Okeanis Eco Tankers Corp. Reports Lower Second Quarter Revenues and Profits

Okeanis Eco Tankers Corp. 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.
Source: Okeanis Eco Tankers