STAINLESS TANKERS (STST) Q4 2024 earnings summary

Executive summary

• Q4 2024 net asset value (NAV) was $7.69 per share after cumulative dividends of $1.31 per share, with total return since inception at 86%.

• Q4 net income was $3.8 million and EBITDA was $8.8 million on net revenue of $15.3 million, impacted by weaker pool TCE at $19,000 per day.

• Dividend of $0.275 per share (totaling $3.71 million), annualized yield of 22%, declared for Q4 and payable mid-February.

• Two vessels, Monax and Marmotas, were sold for $15.6 million each, with proceeds to be returned to investors.

• Full-year 2024 operating revenue reached $68.18 million, more than double 2023's $32.78 million.

Financial highlights

• Q4 net revenue was $15.2 million, with net income of $3.8 million, down 19% from Q3 due to lower revenue.

• EBITDA for Q4 was $8.8 million, up from $7.61 million in Q4 2023; full-year EBITDA reached $36.64 million.

• Cash and cash equivalents at year-end were $1.7 million; net outstanding loan balance was $74.2 million.

• Fleet market value at quarter-end was $167.9 million, $35.6 million above book value.

• Dividends totaling $13.84 million were distributed during 2024.

Outlook and guidance

• March bookings and 2025 guidance point to rates above $20,000 per day, with average forecast at $20,275 per day.

• Five special surveys (dockings) planned for 2025, with anticipated costs of $1.3–$1.5 million per vessel.

• Earnings and dividends expected to remain stable in coming quarters.

• No significant events after the reporting period; management continues to monitor market and operational risks.

• Rate recovery anticipated as OPEC cuts reverse and refinery runs increase.