STAINLESS TANKERS (STST) Q3 2025 earnings summary

Executive summary

• Q3 2025 NAV total return was 1.3%, with cumulative total return since inception at 54%, and NAV per share at $4.99 after a $0.61 per share dividend in September.

• Q3 2025 operating revenue was $10.3M, down from $18.0M in Q3 2024; net profit was $1.0M, compared to $4.7M in Q3 2024.

• EBITDA for Q3 2025 was $4.4M, up from $3.9M in Q2 but down from $10.2M in Q3 2024, driven by improved utilization and lower SG&A costs.

• Three vessels (Marmotas, Monax, Gwen) were sold during the period, generating combined gains of $9.1M, with the Gwen sale alone resulting in a $1.5M book gain.

• Ordinary and special dividends totaling $0.61/share were paid in September, with 54% of initial capital returned to investors since inception.

Financial highlights

• Q3 2025 revenue was $10.0M, up from $9.6M in Q2, but down year-over-year; net profit for Q3 was $1.0M, compared to $2.8M in Q2 and $4.7M in Q3 2024.

• EBITDA for Q3 was $4.4M, up from $3.9M in Q2; operating income (EBIT) was $0.5M, compared to $6.7M in Q3 2024.

• Cash at quarter-end was $7.6M, up from $1.7M at 31 Dec 2024; fleet market value decreased to $99M after vessel sales.

• Q3 dividend declared at $0.135/share, with an annualized yield of 12.5% on a $44.2 share price.

• Debt repayments of $34.4M YTD 2025 reduced borrowings to $40.7M; net debt at quarter-end was $33.1M.

Outlook and guidance

• Management expects a slight improvement in rates in late Q4 and into 2026, with a balanced market projected and annual fleet growth forecasted at around 4%.

• Market rates are expected to recover slowly, with 2026 demand growth forecast to improve as tariff uncertainties ease.

• Minimum quarterly dividend set at $0.135/share, with potential top-ups depending on earnings and cash flow.

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

• Optimism for demand growth of about 3%, in line with IMF GDP forecasts.