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Vessel revenue (Tables)

12 Months Ended

Dec. 31, 2024

Analysis of income and expense [abstract]

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	2024		2023		2022
Pool revenue	$	1,068,427	$	1,155,244	$	1,186,577
Voyage revenue (spot market)	21,643		32,718		328,087
Time charter revenue	153,881		153,260		48,209
	$	1,243,951	$	1,341,222	$	1,562,873

Lease and non lease components

The following table summarizes the lease and non-lease components of revenue from time charter-out and pool revenue during the years ended December 31, 2024, 2023, and 2022. 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 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	2024		2023		2022
Lease component of revenue from time charter-out and pool revenue	$	907,497	$	999,273	$	879,168
Non-lease component of revenue from time charter-out and pool revenue	314,811		309,231		355,618
	$	1,222,308	$	1,308,504	$	1,234,786

Terms of time chartered-out vessels

e entered into time charter-out agreements on 14 vessels. The terms of the agreements, including the dates of commencement are summarized as follows:

Vessel

Vessel class

Term

Rate ($/day)

Commencement date

STI Gratitude

LR2

Three years

$28,000

(1)

May-22

STI Guard

LR2

Five years

$28,000

(2)

July-22

STI Gladiator

LR2

Three years

$28,000

(3)

July-22

STI Guide

LR2

Three years

$28,000

(3)

July-22

STI Marshall

Three years

$23,000

(4)

July-22

STI Magnetic

Three years

$23,000

(5)

July-22

STI Miracle

Three years

$21,000

(6)

August-22

STI Memphis

Three years

$21,000

(7)

June-22

STI Connaught

LR2

Three years

$30,000

(8)

August-22

STI Lombard

LR2

Three years

$32,750

(9)

September-22

STI Gauntlet

LR2

Three years

$32,750

November-22

STI Duchessa

Three years

$25,000

October-22

STI Lavender

LR2

Three years

$35,000

December-22

STI Grace

LR2

Three years

$37,500

(10)

December-22

STI Jermyn

LR2

Three years

$40,000

(11)

April-23

STI Jardins

Three years

$29,550

October-24

(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 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 charterers have the option to extend the term of this agreement for an additional year at $31,000 per day. If this option is declared, 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 charterers have the option to extend the term of this agreement for an additional year at $24,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $25,000 per day. If this second option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day.

(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. The charterers have the option to extend the term of this agreement for an additional year at $24,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 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. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 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 6 months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 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 charterers have the option to extend the term of this agreement for an additional year at $32,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $34,000 per day.

(9) This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The charterer has the option to extend the term of this agreement for an additional year at $34,750 per day. If this option is declared, the charterer has the option to further extend the term of this agreement for an additional year at $36,750 per day.

(10) 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 6 months are payable at $28,000 per day, and years two and three are payable at $37,500 per day.

(11) 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 Exepense

Voyage expenses for the years ended December 31, 2024, 2023, and 2022 consisted of:


	For the year ended December 31,
	2024		2023		2022
Carbon emissions costs(1)	$	12,557	$	—	$	—
Bunker consumption	8,413		4,103		50,227
Port and agency expenses	1,912		2,027		23,152
Voyage related insurance	606		1,240		7,655
Other voyage related expenses	6,883		5,873		11,664
	$	30,371	$	13,243	$	92,698

(1) Carbon emissions costs under the EU ETS of $12.6 million are mostly rebilled to the end customers.