net	—		1,469		166		1,635		(360)		1,275
Segment income or loss	$	55,736	$	372,722	$	449,916	$	878,374	$	(209,600)	$	668,774

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 - vessels and drydock	(20,654)		(76,383)		(81,222)		(178,259)		—		(178,259)
Depreciation - right of use assets for vessels	—		(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
Income from joint venture	—		—		—		—		5,950		5,950
Other expenses, net	—		—		—		—		(83)		(83)
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 - vessels and drydock	(1,593)		(20,874)		(75,360)		(70,181)		(168,008)		—		(168,008)
Depreciation - right of use assets for vessels	—		—		(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
Income from joint venture	—		—		—		—		—		679		679
Other income and (expenses), net	1,577		—		—		—		1,577		(281)		1,296
Segment income or loss	$	(42,912)	$	140,207	$	331,383	$	447,327	$	876,005	$	(238,754)	$	637,251

Revenue from customers representing greater than 10% of total revenue during the years ended December 31, 2024, 2023, and 2022, within their respective segments was as follows:


In thousands of U.S. dollars		For the year ended December 31,
Segment	Customer	2024		2023		2022
MR	Scorpio MR Pool Limited (1)	$	497,003	$	605,442	$	639,743
LR2	Scorpio LR2 Pool Limited (1)	416,014		405,244		456,002
Handymax	Scorpio Handymax Tanker Pool Limited (1)	118,432		135,481		79,636
		$	1,031,449	$	1,146,167	$	1,175,381

(1)These customers are related parties as described in Note 15.