GREECE, May 13, 2021 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reports unaudited interim condensed results for the three months ended March 31, 2021.
Q1 2021 Highlights
- Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $39.6 million and $25.2 million, respectively. Adjusted profit for the period of $5.8 million or $0.18 per basic & diluted share.
- Fleetwide daily TCE rate of $26,100 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $32,000, $22,000 and $18,600 per operating day, respectively.
- Daily vessel operating expenses (“opex”) of $7,506 per calendar day, including management fees.
- In Q2 2021 to date, 90% of the available VLCC spot days have been booked at an average TCE rate of $15,000 per day, 47% of the available Suezmax spot days have been booked at an average TCE rate of $18,600 per day and 65% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $16,600 per day.
- In January 2021, the Company transferred its listing from Euronext Expand to Oslo Bors.
- In March 2021, the Company paid a cash dividend of $0.10 per share, amounting to $3.2 million.
- In May 2021, the Company signed a memorandum of agreement for the sale of its Aframax/LR2 fleet comprising three vessels (Nissos Therassia, Nissos Schinoussa, Nissos Heraclea) all built in 2015 at H.H.I. South Korea to an unaffiliated third party for a total of $120.75 million. The sale is anticipated to be completed upon delivery of the final vessel to her new owners by latest October 2021. The Company expects to incur a non-cash accounting charge of approximately $11 million in connection with the sale in Q2 2021.
- The sale is expected to generate net proceeds of approximately $45 million after repayment of debt outstanding at delivery. Upon completion of the sale, the Board intends to propose a shareholder distribution(s) of the majority of the net proceeds. The distribution(s) will be achieved through a write-down of paid-in capital, which requires Board approval only and is not a taxable event.
The full unaudited interim results and presentation are attached to this press release.
OET will be hosting a webcast at 14:30 CET on Friday May 14, 2021 to discuss Q1 2021 results. Participants may access the conference call using the below dial-in details:
Norway: +47 2 156 3318
USA: +1 212 999 6659
Standard International Access: +44 (0) 33 0551 0203
Password: Okeanis Eco Tankers
The webcast will include a slide presentation and will be available on the following link:
John Papaioannou, CFO
Tel: +30 210 480 4099
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
ABOUT OKEANIS ECO TANKERS CORP.
Okeanis Eco Tankers Corp. is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of 17 modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax/LR2 segments.
FORWARD LOOKING STATEMENTS
Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts that are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecast developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.
The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.