Norwegian chemical tanker operator Stainless Tankers has reported a net profit of $1 million, or $0.07 per share, for the third quarter ended September 30, 2025. This compares to a net profit of $2.8 million in the prior quarter.
Net revenue for the third quarter was $10 million, slightly up from $9.6 million in the previous quarter.
The company's fleet earned an average net time charter equivalent (TCE) rate of $16,816 per day, down from $17,773 per day in the second quarter.
All vessels traded in the Womar pool, though the company incurred 15 off-hire days during the quarter due to minor unplanned operational events.
As of September 30, the company held $7.6 million in unrestricted cash and had a net outstanding loan balance of $40 million. The fleet’s market value was estimated at $99.3 million, resulting in a loan-to-value (LTV) ratio of 40.3 per cent and a net asset value (NAV) of $67.4 million, or $4.99 per share.
During the quarter, the company completed the previously announced sale of the vessel Gwen on August 26. Following the sale, a special dividend of $0.335 per share, totalling $4.5 million, was distributed. The board of directors has now resolved a regular dividend for the third quarter of $0.135 per share, payable on or about December 2.