Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the First Quarter and Three-Month Period of 2024
Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) reported its unaudited financial statements for Q1 2024. The company achieved TCE revenue of $81.0 million and Adjusted EBITDA of $65.2 million. Adjusted profits were $39.6 million, with earnings per share at $1.23. The fleetwide daily TCE rate was $63,600, with VLCC and Suezmax rates at $68,800 and $56,700, respectively. Daily vessel operating expenses averaged $9,208 per calendar day.
For Q2 2024, 82% of VLCC spot days were booked at $75,900 per day, and 57% of Suezmax days were booked at $60,800. The company declared a Q1 dividend of $1.10 per share, payable on June 20, 2024, to shareholders of record as of June 5, 2024. The dividend will be classified as a return of paid-in capital. More details are available on the company's website.
- TCE revenue reached $81.0 million.
- Adjusted EBITDA was $65.2 million.
- Adjusted profits were $39.6 million.
- Earnings per share stood at $1.23.
- Fleetwide daily TCE rate was $63,600.
- VLCC TCE rate was $68,800 per day.
- Suezmax TCE rate was $56,700 per day.
- 82% of VLCC spot days in Q2 2024 booked at $75,900 per day.
- 57% of Suezmax spot days in Q2 2024 booked at $60,800 per day.
- Declared a dividend of $1.10 per share for Q1 2024.
- Daily vessel operating expenses were $9,208 per calendar day, which may indicate high operating costs.
- The dividend payment is classified as a return of paid-in capital rather than from earnings, which might concern some investors.
Insights
The earnings report from Okeanis Eco Tankers provides several key financial metrics that are essential for investors. The adjusted earnings per share of
However, it's important to note the non-IFRS measures used. While they provide a more tailored view of operational performance, they can be less standardized. Investors should carefully evaluate these figures alongside IFRS-compliant metrics for a complete picture.
The dividend declaration of
The increase in spot rates for VLCC and Suezmax vessels to
The time charter equivalent (TCE) rates and adjusted EBITDA figures underscore a strong operational quarter for Okeanis Eco Tankers. The VLCC and Suezmax TCE rates of
It's important to understand that TCE rates reflect the revenues generated from chartering vessels, excluding voyage expenses. The given rates are healthy, suggesting efficient fleet utilization and favorable market conditions.
Furthermore, the reported daily vessel operating expenses (opex) of
The partial booking of spot days for Q2 at elevated rates indicates optimism for continued strong performance. However, this is contingent on market trends which can be influenced by global economic conditions and geopolitical factors.
ATHENS, Greece, May 16, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET” or “Okeanis”) (NYSE:ECO / OSE:OET), today reported unaudited condensed financial statements for the first quarter and three-month period of 2024, which are attached to this press release.
Selected Q1 2024 and Recent Highlights:
- Time charter equivalent ("TCE", a non-IFRS measure*) revenue and Adjusted EBITDA (a non-IFRS measure*) of
$81.0 million and$65.2 million , respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures*) for the period of$39.6 million or$1.23 per basic & diluted share. - Fleetwide daily TCE rate of
$63,600 per operating day; VLCC and Suezmax TCE rates of$68,800 and$56,700 per operating day, respectively. - Daily vessel operating expenses (“opex”, a non-IFRS measure*) of
$9,208 per calendar day, including management fees. - In Q2 2024 to date,
82% of the available VLCC spot days have been booked at an average TCE rate of$75,900 per day and57% of the available Suezmax spot days have been booked at an average TCE rate of$60,800 per day. - The Company paid an amount of approximately
$21.2 million or$0.66 per share in March 2024 as a dividend classified for accounting purposes as a return of paid-in capital.
*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles, including TCE, Adjusted EBITA, Adjusted profit, Adjusted earnings per share, and opex. For a reconciliation of these non-IFRS measures please refer to the end of the attached report.
Declaration of 1Q 2024 dividend
The Company’s board of directors declared a dividend of
A presentation related to our results can be found on our website: http://www.okeanisecotankers.com/reports/.
Information found on our website is not incorporated by reference into this press release.
OET will be hosting a conference call and webcast at 13:30 CET on Thursday May 16, 2024, to discuss the Q1 2024 results. Participants may access the webcast using the following link and dial-in details:
https://events.q4inc.com/attendee/182966276
Standard International Access: +44 20 3936 2999
USA: +1 646 664 1960
Norway: +47 815 03 308
Password: 487447
An audio replay of the conference call will be available on our website:
http://www.okeanisecotankers.com/reports/
Contacts
Company
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
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. 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 U.S. Securities and Exchange Commission. 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 U.S. Securities and Exchange Commission, which can be obtained free of charge on the U.S. Securities and Exchange Commission’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/19e931b4-b627-4713-965e-1dc9646a9779
FAQ
What were Okeanis Eco Tankers' TCE revenue and Adjusted EBITDA for Q1 2024?
What is the earnings per share for Okeanis Eco Tankers in Q1 2024?
What are the TCE rates for VLCC and Suezmax for Okeanis Eco Tankers in Q1 2024?
When will the Q1 2024 dividend be paid by Okeanis Eco Tankers?
What is the daily vessel operating expense reported by Okeanis Eco Tankers in Q1 2024?
How many VLCC and Suezmax spot days were booked by Okeanis Eco Tankers in Q2 2024?
