Stainless Tankers
Clarksons
A New Contender in the Chemical Tanker Market
Stainless Tankers (NOTC: STST) is a newly-established chemical tanker company with a fleet of seven 20,000 dwt stainless steel vessels.
Founded as an opportunistic play in the chemical tanker market, the company aims to prioritize shareholder value.
Excess cash will be distributed as dividends, and the fleet is expected to be sold in a few years.
The fleet was financed through a $67m equity raise and $65m debt, providing significant financial leverage. Acquired at a price near newbuilding parity, the fleet's value could increase given the current chemical tanker market conditions.
With a cash breakeven of $14,000/day, dividends are crucial for the company. Though dividend growth in 2023 may be constrained by the need to accumulate cash reserves, we project a 19% yield in 2024, assuming average earnings of $21,000/day on open days. Each $1,000/day increase in spot rates increases the dividend yield by 3.5%.
Overall, Stainless Tankers presents a compelling investment opportunity within the chemical tanker market as the first listed pure chemical tanker play.
We are initiating coverage with a Buy rating and a NOK 70 target price.
A New Contender in the Chemical Tanker Market
Stainless Tankers (NOTC: STST) is a newly-established chemical tanker company with a fleet of seven 20,000 dwt stainless steel vessels.
Founded as an opportunistic play in the chemical tanker market, the company aims to prioritize shareholder value.
Excess cash will be distributed as dividends, and the fleet is expected to be sold in a few years.
The fleet was financed through a $67m equity raise and $65m debt, providing significant financial leverage. Acquired at a price near newbuilding parity, the fleet's value could increase given the current chemical tanker market conditions.
With a cash breakeven of $14,000/day, dividends are crucial for the company. Though dividend growth in 2023 may be constrained by the need to accumulate cash reserves, we project a 19% yield in 2024, assuming average earnings of $21,000/day on open days. Each $1,000/day increase in spot rates increases the dividend yield by 3.5%.
Overall, Stainless Tankers presents a compelling investment opportunity within the chemical tanker market as the first listed pure chemical tanker play.
We are initiating coverage with a Buy rating and a NOK 70 target price.
Redigert 02.04.2023 kl 07:37
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just4fun
20.12.2024 kl 10:57
166
Clarkson forventer at selskapet etter salget vil sitte igjen med ca 8,8 mill USD eller litt i overkant av 7 NOK/aksje som vil bli distribuert til eierne. Videre forventer de en NAV på 70 NOK etter salget.
De beholder kjøpsanbefaling og kursmål 75.
De beholder kjøpsanbefaling og kursmål 75.
The Godfather
20.12.2024 kl 09:12
186
Fra Fearnley i dag.
Shipping Morning Report (STST-NO)
Stainless Tankers (BUY, NOK 77)
• Announce sale of two oldest tankers for USD 31.2m gross
STST has agreed to sell their two oldest tankers, the 2005 built Monax and Marmotas for gross proceeds of USD 31.2m en-bloc. The proposed sale of the vessels has been announced previously on their earnings release, and the sales price of USD 31.2m comes in 7% above our generic quotes in our NAV. STST intends to pay out near all net proceeds in dividends, which we estimate to be in the region of USD 8-9m / NOK 6.2-7/sh (incl. CF until delivery, net of debt and 1% commission on sale) – equivalent to 12-14% of current Mcap.
Monax and Marmotas was acquired in November last year for a price of USD 27m, fully financed by debt. Hence, STST book a profit of USD 4.2m just on the vessels alone, a year after they were bought for some solid equity returns.
Linearly extrapolating the sales value of Monax and Marmotas, we estimate a sale of the remaining 7x vessels could fetch another NOK 74/sh net to the company – though we believe that a sale of the remaining vessels is not imminent, and that STST will continue operating the vessels for some more time.
Shipping Morning Report (STST-NO)
Stainless Tankers (BUY, NOK 77)
• Announce sale of two oldest tankers for USD 31.2m gross
STST has agreed to sell their two oldest tankers, the 2005 built Monax and Marmotas for gross proceeds of USD 31.2m en-bloc. The proposed sale of the vessels has been announced previously on their earnings release, and the sales price of USD 31.2m comes in 7% above our generic quotes in our NAV. STST intends to pay out near all net proceeds in dividends, which we estimate to be in the region of USD 8-9m / NOK 6.2-7/sh (incl. CF until delivery, net of debt and 1% commission on sale) – equivalent to 12-14% of current Mcap.
Monax and Marmotas was acquired in November last year for a price of USD 27m, fully financed by debt. Hence, STST book a profit of USD 4.2m just on the vessels alone, a year after they were bought for some solid equity returns.
Linearly extrapolating the sales value of Monax and Marmotas, we estimate a sale of the remaining 7x vessels could fetch another NOK 74/sh net to the company – though we believe that a sale of the remaining vessels is not imminent, and that STST will continue operating the vessels for some more time.
Redigert 20.12.2024 kl 09:28
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The Godfather
19.12.2024 kl 09:44
330
The Godfather
15.11.2024 kl 07:50
802
15.11.2024 06:23:27
STST: STYRELEDER OG CEO KJØPT 25.000 AKSJER HVER, KURS 52
Oslo (Infront TDN Direkt): Christmas Common Investments, som er nærstående til styreleder Ted Kalborg i Stainless Tankers, har kjøpt 25.000 aksjer i Stainless Tankers til kurs 52 kroner, ifølge en melding torsdag.
I en annen melding opplyses det at CEO Andrew Hampson i Stainless Tankers også har kjøpt 25.000 aksjer til kurs 52.
STST: STYRELEDER OG CEO KJØPT 25.000 AKSJER HVER, KURS 52
Oslo (Infront TDN Direkt): Christmas Common Investments, som er nærstående til styreleder Ted Kalborg i Stainless Tankers, har kjøpt 25.000 aksjer i Stainless Tankers til kurs 52 kroner, ifølge en melding torsdag.
I en annen melding opplyses det at CEO Andrew Hampson i Stainless Tankers også har kjøpt 25.000 aksjer til kurs 52.
The Godfather
07.11.2024 kl 17:43
1284
The Godfather
07.11.2024 kl 10:10
1327
Dividends Never Go Out of Fashion
Fearnley med Results Review i dag;
Dividends Never Go Out of Fashion
What’s New: 3q24 review. Lower TP to NOK 77/sh (81), maintain Buy.
• Reducing estimates on product spillover / Healthy yields remain
• Upside risk to dividends through sale of two oldest vessels
• P/NAV of 0.7x and 36% of mkt. cap paid though 2026 is attractive
STST remains attractively priced on the back of continued strong earnings, although we believe the earnings peak is behind due to higher spillover of weakening product tanker rates. We lower our ‘25 TCE to USD 19.4k/d (reduces ’25 EBITDA by 20%), seeing 12% dividend yield in ’25 despite being a dry-dock heavy year (FSest USD 9m in dry dock CAPEX). Further, our ‘26 TCE of USD 18k/d and 18% div. yield highlights the significant dividend capacity in STST, despite lower rates going forward. A sale of Marmotas and Monax adds to dividend capacity, being a short-term trigger for the equity.
We peg our STST NAV at NOK 78/sh and lower our TP to USD 77/sh (NOK 81/sh, 29/08/2024), reflecting 0.9x 1-yr forward NAV (unchanged). Including the dividend declared for 3q24, we estimate NOK 20/sh to be paid though 2026 whilst the company’s leverage continues to drop. Buy reiterated.
Womar Pool earnings holding up well despite product tanker weakness
The Womar Pool TCE weakened in line with general tanker rates to a TCE of USD 19k/d in October but have risen in November and into December. We are on the cautious side ahead of 2025, with our USD 19.4k/d TCE for 2025 below the Womar Pool forecast of USD 22-24k/d. However, we still see STST delivering decent yields on our estimates, and should we be too cautious on rates it only adds to dividend capacity. A sale of Marmotas and Monax provides further upside capacity on dividends, with our asset values implying USD 6m in cash release (9% of mkt cap.) in the event of a sale.
Valuation – TP NOK 77/sh, equal to 0.9x 1-yr forward NAV
We have a NAV in STST of NOK 78/sh and find a 1-year fwd. NAV of NOK 85/sh. Being an asset play, we believe the discount to NAV in STST should narrow over time. Meanwhile, we continue to see solid dividend yields despite a somewhat weaker market outlook with weaker product tanker rates.
Fearnley med Results Review i dag;
Dividends Never Go Out of Fashion
What’s New: 3q24 review. Lower TP to NOK 77/sh (81), maintain Buy.
• Reducing estimates on product spillover / Healthy yields remain
• Upside risk to dividends through sale of two oldest vessels
• P/NAV of 0.7x and 36% of mkt. cap paid though 2026 is attractive
STST remains attractively priced on the back of continued strong earnings, although we believe the earnings peak is behind due to higher spillover of weakening product tanker rates. We lower our ‘25 TCE to USD 19.4k/d (reduces ’25 EBITDA by 20%), seeing 12% dividend yield in ’25 despite being a dry-dock heavy year (FSest USD 9m in dry dock CAPEX). Further, our ‘26 TCE of USD 18k/d and 18% div. yield highlights the significant dividend capacity in STST, despite lower rates going forward. A sale of Marmotas and Monax adds to dividend capacity, being a short-term trigger for the equity.
We peg our STST NAV at NOK 78/sh and lower our TP to USD 77/sh (NOK 81/sh, 29/08/2024), reflecting 0.9x 1-yr forward NAV (unchanged). Including the dividend declared for 3q24, we estimate NOK 20/sh to be paid though 2026 whilst the company’s leverage continues to drop. Buy reiterated.
Womar Pool earnings holding up well despite product tanker weakness
The Womar Pool TCE weakened in line with general tanker rates to a TCE of USD 19k/d in October but have risen in November and into December. We are on the cautious side ahead of 2025, with our USD 19.4k/d TCE for 2025 below the Womar Pool forecast of USD 22-24k/d. However, we still see STST delivering decent yields on our estimates, and should we be too cautious on rates it only adds to dividend capacity. A sale of Marmotas and Monax provides further upside capacity on dividends, with our asset values implying USD 6m in cash release (9% of mkt cap.) in the event of a sale.
Valuation – TP NOK 77/sh, equal to 0.9x 1-yr forward NAV
We have a NAV in STST of NOK 78/sh and find a 1-year fwd. NAV of NOK 85/sh. Being an asset play, we believe the discount to NAV in STST should narrow over time. Meanwhile, we continue to see solid dividend yields despite a somewhat weaker market outlook with weaker product tanker rates.
forzavinger
06.11.2024 kl 13:03
1427
Da blir det nok salg av noen båter :)
Stainless Tankers ASA announces financial results for the three months ended September 30, 2024.
Stainless Tankers ASA announces financial results for the three months ended September 30, 2024. November 6, 2024 - Stainless Tankers ASA (the "Company", ticker: "STST") today announces results for the three-month period ended September 30, 2024. Highlights Net income of $4.7 million, or $0.35/share, on net revenue of $17.2 million, compared $4.5 million and $17.1 million in the prior quarter, respectively. During the quarter, the Company had all nine vessels trading in the Womar pool. Pool vessels earned an average net TCE rate of $21,387/day, lower than the prior quarter. During the quarter, the Company incurred 6.6 off-hire days for minor incidents. As at September 30, 2024, the Company had $3.8 million in unrestricted cash and a net outstanding loan balance of $76.7 million. As at September 30, 2024, the Company's fleet had a market value of $168.9 million, resulting in a stable LTV of 45.4%. Fleet market value drives NAV to $101.7 million or $7.53/share (approx. NOK 82.5/share). The Company's Board of Directors resolved a dividend as return of paid in capital in the amount of $3.71 million, or $0.275/share (approx. NOK 3.0/share), following authorization by the Annual General Meeting held on May 22, 2024, with payment on or about November 15, 2024. The Board has agreed to start the sale process for Monax and Marmotas. Conference Call The Company will host a conference call today at 11:00 Central European Time to discuss its results for the quarter ended September 30, 2024. All interested parties are invited to listen to the live conference call using the below link: https://channel.royalcast.com/landingpage/stainlesstankers/20241106_1/ Documents The Company's unaudited consolidated financial statements for the three month period ended September 30, 2024, and the results presentation to be used by management during the conference call can be found as an attachment to this announcement and on the Company's website (www.stainlesstankers.com). For more information, please contact: Andrew Hampson, CEO E-mail: andrew.hampson@tufton.com Irene Michael, CFO E-mail: irene.michael@tufton.com About Stainless Tankers ASA | www.stainlesstankers.com Stainless Tankers ASA is a shipping company specialized in providing seaborne transportation of chemical cargoes worldwide. The Company provides investors with pure-play stainless steel chemical tanker exposure in an investor friendly structure through its fleet of nine stainless steel vessels, each with an approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton Management Limited, with a primary focus on maximizing earnings and distributing excess operating cashflow to shareholders. About Tufton Tufton is a leading investment manager focused on the shipping and offshore industries, with $1.5bn+ of mandated assets under management across a number of funds, including Tufton Assets Limited which, as at 30 September 2024, has a NAV of $437.5m.
HALVÅRSRAPPORTER OG REVISJONSBERETNINGER / UTTALELSER OM FORENKLET REVISORKONTROLL
Stainless Tankers ASA announces financial results for the three months ended September 30, 2024.
Stainless Tankers ASA announces financial results for the three months ended September 30, 2024. November 6, 2024 - Stainless Tankers ASA (the "Company", ticker: "STST") today announces results for the three-month period ended September 30, 2024. Highlights Net income of $4.7 million, or $0.35/share, on net revenue of $17.2 million, compared $4.5 million and $17.1 million in the prior quarter, respectively. During the quarter, the Company had all nine vessels trading in the Womar pool. Pool vessels earned an average net TCE rate of $21,387/day, lower than the prior quarter. During the quarter, the Company incurred 6.6 off-hire days for minor incidents. As at September 30, 2024, the Company had $3.8 million in unrestricted cash and a net outstanding loan balance of $76.7 million. As at September 30, 2024, the Company's fleet had a market value of $168.9 million, resulting in a stable LTV of 45.4%. Fleet market value drives NAV to $101.7 million or $7.53/share (approx. NOK 82.5/share). The Company's Board of Directors resolved a dividend as return of paid in capital in the amount of $3.71 million, or $0.275/share (approx. NOK 3.0/share), following authorization by the Annual General Meeting held on May 22, 2024, with payment on or about November 15, 2024. The Board has agreed to start the sale process for Monax and Marmotas. Conference Call The Company will host a conference call today at 11:00 Central European Time to discuss its results for the quarter ended September 30, 2024. All interested parties are invited to listen to the live conference call using the below link: https://channel.royalcast.com/landingpage/stainlesstankers/20241106_1/ Documents The Company's unaudited consolidated financial statements for the three month period ended September 30, 2024, and the results presentation to be used by management during the conference call can be found as an attachment to this announcement and on the Company's website (www.stainlesstankers.com). For more information, please contact: Andrew Hampson, CEO E-mail: andrew.hampson@tufton.com Irene Michael, CFO E-mail: irene.michael@tufton.com About Stainless Tankers ASA | www.stainlesstankers.com Stainless Tankers ASA is a shipping company specialized in providing seaborne transportation of chemical cargoes worldwide. The Company provides investors with pure-play stainless steel chemical tanker exposure in an investor friendly structure through its fleet of nine stainless steel vessels, each with an approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton Management Limited, with a primary focus on maximizing earnings and distributing excess operating cashflow to shareholders. About Tufton Tufton is a leading investment manager focused on the shipping and offshore industries, with $1.5bn+ of mandated assets under management across a number of funds, including Tufton Assets Limited which, as at 30 September 2024, has a NAV of $437.5m.
HALVÅRSRAPPORTER OG REVISJONSBERETNINGER / UTTALELSER OM FORENKLET REVISORKONTROLL
Gull i pungen
06.11.2024 kl 08:56
1481
Stainless Tankers 3Q24 results
¤Revenues USD 18.2m (USD 11.7m 3Q23)
¤EBITDA USD 10.2m (USD 5.7m 3Q23)
¤The board of the company proposes a dividend of USD 0.275 per share, equivalent to USD 3.71m
¤Revenues USD 18.2m (USD 11.7m 3Q23)
¤EBITDA USD 10.2m (USD 5.7m 3Q23)
¤The board of the company proposes a dividend of USD 0.275 per share, equivalent to USD 3.71m
The Godfather
05.11.2024 kl 09:40
1573
Fearnleys er ute med en preview i dag;
Stainless Tankers (BUY, NOK 81)
• Reports 3q24 ahead of tomorrow / FSest marginal uptick q/q
We expect STST to report 3q24 EBITDA / EPS of USD 11m / 44 cents, marginally up q/q with all vessels trading spot in the Womar Pool and fewer off hire days partly offset by slightly lower rates. Dividends will clearly be in focus, and we expect another quarterly 2.5 cent hike to 30 cents, implying 21% annualized yield (though somewhat aggressive to assume this will be maintained given recent rate developments). Apart from the numbers, we will look for comments on a rumoured potential divestment of the two oldest vessels (Marmotas and Monax), potentially unlocking XO dividends. We peg our STST NAV at NOK 73/sh, meaning the equity trades at 0.77x P/NAV.
Stainless Tankers (BUY, NOK 81)
• Reports 3q24 ahead of tomorrow / FSest marginal uptick q/q
We expect STST to report 3q24 EBITDA / EPS of USD 11m / 44 cents, marginally up q/q with all vessels trading spot in the Womar Pool and fewer off hire days partly offset by slightly lower rates. Dividends will clearly be in focus, and we expect another quarterly 2.5 cent hike to 30 cents, implying 21% annualized yield (though somewhat aggressive to assume this will be maintained given recent rate developments). Apart from the numbers, we will look for comments on a rumoured potential divestment of the two oldest vessels (Marmotas and Monax), potentially unlocking XO dividends. We peg our STST NAV at NOK 73/sh, meaning the equity trades at 0.77x P/NAV.
just4fun
02.11.2024 kl 08:05
1818
Straks ny kvartalsrapport ute. Kan ikke å ha sett noe info angående skipssalg så da blir det spennende å se hva som kommer av info i.f.m. rapporten. Ser fra SNI at ratene er noe svekket i Q3, men at det forventes å ta seg litt opp igjen inn mot årsskiftet. Håper forøvrig at skipsverdiene har holdt seg og at vi får ytterliger styrking av NAV .
På dagens kurs handles selskapet til ca 30% rabatt mot NAV og med tanke på at de har som mål å selge skipene burde denne rabatten gradvis viskes ut ettersom salg nærmer seg, men håper på minst 2 år til med drift og gode utbytter.
På dagens kurs handles selskapet til ca 30% rabatt mot NAV og med tanke på at de har som mål å selge skipene burde denne rabatten gradvis viskes ut ettersom salg nærmer seg, men håper på minst 2 år til med drift og gode utbytter.
The Godfather
03.09.2024 kl 10:13
2463
Eitzen Group kjøper 13 kjemikalietankskip.
https://www.tradewindsnews.com/tankers/eitzen-group-strengthens-chemical-tanker-position-with-13-ship-m-a-deal/2-1-1702635
https://www.tradewindsnews.com/tankers/eitzen-group-strengthens-chemical-tanker-position-with-13-ship-m-a-deal/2-1-1702635
The Godfather
08.08.2024 kl 12:00
2731
Clarksons antyder i dag et ekstraordinært utbytte på NOK 6,5/aksje ved salg av to skip.
Stainless Tankers (STST NO, NOK 66.60, Buy, PT: NOK 80.00)
First Asset Sale On the Horizon?
Stainless Tankers (Oslo: STST) reported another strong quarter, driven by rising spot rates despite an increase in off-hire days. While spot rates have experienced the typical summer weakness, they remain high as we approach the seasonally strongest period. A dividend of $0.275/share was declared for the quarter, representing an annualized yield of 18%. The company expects this dividend to remain stable in the coming quarters. Asset values have also risen, with the NAV currently assessed at NOK 80/share. Due to the higher asset values and third-party interest, the company may divest its two older vessels. If this occurs at the end of the third quarter, an extraordinary dividend of approximately NOK 6.5/share could be distributed based on our estimates. Regardless of the potential asset sale, Stainless Tankers remains attractive from both an earnings and asset value perspective. We reiterate our Buy rating and NOK 80/share target price.
2Q24 Review: Stainless Tankers reported an EBITDA of $9.5 million, below the $11.0 million LSEG consensus estimate. The company achieved average earnings of $22,800/day, with pool earnings for the quarter at $23,800/day, aligning with guidance. The company experienced 71 off-hire days during the quarter, more than expected, explaining the underperformance. So far in the third quarter, the company has about 87% coverage for August at $22,600/day. While rates have slightly decreased, revenues are expected to benefit from fewer off-hire days, as the next drydocking is not scheduled until 2025. A dividend of $0.275/share has been declared for the quarter, a slight increase from $0.25/share in the previous quarter, which the company expects to remain stable in the coming quarters.
Potential Asset Sales: Stainless Tankers has always been an opportunistic asset play in the chemical tanker market, with plans to eventually divest its fleet. Management comments during the earnings call suggest the company may now sell its two oldest vessels. Acquired in November 2023 for $27 million and financed entirely with debt, these vessels are now valued at $16 million each, according to the company. Assuming a sale at the end of 3Q24, this could generate approximately $8.1 million or NOK 6.5/share in free cash flow after debt repayment, potentially distributed to shareholders.
Valuation: Asset values have continued to rise, and we currently assess the NAV at $7.4/share or roughly NOK 80/share. Secondhand values for J19 vessels are now trading at a premium to newbuilding parity values across all vintages but are well supported by current spot and time charter rates. We estimate that a rate of around $17,000/day is needed to justify an unleveraged return of 12% on our valuation of a 17-year-old J19 vessel. Overall, with reasonable asset valuation and attractive dividend potential, Stainless Tankers remains an appealing pure play in the chemical tanker market. We maintain our Buy rating and NOK 80 target price.
Stainless Tankers (STST NO, NOK 66.60, Buy, PT: NOK 80.00)
First Asset Sale On the Horizon?
Stainless Tankers (Oslo: STST) reported another strong quarter, driven by rising spot rates despite an increase in off-hire days. While spot rates have experienced the typical summer weakness, they remain high as we approach the seasonally strongest period. A dividend of $0.275/share was declared for the quarter, representing an annualized yield of 18%. The company expects this dividend to remain stable in the coming quarters. Asset values have also risen, with the NAV currently assessed at NOK 80/share. Due to the higher asset values and third-party interest, the company may divest its two older vessels. If this occurs at the end of the third quarter, an extraordinary dividend of approximately NOK 6.5/share could be distributed based on our estimates. Regardless of the potential asset sale, Stainless Tankers remains attractive from both an earnings and asset value perspective. We reiterate our Buy rating and NOK 80/share target price.
2Q24 Review: Stainless Tankers reported an EBITDA of $9.5 million, below the $11.0 million LSEG consensus estimate. The company achieved average earnings of $22,800/day, with pool earnings for the quarter at $23,800/day, aligning with guidance. The company experienced 71 off-hire days during the quarter, more than expected, explaining the underperformance. So far in the third quarter, the company has about 87% coverage for August at $22,600/day. While rates have slightly decreased, revenues are expected to benefit from fewer off-hire days, as the next drydocking is not scheduled until 2025. A dividend of $0.275/share has been declared for the quarter, a slight increase from $0.25/share in the previous quarter, which the company expects to remain stable in the coming quarters.
Potential Asset Sales: Stainless Tankers has always been an opportunistic asset play in the chemical tanker market, with plans to eventually divest its fleet. Management comments during the earnings call suggest the company may now sell its two oldest vessels. Acquired in November 2023 for $27 million and financed entirely with debt, these vessels are now valued at $16 million each, according to the company. Assuming a sale at the end of 3Q24, this could generate approximately $8.1 million or NOK 6.5/share in free cash flow after debt repayment, potentially distributed to shareholders.
Valuation: Asset values have continued to rise, and we currently assess the NAV at $7.4/share or roughly NOK 80/share. Secondhand values for J19 vessels are now trading at a premium to newbuilding parity values across all vintages but are well supported by current spot and time charter rates. We estimate that a rate of around $17,000/day is needed to justify an unleveraged return of 12% on our valuation of a 17-year-old J19 vessel. Overall, with reasonable asset valuation and attractive dividend potential, Stainless Tankers remains an appealing pure play in the chemical tanker market. We maintain our Buy rating and NOK 80 target price.
The Godfather
07.08.2024 kl 10:42
2837
Fra presentasjonen
Fleet market value up strongly at $174.04m; NAV at $102.5m or
$7.59/share (c. NOK 83.55/share)
Bull
Fleet market value up strongly at $174.04m; NAV at $102.5m or
$7.59/share (c. NOK 83.55/share)
Bull
The Godfather
06.08.2024 kl 09:52
2979
Fearnley preview
Stainless Tankers (BUY, NOK 81)
• Reports 2q24 tomorrow / FSest USD 11m EBITDA, up USD 3m q/q
We expect STST to post 2q24 EBITDA of USD 11m, up USD 3m from 1q24, driven by an uplift in rates and all vessels trading in the Womar Pool from mid-May. EPS is estimated at 44 cents, representing a doubling q/q. With expectations of higher earnings, we see upside to STST’s shareholder distribution, estimating a 10% increase in dividends to 27.5 cents (19% annualized yield). Rates for chemical tankers have remained over the summer, although spot rates are somewhat below the peaks seen in May (though substantially higher y/y). Further, with current 1-yr TCs for J-19 at USD 22k/d (highest levels YTD) we expect a forward leaning update from STST.
Stainless Tankers (BUY, NOK 81)
• Reports 2q24 tomorrow / FSest USD 11m EBITDA, up USD 3m q/q
We expect STST to post 2q24 EBITDA of USD 11m, up USD 3m from 1q24, driven by an uplift in rates and all vessels trading in the Womar Pool from mid-May. EPS is estimated at 44 cents, representing a doubling q/q. With expectations of higher earnings, we see upside to STST’s shareholder distribution, estimating a 10% increase in dividends to 27.5 cents (19% annualized yield). Rates for chemical tankers have remained over the summer, although spot rates are somewhat below the peaks seen in May (though substantially higher y/y). Further, with current 1-yr TCs for J-19 at USD 22k/d (highest levels YTD) we expect a forward leaning update from STST.
d12m
12.06.2024 kl 08:47
3522
Stolt N med CMD idag. God gang i kjemikaliefraktmarkedet. Smitter det over på Stainless?
"As part of today's presentation Stolt Tankers has revised its second-quarter guidance for average time-charter equivalent earnings to increase by 8-10% versus first quarter 2024 (up from a previously anticipated 6-8% increase as per the first-quarter results presentation)."
https://newsweb.oslobors.no/message/621231
"As part of today's presentation Stolt Tankers has revised its second-quarter guidance for average time-charter equivalent earnings to increase by 8-10% versus first quarter 2024 (up from a previously anticipated 6-8% increase as per the first-quarter results presentation)."
https://newsweb.oslobors.no/message/621231
Mindfull
24.05.2024 kl 16:57
3816
Jeg kontakte selskapet og de bekrefter 764 seilingsdager i q2, 828 dager i q3 og 828 dager i q4. Ingen docking i andre halvår. Gir da også kostbesparelse på ca 1,3mill per kvartal i H2 eller drøye 1kr EPS
Da kan det være interessant å se litt på hva utbytte kan bli neste kvartaler basert på dagens spot rater. Bruker samme forutsetninger som tidligere med unntak av seilingsdager og veklsingskurs som settes til 10,6
Q2: 764 dager
Økning net income: $2800x764x0,78x10,6=NOK17,7mnok
Økt utbytte: MNOK 17,7/13,52= NOK1,3
Utbytte q2: 2,7+1,3=NOK4,0
Utbytte yield p.a. 4,0/65x4=24,6%
Q3 828 dager
Økning net income: $2800x828x0,78x10,6=MNOk 19,2
Økt utbytte: MNOK 19,2/13,52= NOK1,42
Utbytte q2: 2,7+1,4=NOK4,1
Utbytte yield p.a. 4,1/65x4=25,3,%
Q4 = Q3
I tillegg kommer bidrag fra økte seilingsdager q3 og q4 gitt q1 rater, kostbesparelser fra docking og redusert opex cet. par. pga opex
timing i q1. Holder ratene seg ut året, som selskapet forventer, kan vi se en utbytte yield over 25% og opp mot 28-30% dersom alt betales som utbytte
Man kan i hvert fall drømme seg litt bort💰🙂
Da kan det være interessant å se litt på hva utbytte kan bli neste kvartaler basert på dagens spot rater. Bruker samme forutsetninger som tidligere med unntak av seilingsdager og veklsingskurs som settes til 10,6
Q2: 764 dager
Økning net income: $2800x764x0,78x10,6=NOK17,7mnok
Økt utbytte: MNOK 17,7/13,52= NOK1,3
Utbytte q2: 2,7+1,3=NOK4,0
Utbytte yield p.a. 4,0/65x4=24,6%
Q3 828 dager
Økning net income: $2800x828x0,78x10,6=MNOk 19,2
Økt utbytte: MNOK 19,2/13,52= NOK1,42
Utbytte q2: 2,7+1,4=NOK4,1
Utbytte yield p.a. 4,1/65x4=25,3,%
Q4 = Q3
I tillegg kommer bidrag fra økte seilingsdager q3 og q4 gitt q1 rater, kostbesparelser fra docking og redusert opex cet. par. pga opex
timing i q1. Holder ratene seg ut året, som selskapet forventer, kan vi se en utbytte yield over 25% og opp mot 28-30% dersom alt betales som utbytte
Man kan i hvert fall drømme seg litt bort💰🙂
Mindfull
13.05.2024 kl 12:09
4034
Du har nok delvis rett her i hvert fall når det gjelder seilingsdager. De har ett skip, Orchid sylt, på special servey i q2 og mistet også noen dager på med Orchid Madeira i starten av april. 770 er da et bedre estimat. Snittraten mener jeg du undervurderer vesentlig skal vi legge til grunn selskapets egne utsikter og markedsdata p,t,. Ser vi på flåten nå er siste skip overført til Womar pool 6 mai hvor rater ligger på +- 24k etter at de startet på 23,3 i april. Videre er 30% av flåten på COA m rater +23k og resten spot. STST sier selv i q1 rapporten at de forventer TCE over 23k i Q2. Min spådom er nærmere 24 enn 23. Og de blir fort liggende der ut året gitt det geopolitiske bakteppet og markedsbalansen vi har nå. For øvrig verdt å merke seg ar neste drydocking er først i 2025
The Godfather
13.05.2024 kl 08:50
4091
Fearnley er ute med update i dag;
Benefitting from Stronger Markets
What’s New: 1q24 – TP up to NOK 81/sh, Buy maintained
• All vessels now operating in pool as last vessel is off fixed rate TC
• Lagging chemical peers, current equity pricing is a solid opportunity
• Priced at 0.8x 1yr fwd NAV, 19% dividend yield
Early May, the last vessel operating on fixed rate TC transitioned into the Womar Pool, meaning all 9x vessels is now trading within the pool. Moreover, chemical tanker freight rates are on the rise, with J19 spot rising above the USD 24k/d mark (vs. CBE of USD 14.3k/d). Hence, we believe STST earnings is due for an uplift in 2Q on the back of higher rates as well as all vessels being exposed to MtM COA and spot freight.
We estimate dividends to increase further into 2Q, and at current equity pricing, STST offers an impressive ’24-25 dividend yield of 19-20%. Given the equity also lags chemical tanker peer performance, we maintain our positive view towards the equity story. We raise our TP to NOK 81/sh and maintain our Buy recommendation (80/sh, 24.02.2024).
Benefitting from Stronger Markets
What’s New: 1q24 – TP up to NOK 81/sh, Buy maintained
• All vessels now operating in pool as last vessel is off fixed rate TC
• Lagging chemical peers, current equity pricing is a solid opportunity
• Priced at 0.8x 1yr fwd NAV, 19% dividend yield
Early May, the last vessel operating on fixed rate TC transitioned into the Womar Pool, meaning all 9x vessels is now trading within the pool. Moreover, chemical tanker freight rates are on the rise, with J19 spot rising above the USD 24k/d mark (vs. CBE of USD 14.3k/d). Hence, we believe STST earnings is due for an uplift in 2Q on the back of higher rates as well as all vessels being exposed to MtM COA and spot freight.
We estimate dividends to increase further into 2Q, and at current equity pricing, STST offers an impressive ’24-25 dividend yield of 19-20%. Given the equity also lags chemical tanker peer performance, we maintain our positive view towards the equity story. We raise our TP to NOK 81/sh and maintain our Buy recommendation (80/sh, 24.02.2024).
d12m
13.05.2024 kl 08:28
4114
Tror du ligger for høyt på det meste
Docking i q2 så seilingsdager er nok et stykke under 800.. (770ish?)
Snittraten er nok også sørover. Ca 21k?
Jeg håper på rundt 3 kr i utbytte for q2 (aka ca $0,275)
Docking i q2 så seilingsdager er nok et stykke under 800.. (770ish?)
Snittraten er nok også sørover. Ca 21k?
Jeg håper på rundt 3 kr i utbytte for q2 (aka ca $0,275)
Redigert 13.05.2024 kl 08:29
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Gull i pungen
09.05.2024 kl 09:05
4276
New chief executive for Stainless Tankers
https://splash247.com/new-chief-executive-for-stainless-tankers/
https://splash247.com/new-chief-executive-for-stainless-tankers/
Mindfull
08.05.2024 kl 12:06
4357
Likviditeten i aksjen holder kursen nede. Vi får vente på at Mørkedal og Clarkson kommer med en oppdatering..Ny PT 90kr?
Mindfull
08.05.2024 kl 11:24
4387
Hva blir dividende i q2?
Forutsetninger: TC rate på $23.400, 810 seilingsdager, 22% skatt, NOKUSD 10,9
Økning net income: $2800x810x0,78x10,9=NOK19,282.536
Økt utbytte: MNOK 19,3/13,52= NOK1,42
Utbytte q2: 2,7+1,4=NOK4,1
Utbytte yield p.a. 4,1/64,4x4=25,5%
Forutsetninger: TC rate på $23.400, 810 seilingsdager, 22% skatt, NOKUSD 10,9
Økning net income: $2800x810x0,78x10,9=NOK19,282.536
Økt utbytte: MNOK 19,3/13,52= NOK1,42
Utbytte q2: 2,7+1,4=NOK4,1
Utbytte yield p.a. 4,1/64,4x4=25,5%
Gull i pungen
08.05.2024 kl 08:31
4432
Oslo (Infront TDN Direkt): Stainless Tankers fikk en ebitda på 8,1 millioner dollar i første kvartal 2024, sammenlignet med 7,6 millioner dollar samme periode året før.
Det fremgår av selskapets kvartalsrapport onsdag.
Omsetningen i perioden var 16 millioner dollar (14), mens driftsresultatet ble 5,1 millioner dollar (5).
Selskapets pool-fartøy hadde en gjennomsnittlig netto TCE-rate på 20.615 dollar pr dag, mens fartøy under time charter-avtaler hadde en netto rate på 15.250 dollar pr dag.
Styret i selskapet foreslår et utbytte på 0,25 dollar pr aksje, tilsvarende 3,38 millioner dollar. Utbyttet vil bli betalt som tilbakebetaling av innbetalt kapital.
-Vi er glade for å rapportere et solid kvartal og ytterligere økning i utbyttet. Mens netto pool-TCE falt litt under målet vårt ettersom den forventede oppstrammingen av TCE-er tok noen uker lenger til å materialisere seg, har vi sett et veldig sterkt moment siden mars. Vi forventer at andre kvartal vil være vårt sterkeste kvartal til nå, med en samlet netto TCE som overstiger 23.000 dollar pr dag, kommenterer konsernsjef Alex Karakassis.
Det fremgår av selskapets kvartalsrapport onsdag.
Omsetningen i perioden var 16 millioner dollar (14), mens driftsresultatet ble 5,1 millioner dollar (5).
Selskapets pool-fartøy hadde en gjennomsnittlig netto TCE-rate på 20.615 dollar pr dag, mens fartøy under time charter-avtaler hadde en netto rate på 15.250 dollar pr dag.
Styret i selskapet foreslår et utbytte på 0,25 dollar pr aksje, tilsvarende 3,38 millioner dollar. Utbyttet vil bli betalt som tilbakebetaling av innbetalt kapital.
-Vi er glade for å rapportere et solid kvartal og ytterligere økning i utbyttet. Mens netto pool-TCE falt litt under målet vårt ettersom den forventede oppstrammingen av TCE-er tok noen uker lenger til å materialisere seg, har vi sett et veldig sterkt moment siden mars. Vi forventer at andre kvartal vil være vårt sterkeste kvartal til nå, med en samlet netto TCE som overstiger 23.000 dollar pr dag, kommenterer konsernsjef Alex Karakassis.
d12m
08.05.2024 kl 00:49
4503
Ser at Odfjell kom med en solid rapport i kveld. Jeg er spent på morgendagen. Stainless har vel hatt noen dockinger i q1 så håper markedet husker på det og justerer forventningene
The Godfather
07.05.2024 kl 09:10
4576
Fra Fearnleys morgenrapport
Stainless Tankers (BUY, NOK 80)
• 1q24 preview – Expect increased dividends
STST will report 1q24 figures tomorrow before the market opens, and we expect a slight uptick in dividends q/q to USD 0.25/sh – equivalent to an annualised yield of 18%, though, we expect dividends to grow further over the year, increasing this yield further. Moreover, we estimate an EBITDA and EPS of USD 9m and 0.33 respectively. Looking into 2q24, we expect the mgmt. to provide positive market comments on the back of the recent strength in the chemical tanker market, and thus see STST earnings rise into 2q24.
Stainless Tankers (BUY, NOK 80)
• 1q24 preview – Expect increased dividends
STST will report 1q24 figures tomorrow before the market opens, and we expect a slight uptick in dividends q/q to USD 0.25/sh – equivalent to an annualised yield of 18%, though, we expect dividends to grow further over the year, increasing this yield further. Moreover, we estimate an EBITDA and EPS of USD 9m and 0.33 respectively. Looking into 2q24, we expect the mgmt. to provide positive market comments on the back of the recent strength in the chemical tanker market, and thus see STST earnings rise into 2q24.
d12m
06.05.2024 kl 22:57
4665
Gull i pungen skrev Hva kan vi forvente i utbytte på onsdag?
Håper på 3 kr
Gull i pungen
04.05.2024 kl 08:55
4916
« -Vi ser at verdiene på eldre tonnasje har steget markant..»
https://www.finansavisen.no/shipping/2024/05/03/8126737/tailwind-tror-de-gode-tidene-i-shipping-fortsetter
https://www.finansavisen.no/shipping/2024/05/03/8126737/tailwind-tror-de-gode-tidene-i-shipping-fortsetter
Redigert 04.05.2024 kl 09:08
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d12m
26.04.2024 kl 10:27
5036
Årsrapport idag
Outlook for 2024 and beyond
The positive momentum of the fourth quarter of 2023 has carried over into 2024 and we remain optimistic about the prospects for the rest of this year and beyond as we expect the currently supportive market fundamentals to remain in place for the foreseeable future.
With the transition of our fleet into Womar pool employment nearly complete, we are fully benefiting from the positive earnings environment where spot market TCEs are exceeding USD 20,000 per day. With an all-in cash break-even rate in 2024 of approximately USD 15,600 per day, we expect to generate substantial free cash flow this year, all of which we plan to pay out as dividends to our shareholders.
Outlook for 2024 and beyond
The positive momentum of the fourth quarter of 2023 has carried over into 2024 and we remain optimistic about the prospects for the rest of this year and beyond as we expect the currently supportive market fundamentals to remain in place for the foreseeable future.
With the transition of our fleet into Womar pool employment nearly complete, we are fully benefiting from the positive earnings environment where spot market TCEs are exceeding USD 20,000 per day. With an all-in cash break-even rate in 2024 of approximately USD 15,600 per day, we expect to generate substantial free cash flow this year, all of which we plan to pay out as dividends to our shareholders.
Gull i pungen
23.04.2024 kl 11:43
5220
STST på hot stocks listen i dag. Uvanlig høy omsetning. Noe som skjer?
https://www.finansavisen.no/bors
https://www.finansavisen.no/bors
Oksenbull
17.04.2024 kl 10:09
5346
Der ble selgeren på 32k tatt ut, burde være Over 60kr mtp Odfjell og stolt Nielsen sin utvikling og guiding om kjemikaltank!
d12m
16.04.2024 kl 23:35
5409
Pareto om Odfjell SE
A little under the radar, chemical tankers have accelerated in 2024. Global demand for chemicals is facing renewed growth, while Red Sea situation has increased voyage distances. With a product tanker market that keeps firing on all cylinders the swing tonnage is out near-term momentum should remain good – with peer Stolt-Nielsen confirming CoA renewals are done at materially higher level so far in 2024. Longer term, while the orderbook has increased to -8% of the existing fleet, fleet growth should remain low.
A little under the radar, chemical tankers have accelerated in 2024. Global demand for chemicals is facing renewed growth, while Red Sea situation has increased voyage distances. With a product tanker market that keeps firing on all cylinders the swing tonnage is out near-term momentum should remain good – with peer Stolt-Nielsen confirming CoA renewals are done at materially higher level so far in 2024. Longer term, while the orderbook has increased to -8% of the existing fleet, fleet growth should remain low.
The Godfather
10.04.2024 kl 10:46
5559
Klippet fra dagens Stolt-Nielsen rapport. Det ser bullish ut i chemitank;
"Stolt-Nielsen venter at nylige økninger i spotfraktrater vil gjenspeiles i resultatene for andre kvartal, der det ventes en økning i gjennomsnittlig timecharterekvivalent inntjening på seks til åtte prosent.
Det fremgår av selskapets kvartalsrapport onsdag.
"Ettersom den begrensede transitten i både Panama- og Suez-kanalene fortsetter, og legger til ytterligere tonnmil i et allerede stramt kjemikalietankskipsegment, har fraktratene steget til rekordnivåer. Fra et operasjonelt perspektiv skaper dette flere utfordringer. Stolt Tankers fortsetter imidlertid å samarbeide tett med sine kunder for å minimere enhver negativ påvirkning på deres forsyningskjeder. Sammen med et stramt produkttankmarked, som holder svingtonnasjen utenfor vårt segment, skaper den lave ordreboken et solid grunnlag for at det gunstige kjemikalietankmarkedet kan fortsette", heter det i kvartalsrapporten.
"Stolt-Nielsen venter at nylige økninger i spotfraktrater vil gjenspeiles i resultatene for andre kvartal, der det ventes en økning i gjennomsnittlig timecharterekvivalent inntjening på seks til åtte prosent.
Det fremgår av selskapets kvartalsrapport onsdag.
"Ettersom den begrensede transitten i både Panama- og Suez-kanalene fortsetter, og legger til ytterligere tonnmil i et allerede stramt kjemikalietankskipsegment, har fraktratene steget til rekordnivåer. Fra et operasjonelt perspektiv skaper dette flere utfordringer. Stolt Tankers fortsetter imidlertid å samarbeide tett med sine kunder for å minimere enhver negativ påvirkning på deres forsyningskjeder. Sammen med et stramt produkttankmarked, som holder svingtonnasjen utenfor vårt segment, skaper den lave ordreboken et solid grunnlag for at det gunstige kjemikalietankmarkedet kan fortsette", heter det i kvartalsrapporten.
Redigert 10.04.2024 kl 10:47
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The Godfather
08.04.2024 kl 10:20
5504
Est. USD 0.30/sh divi i q1 💪
Redigert 08.04.2024 kl 10:22
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d12m
07.04.2024 kl 10:36
5673
Oksenbull skrev 15 kr for året tipper jeg
Offensivt. De tar sikte på å selge båtene gradvis etterhvert som de nærmer seg 20 år (typ 2025/26/27..), så det er lov å håpe på 25-30 kr utbytte før salgssummer på en god slant tikroninger?
Redigert 10.04.2024 kl 11:45
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d12m
06.04.2024 kl 18:12
5769
Fortsatt en liten stund til kvartalsrapporten, men selve kvartalet er over. Hva tror dere utbyttet kan bli? 3 kr?
forzavinger
10.02.2024 kl 18:15
6518
Blir spennende så se hvor mye aksjekursen reagerer etter omtalen i ukens Aksjesladder podcast👍
Gull i pungen
08.02.2024 kl 21:15
6546
Frode Mørkedal i Clarksons Securities venter høyere utbytter fra Stainless Tankers, og oppjusterer kursmålet for aksjen.
https://www.finansavisen.no/shipping/2024/02/08/8094322/utbytte-i-sikte
https://www.finansavisen.no/shipping/2024/02/08/8094322/utbytte-i-sikte
d12m
08.02.2024 kl 08:57
6282
Fearnley med TP 80 etter tall.
"Stainless is the Name, Dividends is the Game"
"Stainless is the Name, Dividends is the Game"
The Godfather
05.02.2024 kl 09:13
6453
Fearnley
Stainless Tankers (BUY, NOK 73)
• 4q23 preview – solid quarter ahead, expect USD 0.20/sh divi
STST will report their 4q23 figures on Wednesday before market open, and we expect EBTIDA and EPS to come in at USD 9m and 0.36 respectively. Dividends will come up q/q, with FSest dividends of USD 0.2/sh – equivalent to c. 14% annualised dividend yield. The company now only have one vessel left on fixed rate TC (Lavraki), which will come off in March. Hence, for 2024 STST will have ample MtM exposure with all vessels operating in the Womar pool, where spot J19 earnings currently are in the region of USD 22-24k/d.
Stainless Tankers (BUY, NOK 73)
• 4q23 preview – solid quarter ahead, expect USD 0.20/sh divi
STST will report their 4q23 figures on Wednesday before market open, and we expect EBTIDA and EPS to come in at USD 9m and 0.36 respectively. Dividends will come up q/q, with FSest dividends of USD 0.2/sh – equivalent to c. 14% annualised dividend yield. The company now only have one vessel left on fixed rate TC (Lavraki), which will come off in March. Hence, for 2024 STST will have ample MtM exposure with all vessels operating in the Womar pool, where spot J19 earnings currently are in the region of USD 22-24k/d.
Redigert 05.02.2024 kl 09:14
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DividendYield
29.01.2024 kl 15:20
6611
Høyere omsetning i dag og det er ikke rart når så mange er bull på kjemikaliefrakt. STST forblir dog en liten hemmelighet en stund til når folk innser hvor billig den er.
Stainless har 9 skip i et spotmarked som så sterkt ut allerede før Rødehavet. Snart er det Q4 tall.
https://www.finansavisen.no/shipping/2024/01/29/8088881/nordea-om-kjemikalietank-ser-veldig-attraktivt-ut
Stainless har 9 skip i et spotmarked som så sterkt ut allerede før Rødehavet. Snart er det Q4 tall.
https://www.finansavisen.no/shipping/2024/01/29/8088881/nordea-om-kjemikalietank-ser-veldig-attraktivt-ut
The Godfather
29.01.2024 kl 09:07
6708
Oslo (Infront TDN Direkt): ABG Sundal Collier oppjusterer sitt kursmål på Stolt-Nielsen til 521 kroner fra 498 kroner og gjentar kjøpsanbefaling på aksjen.
"For første kvartal 2024 har kjemikalietankratene steget ytterligere, og gitt at antallet kjemikalietankskip som bruker Rødehavsruten har falt med mer enn 60 prosent fra perioden før angrepet (okt-nov 2023), mener vi det er mer oppside enn nedside for disse ratene gjennom andre halvår 2024", skriver meglerhuset.
Dette er bull STST.
"For første kvartal 2024 har kjemikalietankratene steget ytterligere, og gitt at antallet kjemikalietankskip som bruker Rødehavsruten har falt med mer enn 60 prosent fra perioden før angrepet (okt-nov 2023), mener vi det er mer oppside enn nedside for disse ratene gjennom andre halvår 2024", skriver meglerhuset.
Dette er bull STST.
DividendYield
19.01.2024 kl 13:01
6871
Heftig utvikling på produkt- og kjemikaliefrakt om dagen, Stainless har stått nesten stille YTD og fra IPO egentlig. Tolker rederiet som ett slags asset play. Liten omsetning. Selskapet, som blant annet har Klaveness-familien på eiersiden.
Er det flere som har trua på en reprising?
https://www.finansavisen.no/shipping/2023/03/22/7995687/stainless-tankers-vil-ri-bolgen-i-kjemikalietank
https://www.finansavisen.no/finans/2023/11/07/8055660/stainless-tankers-trosser-egen-plan-utvider-flaten-med-to-skip
https://www.youtube.com/watch?v=_3VYAguC8Gs
Er det flere som har trua på en reprising?
https://www.finansavisen.no/shipping/2023/03/22/7995687/stainless-tankers-vil-ri-bolgen-i-kjemikalietank
https://www.finansavisen.no/finans/2023/11/07/8055660/stainless-tankers-trosser-egen-plan-utvider-flaten-med-to-skip
https://www.youtube.com/watch?v=_3VYAguC8Gs
Redigert 19.01.2024 kl 13:19
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The Godfather
20.12.2023 kl 17:20
7205
Oslo (Infront TDN Direkt): Christmas Common Investments Limited, som er nærstående til Stainless Tankers-styreleder Ted Kalborg, kjøpte tirsdag 50.000 aksjer i Stainless Tankers til kurs 48,00 kroner pr aksje, ifølge en melding onsdag.
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