GREECE, August 15, 2019 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reported unaudited interim results for the second quarter and first half year ended June 30, 2019.
Q2 2019 Highlights
- Time charter equivalent revenue and adjusted EBITDA of $14.4 million and $8.3 million, respectively. Loss for the period of $3.6 million or $0.11 per share (basic & diluted).
- Fleetwide TCE rate of $20,253 per operating day; VLCC, Suezmax and Aframax TCE rates of $31,800, $19,400 and $18,000 per operating day, respectively.
- Daily operating expenses of $7,660 per calendar day, including management fees
Important Half-Year 2019 Events
- In January 2019, the Company entered into a sale and lease back arrangement with Ocean Yield Malta Limited for the re-financing of M/T Milos.
- In March 2019, the Company up-listed to Oslo Axess from the Merkur Market.
- In April 2019, the Company was granted an option by the Alafouzos family to acquire two Suezmax newbuilding vessels to be constructed at Hyundai Heavy Industries with expected delivery dates in the third quarter of 2020. The option secures a right for the Company, at no cost, to acquire the vessels at the Alafouzos family’s contract price.
- In May 2019, the Company took delivery of the first VLCC from its newbuilding program with Hyundai Heavy Industries, Nissos Rhenia (Hull 3012).
- Also in May 2019, the Company successfully conducted a private placement, raising net proceeds of $15 million through the placement of 1,580,000 new shares at a subscription price of NOK 83 per share.
- In June 2019, the Company took delivery of the second VLCC from its newbuilding program with Hyundai Heavy Industries, Nissos Despotiko (Hull 3013).
- Also in June 2019, the Company entered into and drew down on an $11 million secured loan facility for its scrubber retrofit project from BNP Paribas. The financing carries an interest rate over Libor of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year after drawdown.
The full unaudited interim results and presentation are attached to this press release.
OET will not be hosting a presentation or webcast to discuss the company’s results for the period ended June 30, 2019. Investors and analysts are urged to contact the company directly with any queries or feedback, or to organize a telephonic meeting with management.
John Papaioannou, CFO
Tel: +30 210 480 4099
ABOUT OKEANIS ECO TANKERS CORP.
Okeanis Eco Tankers is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of 15 modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax 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 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 forecasted 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.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.