Stainless Tankers ASA

Latest Results (20.05.2026):

Stainless Tankers ASA – Q1 2026: The company reported a net loss of $0.06 million on net revenue of $8.0 million for the three months ended March 31, 2026, with improving pool earnings and a declared dividend, alongside board and CEO changes announced in the quarter.

Financial result

Net loss of $0.06 million in Q1 2026 versus a $1.0 million loss in the prior quarter; net revenue rose to $8.0 million from $7.3 million QoQ.

Earnings per day (TCE)

Fleet earned an average pool net TCE of $16,373/day (up from $15,375/day in Q4); pool TCE expected to average ~ $18,800/day in April and exceed $25,000/day in May.

Fleet operations

All vessels operated in the Womar pool; 30 planned off‑hire days for Barbouni drydocking were recorded and the docking was completed on time and on budget by quarter‑end.

Liquidity and leverage

Unrestricted cash of $2.0 million and net outstanding loan balance of $37.1 million as of March 31, 2026; fleet market value $98.8 million producing an LTV of 37.5%.

NAV and share metrics

NAV reported at $63.6 million, or $4.71/share (approx. NOK 43.6/share).

Dividends and capital return

Q4 dividend of $0.135/share paid in March; Board declared a Q1 2026 dividend of $0.135/share (payable on/about 1 June), described as a repayment of paid‑in capital and implying an annualised yield of ~11.5% at current NOK 44.0; total distributions since IPO amount to $3.10/share (~NOK 32.3), returning ~62% of initial capital.

Corporate governance

Chairman Ted Kalborg will step down; Board proposes electing Andrew Hampson as Chair (subject to shareholder approval). Andrew Hampson will step down as CEO effective 20 May 2026 and will be succeeded by Nicolas Tirogalas (President & CIO, Tufton Investment Management).

Investor access

The company held a conference call on 6 May 2026 to discuss results; full unaudited Q1 2026 financial statements and the presentation are available as attachments and on the company website.