STAINLESS TANKERS (STST) Q4 2025 earnings summary

Executive summary

• Total return since inception reached 50.2%, with NAV per share at $4.75 after a $0.135 dividend in December; 57% of original equity distributed and NAV per share stable since inception.

• Q4/4Q25 saw lower revenue and EBITDA due to vessel sales, dry dockings, and a smaller fleet, but operational performance remained in line with expectations.

• Net profit for 2025 was $7.2 million, down from $14.6 million in 2024; operating revenue for 2025 was $66.3 million, down from $68.2 million in 2024.

• Three vessels were sold in 2025, generating a total gain on disposal of $7.6 million.

• Significant dividends totaling $20.5 million were distributed in 2025.

Financial highlights

• Q4/4Q25 net revenue was $7.3 million, down from $10 million in Q3; EBITDA for Q4/4Q25 was $2.6 million, down from $4.4 million in Q3.

• Net loss of $1 million in Q4/4Q25, versus a $1 million profit in Q3, mainly due to lower TCEs and vessel sale.

• Free cash at quarter/year-end was $5.3 million; total fleet market value at $98.8 million.

• Total assets at year-end 2025 were $98.7 million, down from $145.6 million at year-end 2024; total equity at year-end 2025 was $53.6 million.

• LTV improved to 39.2% from 40.3% sequentially.

Outlook and guidance

• TCE rates expected to reach $17,000/day by end of current quarter and remain flat for the year, with pool expectations slightly higher.

• 2026 is expected to be a transition year with significant scheduled vessel deliveries, though actual deliveries may be lower due to slippage.

• Dividend of $0.135 per share declared for Q4, payable in March, representing a 13% yield.

• No significant events after the reporting period that would affect future results.

• Management continues to monitor market and financial risks closely.