Okeanis Eco Tankers Corp. Reports Financial Results for the Third Quarter and Nine-Month Period of 2024
Okeanis Eco Tankers reported Q3 2024 financial results with revenues of $84.9 million, down from $89.1 million in Q3 2023. Net profit reached $14.6 million ($0.45 per share), compared to $19.4 million ($0.60 per share) in Q3 2023. For the nine-month period, revenues were $308.0 million with a profit of $95.7 million ($2.97 per share). The company achieved a fleetwide daily TCE rate of $43,900 per operating day in Q3 2024, with VLCC and Suezmax rates at $43,100 and $44,800 respectively. The board declared a $0.45 dividend per share payable on December 4, 2024.
Okeanis Eco Tankers ha riportato i risultati finanziari del terzo trimestre del 2024, con ricavi di 84,9 milioni di dollari, in diminuzione rispetto a 89,1 milioni di dollari nel terzo trimestre del 2023. L'utile netto ha raggiunto 14,6 milioni di dollari (0,45 dollari per azione), rispetto a 19,4 milioni di dollari (0,60 dollari per azione) nel terzo trimestre del 2023. Nel periodo di nove mesi, i ricavi sono stati 308,0 milioni di dollari con un profitto di 95,7 milioni di dollari (2,97 dollari per azione). L'azienda ha raggiunto una tariffa TCE media per giorno della flotta di 43.900 dollari al giorno operativo nel terzo trimestre del 2024, con le tariffe VLCC e Suezmax a 43.100 dollari e 44.800 dollari rispettivamente. Il consiglio ha dichiarato un dividendo di 0,45 dollari per azione pagabile il 4 dicembre 2024.
Okeanis Eco Tankers informó los resultados financieros del tercer trimestre de 2024, con ingresos de 84,9 millones de dólares, una disminución respecto a 89,1 millones de dólares en el tercer trimestre de 2023. La utilidad neta alcanzó 14,6 millones de dólares (0,45 dólares por acción), en comparación con 19,4 millones de dólares (0,60 dólares por acción) en el tercer trimestre de 2023. Durante el periodo de nueve meses, los ingresos fueron de 308,0 millones de dólares con una ganancia de 95,7 millones de dólares (2,97 dólares por acción). La compañía logró una tarifa TCE diaria de 43.900 dólares por día operativo en el tercer trimestre de 2024, con tarifas VLCC y Suezmax de 43.100 dólares y 44.800 dólares respectivamente. La junta declaró un dividendo de 0,45 dólares por acción pagadero el 4 de diciembre de 2024.
Okeanis Eco Tankers는 2024년 3분기 재무 결과를 보고하였으며, 수익은 8,490만 달러로, 2023년 3분기 8,910만 달러에서 감소하였습니다. 순이익은 1,460만 달러 (주당 0.45달러)에 달했으며, 이는 2023년 3분기 1,940만 달러 (주당 0.60달러)와 비교됩니다. 9개월 동안의 수익은 3억 8,000만 달러였으며, 이익은 9,570만 달러 (주당 2.97달러)입니다. 회사는 2024년 3분기 운영일 기준으로 43,900달러의 선대 일일 TCE 요금을 달성하였으며, VLCC 및 Suezmax 요금은 각각 43,100달러와 44,800달러입니다. 이사회는 주당 0.45달러의 배당금을 선언하였으며, 2024년 12월 4일에 지급될 예정입니다.
Okeanis Eco Tankers a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus de 84,9 millions de dollars, en baisse par rapport à 89,1 millions de dollars au troisième trimestre 2023. Le bénéfice net a atteint 14,6 millions de dollars (0,45 dollar par action), contre 19,4 millions de dollars (0,60 dollar par action) au troisième trimestre 2023. Pour la période de neuf mois, les revenus s'élevaient à 308,0 millions de dollars avec un bénéfice de 95,7 millions de dollars (2,97 dollars par action). La société a réalisé un tarif TCE quotidien de la flotte de 43.900 dollars par jour d'exploitation au troisième trimestre 2024, avec des tarifs VLCC et Suezmax à 43.100 dollars et 44.800 dollars respectivement. Le conseil d'administration a déclaré un dividende de 0,45 dollar par action payable le 4 décembre 2024.
Okeanis Eco Tankers hat die finanziellen Ergebnisse für das dritte Quartal 2024 gemeldet, mit Einnahmen von 84,9 Millionen Dollar, was einem Rückgang von 89,1 Millionen Dollar im dritten Quartal 2023 entspricht. Der Nettogewinn betrug 14,6 Millionen Dollar (0,45 Dollar pro Aktie) im Vergleich zu 19,4 Millionen Dollar (0,60 Dollar pro Aktie) im dritten Quartal 2023. Im Neunmonatszeitraum lagen die Einnahmen bei 308,0 Millionen Dollar und der Gewinn bei 95,7 Millionen Dollar (2,97 Dollar pro Aktie). Das Unternehmen erreichte im dritten Quartal 2024 eine flottenweite Tages-TCE-Rate von 43.900 Dollar pro Betriebstag, mit VLCC- und Suezmax-Raten von 43.100 Dollar bzw. 44.800 Dollar. Der Vorstand erklärte eine Dividende von 0,45 Dollar pro Aktie, die am 4. Dezember 2024 zahlbar ist.
- Strong Q3 2024 revenue of $84.9 million
- Healthy profit of $14.6 million in Q3 2024
- Robust fleetwide daily TCE rate of $43,900 per operating day
- Q4 2024 bookings showing strong rates with VLCC spot days at $46,900 per day
- Consistent dividend payment of $0.45 per share declared
- Revenue decreased 4.7% YoY in Q3 2024
- 24.7% decline in quarterly profit compared to Q3 2023
- 25% reduction in EPS from $0.60 to $0.45 YoY
- Cash position decreased from $82.1M to $56.0M YoY
Insights
The Q3 2024 results show mixed performance for Okeanis Eco Tankers. Revenue declined by
- Fleetwide daily TCE rate of
$43,900 per operating day demonstrates solid operational efficiency - Strong Q4 2024 booking rates with VLCCs at
$46,900 per day suggest improving market conditions - Consistent dividend policy maintained at
$0.45 per share despite lower earnings
ATHENS, Greece, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the third quarter and nine-month period of 2024, which are attached to this press release.
Financial performance of the Third Quarter Ended September 30, 2024
- Revenues of
$84.9 million in Q3 2024, compared to$89.1 million in Q3 2023. - Profit of
$14.6 million in Q3 2024, compared to$19.4 million in Q3 2023. - Earnings per share of
$0.45 in Q3 2024, compared to$0.60 in Q3 2023. - Cash (including restricted cash) of
$56.0 million as of September 30, 2024, compared to$82.1 million as of September 30, 2023.
Financial performance of the Nine Months Ended September 30, 2024
- Revenues of
$308.0 million in 9M 2024, compared to$321.4 million in 9M 2023. - Profit of
$95.7 million in 9M 2024, compared to$124.0 million in 9M 2023. - Earnings per share of
$2.97 in 9M 2024, compared to$3.85 in 9M 2023.
Alternative performance metrics and market developments
- Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of
$52.2 million in Q3 2024, compared to$59.7 million in Q3 2023. - EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of
$38.4 million and$37.9 million , respectively, in Q3 2024. - Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of
$14.5 million or$0.45 per basic and diluted share in Q3 2024. - Fleetwide daily TCE rate of
$43,900 per operating day in Q3 2024; VLCC and Suezmax TCE rates of$43,100 and$44,800 per operating day, respectively, in Q3 2024. - Daily vessel operating expenses (“Opex”, a non-IFRS measure) of
$9,811 per calendar day, including management fees, in Q3 2024. - In Q4 2024 to date,
63% of the available VLCC spot days have been booked at an average TCE rate of$46,900 per day and70% of the available Suezmax spot days have been booked at an average TCE rate of$40,200 per day.
Declaration of Q3 2024 dividend
The Company’s board of directors declared a dividend of
Presentation
OET will be hosting a conference call and webcast at 14:30 CET on Friday November 8, 2024 to discuss the Q3 2024 and 9M 2024 results. Participants may access the conference call using the below dial-in details:
Standard International Access: +44 20 3936 2999
USA: +1 646 664 1960
Norway: +47 815 03 308
Password: 041313
The webcast will include a slide presentation and will be available on the following link:
https://events.q4inc.com/attendee/805202822
An audio replay of the conference call will be available on our website:
https://www.okeanisecotankers.com/reports/
Contacts
Company:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
ir@okeanisecotankers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
okeanisecotankers@capitallink.com
About OET
OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Børs under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.
Forward Looking Statements
This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics (including COVID-19), including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
A PDF associated with this press release can be found here http://ml.globenewswire.com/Resource/Download/43d3c8b5-36f4-4350-b052-f7ca766e2610
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