Stainless Tankers CEO Alex Karakassis to step down

Net income for Q1 2024 stood at US$3.0M compared with US$3.2M in the prior quarter. 

The company also announced Alex Karakassis is stepping down as chief executive effective 30 June 2024, to be replaced by Andrew Hampson, chief executive of Tufton Investment Management, which manages UK-listed shipowner Tufton Oceanic Assets.

Stainless Tankers was formed last year after purchasing seven vessels from Tufton funds. The shipowner subsequently purchased two more vessels.

Eight Stainless Tanker vessels traded in the Womar pool earned an average net time charter equivalent (TCE) rate of US$20,615 per day in Q1 2024, the same as the previous quarter. The remaining vessel under time charter earned a net time charter rate of US$15,250 per day and transitioned into the Womar pool as of 6 May 2024. 

During the quarter, the company incurred 22 off-hire days for the third special survey of the chemical tanker Orchid Madeira, which was completed on 17 April 2024, at a cost of US$1.3M.

Outgoing chief exectutive Alex Karakassis said while the net pool TCE fell slightly short of the company target, strong momentum since March means the company now expects Q2 to be its strongest quarter yet, with a net overall TCE exceeding US$23,000 per day. 

Regarding Mr Karakassis stepping down, the company’s chairman of the board of directors, Ted Kalborg said, “I would like to pass on my sincere thanks on behalf of the entire board for the immense effort and contribution Alex has shown towards the success of Stainless Tankers.” 

“Since the 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 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.”