Tufton-backed Stainless Tankers is selling two of its veteran vessels as earnings soar.
The Oslo-listed owner of nine chemical carriers said net profit in the third quarter was $4.7m, against $1.9m a year ago.
Revenue grew to $18.2m from $11.7m year on year.
“We remain positive and expect earnings and dividends to remain stable in coming quarters,” the owner added.
During the quarter, the company had all nine vessels trading in the Womar pool.
The ships earned an average rate of $21,387 per day, which it said was lower than in the second three months.
The board has agreed to start a sale process for the 20,000-dwt Marmotas and 20,645-dwt Monax (both built 2005).
The company said in August that the pair had been attracting plenty of potential buyers.
Chief executive Andrew Hampson believes the ships could fetch roughly $16m each.
Stainless Tankers was formed in 2023 to ride a strengthening chemical tanker market before winding the company down.
It began with seven J19 chemical tankers pooled with Womar.
Fleet will retain value
The Marmotas and Monax were added in November last year when a “unique set of circumstances” made the ships, managed by parent Tufton Investment Management, available.
The company has argued that its fleet will retain value as the cycle winds down, with ships capable of trading well into their 20s.
It has never committed to a timeline for vessel sales.
Stainless Tankers had $3.8m of cash in the bank on 30 September.
The fleet had a market value of $168.9m, driving net asset value to $101.7m.
The dividend will be $3.71m, or $0.275 per share.
The market has weakened since the end of the quarter, but the company said: “We and Womar expect rates to recover to circa $21,000 per day in December.”
The Womar pool forecast for 2025 is for rates of between $22,000 and $24,000 per day.
