Stainless Tankers Asa · OSL:STST
Stainless Tankers Asa — Q2 2026 Earnings Presentation
13 slides from Stainless Tankers Asa's earnings presentation, Aug 5, 2026
Slide 1: 2Q26 Results Presentation
S t a i n l e s s T a n k e r s A S A ( “ C o mp a n y ”) 2Q26 Results Presentation 05 August 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 – 2Q26 Financial Statements 3
Slide 4: Highlights
Highlights 2Q26 net revenue was $11.3m, a 40% QoQ increase (1Q26: $8.0m) and EBITDA $6.6m, a 90%+ QoQ increase (1Q26: $3.4m), 2Q26 Results primarily driven by stronger pool rates and improved fleet utilisation. Pool TCEs averaged $21.0k/day in Q2 (vs. $16.4k/day in Q1) and have since fallen slight
Slide 5: NAV performance since inception
NAV performance since inception Book equity value vs. Market value NAV per share Market value NAV per share 10 200 Change since inception since inception 9.00 174.3 8.00 1.34 8 160 7.00 (3.10) 6.00 NAV or Book Value 2.07 Index. IPO = 100 6 120 per Share $ per Share 5.00 4 80 4.00 3.00 5.22 4.73 2 40
Slide 6: Steady market in July, reason for optimism
Steady market in July, reason for optimism 28 250 Chemical Tanker Exports Chemical Tanker Earnings m tonnes YoY by key region ‘000 tonnes 420 120 24 200 ‘000 tonnes Earnings in ‘000 $/day 400 105 20 150 380 90 Index 360 75 16 100 340 60 12 50 320 45 300 30 8 0 2022 2023 2024 2025 2026 Freight Rate I
Slide 7: Geopolitics and continued disruption
Geopolitics and continued disruption 40 % of tanker fleet under sanctions Total oil inventories (m bls) Aug-24 Aug-25 Apr-26 30 20 10 0 VLCC Suezmax Aframax LR2 LR1 MR 21.5 21.9 20.0 18.9 20.4 20.4 Avg. age of sanctioned vessels (Apr-26) • Scope of sanctions continues to increase to include ~17% of
Slide 8: Higher fleet growth but cautiously optimistic medium term
Higher fleet growth but cautiously optimistic medium term Net fleet development^ Highlights In our segment^ 60 12.0% • 14 vessels have been delivered so far in 2026 (of which 3 were delivered in 2Q26) 50 10.0% • As of 21 July, the orderbook was c.17% of global fleet (c.1% increase vs. previously in
Slide 9: 2Q26 Financial Performance
2Q26 Financial Performance Select Financials 2Q26 1Q26 Highlights Calendar days 546 540 Available ship days 546 540 Fleet stats Vessel days under ownership % 100.0% 100.0% Fleet utilisation improved to 99.8% in 2Q26 (1Q26: 93.1%), reflecting fewer off-hire days following the completion of schedule
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 Q2 2026 Q2 2025 H1 2026 H1 2025 In USD (unaudited) (unaudited) (unaudited) (unaudited) Operating revenue 11,679,324 9,911,222 20,099,410 22,708,459 Vessel voyage expenses (409,885) (934,469) (830,606
Slide 12: Financial Statements (2/3)
Financial Statements (2/3) Consolidated statement of financial position 30 June 2026 31 Dec 2025 In USD (unaudited) (audited) ASSETS Non-current assets Vessels, drydocking and equipment 83,684,784 88,266,587 Total non-current assets 83,684,784 88,266,587 Current assets Trade and other receivables 5,
Slide 13: Financial Statements (3/3)
Financial Statements (3/3) Consolidated statement of cash flows Q2 2026 Q2 2025 H1 2026 H1 2025 In USD (unaudited) (unaudited) (unaudited) (unaudited) Profit before tax (EBT) 2,498,628 2,840,015 2,448,567 7,212,146 Adjustments for: - Financial income (15,069) (72,783) (48,446) (143,474) Financial ex