Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the Second Quarter and Six-Month Period of 2024

ATHENS, GREECE, August 9, 2024 – Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the second quarter and six-month period of 2024, which are attached to this press release.

Financial performance of the Second Quarter Ended June 30, 2024

• Revenues of $112.0 million in Q2 2024, compared to $119.8 million in Q2 2023.
• Profit of $39.6 million in Q2 2024, compared to $52.9 million in Q2 2023.
• Earnings per share of $1.23 in Q2 2024, compared to $1.64 in Q2 2023.
• Cash (including restricted cash) of $98.1 million as of June 30, 2024, compared to $86.1 million as of June 30, 2023.

Financial performance of the Six Months Ended June 30, 2024

• Revenues of $223.1 million in 6M 2024, compared to $232.4 million in 6M 2023.
• Profit of $81.1 million in 6M 2024, compared to $104.5 million in 6M 2023.
• Earnings per share of $2.52 in 6M 2024, compared to $3.25 in 6M 2023.

Alternative performance metrics and market developments

• Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $79.4 million in Q2 2024, compared to $91.2 million in Q2 2023.
• EBITDA and Adjusted EBITDA (a non-IFRS measure*) of $63.6 million and $63.9 million, respectively, in Q2 2024.
• Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of $39.7 million or $1.23 per basic and diluted share in Q2 2024.
• Fleetwide daily TCE rate of $64,900 per operating day in Q2 2024; VLCC and Suezmax TCE rates of $73,300 and $54,600 per operating day, respectively, in Q2 2024. The TCE rate includes certain short term (less than 90 days) time-charters fixed on our vessels.
• Daily vessel operating expenses (“Opex”, a non-IFRS measure) of $9,389 per calendar day, including management fees, in Q2 2024.
• In Q3 2024 to date, 58% of the available VLCC spot days have been booked at an average TCE rate of $46,100 per day and 53% of the available Suezmax spot days have been booked at an average TCE rate of $58,000 per day. The TCE rate includes certain short term (less than 90 days) time-charters fixed on our vessels.

Declaration of Q2 2024 dividend

The Company’s board of directors declared a dividend of $1.10 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be classified as a return of paid-in-capital and will be paid on September 5, 2024, to shareholders of record as of August 21, 2024. The common shares will be traded ex-dividend on the NYSE as from and including August 21, 2024, and the common shares will be traded ex-dividend on the Oslo Børs as from and including August 20, 2024. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about September 10, 2024.

Presentation

OET will be hosting a conference call and webcast at 14:30 CET on Friday August 9, 2024 to discuss the Q2 2024 and 6M 2024 results. Participants may access the conference call using the below dial-in details:

Standard International Access: +44 20 3936 2999

USA: +1 646 664 1960

Norway: +47 815 03 308

Password: 450545

The webcast will include a slide presentation and will be available on the following link:

https://events.q4inc.com/attendee/514653447

An audio replay of the conference call will be available on our website: http://www.okeanisecotankers.com/reports/

 

Contacts

 

Company:

Iraklis Sbarounis, CFO

Tel: +30 210 480 4200

ir@okeanisecotankers.com

 

Investor Relations / Media Contact:

Nicolas Bornozis, President

Capital Link, Inc.

230 Park Avenue, Suite 1540, New York, N.Y. 10169

Tel: +1 (212) 661-7566 okeanisecotankers@capitallink.com

 

About OET

OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Børs under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

 

Forward Looking Statements

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics (including COVID-19), including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.