Stainless Tankers wasted no time in paying back its investors.
The Oslo-listed chemical tanker owner said on Wednesday that it intends to pay a $0.125 per share dividend as a return of paid-in capital after posting a $1.2m profit for the second quarter of 2023.
The dividend totals $1.7m and will be voted on at the company’s extraordinary general meeting on 24 August.
For the quarter, the company brought in $6.6m in revenue while still in the process of acquiring seven vessels from Tufton Investment Management.
Stainless Tankers said the fleet was only under its ownership for roughly 58% of the quarter, earning time charter equivalent rates of $19,274 per day and time charter rates of $14,768 per day.
The company said it spent $67.5m of its vessel acquisition facility with $65m outstanding.
Its fleet runs from 14- to 16 years old. Three are on time charter and four are in Womar Tanker Pool’s Stainless Tankers pool.
The dividend will be paid out of the $16.4m in cash Stainless Tankers has on its balance sheet.
Since the open on the Oslo Bors, Stainless Tankers shares rose NOK 0.25 ($0.02) to NOK 52.
Shares debut on the Norwegian exchange on 28 April, trading at NOK 48.53.
The NOK 52 figure represents a high for the outfit, which was also reached on 31 July.
In the run-up to the listing, Clarksons Securities said Stainless Tankers intends to sell the fleet “in a few years”.
Clarksons and Fearnleys Securities worked together on the private placement of shares earlier this year.
