VSSAB.ST Viking Supply Ships
Offshore · AHTS · 50 documents
Viking Supply Ships pays no dividend, in its own words, so our forecast is $0.00 a share.
What will Viking Supply Ships pay for 2026Q3?
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Ahts · 8 | $62,5012026Q2 · fleet avg | —none printed | —no open $/day series |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for ahts: no off-hire or drydock days are deducted there. |
736 | 736 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day assumed | 62,501 | 62,501 | |||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
46.0 | 46.0 | |||||||||
Vessel opex, $m assumed2026Q2: $15.9m over 736 vessel-days, held per day. |
(15.9) | (15.9) | |||||||||
G&A, $m assumed2026Q2: $0.0m over 736 vessel-days, held per day. |
0.0 | 0.0 | |||||||||
| EBITDA, $m assumed | 30.1 | 30.1 | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||
Interest expense, $m assumed2026Q2: $3.4m over 736 vessel-days, held per day. |
(3.4) | (3.4) | |||||||||
Scheduled debt amortisation, $m stated2026Q2: $2.1m over 736 vessel-days, held per day (the issuer’s scheduled principal). |
(2.1) | (2.1) | |||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
29,061 | 29,061 | |||||||||
| Cushion vs fleet TCE, $/day | 33,440 | 33,440 | |||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
24.6 | 24.6 | |||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||
Dividend policy stated
No stated payout policy on file.
The company’s own word sets this dividend; it does not move with the rate.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, $/share stated | $0.00 |
This dividend is set by the company's stated decision to pay none, not by the rate — your scenario moves the cash line, not the DPS.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where VSSAB.ST departs from that
- The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
8× ahts current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Ahts | 8 | — | — | — | — | — | 62,501 | — | 46.0 |
| Total | 8 | 62,501 | — | 46.0 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.
Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.
Model gaps & assumptions
ahts: no index and no guidance — priced at the issuer's own last realized fleet rate $62,501/day (2026Q2, derived: revenue per vessel-day — (net revenue MSEK 461 - voyage cost 35) x 0.106809 / (8 x 91)), held flat (owner ruling 2026-09-26) · no dividend, in the company's words: “The Annual General Meeting, which was held on April 24, 2026, decided that no dividend would be distributed for the fiscal year 2025.” (2026-08-14)
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $49.2M | $27.5M | +52.5% |
| Opex | $15.9M | $15.9M | +13.9% |
| Net income | — | $3.2M | — |
reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 49.2 | 27.5 | 29.3 | 19.6 | 32.3 | 13.8 |
| Voyage expenses $M | — | — | — | — | — | — |
| Vessel opex $M | 15.9 | 15.9 | 16.9 | 14.2 | 14.0 | 8.7 |
| G&A $M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Depreciation $M | — | — | — | — | — | — |
| Interest expense, gross $M | 3.4 | — | — | — | — | — |
| Net income $M | — | 3.2 | 3.0 | −3.8 | 9.0 | −2.2 |
| Declared DPS | — | — | — | — | — | — |
Realized fleet TCE
Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 62,501.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Benchmark index — monthly average
Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.
Guidance & sources
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-10-06T13:00:00 Nomination committee of Viking Supply Ships AB appointed ahead of 2027 annual general meeting (2026-10-06)
- mfn 2026-10-06T13:00:00 Valberedning utsedd i Viking Supply Ships AB inför årsstämma 2027 (2026-10-06)
- mfn 2026-08-14T08:30:00 Viking Supply Ships AB (publ) Interim report Q2 2026 (2026-08-14) report
- mfn 2026-08-14T08:30:00 Viking Supply Ships AB (publ) Delårsrapport januari - juni 2026 (2026-08-14) pdf
- mfn 2026-07-31T11:00:00 Viking Supply Ships appoints Ulrik Mannhart as CEO and Bengt A. Rem as Group CEO (2026-07-31) pdf
- mfn 2026-07-31T11:00:00 Viking Supply Ships utser Ulrik Mannhart till VD och Bengt A. Rem till koncernchef (2026-07-31) pdf
- mfn 2026-05-05T08:30:00 CEO of Viking Supply Ships resigns (2026-05-05) pdf
- mfn 2026-05-05T08:30:00 Viking Supply Ships VD avgår (2026-05-05) pdf
- mfn 2026-04-30T08:30:00 Viking Supply Ships AB (publ) Interim report Q1 2026 (2026-04-30) report
- mfn 2026-04-30T08:30:00 Viking Supply Ships AB (publ) Delårsrapport januari - mars 2026 (2026-04-30) pdf
- mfn 2026-04-24T16:05:00 Resolutions at the Annual General Meeting in Viking Supply Ships AB (publ) (2026-04-24) pdf
- mfn 2026-04-24T16:05:00 Beslut vid årsstämma i Viking Supply Ships AB (publ) (2026-04-24) pdf