XML 72 R51.htm IDEA: XBRL DOCUMENT v3.26.1
Vessel revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Analysis of income and expense [abstract]  
Revenue sources The following table sets forth our revenue, by employment type, for these periods:
 For the year ended December 31,
In thousands of U.S. dollars202520242023
Pool revenue$754,266 $1,068,427 $1,155,244 
Time charter revenue170,237 153,881 153,260 
Voyage revenue (spot market)11,970 21,643 32,718 
Bareboat charter-out revenue1,749 — — 
 $938,222 $1,243,951 $1,341,222 
Lease and non lease components
The following table summarizes the lease and non-lease components of revenue from time and bareboat charter-out and pool revenue during the years ended December 31, 2025, 2024, and 2023. 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 and bareboat 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. dollars202520242023
Lease component of revenue from time and bareboat charter-out and pool revenue$603,170 $907,497 $999,273 
Non-lease component of revenue from time and bareboat charter-out and pool revenue323,082 314,811 309,231 
$926,252 $1,222,308 $1,308,504 
Terms of time chartered-out vessels
The terms of the time charter-out agreements in effect during the years ended December 31, 2025, 2024, and 2023 are summarized as follows:
VesselVessel ClassInitial TermCommencement DateInitial Rate ($/Day)Estimated End Date Current Rate ($/Day)
STI GratitudeLR2Three yearsMay 2022$28,000May 2026$31,000(1)
STI GuardLR2Five yearsJul 2022$28,000Jul 2027$28,000(2)
STI GladiatorLR2Three yearsJul 2022$28,000Jul 2026$31,000(3)
STI GuideLR2Three yearsJul 2022$28,000Jul 2026$31,000(3)
STI Marshall MRThree years Jul 2022$23,000May 2025N/A(4)
STI MagneticMRThree years Jul 2022$23,000May 2026$27,500(5)
STI MiracleMRThree years Aug 2022$27,500May 2026$27,500(6)
STI MemphisMRThree years Jun 2022$27,500May 2026$27,500(7)
STI ConnaughtLR2Three years Aug 2022$30,000Oct 2025N/A(8)
STI LombardLR2Three years Sep 2022$32,750Dec 2025N/A(9)
STI GauntletLR2Three yearsNov 2022$32,750Nov 2026$36,000(10)
STI DuchessaMRThree years Oct 2022$25,000Nov 2025N/A(11)
STI LavenderLR2Three years Dec 2022$35,000Nov 2025N/A(12)
STI GraceLR2Three yearsDec 2022$37,500Dec 2026$36,000(13)
STI JermynLR2Three years Apr 2023$40,000Apr 2026$40,000(14)
STI JardinsMRThree yearsOct 2024$29,550Oct 2027$29,550
STI BatterseaHandymaxTwo yearsApr 2025$24,000Apr 2027$24,000
STI OrchardLR2Five yearsAug 2025$28,350Aug 2030$28,350
STI SpigaLR2One yearNov 2025$35,000Nov 2026$35,000
(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 in 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 charterer exercised its option to extend the term of this agreement for an additional year at $31,000 per day commencing in July 2025. 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 vessel was redelivered to us upon the completion of the time charter in May 2025.
(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. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 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. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 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 six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. In July 2025, this time charter was extended for a period of 75 to 120 days at a rate of $21,500 per day commencing in August 2025. In November 2025, this time charter was extended for a period of six months at a rate of $27,500 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 vessel was redelivered to us upon completion of the time charter in October 2025.
(9)    This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The vessel was redelivered to us upon the completion of the time charter in December 2025.
(10)    This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. In November 2025, this time charter was extended for a period of one year at a rate of $36,000 per day.
(11)    This vessel commenced a time charter in October 2022 for three years at an average rate of $25,000 per day. This vessel was redelivered to us upon the completion of the time charter in November 2025.
(12)    This vessel commenced a time charter in December 2022 for three years at an average rate of $35,000 per day. This vessel was redelivered to us upon completion of the time charter in November 2025.
(13)    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 six months are payable at $28,000 per day, and years two and three are payable at $37,500 per day. In November 2025, this time charter was extended for a period of one year at a rate of $36,000 per day commencing in December 2025.
(14)    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 expense
Voyage expenses for the years ended December 31, 2025, 2024, and 2023 consisted of:
For the year ended December 31,
202520242023
Carbon emissions costs(1)
$22,725 $12,557 $— 
Bunker consumption2,983 8,413 4,103 
Port and agency expenses1,858 1,912 2,027 
Voyage related insurance7 606 1,240 
Other voyage related expenses9,340 6,883 5,873 
$36,913 $30,371 $13,243 
(1)     Carbon emissions costs under the EU ETS regulations of $22.7 million and $12.6 million for the years ended December 31, 2025 and 2024, respectively, are mostly rebilled to the end customers.