Stainless Tankers reported a net loss of $0.06 million on net revenue of $8 million for the three months ended March 31, 2026. This performance compared to a $1 million result and revenue of $7.3 million recorded in the preceding quarter.
The company stated that its entire fleet operated within the Womar pool during the period, achieving an average net time charter equivalent rate of $16,373 per day.
It expects daily earnings to average approximately $18,800 in April and exceed $25,000 in May.
Quarterly operations included 30 scheduled off-hire days for the drydocking of the Barbouni. Maintenance on the vessel was completed on schedule and within the allocated budget by the end of March, the company reported.
Financial records showed $2 million in unrestricted cash and a net outstanding loan balance of $37.1 million as of March 31, 2026. The fleet maintained a market value of $98.8 million, resulting in a net asset value of $63.6 million or $4.71 per share.
Leadership changes were also announced as Ted Kalborg intends to step down from his role as Chairman of the Board of Directors. The board has proposed that the general meeting elect current Chief Executive Officer Andrew Hampson as his successor.
