# StainlessTankers_1Q26 Earnings Presentation

- Press release: STST: Stainless Tankers announces financial results for the three months ended March 31, 2026, Chairman and CEO change. (2026-05-06)
- Original: https://storage.mfn.se/c/aHR0cHM6Ly9hcGkzLm9zbG8ub3Nsb2JvcnMubm8vdjEvbmV3c3JlYWRlci9hdHRhY2htZW50P21lc3NhZ2VJZD02NzI0NDkmYXR0YWNobWVudElkPTMyNTAzOQ/stainlesstankers_1q26-earnings-presentation.pdf?news-id=ec282b5a-90c9-5033-b8f6-cd7d5379ae33
- Local copy: `data/documents/STST.OL/attachments/2026-05-06_stainlesstankers-1q26-earnings-presentat.pdf`

**TL;DR —** Stainless Tankers reported a strong Q1 2026 with increased revenue and EBITDA driven by higher pool rates and utilization, and anticipates continued market strength due to geopolitical disruptions and moderated fleet growth.

## Takeaways
- **Revenue & EBITDA Growth:** 1Q26 revenue increased to $8.0M (vs. $7.3M in 4Q25) and EBITDA rose to $3.4M (vs. $2.6M in 4Q25).
- **Improved TCE Rates:** Average pool TCEs were $16.4k/day in Q1, with April projected at ~$18.8k/day and May >$25k/day.
- **Strong Dividend Payouts:** Declared a 1Q26 dividend of $0.135/share, representing an 11.5% annualized yield, bringing total distributions since IPO to $3.10/share (62% of initial capital).
- **NAV Performance:** NAV Total Return was +2.0% for 1Q26, reaching 53.6% since inception, with NAV per share at $4.71.
- **Optimistic Outlook:** Forecast rates increased to $19k/day in 2H26 and $20k/day in 2027, with 18-month average dividend cover increasing to 1.6x.
- **Fleet Utilization:** Utilization improved to 93.1% in 1Q26 from 85.8% in 4Q25 due to fewer off-hire days.

*Generated 2026-08-30 via google/gemini-2.5-flash*