Stainless Tankers Asa · OSL:STST
Stainless Tankers Asa — Q1 2026 Earnings Presentation
13 slides from Stainless Tankers Asa's earnings presentation, May 6, 2026
Slide 1: 1Q26 Results Presentation
Stainless Tankers ASA (“Company”) 1Q26 Results Presentation 06 May 2026
Slide 2: Disclaimer
Disclaimer DISCLAIMER AND FORWARD-LOOKING STATEMENTS The preparation of interim financial statements requires Stainless Tankers ASA's (the "Company", "we" or "our") management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of
Slide 3: Agenda
Agenda Highlights Chemical Tanker Rates & Outlook Financial Review Q&A Appendix – 1Q26 Financial Statements 3
Slide 4: Highlights
Highlights NAV Total Return 53.6% since inception. 60% of original equity has been distributed. NAV Performance NAV per share at $4.71 (vs. $4.75 in Q4) after paying $0.135 per share in March. 1Q26 NAV Total Return was +2.0%. Revenue was $8.0m (vs. $7.3m in Q4) and EBITDA $3.4m (vs. $2.6m in Q4),
Slide 5: NAV performance since inception
NAV performance since inception Book equity value vs. Market value NAV per share Market value NAV per share 10 since inception 200 Change since inception 9.00 8.00 (2.97) 0.83 8 160 7.00 2.07 153.6 6.00 NAV or Book Value Index. IPO = 100 6 120 per Share $ per Share 5.00 4.73 4.71 4 80 4.00 3.00 2 40
Slide 6: Chemical tanker earnings are very strong in the short term
Chemical tanker earnings are very strong in the short term Chemical Tanker Exports 28 250 m tonnes YoY by key region Chemical Tanker Earnings 400 120 24 200 ‘000 tonnes ‘000 tonnes Earnings in ‘000 $/day 380 110 20 150 Index 360 100 16 100 340 90 12 50 320 80 8 0 300 70 2022 2023 2024 2025 2026 Mar-
Slide 7: Geopolitics and disruption
Geopolitics and disruption 35 % of tanker fleet under sanctions Chemical tanker NB deliveries annual slippage Slippage in stainless steel 30 Aug-24 Aug-25 300 chemical tankers (next 15% ~16% of the global tanker fleet was page) is worse sanctioned in Feb-26. Of the remaining commercially trading ves
Slide 8: Higher fleet growth but optimistic medium term
Higher fleet growth but optimistic medium term Net fleet development^ Highlights In our segment^ 60 12.0% • 11 vessels have been delivered so far in 2026 50 10.0% • As of 17 April, the orderbook was c.16% of global fleet (unhanged vs. previously). Expected deliveries: 40 8.0% • 43 during 2026E (vs.
Slide 9: 1Q26 Financial Performance
1Q26 Financial Performance Select Financials 1Q26 4Q25 Highlights Calendar days 540 552 Available ship days 540 552 All vessels operated within the Womar pool during the quarter, achieving Fleet stats Vessel days under ownership % 100.0% 100.0% higher utilisation of 93.1%, up from 85.8% in 4Q25, r
Slide 10: CITY ISLAND
at + CITY ISLAND iterate same
Slide 11: Financial Statements (1/3)
Financial Statements (1/3) Consolidated statement of income statement and other comprehensive income (unaudited) Q1 2026 Q1 2025 In USD (unaudited) (unaudited) Operating revenue 8,420,085 12,797,237 Vessel voyage expenses (420,721) (903,145) Vessel operating expenses (3,838,503) (6,189,551) Administ
Slide 12: Financial Statements (2/3)
Financial Statements (2/3) Consolidated statement of financial position (unaudited) 31 Mar 2026 31 Dec 2025 In USD (unaudited) (audited) ASSETS Non-current assets Vessels, drydocking and equipment 86,903,740 88,266,587 Total non-current assets 86,903,740 88,266,587 Current assets Trade and other rec
Slide 13: Financial Statements (3/3)
Financial Statements (3/3) Consolidated statement of cash flows (unaudited) Q1 2026 Q1 2025 In USD (unaudited) (unaudited) (Loss)/Profit before tax (EBT) (50,061) 4,372,131 Adjustments for: Financial income (33,377) (70,690) Financial expenses 857,012 1,646,829 Depreciation and amortisation 2,618,31