Tufton-backed Oslo-listed Stainless Tankers plans to sell its six remaining chemical tankers within the next 18 months, moving the company toward a full fleet exit, according to Splash247.
The company said the vessels would be sold in an orderly manner before their next major capital expenditure requirements, and within the five-year investment horizon set when the business was established. Its operating platform will remain in place while the ships are marketed and sold, Splash247 reported.
Fleet details and current trading
The fleet comprises six Japanese-built stainless steel IMO II chemical tankers of around 20,000 deadweight tonnes (dwt), built between 2007 and 2009. All six currently trade in the Womar pool, according to Splash247.
The vessels will be sold in an orderly manner before their next major capital expenditure requirements.
Financial position
At the end of June, Stainless Tankers valued the fleet at $101.8m, against net outstanding debt of $35.5m. The company reported a net asset value of $70.5m, equivalent to $5.22 per share, according to Splash247.
| Metric | Value |
|---|---|
| Fleet valuation (end June) | $101.8m |
| Net outstanding debt | $35.5m |
| Net asset value | $70.5m |
| NAV per share | $5.22 |
| Q2 average pool return | $21,029/day |
| Q1 average pool return | $16,373/day |
| July average pool return | $17,500/day |
The wind-down comes as short-term earnings improve. Average pool returns climbed to $21,029 per day during the second quarter, up from $16,373 per day in the opening three months of the year. July earnings eased to around $17,500 per day, according to Splash247.
Prior sales and shareholder returns
Stainless Tankers has already sold three ships from the nine-vessel fleet it operated at the end of 2024, as reported by Splash247. The 2005-built Marmotas and Monax were offloaded for a combined $31.2m, followed by the $16.16m sale of the 2008-built Gwen last year.
Sold vessels:
- Marmotas (2005-built)
- Monax (2005-built)
- Gwen (2008-built)
According to Splash247, Stainless Tankers has returned most of the proceeds and operating cash to investors. Including the latest quarterly dividend of $0.135 per share, distributions since its 2023 listing will total $3.24 per share, equivalent to about 65% of the capital initially raised.
Operational impact on chemical tanker capacity
With all six remaining vessels trading in the Womar pool, the full fleet exit will remove these ships from that pool as they are sold over the next 18 months. The company's operating platform will remain in place during the marketing and sale process, meaning chartering and pool operations continue in the interim, according to Splash247.
The one-time nine-vessel fleet will be reduced to zero once the six remaining vessels are divested, following the earlier disposal of Marmotas, Monax and Gwen. The company has not given a specific timeline for each individual sale beyond the overall 18-month window.
Watch list
- The 18-month sale timeline for the six remaining tankers
- Realised sale prices versus the $101.8m June fleet valuation
- Quarterly pool return trends, which improved in Q2 before easing in July
- Further distributions to shareholders as sales complete
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