Stainless Tankers reported a net loss of $1 million for the three-month period ended December 31, 2025, according to a financial statement released on February 4. This performance compares to a profit of $1 million recorded in the previous quarter.
Net revenue reached $7.3 million during the period, down from $10 million in the three months prior. All of the shipping group’s vessels traded within the Womar pool throughout the quarter.
The fleet earned an average pool net time charter equivalent (TCE) rate of $15,375 per day, which was lower than the $16,816 per day earned in the third quarter. Stainless Tankers stated it expects pool TCE results to reach approximately $17,000 per day by the end of the first quarter of 2026.
The company recorded 78 planned off-hire days for the scheduled drydockings of the Orchid Kefalonia and Orchid Madeira. Both maintenance projects were completed on time and within budget by the end of the year.
As of December 31, 2025, the group held $5.3 million in unrestricted cash. It maintained a net outstanding loan balance of $38.7 million at the conclusion of the fourth quarter.
The market value of the fleet stood at $98.8 million, resulting in a loan-to-value ratio of 39.2 per cent. Net asset value was $64.1 million, or $4.75 per share, which the company noted is approximately NOK46 ($4.75) per share.
The board of directors declared a dividend for the fourth quarter of $0.135 per share. This represents an annualised yield of approximately 13 per cent based on the share price of NOK40.3, the group stated.
The distribution is scheduled for payment on or about March 2, 2026. The board of directors noted that the payment constitutes a repayment of the company’s paid-in capital.
Since its initial public offering, the company will have distributed a total of $2.96 per share, or approximately NOK31 per share. This represents a return of approximately 60 per cent of the initial capital raised, according to the financial report.
