STAINLESS TANKERS (STST) Q1 2026 earnings summary

Executive summary

• Achieved a total return of 53.6% since inception, with 62% of original equity distributed and NAV per share at $4.71 after a $0.135 per share dividend in March.

• Q1 2026 revenue was $8.0M–$8.4M, with EBITDA at $3.4M–$3.39M, both up sequentially but down year-over-year; net loss narrowed to $56.8K–$57K.

• Strong operational performance with vessel utilization rising to 93% from 86% in the previous quarter.

• Announced key organizational changes, including new CEO and Chairman appointments at both management and operating company levels.

• Market conditions strengthened by geopolitical disruptions, boosting Atlantic basin exports and supporting higher freight rates.

Financial highlights

• Revenue increased to $8.0M in Q1 2026 from $7.3M in Q4 2025, but declined 34% year-over-year.

• EBITDA rose to $3.4M from $2.6M sequentially, but dropped from $5.10M year-over-year.

• Net loss narrowed to $56.8K–$57K from $1M in the previous quarter.

• Dividend of $0.135 per share declared for Q1 2026, payable in June, representing an 11.5% annualized yield.

• Cash and cash equivalents at quarter-end were $2.0M–$2.04M.

Outlook and guidance

• Q2 earnings expected to be strong, with pool rates in April just under $19,000/day and May fixtures in the $20,000–$25,000/day range.

• 18-month outlook projects 1.6x dividend coverage, assuming $19,000/day for H2 2026 and $20,000/day for 2027.

• Ongoing shipyard delays likely to moderate fleet growth, with deliveries spread more evenly to 2030.

• If Middle East tensions resolve, rates may revert to high teens/low $20,000s per day in H2 2026, with higher rates possible in 2027.

• No events after the reporting period requiring adjustment or disclosure.