Oslo-listed Stainless Tankers has announced plans to sell its remaining six chemical tankers within the next 18 months, completing a full fleet exit for the Tufton-backed shipping vehicle.

The company stated that the vessels will be sold in an orderly manner ahead of their next major capital expenditure milestones — typically special surveys due around the 15-year mark for vessels of this vintage — and within the five-year investment horizon established when the business was founded. Its operating platform will continue to function while the ships are actively marketed.

The remaining fleet consists of six Japanese-built stainless steel IMO II chemical tankers, each approximately 20,000 dwt, constructed between 2007 and 2009. These specialized vessels, equipped with stainless steel cargo tanks capable of carrying high-purity and aggressive chemicals, serve a niche segment of the global chemical shipping trade. All six vessels currently operate within the Womar chemical tanker pool.

As of the end of June, Stainless Tankers valued the fleet at $101.8m, with net outstanding debt of $35.5m. The company reported a net asset value of $70.5m, or $5.22 per share.

The wind-down decision coincides with improving short-term earnings. Average pool returns rose to $21,029 per day in the second quarter, up from $16,373 per day in the first quarter, though July returns moderated to approximately $17,500 per day. The chemical tanker sector more broadly has seen fluctuating rates as fleet renewal, regulatory pressure on older tonnage, and shifting trade patterns influence supply and demand dynamics.

Stainless Tankers has already divested three vessels from the nine-ship fleet it operated at the end of 2024. The 2005-built Marmotas and Monax were sold for a combined $31.2m, followed by the $16.16m sale of the 2008-built Gwen.

The company has returned the majority of sale proceeds and operating cash flow to investors. With the latest quarterly dividend of $0.135 per share, cumulative distributions since its 2023 listing on the Oslo Stock Exchange will reach $3.24 per share, representing approximately 65% of the capital initially raised. The wind-down reflects a pattern common among Oslo-listed maritime investment vehicles, which are typically structured with defined investment horizons and a commitment to return capital to shareholders rather than perpetually reinvest in aging assets.

Source: Splash247