Glossary
| Term | Definition |
| ABS | American Bureau of Shipping |
| AER | Annual Efficiency Ratio |
| Bareboat Charter | An arrangement where charterer has possession and control of the vessel, including the right to appoint the crew |
| Bermuda Companies Act | The Companies Act 1981, as amended, of Bermuda |
| Bunkers | Fuel used on vessels to run its engines |
| BWTS | Ballast Water Treatment System |
| Chemical Tanker | Vessel suitable for carrying clean petroleum products and wide range of chemicals |
| Chemical-Handy | Chemical handy size, class of chemical tankers with cargo carrying capacity between 25,000 dwt and 39,999 dwt |
| Chemical-Handy Pool | The Chemical-Handy pool for Chemical-Handy vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| Chemical-MR | Chemical medium range, class of chemical tankers with cargo carrying capacity between 40,000 dwt and 54,999 dwt |
| Chemical-MR Pool | The Chemical-MR pool for Chemical-MR vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| CII | Carbon Intensity Indicator |
| Coating | Coatings applied to product tanker tanks, allowing the vessel to load refined oil products |
| Commercial Management | An arrangement to manage a vessel’s commercial operation on behalf of the shipowner |
| Corporate Governance Code | Corporate Governance Code |
| CTI | Chemical Tankers, Inc |
| DEI | Diversity, Equity and Inclusion |
| Demurrage | A charge payble to the shipowner by the charterer of a vessel upon failure in discharging the vessel within the time agreed |
| DIBE | Diversity, Equity and Belonging |
| DIBE | Diversity Inclusion Belonging and Equity |
| DNV | International classification society |
| DSG | Diversity Study Group |
| Dwt | Deadweight ton, a measure of the carrying capacity of a vessel |
| EBIT | Earnings Before Interest and Tax |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| EEXI | Energy Efficiency Existing Ship Index |
| EMS | Environmental Management System |
| EMT | Executive Management Team |
| ESG | Environmental, Social and Governance |
| EU ETS | European Emission Trading System |
| EUR | The lawful currency of the participating member states in the European Union |
| GHG | Greenhouse Gas |
| GRI | Global Reporting Initiative |
| GSI | Guangzhou Shipyard International Co., Ltd |
| Hafnia | Hafnia Limited |
| Handy | Handy size, class of product tankers with cargo carrying capacity between 25,000 dwt and 39,999 dwt |
| Handy Pool | Handy pool for Handy vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| HMD | Hyundai Mipo Dockyard |
| HSEQ | Health, safety, environment and quality |
| IASB | International Accounting Standards Board |
| IBIA | International Bunker Industry Association |
| IFRS | International Financial Reporting Standards as adopted by the European Union |
| IMO | International Maritime Organisation |
| ISM Code | International Safety Management Code |
| ISPS | International Ship and Port Facility Security |
| JMU | Japan Marine United |
| KPI | Key Performance Indicator, a performance measure that evaluates an organisation’s progress towards its long-term goals |
| KPMG | KPMG Singapore LLP |
| LG | Leadership Group |
| LNG | Liquefied Natural Gas carriers |
| LOTO | Lock out, tag out (LOTO) is a safety procedure used to ensure that dangerous equipment is properly shut off and not able to be started up again prior to the completion of maintenance or repair work. |
| LPG | Liquefied Petroleum Gas carriers |
| LR1 | Long Range I, class of product tankers with cargo carrying capacity between 55,000 dwt and 84,999 dwt |
| LR1 Pool | The LR1 pool for LR1 vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| LR2 | Long Range II, class of product tankers with cargo carrying capacity between 85,000 dwt and 124,999 dwt |
| LR2 Pool | The LR2 pool for LR2 vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| LTIF | Lost Time Incident Frequency |
| LTIP | The long-term incentive plan established by the Board of Directors |
| MACN | Maritime Anti-Corruption Network |
| MIF | Maritime Industry Framework |
| MLC | Maritime Labour Convention |
| MPAs | Marine Protected Areas |
| MR | Medium range, class of product tankers with cargo carrying capacity between 40,000 dwt and 54,999 dwt |
| MR Pool | MR pool for MR vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| MT | Metric ton |
| Net Loan-to-value (LTV) | A leverage ratio, measured by vessel bank and finance lease debt (excluding debt for vessels sold but pending legal completion) less cash divided by broker vessel values (100% owned vessels) |
| NOK | Norwegian kroner, the lawful currency of Norway |
| OPEC | Organisation of the Petroleum Exporting Countries |
| Oslo Stock Exchange | Oslo Børs, a stock exchange operated by a Norwegian stock exchange being part of Euronext and operated by Oslo Børs ASA |
| P&I Club | Protection & Indemnity club |
| Pool or Pools | Specialized Pool, Handy Pool, MR Pool, LR1 Pool, LR2 Pool, Chemical-Handy Pool, Chemical-MR Pool, collectively |
| PPE | Personal Protection Equipment |
| Product Tanker | Vessel suitable for carrying clean petroleum products, edible oils and very light chemical cargo grades |
| PSC | Port State Control |
| SASB | Sustainability Accounting Standards Board |
| Scorpio | Scorpio Tankers Inc |
| SGD | Singapore Dollar, the lawful currency of Singapore |
| SMA | Singapore Maritime Academy |
| Specialized | Specialized, class of product tankers with car- go carrying capacity below 20,000 dwt |
| Specialized Pool | Specialized pool for specialized vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| Spot Market | Market exposed to short term fluctuations in charter rates where vessels are contracted for a single voyage |
| SPP | SPP Shipbuilding |
| STX | STX Offshore & Shipbuilding Co., Ltd |
| TCE | Time Charter Equivalent, a standard income reporting measure used in the shipping industry, representing voyage income less voyage expenses |
| TCFD | Taskforce on Climate-related Financial Disclosure |
| Technical Management | To manage a vessel’s technical operations and crew on behalf of the shipowner |
| Time Charter | An arrangement where charterer undertakes to hiring of a vessel for a stated period of time but the shipowner is responsible for crewing the vessel |
| Tonne-mile | A measure of one tonne of freight moved over a distance of one mile |
| TRCF | Total Recordable Case Frequency |
| USD | The lawful currency of the United States |
Alternative Performance Measures
An alternative performance measure (“APM”) is defined as a measure of historical or future financial perfor- mance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework (IFRS).
It is the Company’s view that APMs provide investors with relevant and specific operating figures which may enhance their understanding of the Group’s performance.
The Company uses the following APMs:
| Term | Definition |
| TCE income | Income from its time charters and spot voyages for owned vessels. TCE income is calculated as gross freight income net of broker commissions less voyage expenses. |
| Voyage expenses | Voyage expenses are expenses related to spot voyages, including bunker fuel expenses, port fees, cargo loading and unloading ex- penses, canal tolls and agency fees. |
| TCE income per operating day | TCE income per vessel per operating day. TCE income per operating day is a measure of how well the Group manages the fleet commercially. |
| OPEX per calendar day | The Group defines OPEX per calendar day as vessel operating expenses and technical management fees per vessel per calendar day. Vessel operating expenses include insurance, repairs and maintenance, spares and consumable stores, lube oils and communi- cation. |
| EBITDA | The Group defines EBITDA as earnings before financial income and expenses, depreciation, impairment, amortisation and taxes. The computation of EBITDA refers to financial income and expenses which the Company deems to be equivalent to “”interest”” for purposes of presenting EBITDA. Financial expenses consist of interest on bank loans, losses on foreign exchange transactions and bank charges. Financial income consists of interest income and gains on foreign exchange transactions. EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as lenders, to assess the Company’s operating performance as well as compliance with the financial covenants and restrictions contained in the Company’s financing agreements. The Company believes that EBITDA assists management and investors by increasing comparability of the Company’s performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortisation and taxes. These are items that could be affected by various changing financing methods and capital structure which may significantly affect profit/(loss) between periods. Including EBITDA as a measure benefits investors in selecting between investment alternatives. |
| Technical off-hire | The Group defines technical off-hire as the time lost due to off-hire days associated with major repairs, drydocks or special or intermediate surveys. Technical off-hire per vessel is calculated as an average for owned, partly owned, bareboat and chartered-in vessels (not weighted by ownership share in each vessel). |
| Calendar days | The Group defines calendar days as the total number of days in a period during which each vessel that is owned, partly owned or chartered-in is in its possession, including technical off-hire days. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenue and the amount of expense that the Group records during that period. |
| Voyage days | The Group defines voyage days as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement or chartered-in, net of technical off-hire days. The Company uses voyage days to measure the number of days in a period during which vessels actually generate or are capable of generating revenue. |
| Chemical-Handy Pool | The Chemical-Handy pool for Chemical-Handy vessels (one of seven commercial tanker pools the Group operates as a pool manager for) |
| Average number of owned vessels | The Group defines average number of vessels in a period as the number of vessels included in the consolidated accounts according to the accounting principles for such period. Vessels sold or purchased during the relevant period are weighted by the number of days owned. |