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STAINLESS TANKERS (STST) investor relations material
STAINLESS TANKERS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 NAV total return was 1.3%, with cumulative total return since inception at 54%, and NAV per share at $4.99 after a $0.61 per share dividend in September.
Q3 2025 operating revenue was $10.3M, down from $18.0M in Q3 2024; net profit was $1.0M, compared to $4.7M in Q3 2024.
EBITDA for Q3 2025 was $4.4M, up from $3.9M in Q2 but down from $10.2M in Q3 2024, driven by improved utilization and lower SG&A costs.
Three vessels (Marmotas, Monax, Gwen) were sold during the period, generating combined gains of $9.1M, with the Gwen sale alone resulting in a $1.5M book gain.
Ordinary and special dividends totaling $0.61/share were paid in September, with 54% of initial capital returned to investors since inception.
Financial highlights
Q3 2025 revenue was $10.0M, up from $9.6M in Q2, but down year-over-year; net profit for Q3 was $1.0M, compared to $2.8M in Q2 and $4.7M in Q3 2024.
EBITDA for Q3 was $4.4M, up from $3.9M in Q2; operating income (EBIT) was $0.5M, compared to $6.7M in Q3 2024.
Cash at quarter-end was $7.6M, up from $1.7M at 31 Dec 2024; fleet market value decreased to $99M after vessel sales.
Q3 dividend declared at $0.135/share, with an annualized yield of 12.5% on a $44.2 share price.
Debt repayments of $34.4M YTD 2025 reduced borrowings to $40.7M; net debt at quarter-end was $33.1M.
Outlook and guidance
Management expects a slight improvement in rates in late Q4 and into 2026, with a balanced market projected and annual fleet growth forecasted at around 4%.
Market rates are expected to recover slowly, with 2026 demand growth forecast to improve as tariff uncertainties ease.
Minimum quarterly dividend set at $0.135/share, with potential top-ups depending on earnings and cash flow.
No events after the reporting period requiring adjustment or disclosure.
Optimism for demand growth of about 3%, in line with IMF GDP forecasts.
Dividend top-up criteria for 2026
Sanctions' impact on future tanker fleet supply
Reasoning for 2026 newbuild delivery slippage
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Next STAINLESS TANKERS earnings date
Q4 20255 Feb, 2026
Next STAINLESS TANKERS earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Stainless Tankers ASA is a Norway-based shipping company specializing in the seaborne transportation of chemical cargoes globally. With a focus on operating a fleet of stainless steel vessels, the company offers pure-play stainless steel chemical tanker exposure to investors. It maintains a fleet size that facilitates the efficient and safe transportation of chemical products across international waters. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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