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

06 Nov 2024 07:00 CET

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.

More information:
Access the news on Oslo Bors NewsWeb site

631320_StainlessTankers_3Q24 Earnings Presentation.pdf
631320_Stainless Tankers ASA 3Q24 Earnings Release.pdf
631320_Stainless Tankers ASA - Consolidated Financial Statements 30.09.2024.pdf