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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

¨			REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR

x			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

 

OR

¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________

 

OR

¨			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report _________________

 

Commission file number: 001-34677

 

SCORPIO TANKERS INC.
(Exact name of Registrant as specified in its charter)
(Translation of Registrant’s name into English)
Republic of the Marshall Islands
(Jurisdiction of incorporation or organization)
9, Boulevard Charles III Monaco 98000
(Address of principal executive offices)
Mr. Emanuele Lauro
+377-9798-5716
investor.relations@scorpiotankers.com
9, Boulevard Charles III Monaco 98000
(Name, Telephone, E-mail and/or Facsimile, and address of Company Contact Person)

 

Securities registered or to be registered pursuant to section 12(b) of the Act.

 

 

Securities registered or to be registered pursuant to section 12(g) of the Act.

 

NONE
(Title of class)

 

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

 

NONE
(Title of class)

 

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

 

As of December 31, 2020 there were 58,093,147 outstanding shares of common stock, par value $0.01 per share.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 

Yes

X

No

 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes

No

X

 

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes

X

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes

X

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   x

Accelerated filer  ¨

Non-accelerated filer  ¨

Emerging growth company  ¨

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ¨

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting

Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

						U.S. GAAP
X						International Financial Reporting Standards as issued by the International Accounting Standards Board
						Other

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17

Item 18

 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes

No

X

TABLE OF CONTENTS

PART I						1
			ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS			1
			ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE			1
			ITEM 3. KEY INFORMATION			2
			ITEM 4. INFORMATION ON THE COMPANY			29
			ITEM 4A. UNRESOLVED STAFF COMMENTS			61
			ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS			62
			ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES			118
			ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS			126
			ITEM 8. FINANCIAL INFORMATION			132
			ITEM 9. OFFER AND THE LISTING			133
			ITEM 10. ADDITIONAL INFORMATION			133
			ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			144
			ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES			145
PART II						146
			ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES			146
			ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS			146
			ITEM 15. CONTROLS AND PROCEDURES			146
			ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT			146
			ITEM 16B. CODE OF ETHICS			147
			ITEM 16C. PRINCIPAL ACCOUNTING FEES AND SERVICES			147
			ITEM 16D. EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES			147
			ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS			147
			ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT			147
			ITEM 16G. CORPORATE GOVERNANCE			148
			ITEM 16H. MINE SAFETY DISCLOSURE			148
PART III						149
			ITEM 17. FINANCIAL STATEMENTS			149
			ITEM 18. FINANCIAL STATEMENTS			149
			ITEM 19. EXHIBITS			150

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. This document includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as “forward-looking statements.” We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection therewith. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. When used in this document, the words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “seek,” “plan,” “potential,” “continue,” “contemplate,” “possible,” “target,” “project,” “likely,” “may,” “might,” “would,” “could” and similar expressions, terms, or phrases may identify forward-looking statements.

These forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the business and our future financial results and readers should not place undue reliance on them. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to important factors and matters discussed elsewhere in this report, and in the documents incorporated by reference herein, important factors that, in our view, could cause our actual results and developments to differ materially from those discussed in the forward-looking statements include:

•our future operating or financial results;

•the strength of world economies and currencies;

•fluctuations in interest rates and foreign exchange rates;

•the impact of the expected discontinuance of the London Interbank Offered Rate, or LIBOR, after 2021 on interest rates of our credit facilities that reference LIBOR;

•general market conditions, including the market for our vessels, fluctuations in spot and charter rates and vessel values;

•the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its impact on the demand for seaborne transportation of petroleum products;

•availability of financing and refinancing;

•our business strategy and other plans and objectives for growth and future operations;

•our ability to successfully employ our vessels;

•planned capital expenditures and availability of capital resources to fund capital expenditures;

•planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs;

•our ability to realize the expected benefits from acquisitions;

•potential liability from pending or future litigation;

•the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance or ESG policies;

•general domestic and international political conditions;

•potential disruption of shipping routes due to accidents or political events;

•vessel breakdowns and instances of off-hire;

•competition within our industry;

•the supply of and demand for vessels comparable to ours;

•corruption, piracy, militant activities, political instability, terrorism, and ethnic unrest in locations where we may operate;

•delays and cost overruns in construction projects;

•our level of indebtedness;

•our ability to obtain financing and to comply with the restrictive and other covenants in our financing arrangements;

•our need for cash to meet our debt service obligations;

•our levels of operating and maintenance costs, including bunker prices, drydocking and insurance costs;

•our ability to successfully identify, consummate, integrate, and realize the expected benefits from acquisitions, including our 2019 acquisition of the leasehold interests in 19 vessels from Trafigura Maritime Logistics Pte. Ltd., or Trafigura, by way of acquisition of the companies that hold the vessels;

•reputational risks;

•availability of skilled workers and the related labor costs and related costs;

•the recent implementation of the MARPOL convention, Annex VI Prevention of Air Pollution from Ships which will reduce the maximum amount of sulfur that ships can emit into the air, which was applicable from January 2020;

•the recent implementation of the International Convention for the Control and Management of Ships' Ballast Water and Sediments (BWM) in September 2019;

•compliance with governmental, tax, environmental and safety regulation;

•any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) or other applicable regulations relating to bribery;

•general economic conditions and conditions in the oil and natural gas industry;

•effects of new products and new technology in our industry;

•the failure of counterparties to fully perform their contracts with us;

•our dependence on key personnel;

•adequacy of insurance coverage;

•our ability to obtain indemnities from customers;

•changes in laws, treaties or regulations applicable to us;

•the volatility of the price of our common shares and our other securities;

•other factors that may affect our future results; and

•these factors and other risk factors described in this annual report and other reports that we furnish or file with the U.S. Securities and Exchange Commission, or the SEC.

These factors and the other risk factors described in this report are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could harm our results. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of their dates. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Please see our Risk Factors in "Item 3. Key Information - D. Risk Factors" of this annual report for a more complete discussion of these and other risks and uncertainties.