GREECE, February 28, 2020 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reported unaudited interim condensed results for the three and twelve months ended December 31, 2019.
Q4 2019 Highlights
- Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $49.5 million and $38.9 million, respectively. Profit for the period of $17.7 million or $0.54 per share (basic & diluted).
- Fleetwide daily TCE rate of $41,700 per operating day; VLCC, Suezmax and Aframax TCE rates of $38,400, $49,500 and $41,200 per operating day, respectively.
- Daily vessel operating expenses of $7,540 per calendar day, including management fees.
- In Q1 2020 to date, 77% of the available VLCC spot days have been booked at an average TCE rate of $100,200 per day, 83% of the available Suezmax spot days have been booked at an average TCE rate of $76,500 per day and 92% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $46,500 per day.
- In October 2019, the Company took delivery of the seventh VLCC of its newbuilding program with Hyundai Heavy Industries, Nissos Keros (Hull 3089).
- Also in October 2019, the Company exercised its free option to acquire two ECO design, scrubber-fitted 158,000 DWT Suezmax tankers under construction at Hyundai Samho Heavy Industries to be delivered in September 2020 at a cost of $64,505,000 per vessel. The transaction was consummated by OET acquiring a 100% ownership interest in two Special Purpose Companies, each of which being a party to the respective shipbuilding contract with the shipyard. The Company also secured a $45.9 million loan facility from Alpha Bank S.A. at LIBOR plus 3.50% to finance 88.95% of the total pre-delivery yard instalments.
- 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).
- Also in January 2020, the Company completed its scrubber retrofit program on its Suezmax fleet. The Company expects to conclude its scrubber retrofit program on its Aframax/LR2 fleet within Q2 2020.
- In February 2020, the Company lost its arbitration claim against Ocean Yield; the four VLCCs will remain on bareboat charter.
- The Board of Directors has decided to postpone the implementation of a dividend policy. For further details, please refer to the presentation accompanying this press release.
The full unaudited interim results and presentation are attached to this press release.
OET will be hosting a webcast at 14:00 CET on Tuesday March 3, 2020 to discuss fourth quarter 2019 results.
Participants Call In Numbers:
- 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
- Password : Okeanis
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.