Scorpio Tankers is a product tanker company that owns and operates 90 vessels transporting refined petroleum products — diesel, gasoline, jet fuel, and naphtha — across global trade routes. The fleet spans three size classes: 34 LR2s (~110,000 DWT), 42 MRs (~50,000 DWT), and 14 Handymaxes (~38,000 DWT), with a weighted average age of about 10 years. Customers are oil majors, refiners, and commodity traders who hire vessels either on the spot market or on fixed-rate time charters. The majority of the fleet (~72 vessels) operates through commercial pools managed by Scorpio Commercial Management, which aggregates vessels from multiple owners to improve utilization and achieve higher effective freight rates. The remaining vessels operate on time charters providing fixed daily rates. Scorpio earns the spread between daily freight revenue (measured as TCE, or time charter equivalent) and vessel operating costs, financing, and G&A — with a cash breakeven of roughly $11,000 per vessel per day. LR2 vessels add flexibility by being able to switch to crude oil trading when crude tanker rates are more attractive. Scorpio has reduced net debt from $3.1B in 2021 to a net cash position, and has committed roughly $700M to 10 newbuildings delivering through 2029, funded in part by selling older vessels. Capital allocation priorities include a growing quarterly dividend, disciplined fleet renewal, and balance sheet flexibility — with management explicitly avoiding large-scale acquisitions or fleet expansion for its own sake.