Stainless Tankers is weighing a potential sale of its oldest vessels amid strong interest from rivals.
The 20,000-dwt Marmotas and 20,645-dwt Monax (both built 2005) have been attracting plenty of potential buyers, chief executive Andrew Hampson said on the company’s second-quarter earnings call on Wednesday.
He said the vessels could fetch roughly $16m each.
“There have been inquiries on vessels within the fleet and interest in some of the older vessels,” Hampson said in response to questions about potential sales and asset values.
“It’s something we are looking at very closely and will continue to do so.
“It’s too early to say if sales are coming up. But it’s something we’re actively looking at.”
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.
The Marmotas and Monax were added in November when a “unique set of circumstances” made the ships, managed by parent Tufton Investment Management, available.
The company has argued that its fleet, which ranges from 14 to 18 years in age, will still have value as the cycle winds down, as the ships can trade well into their 20s.
It has never committed to a timeline for vessel sales.
On the call, Hampson said those two vessels carry debt, so any sale would see lenders paid back first, then shareholders.
Stainless Tankers’ roughly $16m valuation tracks with VesselsValue’s assessment, which pins the Marmotas at $15.9m and the Monax at $16.7m.
Assessments of both have climbed in recent years, thanks to rising rates and a small orderbook.
For the quarter, the company recorded a $4.5m profit, up from $1.18m a year ago.
It brought in $18m in profit, up from $7m.
