Stainless Tankers ASA announces results for the three-month period ended March 31, 2026, Chairman and CEO change.
Highlights
- Net loss of $0.06 million, on net revenue of $8.0 million, compared to $1.0 million and $7.3 million in the prior quarter, respectively.
- All vessels traded within the Womar pool throughout the quarter.
- The fleet earned an average pool net TCE rate of $16,373/day, compared to $15,375/day in the previous quarter. Pool TCE expected to average ~$18,800/day in April and >$25,000/day in May.
- The Company recorded 30 planned off-hire days for the scheduled drydocking of Barbouni, successfully completed on time and budget by quarter-end.
- As of March 31, 2026, the Company held $2.0 million in unrestricted cash and had a net outstanding loan balance of $37.1 million.
- The fleet’s market value stood at $98.8 million, resulting in an LTV of 37.5% and a NAV of $63.6 million, or $4.71/share (approx. NOK 43.6/share).
- A Q4 dividend of $0.135/share was paid in March.
The Board of Directors declared a 1Q26 dividend of $0.135/share, representing an annualised yield of ~11.5% on the current NOK 44.0 share price, payable on or about 1 June. This constitutes a repayment of the Company’s paid-in capital.
Since IPO, and following this distribution, the Company will have distributed a total of $3.10/share (approx. NOK 32.3/share), returning ~62% of initial capital raised.
The Company today announces the following changes:
Ted Kalborg will step down as Chairman of the Board of Directors. The Board proposes that the General Meeting elect Andrew Hampson as a new member of the Board and as Chair of the Board. Andrew Hampson will step down from his position as CEO, effective 20 May 2026. He will be succeeded by Nicolas Tirogalas, President and CIO of Tufton Investment Management Ltd.
Ted Kalborg, the Company’s Chairman of the Board of Directors, commented: “It has been a privilege to serve as Chair of Stainless Tankers, and I have very much valued the opportunity to work closely with the Board during this period. I am pleased to hand over the role to Andrew, subject to shareholder approval at the AGM, and to wish Nicolas every success as incoming CEO. I would like to thank the Board, management and the Company’s shareholders for their trust and support.”
Andrew Hampson, the Company’s CEO, commented: “I would like to thank Ted for his stewardship as Chairman. Subject to shareholder approval at the AGM, I am honoured to succeed him. I look forward to working closely with Nicolas as CEO and with the Board going forward.”