Stainless Tankers ASA announces financial results for the three months ended
March 31, 2024, and the change of its CEO.

May 8, 2024 - Stainless Tankers ASA (the "Company", ticker: "STST") today
announces results for the three-month period ended March 31, 2024.

Highlights

Net income of $3.0 million, or $0.22/share, on net revenue of $15.3 million,
compared $3.2 million and 13.5 million in the prior quarter, respectively.

During the quarter, eight of the Company's vessels traded in the Womar pool,
while the one remaining vessel on time charter transitioned into the Womar pool
on May 6, 2024.

Pool vessels earned an average net TCE rate of $20,615/day, the same level as in
the prior quarter, while the vessel under time charter earned a net time charter
rate of $15,250/day.

During the quarter, the Company incurred 22 off-hire days for the third special
survey of the Orchid Madeira, which was completed on April 17, 2024, at a cost
of $1.3 million.
  
As at March 31, 2024, the Company had $2.3 million in unrestricted cash and a
net outstanding loan balance of $81.7 million.

As at March 31, 2024, the Company's fleet had a market value $162.5 million as
prices for second-hand tonnage have been firming during the quarter, lowering
the LTV to 50.3%.

Increased fleet value puts NAV at $88.8m or $6.58/share (approx. NOK 71/share).
  
The Company's Board of Directors intends to resolve a dividend as return of paid
in capital in the amount of $3.38 million, or $0.25/share (approx. NOK
2.7/share), following authorization by the Annual General Meeting scheduled for
May 22, 2024, with payment on or about June 7, 2024.

The Company today also announces that Alex Karakassis will step down from his
position as CEO of the Company with effect from June 30, 2024. He will be
succeeded by Andrew Hampson, CEO of Tufton Investment Management Ltd.

Alex Karakassis, the Company's CEO, commented:

"We are pleased to report a solid quarter and further increase of our dividend.
While our net pool TCE fell slightly short of our target as the anticipated
firming of TCEs took a few weeks longer to materialise, we are seeing very
strong momentum since March. We expect the second quarter to be our strongest
quarter yet, with a net overall TCE exceeding $23,000/day."

Ted Kalborg, the Company's Chairman of the Board of Directors, commented:

"I would like to pass on my sincere thanks on behalf of the entire Board for the
immense effort and contribution that Alex has shown towards the success of
Stainless Tankers. Since IPO, he has overseen the creation of the company and
the seamless transition of the nine vessels into the commercial management of
the Womar pool with true professionalism and commitment. It has been a pleasure
working with Alex over the last 18 months and I wish him every success for the
future.
 
I am sure that Stainless Tankers will remain in safe hands with Andy taking over
at the helm and having worked with him for over 20 years, I have every
confidence that he will continue to build on the solid base that Alex has
created."

Conference Call

The Company will host a conference call today at 15:30 Central European Time to
discuss its results for the quarter ended March 31, 2024. All interested parties
are invited to listen to the live conference call using the below link:

https://channel.royalcast.com/landingpage/stainlesstankers/20240508_1/

Documents

The Company's unaudited consolidated financial statements for the three month
period ended March 31, 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: 

Alex Karakassis, CEO 
E-mail: alex.karakassis@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 Oceanic Assets Limited which, as at 31 March 2024, has a
NAV of $436.4m.