Investor Relations

Stainless Tankers ASA announces financial results for the three months ended September 30, 2024.

November 6, 2024 – Stainless Tankers ASA (the “Company”, ticker: “STST”) today announces results for the three-month period ended September 30, 2024. 

Highlights

• Net income of $4.7 million, or $0.35/share, on net revenue of $17.2 million, compared $4.5 million and $17.1 million in the prior quarter, respectively. 
• During the quarter, the Company had all nine vessels trading in the Womar pool.
• Pool vessels earned an average net TCE rate of $21,387/day, lower than the prior quarter.
• During the quarter, the Company incurred 6.6 off-hire days for minor incidents. 
• As at September 30, 2024, the Company had $3.8 million in unrestricted cash and a net outstanding loan balance of $76.7 million.
• As at September 30, 2024, the Company’s fleet had a market value of $168.9 million, resulting in a stable LTV of 45.4%.
• Fleet market value drives NAV to $101.7 million or $7.53/share (approx. NOK 82.5/share).  
• The Company’s Board of Directors resolved a dividend as return of paid in capital in the amount of $3.71 million, or $0.275/share (approx. NOK 3.0/share), following authorization by the Annual General Meeting held on May 22, 2024, with payment on or about November 15, 2024.
• The Board has agreed to start the sale process for Monax and Marmotas.

Conference Call

The Company will host a conference call today at 11:00 Central European Time to discuss its results for the quarter ended September 30, 2024. All interested parties are invited to listen to the live conference call using the below link:

https://channel.royalcast.com/landingpage/stainlesstankers/20241106_1/

Documents

The Company’s unaudited consolidated financial statements for the three month period ended September 30, 2024, 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:

Andrew Hampson, CEO

E-mail: andrew.hampson@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 nine 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 the shipping and offshore industries, with $1.5bn+ of mandated assets under management across a number of funds, including Tufton Assets Limited which, as at 30 September 2024, has a NAV of $437.5m.