STAINLESS TANKERS (STST) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 reached $11.3 million, a 40% increase quarter-over-quarter, with EBITDA at $6.6 million, up 90%, driven by strong pool rates and improved fleet utilization.

• NAV per share increased 13.7% to $5.22, narrowing the discount to NAV to 10%-11%.

• A dividend of $0.135 per share was declared for Q2, representing an annualized yield of approximately 13%.

• Cumulative dividends since IPO now total $3.24 per share, about 65% of initial capital raised.

• The Board plans to realize the fleet in an orderly manner within 18 months, aligned with the five-year investment horizon.

Financial highlights

• Fleet utilization improved to 99.8% from 93.1% in Q1, reflecting fewer off-hire days.

• Average net TCE increased by 28% to $21,000 per day from $16,400 in Q1.

• Profit for the quarter was $2.5 million, compared to a small net loss in Q1.

• Fleet market value at $101.8 million, $18.1 million above net book value; LTV improved to 34.8% from 37.5% in Q1.

• Unrestricted cash rose to $2.7 million at June 30, 2026, up from $2.0 million at March 31, 2026.

Outlook and guidance

• Management remains optimistic for the near and medium term in the chemical tanker market.

• TCE rates for July are around $17,500 per day, with expectations of $18,000-$19,000 for the rest of 2026 and $20,000 for 2027.

• Board plans to realize the fleet in an orderly manner within 18 months, ahead of major capex events and within the original five-year investment horizon.

• Dividends are expected to continue as vessels are sold, with capital returns prioritized.

• Fleet growth forecast at ~4.6% annually until 2028, but actual deliveries may be delayed due to ongoing shipyard slippage.