The following presentation of management’s discussion and analysis of results of operations and financial condition should be read in conjunction with our consolidated financial statements, accompanying notes thereto and other financial information appearing in “Item 18. Financial Statements.” You should also carefully read the following discussion with the sections of this annual report entitled “Item 3. Key Information—D. Risk Factors,” “Item 4. Information on the Company—B. Business Overview—The International Oil Tanker Shipping Industry,” and “Cautionary Statement Regarding Forward-Looking Statements.” Our consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023 have been prepared in accordance with IFRS as issued by the IASB. Our consolidated financial statements are presented in U.S. dollars ($) unless otherwise indicated. Any amounts converted from another non-U.S. currency to U.S. dollars in this annual report are at the rate applicable at the relevant date, or the average rate during the applicable period. We generate revenues by charging customers for the transportation of their refined oil and other petroleum products using our vessels. These services are generally provided under the following basic types of contractual relationships: •Voyage charters, which are charters for short intervals that are priced on current, or “spot,” market rates. •Time or bareboat charters, which are vessels chartered to customers for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates. •Commercial Pools, whereby we participate with other shipowners to operate a large number of vessels as an integrated transportation system, which offers customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Pools negotiate charters primarily in the spot market but may also arrange time charter agreements. The size and scope of these pools enable them to enhance utilization rates for pool vessels by securing backhaul voyages and COAs (described below), thus generating higher effective TCE revenues than otherwise might be obtainable in the spot market. With the exception of vessels that are bareboat chartered out, we are responsible for crewing and other vessel operating costs for our owned, lease financed, or bareboat chartered-in vessels and the charterhire expense for vessels that we time or bareboat charter-in. The table below illustrates the primary distinctions among these different employment arrangements: Voyage Charter Time Charter Bareboat Charter Commercial Pool Typical contract length Single voyage One year or more One year or more Varies Hire rate basis (1) Varies Daily Daily Varies Voyage expenses (2) We pay Customer pays Customer pays Pool pays Crewing and other vessel operating costs (3) We pay We pay Customer pays We pay Charterhire expense or bareboat chartered-in vessels (3) We pay We pay We pay We pay Off-hire (4) Customer does not pay Customer does not pay Customer pays Pool does not pay (1)“Hire rate” refers to the basic payment from the charterer for the use of the vessel. (2)“Voyage expenses” refers to expenses incurred due to a vessel’s traveling from a loading port to a discharging port, such as fuel (bunker) cost, port expenses, agent’s fees, canal dues and extra war risk insurance, as well as commissions. (3)“Vessel operating costs” and "Charterhire expense" are defined below under “—Important Financial and Operational Terms and Concepts.” (4)“Off-hire” refers to the time a vessel is not available for service due primarily to scheduled and unscheduled repairs or drydockings. For time chartered-in vessels, we do not pay the charterhire expense when the vessel is off-hire. 58 Table of Contents As of March 19, 2026, 72 of the vessels in our operating fleet were operating in the Scorpio Pools, 17 were operating on time charter-out agreements, and one was operating on a bareboat charter-out agreement. Important Financial and Operational Terms and Concepts We use a variety of financial and operational terms and concepts. These include the following: Vessel revenues. Vessel revenues primarily include revenues from time and bareboat charters, pool revenues and voyage charters (in the spot market). Vessel revenues are affected by hire rates and the number of days a vessel operates. Vessel revenues are also affected by the mix of business between vessels on time and bareboat charter, vessels in pools, and vessels operating on voyage charter. Revenues from vessels in pools and on voyage charter are more volatile, as they are typically tied to prevailing market rates. Voyage charters. Voyage charters, or spot voyages, are charters under which the customer pays a transportation charge for the movement of a specific cargo between two or more specified ports. We pay all of the voyage expenses under these charters. Voyage expenses. Voyage expenses primarily include bunkers, port charges, canal tolls, cargo handling operations, and brokerage commissions paid by us under voyage charters. These expenses are subtracted from voyage charter revenues to calculate TCE revenue, a non-IFRS measure, which is defined below. Vessel operating costs. For our owned, lease financed, and bareboat chartered-in vessels, we are responsible for vessel operating costs, which include crewing, repairs and maintenance, insurance, spares and stores, lubricating oils, communication expenses, and technical management fees. The three largest components of our vessel operating costs are crewing, spares and stores, and repairs and maintenance. Expenses for repairs and maintenance tend to fluctuate from period to period because most repairs and maintenance typically occur during periodic drydocking. Please read “Drydocking” below. We expect these expenses to increase as our fleet matures and to the extent that it expands. Additionally, these costs include technical management fees that we paid to SSM, which is controlled by the Lolli-Ghetti family. Pursuant to our 2018 Revised Master Agreement and 2024 Revised Master Agreement, SSM provides us with technical services, and we provide them with the ability to subcontract technical management of our vessels with our approval. Charterhire expense. Charterhire is the amount we pay the owner for time or bareboat chartered-in vessels. The amount is usually for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates. Time or bareboat chartered-in vessels are accounted for pursuant to IFRS 16 - Leases. The responsibility for vessel operating expenses for the different types of charter agreements are as follows: •Time chartered-in vessels. The vessel's owner is responsible for the vessel operating costs. •Bareboat chartered-in vessels. The charterer is responsible for the vessel operating costs. Drydocking. We periodically drydock each of our owned or lease financed vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 months to 60 months. We capitalize a substantial portion of the costs incurred during drydocking and amortize those costs on a straight-line basis from the completion of a drydocking to the estimated completion of the next drydocking. We immediately expense costs for routine repairs and maintenance performed during drydocking that do not improve or extend the useful lives of the assets. The number of drydockings undertaken in a given period and the nature of the work performed determine the level of drydocking expenditures. Depreciation. Depreciation expense typically consists of: •charges related to the depreciation of the historical cost of our owned, or lease financed vessels (less an estimated residual value) over the estimated useful lives of the vessels; •charges related to the depreciation of right of use assets (accounted for under IFRS 16) which is based upon the straight-line depreciation of the right of use asset over the life of the lease or the useful life of the asset, if a purchase obligation or a purchase option is reasonably certain to be exercised; and •charges related to the amortization of drydocking expenditures over the estimated number of years to the next scheduled drydocking. 59 Table of Contents Time charter equivalent (TCE) revenue or rates. We report TCE revenues, a non-IFRS measure, because (i) we believe it provides additional meaningful information in conjunction with voyage revenues and voyage expenses, the most directly comparable IFRS measures, (ii) it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance, (iii) it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters, and bareboat charters) under which the vessels may be employed between the periods, and (iv) we believe that it presents useful information to investors. TCE revenue is vessel revenue less voyage expenses, including bunkers and port charges. The TCE rate achieved on a given voyage is expressed in U.S. dollars/day and is generally calculated by taking TCE revenue and dividing that figure by the number of revenue days in the period (see Item 5. Operating and Financial Review and Prospects - Important Financial and Operational Terms and Concepts for definition and reconciliation of TCE revenue). Revenue days. Revenue days are the total number of calendar days our vessels were in our possession during a period, less the total number of off-hire days during the period associated with major repairs or drydockings. Consequently, revenue days represent the total number of days available for the vessel to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days. We use revenue days to show changes in net vessel revenues between periods. Average number of vessels. Historical average number of owned or lease financed vessels consists of the average number of vessels that were in our possession during a period. We use average number of vessels primarily to highlight changes in vessel operating costs and depreciation and amortization. Contract of affreightment. A contract of affreightment, or COA, relates to the carriage of specific quantities of cargo with multiple voyages over the same route and over a specific period of time which usually spans a number of years. A COA does not designate the specific vessels or voyage schedules that will transport the cargo, thereby providing both the charterer and shipowner greater operating flexibility than with voyage charters alone. The charterer has the flexibility to determine the individual voyage scheduling at a future date while the shipowner may use different vessels to perform these individual voyages. As a result, COAs are mostly entered into by large fleet operators, such as pools or shipowners with large fleets of the same vessel type. We pay the voyage expenses while the freight rate normally is agreed on a per cargo ton basis. Commercial pools. To increase vessel utilization and revenues, we participate in commercial pools with other shipowners and operators of similar modern, well-maintained vessels. By operating a large number of vessels as an integrated transportation system, commercial pools offer customers greater flexibility and a higher level of service while achieving scheduling efficiencies. Pools employ experienced commercial charterers and operators who have close working relationships with customers and brokers, while technical management is performed by each shipowner. Pools negotiate charters with customers primarily in the spot market but may also arrange time charter agreements. The size and scope of these pools enable them to enhance utilization rates for pool vessels by securing backhaul voyages and COAs, thus generating higher effective TCE revenues than otherwise might be obtainable in the spot market while providing a higher level of service offerings to customers. Operating days. Operating days are the total number of available days in a period with respect to the owned, lease financed, or bareboat chartered-in vessels, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to our owned, lease financed, or bareboat chartered-in vessels, not time chartered-in vessels. Items You Should Consider When Evaluating Our Results You should consider the following factors when evaluating our historical financial performance and assessing our future prospects: Our vessel revenues are affected by cyclicity in the tanker markets. The cyclical nature of the tanker industry causes significant increases or decreases in the revenue we earn from our vessels, particularly those vessels we trade in the spot market or in spot market-oriented pools. We employ a chartering strategy to capture upside opportunities in the spot market while using fixed-rate time charters to reduce downside risks, depending on SCM’s outlook for freight rates, oil tanker market conditions, and global economic conditions. Historically, the tanker industry has been cyclical, experiencing volatility in profitability due to changes in the supply of, and demand for, tanker capacity. The supply of tanker capacity is influenced by the number and size of new vessels built, vessels scrapped, converted and lost, the number of vessels that are out of service, and regulations that may effectively cause early obsolescence of tonnage. The demand for tanker capacity is influenced by, among other factors: •global and regional economic and political conditions; 60 Table of Contents •increases and decreases in production of and demand for crude oil and petroleum products; •increases and decreases in OPEC oil production quotas; •the distance crude oil and petroleum products need to be transported by sea; and •developments in international trade and changes in seaborne and other transportation patterns. Tanker rates also fluctuate based on seasonal variations in demand. Tanker markets are typically stronger in the winter months as a result of increased oil consumption in the northern hemisphere but weaker in the summer months as a result of lower oil consumption in the northern hemisphere and refinery maintenance that is typically conducted in the summer months. In addition, unpredictable weather patterns during the winter months in the northern hemisphere tend to disrupt vessel routing and scheduling. The oil price volatility resulting from these factors has historically led to increased oil trading activities in the winter months. As a result, revenues generated by our vessels have historically been weaker during the quarters ended June 30 and September 30, and stronger in the quarters ended March 31 and December 31. Our expenses were affected by the fees we pay SCM, SSM, and SSH for commercial management, technical management, and administrative services, respectively. SCM, SSM, and SSH, companies controlled by the Lolli-Ghetti family of which our founder, Chairman and Chief Executive Officer and our Vice President are members, provide commercial, technical, and administrative management services to us, respectively. We pay fees to SCM and SSM for our vessels that operate both within and outside of the Scorpio Pools. The fees charged to our vessels operating within the Scorpio Pools are identical to what SCM charges third-party owned vessels operating within the Scorpio Pools. Under the 2018 Revised Master Agreement, and during the year ended December 31, 2023, when our vessels were operating in one of the Scorpio Pools, SCM, the pool manager, charged fees of $250 per vessel per day with respect to our LR2 vessels, and $325 per vessel per day with respect to each of our Handymax and MR vessels, plus 1.50% commission on gross revenues per charter fixture. For commercial management of our vessels that were not operating in any of the Scorpio Pools, we paid SCM a fee of $250 per vessel per day for each LR2 vessel and $300 per vessel per day for each Handymax and MR vessel, plus 1.25% commission on gross revenues per charter fixture. Pursuant to the 2018 Revised Master Agreement, the fixed annual technical management fee that we pay to SSM was reduced from $250,000 per vessel to $175,000, effective January 1, 2018 and certain services previously provided as part of the fixed fee are now itemized. The aggregate cost, including the costs that are now itemized, for the services provided under the technical management agreement did not materially differ from the annual management fee charged prior to the amendment. Under the 2024 Revised Master Agreement, the per day fees charged by SCM were increased by $35 per vessel per day. Under this agreement, commercial management fees on vessels that are not operating in any of the Scorpio Pools are $285 per vessel per day for each LR2 vessel and $335 per vessel per day for each Handymax and MR vessel on the effective date. For vessels operating in one of the Scorpio Pools, SCM, the pool manager, increased its fees to $285 per vessel per day with respect to our LR2 vessels, and $360 per vessel per day with respect to each of our Handymax and MR vessels as of July 1, 2024. The percentage commission rates for vessels operating within or outside of the Scorpio Pools remained unchanged under the 2024 Revised Master Agreement. Under the Revised Master Agreement, the fixed annual technical management fee was increased to $187,500 plus additional amounts for certain itemized services per vessel to provide technical management services for each of our owned vessels. We also reimburse our Administrator for the reasonable direct or indirect expenses it incurs in providing us with the administrative services described in "Item 4 - Information on the Company". 61 Table of Contents A.Operating Results Results of Operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 For the year ended December 31, Change Percentage In thousands of U.S. dollars 2025 2024 favorable / (unfavorable) Change Vessel revenue $ 938,222 $ 1,243,951 $ (305,729) (25) % Vessel operating costs (287,870) (319,147) 31,277 10 % Voyage expenses (36,913) (30,371) (6,542) (22) % Depreciation - owned or sale leaseback vessels (180,335) (185,319) 4,984 3 % General and administrative expenses (123,406) (121,048) (2,358) (2) % Gain on sales of vessels 45,486 176,537 (131,051) (74) % Financial expenses (80,131) (109,539) 29,408 27 % Dividend income and fair value gain (loss) on financial assets measured at fair value through profit or loss, net 41,123 (11,176) 52,299 468 % Financial income 21,891 15,947 5,944 37 % Share of income from dual fuel tanker joint venture 4,104 7,664 (3,560) (46) % Other income and (expenses), net 2,121 1,275 846 66 % Net income $ 344,292 $ 668,774 $ (324,482) (49) % Net income. Net income for the year ended December 31, 2025 was $344.3 million, a decrease of $324.5 million, or 49%, from net income of $668.8 million for the year ended December 31, 2024. The differences between the two periods are discussed below. Vessel revenue. Vessel revenue for the year ended December 31, 2025 was $938.2 million, a decrease of $305.7 million, or 25%, from vessel revenue of $1,244.0 million for the year ended December 31, 2024. Average TCE revenue per day (a non-IFRS measure) decreased to $25,964 per day during the year ended December 31, 2025, from $32,573 per day during the year ended December 31, 2024. The decrease in revenue is discussed below by operating segment. 62 Table of Contents The following is a summary of our consolidated revenue by revenue type, in addition to TCE revenue per day and total revenue days. For the year ended December 31, Change Percentage In thousands of U.S. dollars 2025 2024 favorable / (unfavorable) Change Pool and spot market revenue by operating segment MR $ 330,059 $ 510,880 $ (180,821) (35) % LR2 326,802 458,649 (131,847) (29) % Handymax 109,375 120,541 (11,166) (9) % Total pool and spot market revenue 766,236 1,090,070 (323,834) (30) % Time charter-out revenue 170,237 153,881 16,356 11 % Bareboat charter-out revenue 1,749 — 1,749 N/A Gross revenue 938,222 1,243,951 (305,729) (25) % Voyage expenses (36,913) (30,371) (6,542) (22) % TCE revenue (1) $ 901,309 $ 1,213,580 $ (312,271) (26) % Daily pool and spot market TCE by operating segment: (1) MR pool and spot market $ 22,349 $ 29,708 $ (7,359) (25) % LR2 pool and spot market 32,297 43,669 (11,372) (26) % Handymax pool and spot market 21,072 24,146 (3,074) (13) % Consolidated daily pool and spot market TCE 25,447 33,344 (7,897) (24) % Time charter-out - daily TCE 28,560 27,907 653 2 % Bareboat charter-out - daily TCE 12,986 — 12,986 N/A Consolidated daily TCE 25,964 32,573 (6,609) (20) % Pool and spot market revenue days per operating segment MR 14,502 16,898 (2,396) (14) % LR2 9,623 10,253 (630) (6) % Handymax 4,800 4,828 (28) (1) % Total pool and spot market revenue days 28,925 31,979 (3,054) (10) % Time charter-out revenue days 5,757 5,284 473 9 % Bareboat charter-out revenue days 134 — 134 N/A Total revenue days 34,816 37,263 (2,447) (7) % (1) We report TCE revenues (as defined above, in the section entitled Important Financial and Operational Terms and Concepts), a non-IFRS measure, because (i) we believe it provides additional meaningful information in conjunction with voyage revenues and voyage expenses, the most directly comparable IFRS measures, (ii) it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance, (iii) it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods, and (iv) we believe that it presents useful information to investors. To arrive at daily TCE, we deduct voyage expenses from vessel revenue for each operating segment and then divide that figure by the number of revenue days in each period. Pool and spot market revenue. Pool and spot market revenue for the year ended December 31, 2025 was $766.2 million, a decrease of $323.8 million, or 30% from $1,090.1 million for the year ended December 31, 2024. The decrease was largely a result of global supply chain adjustments to the shipping disruptions that occurred during the year ended December 31, 2024. Pool and spot market revenue days decreased to 28,925 days for the year ended December 31, 2025 from 31,979 days for the year ended December 31, 2024. This aggregate decrease was driven by the sales of six vessels and 12 vessels during the years ended December 31, 2025 and 2024, respectively. 63 Table of Contents MR pool and spot market revenue. MR pool and spot market revenue for the year ended December 31, 2025 was $330.1 million, a decrease of $180.8 million, or 35%, from $510.9 million for the year ended December 31, 2024. Daily TCE revenue decreased 25% year over year, as the first half of 2024 experienced prolonged spikes in spot market daily TCE rates triggered by conflict in the Middle East and attacks on seagoing vessels transiting the Bab al-Mandab Strait into and out of the Red Sea. This disruption led to dislocations in trade flows of crude oil and refined petroleum products and resulted in spikes in arbitrage-driven trading activity that benefited daily TCE rates across all of our vessel classes. Trading patterns adjusted in the second half of 2024 and spot market daily TCE rates normalized into and throughout the year ended December 31, 2025. Earnings during the year ended December 31, 2025 remained well above historical averages, and increased throughout the year, supported by elevated seaborne exports driven by robust refining margins and sustained ton-mile demand. Pool and spot market revenue days decreased to 14,502 days from 16,898 days during the years ended December 31, 2025 and 2024. This decrease was mainly driven by the sales of MR product tankers throughout 2024 and 2025. LR2 pool and spot market revenue. LR2 pool and spot market revenue for the year ended December 31, 2025 was $326.8 million, a decrease of $131.8 million, or 29%, from $458.6 million for the year ended December 31, 2024. The decrease was driven by lower ton-mile demand in 2025 relative to 2024, when LR2 vessels benefited from increased ton-mile demand as a result of longer voyages triggered by the re-routing of much of the global fleet around the Cape of Good Hope amid Red Sea disruptions. Despite this normalization, rates remained strong and improved throughout the year ended December 31, 2025, supported by a tighter global supply-demand balance and resilient Asian demand. As a result, LR2 daily pool and spot market TCE decreased to $32,297 per day from $43,669 per day. Pool and spot market revenue days decreased to 9,623 days from 10,253 days during the years ended December 31, 2025 and 2024, respectively, due primarily to the sales of LR2 product tankers in 2024 and 2025. Handymax pool and spot market revenue. Handymax pool and spot market revenue for the year ended December 31, 2025 was $109.4 million, a decrease of $11.2 million, or 9%, from $120.5 million for the year ended December 31, 2024. While rates declined year over year across all product tanker segments, Handymax vessels exhibited greater resilience given their niche role in regional European trades, where vessel substitution is more limited. This stability was supported by consistent intra-regional demand and the flexibility to operate in ports and routes unavailable to larger vessels, enabling our Handymax fleet to avoid the volatility seen in larger vessel classes during the 2025 normalization. Daily pool and spot market TCE for our Handymax vessels decreased slightly to $21,072 per day from $24,146 per day during the years ended December 31, 2025 and 2024, respectively. Pool and spot market revenue days remained flat at 4,800 days during 2025 and 4,828 days in 2024. Time charter-out revenue. Time charter-out revenue for the year ended December 31, 2025 was $170.2 million, an increase of $16.4 million, or 11%, from $153.9 million for the year ended December 31, 2024. During the year ended December 31, 2024, one new time charter commenced in the fourth quarter. During the year ended December 31, 2025, three new time charter-out arrangements commenced, one in each of the second quarter, third quarter and fourth quarter, and five time charter-out arrangements completed, with one in the second quarter and four in the fourth quarter. The terms of our vessels on time charter-out arrangements are summarized as follows: 64 Table of Contents Vessel Vessel Class Initial Term Commencement Date Initial Rate ($/Day) Estimated End Date Current Rate ($/Day) STI Gratitude LR2 Three years May 2022 $28,000 May 2026 $31,000 (1) STI Guard LR2 Five years Jul 2022 $28,000 Jul 2027 $28,000 (2) STI Gladiator LR2 Three years Jul 2022 $28,000 Jul 2026 $31,000 (3) STI Guide LR2 Three years Jul 2022 $28,000 Jul 2026 $31,000 (3) STI Marshall MR Three years Jul 2022 $23,000 May 2025 N/A (4) STI Magnetic MR Three years Jul 2022 $23,000 May 2026 $27,500 (5) STI Miracle MR Three years Aug 2022 $27,500 May 2026 $27,500 (6) STI Memphis MR Three years Jun 2022 $27,500 May 2026 $27,500 (7) STI Connaught LR2 Three years Aug 2022 $30,000 Oct 2025 N/A (8) STI Lombard LR2 Three years Sep 2022 $32,750 Dec 2025 N/A (9) STI Gauntlet LR2 Three years Nov 2022 $32,750 Nov 2026 $36,000 (10) STI Duchessa MR Three years Oct 2022 $25,000 Nov 2025 N/A (11) STI Lavender LR2 Three years Dec 2022 $35,000 Nov 2025 N/A (12) STI Grace LR2 Three years Dec 2022 $37,500 Dec 2026 $36,000 (13) STI Jermyn LR2 Three years Apr 2023 $40,000 Apr 2026 $40,000 (14) STI Jardins MR Three years Oct 2024 $29,550 Oct 2027 $29,550 STI Battersea Handymax Two years Apr 2025 $24,000 Apr 2027 $24,000 STI Orchard LR2 Five years Aug 2025 $28,350 Aug 2030 $28,350 STI Spiga LR2 One year Nov 2025 $35,000 Nov 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. In February 2025, 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 year 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 year 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 year 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 the 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. 65 Table of Contents (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 the 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 year 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. Bareboat charter-out revenue. Bareboat charter-out revenue for the year ended December 31, 2025 was $1.7 million. In August 2025, STI Bosphorus, an MR product tanker, commenced a bareboat charter-out at a bareboat rate of $13,150 per day. The vessel is being chartered to a third-party joint venture which re-flagged the vessel to the United States in order for it to participate in the U.S. Government’s Tanker Security Program (TSP). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, subject to annual renewal within the National Defense Authorization Act (“NDAA”). Vessel operating costs. Vessel operating costs for the year ended December 31, 2025 were $287.9 million, a decrease of $31.3 million, from $319.1 million for the year ended December 31, 2024. This decrease was due primarily to a decrease in vessel operating days to 35,903 days from 38,900 days for the years ended December 31, 2025 and 2024, respectively, which was mainly the result of the sale of six and 12 vessels during the years ended December 31, 2025 and 2024, respectively. Further, average vessel operating costs per day decreased to $8,018 per day during the year ended December 31, 2025 from the average of $8,204 per day during the year ended December 31, 2024. The decrease was driven primarily by lower spare expenses and repairs and maintenance costs. Vessel operating costs by operating segment are discussed below. The following table is a summary of our vessel operating costs by operating segment: For the year ended December 31, Change Percentage In thousands of U.S. dollars 2025 2024 favorable / (unfavorable) change Vessel operating costs MR $ 129,151 $ 152,433 $ 23,282 15 % LR2 121,034 127,540 6,506 5 % Handymax 37,685 39,174 1,489 4 % Total vessel operating costs $ 287,870 $ 319,147 $ 31,277 10 % Vessel operating costs per day MR $ 7,619 $ 7,794 $ 175 2 % LR2 8,743 8,971 228 3 % Handymax 7,375 7,645 270 4 % Consolidated vessel operating costs per day 8,018 8,204 186 2 % Operating days MR 16,950 19,558 (2,608) (13) % LR2 13,843 14,218 (375) (3) % Handymax 5,110 5,124 (14) — % Total operating days 35,903 38,900 (2,997) (8) % 66 Table of Contents MR vessel operating costs. Vessel operating costs for our MR segment were $129.2 million for the year ended December 31, 2025, a decrease of $23.3 million, or 15%, from $152.4 million for the year ended December 31, 2024. Operating days decreased by 2,608 days to 16,950 days from 19,558 days during the years ended December 31, 2025 and 2024, respectively, primarily as a result of the sale of five MR product tankers during the year ended December 31, 2025 and 11 MR product tankers during the year ended December 31, 2024. Operating costs per day decreased slightly to $7,619 per day from $7,794 per day, for the years ended December 31, 2025 and 2024, respectively. This improvement was driven by reductions in crewing costs and store expenses. Additionally, 31 MR product tankers were drydocked during the years ended December 31, 2025 and 2024. The operational improvements made during these drydocks had a beneficial impact on vessel operating costs in the subsequent periods. LR2 vessel operating costs. Vessel operating costs for our LR2 segment were $121.0 million for the year ended December 31, 2025, a decrease of $6.5 million, or 5%, from $127.5 million for the year ended December 31, 2024. LR2 operating costs per day decreased to $8,743 per day from $8,971 per day for the years ended December 31, 2025 and 2024, respectively, due to a reduction in spare expense and related costs as disruptions in trading patterns during the year ended December 31, 2024, impacted the costs of sourcing and transporting spare parts. LR2 operating days decreased slightly to 13,843 days from 14,218 days during the years ended December 31, 2025 and 2024, respectively. Additionally, 23 LR2 product tankers were drydocked during the years ended December 31, 2025 and 2024. The operational improvements made during these drydocks had a beneficial impact on vessel operating costs in the subsequent periods. Handymax vessel operating costs. Vessel operating costs for our Handymax segment were $37.7 million for the year ended December 31, 2025, a decrease of $1.5 million, or 4%, from $39.2 million for the year ended December 31, 2024. Handymax operating days remained consistent at 5,110 days and 5,124 days during the years ended December 31, 2025 and 2024, respectively. Daily operating costs for our Handymax vessels decreased to $7,375 per day during the year ended December 31, 2025 from $7,645 per day during the year ended December 31, 2024, due to a reduction in spare expense and related costs. Voyage expenses. Voyage expenses were $36.9 million for the year ended December 31, 2025, an increase of $6.5 million, or 22%, from $30.4 million for the year ended December 31, 2024. This was primarily driven by our compliance with the European Emissions Trading System ("EU ETS"), under which we are required to acquire EU allowances ("EUAs") related to greenhouse gas emissions from our vessels that trade to, from, and within the EU and European Economic Area. During the years ended December 31, 2025 and 2024, we incurred $22.7 million and $12.6 million, respectively, of expense related to the acquisition of EUAs, for which the cost was passed along to customers in full and recognized as part of revenue. This increase was partially offset by decreases in fuel consumption costs resulting from a decrease in the number of spot voyages conducted outside of the pools during 2025. Depreciation - Owned and lease financed vessels. Depreciation expense for owned and lease financed vessels was $180.3 million for the year ended December 31, 2025, a decrease of $5.0 million, or 3%, from $185.3 million for the year ended December 31, 2024. The decrease is the result of the sale, or classification of vessels as held for sale, of 10 and 12 vessels during the years ended December 31, 2025 and 2024, respectively, partially offset by increased depreciation stemming from the completed drydocks during 2025 and 2024. General and administrative expenses. General and administrative expenses were $123.4 million for the year ended December 31, 2025, an increase of $2.4 million, or 2%, from $121.0 million for the year ended December 31, 2024. This increase was primarily due to an increase in non-cash restricted stock amortization resulting from grants made during the years ended December 31, 2025 and 2024. The stock price on the date of the grant is used as the fair value for the accounting of the awards under IFRS, which is amortized to expense over the awards' vesting periods. The awards granted to employees vest ratably in years three, four and five following the initial grant. The grants made during the years ended December 31, 2025 and 2024, have a higher fair value than those grants that are vesting and becoming fully amortized given the increase in stock price over those periods. This increase was partially offset by decreases in cash compensation and professional fees. Net gain on sales of vessels. Net gain on sales of vessels was a gain of $45.5 million for the year ended December 31, 2025 compared to a net gain of $176.5 million for the year ended December 31, 2024. During the year ended December 31, 2025, we sold 5 MRs and one LR2 compared to the year ended December 31, 2024, when we sold 11 MRs and one LR2. 67 Table of Contents Financial expenses. Financial expenses were $80.1 million for the year ended December 31, 2025, a decrease of $29.4 million, or 27%, from $109.5 million for the year ended December 31, 2024. This decrease was primarily attributable to the overall reduction in interest expense on debt and sale leaseback arrangements resulting from our focus on deleveraging in recent years. We allocated a significant amount of capital towards debt reduction and decreased our average debt balance to $907.6 million during the year ended December 31, 2025 from $1.2 billion during the year ended December 31, 2024. Financial expenses for the year ended December 31, 2025 primarily consisted of (i) interest payable on debt of $67.2 million, (ii) amortization of loan fees of $7.0 million and (iii) the loss on extinguishment of debt and write-off of deferred financing fees of $5.9 million. Financial expenses for the year ended December 31, 2024 primarily consisted of (i) interest payable on debt of $91.7 million, (ii) amortization of loan fees of $9.2 million, (iii) the loss on extinguishment of debt and write-off of deferred financing fees of $8.5 million and (iv) accretion of the premiums and discounts recorded as part of the purchase price allocation on the indebtedness assumed from Navig8 Product Tankers Inc. in 2017 of $0.1 million. The loss on extinguishment of debt and write-off of deferred financing fees during the years ended December 31, 2025 and 2024, respectively, were as follows: •During the year ended December 31, 2025, our loss on extinguishment of debt and write-off of deferred financing fees was $5.9 million, which related to unscheduled debt and lease repayments during the year and consisted of (i) $1.3 million in extinguishment costs, and (ii) $4.5 million of write-offs of deferred financing fees. •During the year ended December 31, 2024, our loss on extinguishment of debt and write-off of deferred financing fees was $8.5 million, which related to unscheduled debt and lease repayments during the year and consisted of (i) $2.3 million in extinguishment costs and (ii) $6.2 million of write-offs of deferred financing fees. Dividend income and fair value gain (loss) on financial assets measured at fair value through profit or loss, net was $41.1 million, which consisted of a gain of $35.2 million and dividends received of $5.9 million for the year ended December 31, 2025, compared to a loss of $11.2 million, which consisted of a loss of $15.0 million offset by $3.8 million of dividends received during the year ended December 31, 2024. During the year ended December 31, 2024, we purchased 7,982,480 common shares in DHT Holdings, Inc. ("DHT") in the open market at an average price of $11.17 per share. During the year ended December 31, 2025, we purchased an additional 4,295,218 common shares in DHT in the open market at an average price of $10.67 per share. We sold the entire position of 12,277,698 common shares at an average price of $12.64 per share during the year ended December 31, 2025. At December 31, 2025, we no longer had an ownership position in DHT. Financial income. Financial income was $21.9 million for the year ended December 31, 2025, an increase of $5.9 million, or 37%, from $15.9 million for the year ended December 31, 2024. Financial income is mainly derived from interest earned on our cash deposits. This increase was driven by an increase in both our average cash balance and the interest rate earned during the year ended December 31, 2025. Results of Operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 For a discussion of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023, please see “Item 5 - Operating and Financial Review and Prospects - A. Operating Results - Results of Operations for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023” contained in our annual report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 21, 2025. 68 Table of Contents B. Liquidity and Capital Resources Our primary source of funds for our short-term and long-term liquidity needs is expected to be the cash flows generated from our vessels, which primarily operate in the Scorpio Pools, in the spot market, or on time and bareboat charters, in addition to our cash on hand and availability under revolving lines of credit. We believe that the Scorpio Pools reduce volatility because (i) they aggregate the revenues and expenses of all pool participants and distribute net earnings to the participants based on an agreed upon formula and (ii) some of the vessels in the pool are on time charter. Furthermore, spot charters provide flexibility and allow us to fix vessels at prevailing rates. We currently project that we will have adequate financial resources to continue in operation and meet our financial commitments (including but not limited to debt service obligations and obligations under sale and leaseback arrangements) for a period of at least 12 months from the date of this annual report. Our revenues are earned via the seaborne transportation of crude oil and refined petroleum products in the international shipping markets. We have benefited from a cyclical uptrend in the product tanker market over the past three years. The cash flows generated during these years have enabled us to accumulate liquidity, repay debt and deleverage our balance sheet. From December 31, 2025 through the date of this report, we paid the $18.9 million purchase option, representing the aggregate outstanding lease obligation, on the LR2 product tanker, STI Symphony, that was financed under the Ocean Yield Lease Financing arrangement and thus terminated the lease. We do not have any other debt or leasing financing arrangements that are scheduled to mature or expire within twelve months from the date of this report. Additionally, we paid $68.3 million in installment payments with respect to 10 newbuilding vessels that we have contracted to construct. The delivery dates of these vessels are scheduled to begin in the second quarter of 2026 and conclude in 2029. While we believe our current financial position is adequate to address these cash outflows, required under our debt and lease obligations and our newbuilding vessel obligations, a deterioration in economic conditions could cause us to breach the covenants under our financing arrangements and could have a material adverse effect on our business, results of operations, cash flows and financial condition. These circumstances could cause us to seek covenant waivers from our lenders and to pursue other means to raise liquidity, such as through the sale of vessels or in the capital markets, to meet our obligations. A discussion and analysis of our key risks, including sensitivities thereto, can be found in "Item 3. Key Information - D. Risk Factors" and "Item 11. Quantitative and Qualitative Disclosures About Market Risk". We continuously evaluate potential transactions that we believe will be accretive to earnings, enhance shareholder value or are in our best interests, which may include the pursuit of additional vessel sales, business combinations, the acquisition of vessels or related businesses, the expansion of our operations, repayment of existing debt, share repurchases, short-term investments or other uses. Any funds received may be used by us for any corporate purpose. In connection with any transaction, we may enter into additional financing arrangements, refinance existing arrangements or raise capital through public or private debt or equity offerings of our securities. Any funds raised by us may be used for any corporate purpose. There is no guarantee that we will grow the size of our fleet or enter into transactions that are accretive to our shareholders. As of December 31, 2025, our cash and cash equivalents balance was $752.0 million, which was more than our cash and cash equivalents balance of $332.6 million as of December 31, 2024. As of December 31, 2025, we had $783.9 million available under our existing revolving lines of credit. The changes in our cash balance are discussed below under the section entitled Cash Flows. As of March 19, 2026 and December 31, 2025, we had approximately $589.1 million and $628.4 million in aggregate outstanding indebtedness, respectively (which reflects the amounts payable under term loan and revolving credit facilities and lease financing arrangements, and excludes unamortized deferred financing fees or other premiums and discounts). As of March 19, 2026, we had $747.5 million of undrawn revolver capacity, which includes $221.7 million of availability under the revolving portion of the 2023 $1.0 Billion Credit Facility, $25.8 million of availability under the 2023 $225.0 Million Revolving Credit Facility and $500.0 million of availability under the 2025 $500.0 Million Revolving Credit Facility. All of our credit facilities are described below under “Long-Term Debt Obligations and Credit Arrangements.” As of December 31, 2025, our long-term liquidity needs were primarily comprised of our debt repayment obligations for our secured credit facilities and lease financing arrangements, along with our obligations under contracts to construct newbuilding vessels. 69 Table of Contents Equity 2023 Securities Repurchase Program On February 15, 2023, our Board of Directors authorized a new securities repurchase program to purchase up to an aggregate of $250 million of securities which, in addition to our common shares, consisted of our Unsecured Senior Notes Due 2025 (NYSE: SBBA) at the date of authorization. On July 29, 2024, our Board of Directors replenished and increased the 2023 Securities Repurchase Program to purchase up to an aggregate of $400 million of the Company’s securities which, in addition to our common shares also consist of our unsecured senior notes. During the year ended December 31, 2024, we repurchased an aggregate of 4,653,189 of our common shares in the open market at an average price of $72.12 per share. During the year ended December 31, 2025, we repurchased an aggregate of 6,500 of our common shares at an average price of $47.51 per share. We had $173.4 million remaining under our 2023 Securities Repurchase Program as of December 31, 2025. There were 26,049,209 and 26,042,709 common shares held in treasury at December 31, 2025 and 2024, respectively. Shares outstanding We currently have 175,000,000 registered shares authorized of which 150,000,000 are designated as common shares with a par value of $0.01 and 25,000,000 are designated as preferred shares with a par value of $0.01. As of December 31, 2025, we had 51,762,790 common shares outstanding. These shares provide the holders with rights to dividends and voting rights. 2013 Equity Incentive Plan For a description of issuances of our common shares pursuant to our 2013 Equity Incentive Plan, see “Item 6. Directors, Senior Management and Employees - B. Compensation - 2013 Equity Incentive Plan.” Cash Flows The table below summarizes our sources and uses of cash for the periods presented: For the year ended December 31, In thousands of U.S. dollars 2025 2024 Cash flow data Net cash inflow/(outflow) Operating activities $ 491,226 $ 825,180 Investing activities 272,249 307,991 Financing activities (344,100) (1,156,142) 70 Table of Contents Cash flow from operating activities Fiscal year ended December 31, 2025 compared to fiscal year ended December 31, 2024 Operating cash flows are driven by our results of operations along with movements in working capital. The following table sets forth the components of our operating cash flows for the years ended December 31, 2025 and December 31, 2024: For the year ended December 31, Change Percentage In thousands of U.S. dollars 2025 2024 favorable / (unfavorable) Change Vessel revenue (1) $ 938,222 $ 1,243,951 $ (305,729) (25) % Vessel operating costs (1) (287,870) (319,147) 31,277 10 % Voyage expenses (1) (36,913) (30,371) (6,542) (22) % General and administrative expenses - cash (1)(2) (51,752) (58,539) 6,787 12 % Financial expenses - cash (1) (3) (68,440) (96,761) 28,321 29 % Change in working capital (4) (26,033) 68,825 (94,858) 138 % Financial income - cash 21,891 15,947 5,944 37 % Other 2,121 1,275 846 66 % Operating cash flow $ 491,226 $ 825,180 $ (333,954) (40) % (1)See “Item 5. Operating and Financial Review and Prospects- A. Operating Results” for information on these variations for the years ended December 31, 2025 and 2024. (2)Cash general and administrative expenses are general and administrative expenses from our consolidated statements of operations excluding the amortization of restricted stock of $71.7 million and $62.5 million for the years ended December 31, 2025 and 2024, respectively. (3)Cash financial expenses represent interest payable on our outstanding indebtedness and lease financing obligations. These amounts are derived from Financial expenses from our consolidated statements of operations excluding (i) the amortization of deferred financing fees of $7.0 million and $9.2 million for the years ended December 31, 2025 and 2024, respectively, (ii) non-cash debt extinguishment costs, primarily the write-off of deferred financing fees and unamortized discounts on sale and leaseback facilities, of $4.7 million and $3.5 million over these same periods, and (iii) accretion of $0.1 million related primarily to the premiums and discounts recorded as part of the purchase price allocation on the indebtedness assumed from a historical acquisition during the years ended December 31, 2024. This decrease was primarily attributable to the overall reduction in interest expense on debt and sale leaseback arrangements resulting from our focus on deleveraging in recent years. We allocated a significant amount of capital towards debt reduction and decreased our average debt balance to $907.6 million during the year ended December 31, 2025 from $1.2 billion during the year ended December 31, 2024. (4)The change in working capital in 2025 was the result of an increase in accounts receivable. The increase in accounts receivable is primarily driven by an increase in revenue during the fourth quarter of 2025 compared to the prior year period. Our revenues during the year ended December 31, 2024 were primarily derived from the Scorpio Pools and vessels time chartered-out. Receivables from time charter-out arrangements are generally received in advance on a monthly basis. Accounts receivable due from the Scorpio Pools are driven by market conditions in the months preceding the end of the period (as voyage lengths tend to range from 20-90 days depending on the vessel class). The revenues earned by vessels operating in the Scorpio Pools in the months preceding December 31, 2025 were greater than the months preceding December 31, 2024, thus leading to an increase in accounts receivable. The remaining changes in working capital were driven primarily by timing. The change in working capital in 2024 was primarily driven by a decrease in accounts receivable and an increase in accounts payable. The decrease in accounts receivable is primarily driven by a decrease in revenue from 2023. The increase in accounts payable at December 31, 2024 was primarily the result of our compliance with the European Emissions Trading System ("EU ETS") which was expanded to the maritime industry as of January 1, 2024. The EU ETS sets a cap on the total amount of certain greenhouse gases that can be emitted by covered entities, and these entities are allocated or required to purchase permits (allowances) for their emissions. The remaining changes in working capital were driven primarily by timing. 71 Table of Contents Cash flow from investing activities The following table sets forth the components of our investing cash flows for the years ended December 31, 2025 and December 31, 2024: For the year ended December 31, Change Percentage In thousands of U.S. dollars 2025 2024 favorable / (unfavorable) Change Cash inflows Net proceeds from disposal of vessels (1) 227,719 479,778 (252,059) (53) % Distributions from dual fuel tanker joint venture (2) 3,633 8,851 (5,218) (59) % Dividend from DHT Holdings, Inc. (4) 5,942 3,803 2,139 56 % Net proceeds from the sale of DHT Holdings, Inc. (4) 155,188 — 155,188 N/A Total investing cash inflows 392,482 492,432 (99,950) (20) % Cash outflows Investment in dual fuel tanker joint venture (2) — (1,937) 1,937 (100) % Drydock, ballast water treatment system and other vessel related payments (owned and lease financed) (3) (74,383) (93,367) 18,984 (20) % Investment in DHT Holdings, Inc. (4) (45,850) (89,137) 43,287 (49) % Total investing cash outflows (120,233) (184,441) 64,208 (35) % Net cash inflow from investing activities $ 272,249 $ 307,991 $ (35,742) (12) % (1)During the year ended December 31, 2025, we sold 5 MRs and one LR2 product tanker for aggregate net proceeds of $227.7 million, which excludes $1.9 million of accrued and unpaid selling costs as of December 31, 2025. During the year ended December 31, 2024, we sold 11 MRs one LR2 product tanker for aggregate net proceeds of $479.8 million which excludes $0.2 million of accrued and unpaid selling costs as of December 31, 2024. (2)In August 2021, we acquired a minority interest in a portfolio of nine product tankers, which at the time consisted of five dual-fuel MR methanol tankers (built between 2016 and 2021) which, in addition to traditional petroleum products, are designed to carry methanol both as a cargo and to consume it as a fuel, along with four ice class 1A LR1 product tankers (two of which were sold during the fourth quarter of 2021 and one of which was sold during the third quarter of 2024). The dual-fuel MR methanol tankers are currently on long-term time charter contracts. As part of this agreement, we acquired a 50% interest in a joint venture that ultimately has a minority interest in the entities that own the vessels for final consideration of $6.7 million. We account for our interest in this joint venture using the equity method pursuant to IFRS 11 - Joint arrangements. Under this guidance, the investment is initially measured at cost, and the carrying amount of the investment is adjusted in subsequent periods based on our share of profits or losses from the joint venture (adjusted for any fair value adjustments made upon initial recognition). Any distributions received from the joint venture reduce the carrying amount. In 2024, we contributed an additional $1.9 million to the joint venture to fund the joint venture's purchase of an additional vessel. The joint venture issued cash distributions of $3.6 million and $8.9 million during the years ended December 31, 2025 and 2024, respectively. (3)Drydock, scrubber, ballast water treatment system and other vessel related payments represent the cash paid in 2025 and 2024 for the drydocking of our vessels along with payments made as part of the agreements to purchase and install ballast water treatment systems and other vessel equipment. (4)During 2024, we invested $89.1 million for passive, minority interest in DHT Holdings, Inc. (“DHT”), a publicly traded crude tanker shipping company which owns a fleet of 27 Very Large Crude Carriers. We purchased 7,982,480 common shares in DHT in the open market at an average price of $11.17 per share during this period. We received dividends of $3.8 million from this investment during the year ended December 31, 2024. During 2025, we invested an additional $45.9 million via the purchase of 4,295,218 common shares in DHT in the open market at an average price of $10.67 per share and sold 12,277,698 common shares in DHT at an average price of $12.64 per share for $155.2 million in the aggregate. At December 31, 2025, we no longer had an ownership position in DHT. 72 Table of Contents Cash flow from financing activities Cash flows from financing activities during the year ended December 31, 2025 primarily consist of the issuance, repayment and costs related to our secured and unsecured debt and sale and leaseback liabilities, the payment of dividends to our common shareholders, and the activity within our securities repurchase programs (defined below). The following table sets forth the components of our financing cash flows for the years ended December 31, 2025 and December 31, 2024: For the year ended December 31, Change Percentage In thousands of U.S. dollars 2025 2024 favorable / (unfavorable) Change Cash inflows Drawdowns from our secured credit facilities (1) $ — $ 99,000 $ (99,000) (100) % Issuance of Unsecured Senior Notes Due 2030 (1) 200,000 — 200,000 N/A Total financing cash inflows 200,000 99,000 101,000 102 % Cash outflows Repayments on our secured and unsecured credit facilities (1) (394,363) (481,290) 86,927 18 % Repayments under sale and leaseback liabilities (1) (55,161) (354,390) 299,229 84 % Dividend payments (2) (82,520) (83,515) 995 1 % Common stock repurchases (3) (309) (335,593) 335,284 100 % Debt issuance costs (4) (11,747) (354) (11,393) (3,218) % Total financing cash outflows (544,100) (1,255,142) 711,042 57 % Net cash outflow from financing activities $ (344,100) $ (1,156,142) $ 812,042 70 % (1)The following table sets forth the cash drawdowns and repayments on our secured and unsecured credit facilities and sale and leaseback liabilities during the years ended December 31, 2025 and 2024. During these periods, certain credit facilities and lease financing arrangements were either entered into, drawn, or repaid in full. We refer to Note 14 of our Consolidated Financial Statements included in Item 18 of this Annual Report on Form 20-F for further details of all of our financing arrangements, including the activity that occurred during the years ended December 31, 2025 and 2024. 73 Table of Contents 2025 2024 Drawdowns Repayments Drawdowns Repayments In thousands of U.S. dollars Prudential Credit Facility — — — (33,740) BNPP Sinosure Credit Facility — — — (69,667) 2023 $225.0 Million Revolving Credit Facility — (92,305) — (33,900) 2023 $49.1 Million Credit Facility — (13,846) — (4,616) 2023 $117.4 Million Credit Facility — (51,023) — (17,007) 2023 $1.0 Billion Credit Facility — (137,620) 99,000 (312,694) 2023 $94.0 Million Credit Facility — (28,998) — (9,666) Total Secured Credit Facilities $ — $ (323,792) $ 99,000 $ (481,290) Unsecured Senior Notes Due 2025 — (70,571) — — Unsecured Senior Notes Due 2030 200,000 — — — Total Unsecured Senior Notes $ 200,000 $ (70,571) $ — $ — Ocean Yield Lease Financing — (3,141) — (3,067) BCFL Lease Financing (LR2s) — — — (21,653) 2020 TSFL Lease Financing — — — (45,617) 2020 SPDBFL Lease Financing — — — (36,863) 2021 AVIC Lease Financing — — — (76,410) 2021 CMBFL Lease Financing — — — (61,525) 2021 Ocean Yield Lease Financing — (52,216) — (5,867) 2022 AVIC Lease Financing — — — (103,451) Prepaid interest expense — 196 — 63 Total Sale and Leaseback Liabilities $ — $ (55,161) $ — $ (354,390) (2) Dividend payments to shareholders were $82.5 million and $83.5 million for the years ended December 31, 2025 and 2024, respectively. These amounts represent dividends of $1.62 per share and $1.60 per share (based on the number of shares outstanding on each of the record dates) for the years ended December 31, 2025 and 2024, respectively. (3) Common stock repurchases during the year ended December 31, 2025 represent the repurchase of 6,500 of our common shares at an average price of $47.51 per share for a total of $0.3 million. Common stock repurchases during the year ended December 31, 2024 represent the repurchase of 4,653,189 of our common shares at an average price of $72.12 per share for a total of $335.6 million. (4) Debt issuance costs relate to costs incurred for our secured and unsecured credit facilities which are described in Note 14 of our Consolidated Financial Statements included in Item 18 of this Annual Report on Form 20-F. 74 Table of Contents Long-Term Debt Obligations and Lease Financing Arrangements We refer to Note 14 and Note 24 of our Consolidated Financial Statements included in Item 18 of this Annual Report on Form 20-F for further details on our secured credit facilities, sale and leaseback liabilities, IFRS 16 lease liabilities, Unsecured Senior Notes Due 2025, and Unsecured Senior Notes Due 2030. Our secured credit facilities may be secured by, among other things: •a first priority mortgage over the relevant collateralized vessels; •a first priority assignment of earnings, insurances and charters from the mortgaged vessels for the specific facility; •a pledge of earnings generated by the mortgaged vessels for the specific facility; and •a pledge of the equity interests of each vessel owning subsidiary under the specific facility. Our debt and lease financing agreements may require us to comply with a number of covenants, including financial covenants related to liquidity, consolidated net worth, maximum leverage ratios, loan to value ratios and collateral maintenance, informational requirements, including the delivery of quarterly and annual financial statements and annual projections, and restrictive covenants, including maintenance of adequate insurances; compliance with laws (including environmental); compliance with the Employee Retirement Income and Security Act, or ERISA; maintenance of flag and class of the vessels; restrictions on consolidations, mergers or sales of assets; approvals on changes in the manager of the vessels; limitations on liens; limitations on additional indebtedness; prohibitions on paying dividends if a covenant breach or an event of default has occurred or would occur as a result of payment of a dividend; prohibitions on transactions with affiliates; and other customary covenants. Furthermore, our debt and lease financing agreements contain customary events of default, including cross-default provisions, as well as subjective acceleration clauses under which the debt could become due and payable in the event of a material adverse change in our business. The following is a table summarizing our indebtedness as of December 31, 2025 and March 19, 2026. The balances set forth below reflect the principal amounts due under each facility or lease financing arrangement as of each date and do not reflect any: (i) unamortized deferred financing fees; (ii) discounts / premiums attributable to the debt, either assumed in a business combination that was recorded as part of the purchase price allocation or as part of the market issuance of a security; and (iii) deposits held by the lessor. The balance for the Unsecured Senior Notes Due 2030 represents the face value of this instrument. In thousands of U.S. dollars Amount outstanding at December 31, 2025 Amount outstanding at March 19, 2026 2023 $225.0 Million Revolving Credit Facility $ 73,370 $ 73,370 2023 $49.1 Million Credit Facility 27,164 27,164 2023 $117.4 Million Credit Facility 40,860 40,860 2023 $1.0 Billion Credit Facility (1) 213,593 193,418 2023 $94.0 Million Credit Facility 54,244 54,244 2025 $500.0 Million Revolving Credit Facility — — Ocean Yield Lease Financing (2) 19,202 — Unsecured Senior Notes Due 2030 200,000 200,000 Total $ 628,433 $ 589,056 (1) In March 2026, we prepaid the outstanding principal balances related to STI Solidarity and STI Osceola of $20.2 million on the 2023 $1.0 Billion Credit Facility. (2) In February 2026, we exercised the purchase option on STI Symphony on the Ocean Yield Lease Financing and repaid the outstanding lease obligation of $18.9 million. 75 Table of Contents Capital Expenditures Vessel acquisitions and payments for vessels under construction During the year ended December 31, 2025, we entered into agreements to purchase: •two scrubber-fitted LR2 newbuilding product tankers at Dalian Shipbuilding Industry Co., Ltd. in China. The purchase price is $70.8 million per vessel with deliveries expected in the third quarter of 2027; •two scrubber-fitted Very Large Crude Carriers (“VLCCs”) at Hanwha Ocean Co. Ltd. in South Korea. The purchase price is $128.0 million per vessel (inclusive of additional equipment that the Company had the option to purchase) with deliveries expected in the third and fourth quarters of 2028; and •four scrubber-fitted MR newbuilding product tankers, which are currently under construction at Jingjiang Nanyang Shipbuilding Co., Ltd. in China. The purchase price is $45.0 million per vessel and the expected deliveries are one vessel in each of the second and fourth quarters of 2026, and the first and second quarters of 2027. In February 2026, we declared options to purchase two scrubber-fitted LR2 newbuilding product tankers that are to be constructed at Dalian Shipbuilding Industry Co., Ltd. in China for $68.5 million per vessel. Deliveries are expected in the third and fourth quarters of 2029. The table below summarizes the estimated installment payments for the vessels under construction as of March 19, 2026(1): Number of vessels expected to be delivered In millions of USD Amount VLCCs LR2s MRs Q1 2026 - installments paid $ 68.3 — — — Q2 2026 57.6 — — 1 Q3 2026 14.2 — — — Q4 2026 59.2 — — 1 2027 212.6 — 2 2 2028 208.8 2 — — 2029 89.1 — 2 — $ 709.8 2 4 4 (1) The installment payments are estimates only and are subject to change as construction progresses. Sales of vessels During the year ended December 31, 2025, we entered into and completed the sales of five MR vessels (STI Maestro, STI Battery, STI Venere, STI Milwaukee, and STI Yorkville) and one LR2 vessel (STI Lobelia). The aggregate net book value of the vessels was $180.5 million on the dates they were held for sale. The aggregate net proceeds of these sales was $226.0 million, including accrued and unpaid selling costs as of December 31, 2025 of $1.9 million. We recorded an aggregate gain of $45.5 million during the year ended December 31, 2025 as a result of these sales. At December 31, 2025, four LR2 vessels (STI Lavender, STI Goal, STI Gallantry, and STI Kingsway) were held for sale. The sales price for STI Lavender is $61.2 million, the sales prices for STI Goal and STI Gallantry are $52.3 million per vessel, and the sales price for STI Kingsway is $57.5 million. The aggregate net book value of the vessels was $153.6 million on the dates they were held for sale. STI Lavender, STI Goal, and STI Gallantry were unencumbered as of December 31, 2025. As of December 31, 2025, STI Kingsway was collateral under the 2023 $1.0 Billion Credit Facility, with no outstanding balance and $13.7 million available under the revolving portion of the facility. The sales of STI Lavender, STI Goal, STI Gallantry closed and the sale of STI Kingsway is expected to close during the first quarter of 2026. 76 Table of Contents In September 2025, we repaid the $5.1 million outstanding related to STI Maestro under the term portion of the 2023 $1.0 Billion Credit Facility and reduced the amount available under the revolving portion of the facility by $10.2 million. In October 2025, we repaid the $14.0 million outstanding related to STI Lobelia and STI Lavender under the term portion of the 2023 $1.0 Billion Credit Facility and reduced the amount available under the revolving portion of the facility by $30.7 million. In November 2025, we repaid the $29.2 million outstanding related to STI Battery, STI Venere, STI Milwaukee, and STI Yorkville under the 2023 $225.0 Million Revolving Credit Facility and further reduced the amount available under the revolver by $12.0 million. In December 2025, we exercised the purchase option and repaid the outstanding lease obligation of $23.4 million related to STI Gallantry under the 2021 Ocean Yield Lease Financing. In December 2025, we repaid the $0.3 million and $13.5 million related to STI Goal under the term and revolver portion, respectively, of the 2023 $1.0 Billion Credit Facility, in which the amount paid on the revolver may not be re-borrowed. During the year ended December 31, 2024, we closed on the sale of 11 MR product tankers (STI Tribeca, STI Le Rocher, STI Larvotto, STI Manhattan, STI Garnet, STI Onyx, STI Ruby, STI Topaz, STI Beryl, STI San Antonio, STI Texas City) and one LR2 product tanker (STI Lily) for aggregate net proceeds of $479.8 million. The aggregate net book value of the vessels was $307.3 million on the dates they were held for sale and we recorded an aggregate gain of $176.5 million during the year ended December 31, 2024 as a result of these sales. 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 Revolving Credit Facility, while the 2023 $117.4 Million Credit Facility was amended in October 2024, releasing STI Texas City as collateral under the loan 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. Drydock During the years ended December 31, 2025, 2024, and 2023, we completed the following drydocks, as described below: Drydock Total Costs in thousands of U.S. dollars Vessels Off-hire days Cost Drydock in-progress at December 31, 2022 $ 708 Costs incurred in 2023 16,738 Drydock completed in 2023 (1) 8 212 14,403 Drydock in-progress at December 31, 2023 $ 3,043 Costs incurred in 2024 105,329 Drydock completed in 2024 (1) 48 1,135 98,027 Drydock in-progress at December 31, 2024 $ 10,345 Costs incurred in 2025 65,051 Drydock completed in 2025 (1) 30 938 74,317 Drydock in-progress at December 31, 2025 $ 1,079 (1) Drydocks completed in 2023 includes one off-hire day from drydocks which commenced in 2022. Drydocks completed in 2024 includes 18 off-hire days from drydocks which commenced in 2023. Drydocks completed in 2025 includes 95 off-hire days from drydocks which commenced in 2024. Off-hire days also include off-hire days for installations of BWTS As our fleet matures and expands, our drydock expenses will likely increase. Ongoing costs for compliance with environmental regulations and society classification survey costs are a component of our vessel operating costs. With the exception of the recent ratification of the ballast water treatment convention as described in "Item 3. Key Information - D. Risk Factors", we are not currently aware of any regulatory changes or environmental liabilities that we anticipate will have a material impact on our results of operations or financial condition. 77 Table of Contents Charter-free market value of our fleet Historically, the charter-free market values, or basic market value, of our vessels have been volatile and have, at times, declined below their carrying values. At December 31, 2025 and 2024, our operating fleet consisted of 93 and 99 owned or sale and leaseback vessels, respectively. All of the vessels in our operating fleet had basic market values greater than their carrying amount at these dates. Our estimate of basic market value assumes that our vessels are all in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind. Our estimates are based on information available from various industry sources, including: •reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values; •news and industry reports of similar vessel sales; •news and industry reports of sales of vessels that are not similar to our vessels where we have made certain adjustments in an attempt to derive information that can be used as part of our estimates; •approximate market values for our vessels or similar vessels that we have received from ship brokers, whether solicited or unsolicited, or that ship brokers have generally disseminated; •offers that we may have received from potential purchasers of our vessels; and •vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers. As we obtain information from various industry and other sources, our estimates of basic market value are inherently uncertain. In addition, vessel values and revenues are highly volatile; as such, our estimates may not be indicative of the current or future basic market value of our vessels or prices that we could achieve if we were to sell them. Material Cash Requirements The following table sets forth our material cash requirements as of December 31, 2025: Less than 1 to 3 3 to 5 More than In thousands of U.S. dollars 1 year years years 5 years Principal obligations under secured credit facilities (1) $ — $ 409,232 $ — $ — Principal obligations under sale and leaseback liabilities (1) 19,202 — — — Estimated interest payments on secured bank loans (2) 28,474 40,530 4,020 1,167 Estimated interest payments on sale and leaseback liabilities (2) 184 — — — Technical management fees (3) 11,521 — — — Commercial management fees (4) 14,955 — — — Senior unsecured notes (5) — — 200,000 — Senior unsecured notes - estimated interest payments (6) 15,000 30,000 22,500 — Vessels under Construction - estimated installment payments (7) 171,740 400,860 — — Total $ 261,076 $ 880,622 $ 226,520 $ 1,167 (1)Represents principal and maturity payments due on our secured credit facilities and sale and leaseback liabilities which are described in Note 14 of our Consolidated Financial Statements included in Item 18 of this Annual Report on Form 20-F. These payments are based on amounts outstanding as of December 31, 2025. (2)Represents estimated interest payments on our secured credit facilities and sale and leaseback liabilities. These payments were estimated by taking into consideration: (i) the margin on each financing arrangement, (ii) the forward interest rate curve calculated from interest swap rates, as published by a third party, as of December 31, 2025; and (iii) commitment fees on available revolving credit. 78 Table of Contents The forward curve was calculated as follows as of December 31, 2025: Year 1 3.42 % Year 2 3.17 % Year 3 3.36 % Year 4 3.56 % (A) Year 5 3.68 % Year 6 3.86 % (A) Year 7 4.01 % Year 8 4.11 % (A) Year 9 4.24 % (A) Year 10 4.37 % (A)Third party published interest swap rates were unavailable. As such, we interpolated these rates using the averages of the years in which swap rates were published. Interest was then estimated using the rates mentioned above multiplied by the amounts outstanding under our various financing arrangements using the balance as of December 31, 2025 and taking into consideration the scheduled amortization of such arrangements going forward until their respective maturities. As of December 31, 2025, the weighted-average margin on our variable rate financing was (i) 1.92% on our secured credit facilities and (ii) 5.66% on our sale and leaseback liabilities. (3)Our technical manager, SSM, charges fees for its services pursuant to a 2024 Revised Master Agreement. Pursuant to this agreement, the fixed annual technical management fee is $187,500, and certain other services are itemized. The aggregate cost, including the costs that are itemized, are approximately $262,500 per year. Under the terms of the 2024 Revised Master Agreement, the termination fees are subject to a notice period of three months and a payment equal to three months of management fees which would be due and payable upon the sale of a vessel, so long as such termination does not amount to a change of control of the Company, including a sale of all or substantially all vessels, in which case, a payment equal to 24 months of management fees will apply. (4)Our commercial manager, SCM, charges fees for its services pursuant to a 2024 Revised Master Agreement. Pursuant to this agreement, SCM charges $285 per vessel per day for LR2 vessels, $360 per vessel per day for MR and Handymax vessels plus a 1.50% commission on gross revenue for vessels that operate in one of the Scorpio Pools. When the vessels are not in the Scorpio Pools, SCM charges fees of $285 per vessel per day for LR2 vessels and $335 per vessel per day for Handymax and MR vessels plus a 1.25% commission on gross revenue. These fees are subject to a notice period of three months and a payment equal to three months of management fees which would be due and payable upon the sale of a vessel, so long as such termination does not amount to a change of control of the Company, including a sale of all or substantially all vessels, in which case, a payment equal to 24 months of management fees will apply. (5)Represents the principal due at maturity on our Unsecured Senior Notes Due 2030 as of December 31, 2025. (6)Represents estimated coupon interest payments on our Unsecured Senior Notes Due 2030 as of December 31, 2025. The Unsecured Senior Notes Due 2030 bear interest at a coupon rate of 7.50% per annum and were scheduled to mature in January 2030. (7)Represents estimated installment payments on vessels under construction which are described in Note 9 of our Consolidated Financial Statements included in Item 18 of this Annual Report on Form 20-F. These payments are based on commitments outstanding as of December 31, 2025 and do not include commitments entered into after that date. Off-Balance Sheet Arrangements As of December 31, 2025, there are no off-balance sheet arrangements. See “Item 5. Operating and Financial Review and Prospects - B. Liquidity and Capital Resources” and "Item 7. Major Shareholders and Related Party Transactions - B. Related Party Transactions" for further information. 79 Table of Contents C. Research and Development, Patents and Licenses, Etc. Not applicable. D. Trend Information See "Item 4. Information on the Company - B. Business Overview - The International Oil Tanker Shipping Industry." E. Critical Accounting Estimates Our consolidated financial statements are prepared in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In preparing our consolidated financial statements, we make judgements, estimates and assumptions about the application of our accounting policies which affect the reported amounts of assets, liabilities, revenue and expenses. Our critical accounting judgements and sources of estimation uncertainty are described in Note 1 to our consolidated financial statements, which are included elsewhere in this Annual Report. 80 Table of Contents