GREECE, May 14, 2020 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reported unaudited interim condensed consolidated results for the three months ended March 31, 2020.
Q1 2020 Highlights
- Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $73.4 million and $63.3 million, respectively. Profit for the period of $41.1 million or $1.26 per share (basic & diluted).
- Fleetwide daily TCE rate of $56,200 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $59,200, $63,700 and $35,200 per operating day, respectively.
- Daily vessel operating expenses of $7,025 per calendar day, including management fees.
- In Q2 2020 to date, 68% of the available VLCC spot days have been booked at an average TCE rate of $105,500 per day, 67% of the available Suezmax spot days have been booked at an average TCE rate of $56,700 per day and 64% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $35,800 per day.
- In January 2020, the Company took delivery of the eighth and final VLCC of its newbuilding program with Hyundai Heavy Industries, Nissos Anafi (Hull 3090).
- In February 2020, the Company lost its arbitration claim against Ocean Yield ASA; the four VLCCs will remain on bareboat charter.
- In March 2020, the Company purchased 113,934 of its own shares at an average price of NOK 57.3 per share.
- The Board of Directors declared a cash dividend of $0.50 per share, amounting to $16.2 million. The cash dividend will be paid on Tuesday June 2, 2020 to shareholders of record as of Wednesday May 20, 2020. The shares will be traded ex-dividend as from and including Tuesday May 19, 2020.
- In April 2020, the Company entered into a thirty-six month time charter contract with a leading international energy company for its VLCC Nissos Keros and an eight-month time charter contract with a national energy company for its VLCC Nissos Kythnos.
- Also in April 2020, the Company purchased 250,000 of its own shares at an average price of NOK 57.5 per share.
- Lastly in April 2020, the Company received firm commitments from the Export-Import Bank of Korea, the Busan Bank and the Kyongnam Bank for $90.3 million for the financing of its two Suezmax newbuildings scheduled for delivery in September 2020. The facility includes an accordion option of up to $6.5 million per vessel subject to acceptable long-term employment and credit approval by lenders. The weighted average amortization profile is approximately 15.2 years.
OET will be hosting a webcast at 14:00 CET on Thursday May 14, 2020 to discuss first quarter 2020 results. Participants may access the conference call using the below dial-in details:
Norway: +47 2 156 3318
USA: +1 212 999 6659
Greece (Toll Free): 00800 1273 78
UK (Standard International Access): +44 (0) 20 3003 2666
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.