Stainless Tankers announces financial results for the three months ended June
30, 2026.
August 5, 2026 - Stainless Tankers ASA (the "Company", ticker: "STST") today
announces results for the three-month period ended June 30, 2026.
Highlights
Net profit of $2.5 million, on net revenue of $11.3 million, compared to $0.06
million net loss and $8.0 million in the prior quarter, respectively.
All vessels traded within the Womar pool throughout the quarter.
The fleet earned a strong average pool net TCE rate of $21,029/day, compared to
$16,373/day in the previous quarter.
As of June 30, 2026, the Company held $2.7 million in unrestricted cash and had
a net outstanding loan balance of $35.5 million.
The fleet's market value increased to $101.8 million from $98.8 million in the
previous quarter, resulting in an LTV of 34.8% and a NAV of $70.5 million, or
$5.22/share (approx. NOK 49.8/share).
A Q1 dividend of $0.135/share was paid in June.
The Board of Directors declared a 2Q26 dividend of $0.135/share, representing an
annualised yield of ~13% on the current NOK 42.4 share price, payable on or
about 1 September. This constitutes a repayment of the Company's paid-in
capital. Since IPO, and following this distribution, the Company will have
distributed a total of $3.24/share (approx. NOK 33.6/share), returning ~65% of
initial capital raised.
Given the strong market outlook and in order to maximise shareholder returns
while also continuing to benefit from elevated short-term earnings, the Board
has agreed to realise the Company's fleet in an orderly manner within the next
18 months, prior to each vessel's next major capex event and within the original
five-year investment horizon as outlined to investors at inception of the
Company. The Company's operating platform will remain unchanged throughout the
realization process, supporting the efficient management of the remaining fleet.
Conference Call
The Company will host a conference call today at 11:00am Central European Time
to discuss its results for the quarter ended June 30, 2026. All interested
parties are invited to listen to the live conference call using the below link:
https://event.webcasts.com/starthere.jsp?ei=1770145&tp_key=1302b5f968
Documents
The Company's unaudited consolidated financial statements for the three-month
period ended June 30, 2026, and the results presentation to be used by
management during the conference call can be found as an attachment to this
announcement and on the Company's website (www.stainlesstankers.com).
For more information, please contact:
Nicolas Tirogalas, CEO
E-mail: nicolas.tirogalas@tufton.com
Irene Michael, CFO
E-mail: irene.michael@tufton.com
About Stainless Tankers ASA | www.stainlesstankers.com
Stainless Tankers ASA is a shipping company specialized in providing seaborne
transportation of chemical cargoes worldwide. The Company provides investors
with pure-play stainless steel chemical tanker exposure in an investor friendly
structure through its fleet of six stainless steel vessels, each with an
approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton
Management Limited, with a primary focus on maximizing earnings and distributing
excess operating cashflow to shareholders.
About Tufton
Tufton is a leading investment manager focused on maritime, raw materials, and
energy-related investments, with c. $500m in AUM with a further c. $1bn in
committed pipeline capital across public and private funds and mandates.
$500m in AUM with a further c. $1bn in\
committed pipeline capital across public and private funds and mandates.\