Stainless Tankers ASA
F:ZC0
Stainless Tankers ASA
Stainless Tankers ASA operates as a seaborne transportation company. The company is headquartered in Oslo, Oslo. The company went IPO on 2023-03-22. The firm provides investors with pure-play stainless steel chemical tanker exposure in an investor friendly structure through its fleet of seven stainless steel vessels, each with an approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton, which is investment manager focused on the shipping industry, with a primary focus on maximizing earnings and distributing excess operating cashflows to shareholders. The firm was established in 2022 and is the parent company of a newly established corporate group.
Stainless Tankers ASA operates as a seaborne transportation company. The company is headquartered in Oslo, Oslo. The company went IPO on 2023-03-22. The firm provides investors with pure-play stainless steel chemical tanker exposure in an investor friendly structure through its fleet of seven stainless steel vessels, each with an approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton, which is investment manager focused on the shipping industry, with a primary focus on maximizing earnings and distributing excess operating cashflows to shareholders. The firm was established in 2022 and is the parent company of a newly established corporate group.
Financial Performance: Q4 revenue fell to $7.3 million and EBITDA dropped to $2.6 million, mainly due to the sale of one vessel and scheduled drydockings, resulting in lower utilization and ship days.
Dividend: The company declared a $0.135 per share dividend for Q4, matching the previous quarter, representing an annualized yield of about 13% on the current share price.
Utilization: Vessel utilization declined to just under 86% from 97.5% in Q3, entirely due to drydockings.
Rates: Average net pool TCE for Q4 was $15,400 per day, down from $16,800 in Q3, but management expects to reach $17,000 per day by the end of the current quarter.
Net Loss: The company reported a net loss of $1 million, compared to a $1 million profit in Q3, due to lower TCEs and fewer vessels.
NAV and Cash: NAV per share was $4.75 and free cash stood at $5.3 million at quarter end.
Market Outlook: Management anticipates a stronger rate environment in 2026, with potential vessel value increases, but notes fleet growth risks and ongoing geopolitical influences.
