Okeanis Eco Tankers Corp. Reports Fourth Quarter Profit of $17.7 Million
Okeanis Eco Tankers Corp. (“OET” or the “Company”) yesterday 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.
Source: Okeanis Eco Tankers Corp.