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STAINLESS TANKERS (STST) investor relations material

STAINLESS TANKERS Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • NAV at $73.4M or $5.44 per share after cumulative dividends, with total return since inception just under 50%.

  • EBITDA for Q2 2025 was $6.9M on net revenues of $8.9M; net income was $2.8M, with pool TCE rising to $17,800/day.

  • Dividend of $0.275 per share declared, annualized yield of 22%, with over 45% of IPO proceeds returned to shareholders.

  • Sale of Monax completed with a $3M gain; Gwen sale expected to close by end of August, with special dividend planned.

  • Cash and cash equivalents increased to $7.5M at June 30, 2025, from $1.7M at year-end 2024.

Financial highlights

  • Net income for Q2 2025 was $2.8M, down from $4.4M in Q1 2025 and $4.5M in Q2 2024.

  • Net revenue for Q2 2025 was $8.9M, down from $11.9M in Q1 2025 and $18.0M in Q2 2024, mainly due to lower vessel utilization.

  • Operating expenses and administrative expenses decreased year-over-year, reflecting vessel sales and cost control.

  • Gains on vessel disposals in H1 2025 totaled $6.1M, including $3M from Monax.

  • Free cash at quarter end was $7.5M, improved by release of cash restrictions.

Outlook and guidance

  • Pool TCE forecasted at $18,000/day for Q3 and $18,850/day for Q4, with cautious optimism for rate increases.

  • Gwen vessel sale expected to close by end of August 2025, further reducing debt and increasing liquidity.

  • Board to decide on special dividend after Gwen sale and assessment of pool performance and dry dock costs.

  • Annual fleet growth of ~4% to 2027 is seen as manageable versus long-term demand growth.

  • No impairment recognized on vessels as of June 30, 2025; management sees no indication of impairment.

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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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