Market Conditions and Demand - The Baltic Dirty Tanker Index (BDTI) reached a high of 1552 and a low of 860 in 2024, indicating significant volatility in charter rates [33]. - As of March 24, 2025, the BDTI was recorded at 994, reflecting ongoing uncertainty in the crude oil charter market [33]. - The demand for oil tankers is primarily influenced by economic conditions in the world's industrial countries and competition from alternative energy sources [40]. - The International Energy Agency (IEA) reported that electric vehicle sales increased by 25% in Q1 2024 compared to the same quarter in 2023, potentially impacting oil demand [48]. - The IEA projects that oil demand from road transport will peak around 2025, with electric vehicles displacing over 6 million barrels per day by 2030 [48]. - Seasonal fluctuations in tanker demand historically result in weaker revenues during the fiscal quarters ending June 30 and September 30 [49]. Geopolitical Risks - The tanker industry is subject to risks from geopolitical events, including the war in Ukraine and tensions in the Middle East, which can affect charter rates and vessel availability [33]. - The ongoing geopolitical tensions, including the war in Ukraine and conflicts in the Middle East, contribute to economic uncertainty and may impact demand for goods and shipping rates [54]. - The ongoing war in Ukraine has led to significant volatility in the tanker market, affecting supply chains and energy prices [90]. - The U.S. has imposed unprecedented economic sanctions against Russia, including prohibitions on the import of Russian oil, which may disrupt the company's operations [98]. - Political instability and conflicts in regions such as the Middle East and the South China Sea could adversely impact the company's business and financial condition [89]. - The potential for increased attacks on vessels in the Strait of Hormuz could disrupt operations and negatively impact earnings [94]. Financial Performance and Risks - An oversupply of tanker capacity may lead to decreased charter rates and vessel values, adversely impacting financial performance [42]. - The company relies on a limited number of customers for a significant portion of its revenue, increasing vulnerability to market changes [32]. - Rising inflation and higher interest rates are expected to increase operating costs and borrowing costs, adversely affecting financial condition and ability to pay dividends [53]. - The company may experience difficulties obtaining financing due to tighter lending standards and increased margins on lending rates from financial institutions [56]. - The company had total indebtedness of $651.6 million as of December 31, 2024, down from $698.5 million in 2023 [112]. - The company may not be able to refinance existing indebtedness or obtain additional financing due to adverse market conditions [121]. Regulatory Compliance and Environmental Concerns - Compliance with governmental regulations and potential changes in trade policies could materially affect operational costs and profitability [32]. - The company is subject to complex environmental regulations, which may require costly compliance measures and could adversely affect financial condition and operating results [63]. - Maritime shipping will be included in the EU Emission Trading System starting in 2024, requiring the company to purchase emission allowances, potentially increasing compliance costs [65]. - Compliance with additional EU regulations under the Fit-for-55 initiative may further impact financial position due to increased administration costs [66]. - The International Maritime Organization (IMO) aims to reduce carbon dioxide emissions from international shipping by at least 40% by 2030 compared to 2008 levels, with a target of net-zero GHG emissions by around 2050 [69]. - Compliance with new greenhouse gas regulations may lead to increased costs, including the need for new emission controls and potential penalties for non-compliance [73]. Customer Dependency and Counterparty Risks - The company is heavily dependent on short-term or spot charters, making it vulnerable to fluctuations in charter rates and off-hire periods, which could adversely affect profitability [186]. - 81% of the company's revenues in 2024 were derived from 13 customers, indicating a high dependency on a limited customer base [125]. - The company faces significant counterparty risks, as weaknesses in demand for shipping services could lead to financial challenges for customers, increasing the likelihood of defaults on charter payments [126]. - The company may struggle to re-deploy vessels on favorable terms if it loses contracts due to counterparty defaults, resulting in potential revenue loss while still incurring maintenance expenses [127]. - The company is exposed to counterparty credit risk through various agreements, including contracts for vessel purchases and financing arrangements, which could lead to significant losses if counterparties fail to perform [130]. Operational Challenges and Costs - The company may face potential adverse impacts on operations due to COVID-19 and other infectious disease outbreaks, which could materially affect future operations and cash flows [51]. - Increased insurance premiums are expected for transiting through designated high-risk areas, which could negatively affect operating costs [90]. - The aging fleet may result in increased operating and capital costs, impacting overall financial performance [162]. - Without adequate reserves for vessel replacement, the company risks revenue decline at the end of a vessel's useful life [163]. - The company may face significant uninsured or underinsured losses that could adversely affect its business, operating results, and financial condition [171]. Market and Economic Conditions - Concerns regarding potential sovereign debt defaults in the European Union could weaken consumer demand in the EU, the US, and other regions, adversely affecting the company's financial condition [105]. - The average GDP growth rate of China over the last ten years remains below pre-2008 levels, which may impact shipping demand [102]. - The company anticipates that economic slowdowns in the European Union and other Asian countries may adversely affect economic growth in China [104]. - Worldwide inflationary pressures could increase operating costs and negatively impact the company's financial condition [114]. Corporate Governance and Compliance - The company is classified as a "foreign private issuer," which may make its shares less attractive to some investors due to different disclosure requirements [208]. - The NYSE has granted an exemption from Norwegian takeover rules effective from October 20, 2023, following the company's listing on the NYSE [215]. - The dual listing on Oslo Børs and NYSE incurs additional costs, including legal, accounting, and investor relations expenses, which were not present prior to the NYSE listing [218]. - The company anticipates significant legal and financial compliance costs due to regulations such as the Sarbanes-Oxley Act and Dodd-Frank Act, which will require substantial management time and resources [219]. - Compliance with Section 404 of the Sarbanes-Oxley Act will necessitate a report on internal control over financial reporting starting from the year ending December 31, 2024, which may be costly and challenging [221].

Company Overview - Okeanis Eco Tankers Corp. operates the most modern fleet in the tanker industry, consisting of 8 VLCCs (Very Large Crude Carriers) and 6 Suezmax tankers [1] Investment Opportunity - The company is positioned to benefit from potential trade disruptions and sanctions, making it an attractive investment option in the current market environment [1]

Financial Data and Key Metrics Changes - In Q4 2024, the fleet-wide time charter equivalent (TCE) was approximately $39,000 per vessel per day, with VLCCs at $38,500 and Suezmax at $39,500 [4][5] - Adjusted EBITDA for Q4 was $37 million, with an adjusted net profit of $13 million and adjusted earnings per share of $0.41 [5] - For the full year 2024, TCE revenues grew to $262 million, with daily fleet-wide TCE of $53,000, EBITDA of approximately $204 million, and net income just shy of $109 million or $3.38 per share [7][8] Business Line Data and Key Metrics Changes - The Suezmax segment outperformed VLCCs in Q4, achieving a fleet-wide TCE rate of $39,000 per operating day for Q4 and $52,900 per operating day for the full year 2024 [18] - Utilization rates stood at 98% in Q4 and 97% for the full year, indicating efficient vessel deployment [18] Market Data and Key Metrics Changes - The crude tanker market is experiencing a structural supply imbalance, with over 700 VLCCs and Suezmaxes expected to be over 20 years old by 2028, while only around 200 vessels are scheduled for delivery [25] - The expanded sanctions framework now includes almost 10% of both VLCC and Suezmax fleets, further constraining fleet expansion [26] Company Strategy and Development Direction - The company aims to capitalize on supply constraints with its modern fleet and eco-friendly positioning, which allows it to consistently outperform the market [23][27] - Fleet triangulation remains a priority to maximize laden legs and optimize vessel deployment [20] Management Comments on Operating Environment and Future Outlook - Management noted that Q4 ended weakly due to crude market conditions, but Q1 of 2025 began positively with improved market rates following expanded sanctions [15][19] - The company expects further upside potential for ton-mile demand due to ongoing OPEC+ production policies and new U.S. sanctions on Russia and Iran [21][22] Other Important Information - The company declared an 11th consecutive dividend distribution of $0.35 per share, totaling $3 per share over the last four quarters, representing 89% of earnings for the year [5][6] - The company has successfully improved its margins by 130 basis points across 12 vessels, with interest expenses showing material improvement in Q4 [11][12] Q&A Session Summary Question: What are the positive pressures on Suezmax capacity going forward? - Management indicated that further sanctioning of the Russian trading fleet will tighten Suezmax supply, and the aging profile of the fleet adds to this pressure [36][38] Question: What is driving rate momentum into the second quarter? - Management explained that fixtures fixed after January 15 have improved significantly, and the impact of Q4 fixtures may carry into Q1 and Q2 due to the nature of voyage planning [42][46] Question: Is the Suezmax currently cleaned and how easy is it to switch back to clean trade? - Management confirmed that one Suezmax is currently cleaned, and while switching back to clean trade is possible, the cleaning process remains similar in time and cost [51][54] Question: How would reopening the Red Sea transit impact the Suezmax and VLCC markets? - Management believes reopening the Red Sea would positively impact Suezmax markets by restoring trade routes that had been priced out, while the impact on VLCCs would be less significant [62][65] Question: What is the outlook for VLCC and Suezmax valuations? - Management expressed confidence in VLCC values remaining firm due to a limited pool of sellers, while Suezmax values may face some downside due to a larger order book [70][71]

Q4 2O24 EARNINGS PRESENTATION February 20, 2025 Disclaimer The financial information and data contained in this Presentation is unaudited. This communication includes certain numerical measures (including estimated financial information and presented as pro-forma financial measures) that are not derived in accordance with generally accepted accounting principles ("GAAP"), and which may be deemed to be non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities & Exchang ...

Okeanis Eco Tankers Corp. Reports Financial Results for the Fourth Quarter and Twelve-Month Period of 2024 ATHENS, GREECE, February 19, 2025 – 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 fourth quarter and twelve-month period of 2024, which are attached to this press release. Financial performance of the Fourth Quarter Ended December 31, 2024 Financ ...

ATHENS, Greece, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. ("OET" or the "Company") (NYSE:ECO), announced today that the Company's board of directors (the "Board") has declared a dividend on its common shares (the "Dividend"). Due to implementation of the Central Securities Depository Regulation ("CSDR") in Norway, shareholders who hold shares registered in Euronext Securities Oslo, the central securities depository in Norway ("VPS") should please note the information on the payment date to ...

ATHENS, Greece, Feb. 19, 2025 (GLOBE NEWSWIRE) -- 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 fourth quarter and twelve-month period of 2024, which are attached to this press release. Financial performance of the Fourth Quarter Ended December 31, 2024 •Revenues of $85.2 million in Q4 2024, compared to $91.7 million in Q4 2023. •Profit of $13.2 mill ...

ATHENS, Greece, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET”) (NYSE:ECO / OSE:OET), will report unaudited condensed results for the fourth quarter and twelve-month period ended December 31, 2024, after market close on the NYSE, on Wednesday, February 19, 2025, and a webcast/teleconference will be held at 14:30 CET, on Thursday, February 20, 2025. Participants may access the webcast using the following link: https://events.q4inc.com/attendee/655744857 Or via conference ...

ATHENS, Greece, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Financial calendar for Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) FINANCIAL YEAR 2024 31.03.2025 - Annual Report 19.02.2025 - Quarterly Report - Q4 FINANCIAL YEAR 2025 12.08.2025 - Half-yearly Report30.05.2025 - Annual General Meeting 14.05.2025 - Quarterly Report - Q112.11.2025 - Quarterly Report - Q3 All quarterly financial results will be released after market close on the New York Stock Exchange (NYSE) on the respective dates. Contacts Company:Irakli ...

I am a voracious reader and self-taught investor. In the past, I was an accountant in the maritime industry. Now, I am a happy retiree passionate about writing and financial markets. As the kids are grown up, I have time to pursue my endeavors: growing my portfolio and developing my writing skills. You will find enticing investment ideas in KD Research that are not limited by region or sector. However, all of them share a few common things: • They are overlooked. • They offer asymmetric risk rewards. • They ...