Stainless Tankers announces financial results for the three months ended September 30, 2026
Stainless Tankers announces financial results for the three months ended September 30, 2026.
November 12, 2026 - Stainless Tankers ASA (the "Company", ticker: "STST") today announces results for the three-month period ended September 30, 2026.
Highlights
Net profit of $0.37 million, on net revenue of $9.3 million, compared to $1.0 million (including a $1.5 million gain of the sale of Gwen) and $10.0 million in the 3Q25, respectively (1Q26: $2.5 million and $11.3 million respectively).
All vessels traded within the Womar pool throughout the quarter.
The fleet earned an average pool net TCE rate of $17,165/day, 2% higher than in 3Q25 ($16,816/day) and lower than in the previous quarter ($21,029/day), reflecting the usual seasonal softness in the third quarter.
As of September 30, 2026, the Company held $3.0 million in unrestricted cash and had a net outstanding loan balance of $33.8 million.
The fleet's market value increased to $102.3 million from $101.8 million in the previous quarter, resulting in an LTV of 33.1% and a NAV of $72.6 million, or $5.38/share (approx. NOK 49.8/share).
The 2Q26 dividend of $0.135/share was paid in September.
The Board of Directors declared a 3Q26 dividend of $0.135/share, representing an annualised yield of ~12.1% on the current NOK 42.0 share price, payable on or about 1 December. 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 $3.38/share (approx. NOK 34.7/share), returning ~68% of initial capital raised.
Conference Call
The Company will host a conference call today at 11:00am Central European Time to discuss its results for the quarter ended September 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=1781926&tp_key=d060feebb4
Documents
The Company's unaudited consolidated financial statements for the three-month period ended September 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 sectors. Founded in 1985 and headquartered in London with offices in Geneva, Cyprus, and the Isle of Man, the firm manages public and private funds for institutional investors, including major UK pension funds. Over the past two decades, Tufton has managed over $3 billion for institutional investors, including UK pension funds, and has launched and managed publicly listed investment vehicles on the London Stock Exchange and Oslo Euronext Growth. Tufton's assets under management, including committed pipeline capital, is over $1.5 billion, across public and private funds and mandates.