Segment reporting (Tables)

12 Months Ended

Dec. 31, 2025

Information about our reportable segments for the years ended December 31, 2025, 2024, and 2023 is as follows:

For the year ended December 31, 2025


In thousands of U.S. dollars	Handymax		LR2		MR		Reportable segments subtotal		Corporate and eliminations		Total
Vessel revenue	$	115,632	$	444,313	$	378,277	$	938,222	$	—	$	938,222
Vessel operating costs	(37,685)		(121,034)		(129,151)		(287,870)		—		(287,870)
Voyage expenses	(8,564)		(20,236)		(8,113)		(36,913)		—		(36,913)
Depreciation - vessels and drydock	(21,988)		(79,939)		(78,408)		(180,335)		—		(180,335)
General and administrative expenses	(1,693)		(3,748)		(4,777)		(10,218)		(113,188)		(123,406)
Gain on sale of vessels	—		14,963		30,523		45,486		—		45,486
Financial expenses	—		—		—		—		(80,131)		(80,131)
Financial income	—		—		—		—		21,891		21,891
Income from joint venture	—		—		—		—		4,104		4,104
Dividend income and fair value gain on financial assets measured at fair value through profit or loss	—		—		—		—		41,123		41,123
Other income and (expenses), net	151		1,278		1,302		2,731		(610)		2,121
Segment income or loss	$	45,853	$	235,597	$	189,653	$	471,103	$	(126,811)	$	344,292

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

Disclosure of revenue from major customers

Revenue from customers representing greater than 10% of total revenue during the years ended December 31, 2025, 2024, and 2023, within their respective segments was as follows:


In thousands of U.S. dollars		For the year ended December 31,
Segment	Customer	2025		2024		2023
MR	Scorpio MR Pool Limited (1)	$	323,088	$	497,003	$	605,442
LR2	Scorpio LR2 Pool Limited (1)	302,048		416,014		405,244
Handymax	Scorpio Handymax Tanker Pool Limited (1)	108,999		118,432		135,481
		$	734,135	$	1,031,449	$	1,146,167

(1)These customers are related parties as described in Note 17.