Stainless Tankers ASA

Latest Results (06.10.2025):

Stainless Tankers ASA has announced its financial results for the first quarter of 2024, demonstrating a robust increase in net income and revenue. The company also highlighted significant updates regarding its fleet operations, financial position, and shareholder returns.

Strong Financial Performance

For the three months ended June 30, 2024, Stainless Tankers ASA reported a net income of $4.5 million, or $0.34 per share, on net revenue of $17.1 million. This marks a substantial increase from the prior quarter's net income of $3.0 million and net revenue of $15.3 million.

Fleet Operations

The company operated eight vessels within the Womar pool during the quarter, with the ninth vessel joining the pool on May 6, 2024. Pool vessels achieved an average net TCE rate of $23,831 per day, up from the previous quarter. Additionally, the vessel under time charter earned a net rate of $15,250 per day before joining the pool.

Off-Hire and Survey Costs

Stainless Tankers ASA incurred a total of 53.7 off-hire days for the third special survey of the Orchid Madeira and Orchid Sylt. The surveys were completed on April 17, 2024, at a cost of $1.3 million, and on May 14, 2024, at a cost of $1.2 million, respectively.

Financial Position

As of June 30, 2024, the company held $2.3 million in unrestricted cash and had a net outstanding loan balance of $79.1 million. The fleet's market value reached $174.04 million, with second-hand tonnage prices firming during the quarter, reducing the loan-to-value ratio to 45.5%. This increase in fleet value has driven the net asset value (NAV) to $102.5 million, or $7.59 per share (approximately NOK 83.55 per share).

Shareholder Returns

The Board of Directors approved a dividend of $3.71 million, or $0.275 per share (approximately NOK 3.0 per share), as a return of paid-in capital. This dividend was authorized by the Annual General Meeting on May 22, 2024, and is scheduled for payment on or about August 15, 2024.