GREECE, November 15, 2019 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reported unaudited interim condensed results for the three and nine months ended September 30, 2019.
Q3 2019 Highlights
- Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $21.6 million and $14.1 million, respectively. Loss for the period of $3.2 million or $0.10 per share (basic & diluted).
- Fleetwide daily TCE rate of $23,200 per operating day; VLCC, Suezmax and Aframax TCE rates of $29,700, $21,100 and $16,300 per operating day, respectively.
- Daily vessel operating expenses of $6,900 per calendar day, including management fees.
- In Q4 2019 to date, 69% of the available VLCC spot days have been booked at an average TCE rate of $63,400 per day, 74% of the available Suezmax spot days have been booked at an average TCE rate of $59,100 per day and 57% of the available Aframax spot days have been booked at an average TCE rate of $44,300 per day.
- In July 2019, the Company took delivery of the third and fourth VLCCs of its newbuilding program with Hyundai Heavy Industries, Nissos Santorini (Hull 3014) and Nissos Antiparos (Hull 3015).
- In August 2019, the Company took delivery of the fifth VLCC of its newbuilding program with Hyundai Heavy Industries, Nissos Donoussa (Hull 3050).
- Also in August 2019, the Company purchased 150,149 of its own shares at an average price of NOK 61 per share.
- In September 2019, the Company took delivery of the sixth VLCC of its newbuilding program with Hyundai Heavy Industries, Nissos Kythnos (Hull 3051).
- The Company fit scrubbers on two Suezmax vessels during Q3 2019, the M/T Milos and M/T Poliegos, and incurred 89 off-hire days.
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 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.