Stainless Tankers ASA
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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.
NAV Return: Third quarter NAV total return was 1.3%, bringing total NAV return since inception to 54%.
Revenue & EBITDA: Revenue rose to $10 million from $9.6 million last quarter; EBITDA increased to $4.4 million from $3.9 million.
Dividends: Q3 dividend of $0.135 per share declared, with $0.275 per share paid for Q2 and special $0.335 per share after vessel sale.
Freight Rates: Average pool TCE was $16,800 per day in Q3, down from $17,800 in Q2; current rates are trending slightly softer.
Guidance: Management does not expect current dividend levels to be sustainable due to fewer vessels and lower freight rates, but plans to pay at least $0.135 per share per quarter with potential top-ups.
Fleet & Market: Fleet now at six vessels (down from nine); market outlook described as balanced with projected fleet growth of about 4% per year.
