All of Stainless Tankers ships are now in the Womar pool at the end of a profitable second quarter.
The Oslo-listed chemical tanker owner started last year with the intention of putting its entire fleet of seven vessels in the pool.
The surprise acquisition of two more meant the company was left with one straggler until early May.
That vessel earned $15,250 per day in the second quarter versus time charter equivalents of $23,831 per day for the rest of the fleet.
Now, that ship should be earning premium rates as well, bolstering the Tufton-backed company’s belief the fleet will “continue to expect a strong market in the medium term supported by a limited orderbook relative to an ageing fleet”.
Stainless Tankers did warn that it saw rates tick downward towards the end of the quarter and into July, as the tanker market entered the cyclically weak summer period.
For the quarter, Stainless Tankers reported a $4.5m profit up from $1.18m in the second quarter last year.
The performance was backed by $18m in profit, up from $7m for the same period last year.
Earnings were dragged down by $2.5m in special survey costs for two vessels, which took 53.7 revenue days off the company’s books.
It also trumpeted firming asset prices raising its net asset value to $174m, lowering the loan-to-value to 45.5%.
Stainless Tankers was formed in 2023 having acquired its fleet from Tufton.
The company intends to operate the ships in the Womar Pool for several years, riding the expected upturn in chemical tanker rates before selling the fleet.
The company has not given an exact timeline as to when that would happen.
In early trading on Wednesday, shares were up NOK 1 ($0.09) to NOK 68.
