Stainless Tankers Asa · OSL:STST

Stainless Tankers Asa — Q3 2025 Earnings Presentation

14 slides from Stainless Tankers Asa's earnings presentation, Nov 5, 2025

  1. Slide 1: 3Q25 Results Presentation

    3Q25 Results Presentation 05 November 2025

  2. Slide 2: Disclaimer and Forward-Looking Statements

    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

  3. Slide 3: Agenda

    Agenda Highlights Chemical Tanker Rates & Outlook Financial Review Q&A Appendix – 3Q25 Financial Statements 3

  4. Slide 4: Highlights

    Highlights 3Q25 NAV Total Return up 1.3%, now up 54% since inception including all distributions. NAV per share at $4.99 (vs. $5.44  NAV performance in Q2) after paying $0.61 per share in September. 3Q25 EBITDA was up $4.4m (vs. $3.9m in Q2), despite the disposal of Gwen towards the end of August.

  5. Slide 5: NAV per share trading at issue price while 54% of initial capital raised already returned to investors

    NAV per share trading at issue price while 54% of initial capital raised already returned to investors 10 Book equity value vs. Market value NAV per share 200 Market value NAV per share since inception 9 Change since inception 8 0.81 8 153.7 160 7 2.15 6 NAV or Book Value Index. IPO = 100 6 120 (2.7

  6. Slide 6: Slow recovery but optimism remains

    Slow recovery but optimism remains Womar net pool earnings and market time charter rates Highlights 28,000 250 • 3Q25 net pool TCE of $16.8k/day. 1-yr market time charter rates at $17.5k-$18k/day however with limited fixtures concluded. 24,000 200 • Near term demand growth challenged by tariffs unce

  7. Slide 7: Improved demand prospects amidst ongoing supply adjustment

    Improved demand prospects amidst ongoing supply adjustment Chemical tanker demand Chemical tanker Average fleet speed 1,800 12.4 1,600 12.2 Geopolitics/ Tariffs tonne mile bn 12.0 1,400 knots 11.8 Covid 1,200 11.6 1,000 11.4 55% 25% 800 11.2 11.0 600 • ~4% CAGR long-term demand growth in Chemicals t

  8. Slide 8: Geopolitics and related disruption to chemicals and tanker fleet

    Geopolitics and related disruption to chemicals and tanker fleet Tariff impact on select cargoes % of tanker fleet under sanctions 40 Cars LPG 30 Container 20 Chemicals Ammonia 10 Grain 0 0% 10% 20% 30% VLCC Suezmax Aframax LR2 LR1 MR % (tonnes) of global trade freshly tariffed in 2025 5y ago 1y ago

  9. Slide 9: Higher fleet growth but cautiously optimistic medium term

    Higher fleet growth but cautiously optimistic medium term Fleet (10k-25k dwt stainless steel chemical tankers) development Highlights In the 10k-25k dwt stainless steel chemical tanker segment 60 8% • 15 vessels were delivered in total YTD (7 in 1H25 plus 8 during the quarter) • As of end of October

  10. Slide 10: 3Q25 Financial performance

    3Q25 Financial performance Highlights 3Q25 2Q25  All vessels operated in the Womar pool during the quarter, achieving higher utilisation of Fleet Stats 97.5%, reflecting reduced off-hire days following Q2 drydock and repairs. Available ship days 609 660  Net revenue increased to $10m, with an aver

  11. Slide 11: Tankers Tufton

    TANKERS TUFTON Seem, wp Eat teh 1

  12. Slide 12: Appendix - Financial statements (Income Statement)

    Appendix - Financial statements (Income Statement) Consolidated statement of income statement and other comprehensive income (unaudited) Q3 2025 Q3 2024 YTD 2025 YTD 2024 In USD Notes (unaudited) (unaudited) (unaudited) (unaudited) Operating revenue 6 10,961,346 18,188,639 33,669,805 52,187,903 Vess

  13. Slide 13: Appendix - Financial statements (Balance Sheet)

    Appendix - Financial statements (Balance Sheet) Consolidated statement of financial position (unaudited) 30 Sep 2025 31 Dec 2024 In USD (unaudited) (audited) ASSETS Non-current assets Vessels, drydocking and equipment 88,277,630 108,397,228 Total non-current assets 88,277,630 108,397,228 Current ass

  14. Slide 14: Appendix - Financial statements (Cash Flow Statement)

    Appendix - Financial statements (Cash Flow Statement) Consolidated statement of cash flows (unaudited) Q3 2025 Q3 2024 YTD 2025 YTD 2024 In USD (unaudited) (unaudited) (unaudited) (unaudited) Profit before tax (EBT) 1,013,928 4,674,342 8,226,074 12,228,531 Adjustments for: - Financial income (49,993

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