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Okeanis Eco Tankers(ECO) - 2024 Q1 - Quarterly Report
2024-02-29 11:00
Exhibit 99.1 Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the Fourth Quarter and Twelve Month Period of 2023 ATHENS, GREECE, February 29, 2024 – Okeanis Eco Tankers Corp. ("OET" or "Company") (NYSE:ECO / OSE:OET) today reported unaudited condensed financial statements for the fourth quarter and twelve month period of 2023, which are attached to this press release. Selected Q4 2023 and Recent Highlights: *The Company uses certain financial information calculated on a basis other t ...
Okeanis Eco Tankers(ECO) - 2022 Q3 - Earnings Call Transcript
2022-11-12 16:55
Okeanis Eco Tankers Corp. (OKENF) Q3 2022 Results Conference Call November 10, 2022 7:30 AM ET Company Participants Aristidis Alafouzos - Chief Operating Officer Konstantinos Oikonomopoulos - Chief Financial Officer Conference Call Participants Petter Haugen - ABG Operator Welcome to OET's Third Quarter and 9 Months 2022 Financial Results Presentation. We will begin shortly. Aristidis Alafouzos, COO; and Konstantinos Oikonomopoulos, CFO of Okeanis Eco Tankers, will take you through the presentation. They wi ...
Okeanis Eco Tankers(ECO) - 2022 Q2 - Earnings Call Presentation
2022-08-12 17:32
OKEANIS ECO TANKERS CORP. Q2 2022 EARNINGS PRESENTATION DATE 12 AUGUST 2022 DISCLAIMER This presentation (the "Presentation") has been prepared by Okeanis Eco Tankers Corp. ("OET or the "Company"). The Presentation reflects the conditions and views of the Company as of the date set out on the front page of this Presentation. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, someti ...
Okeanis Eco Tankers(ECO) - 2022 Q2 - Earnings Call Transcript
2022-08-12 15:54
Financial Data and Key Metrics Changes - The company generated net revenue of $36 million, which is a 36% increase quarter-on-quarter [4] - Adjusted EBITDA reached $25 million, reflecting a 52% increase quarter-on-quarter [4] - Adjusted profit was reported at $8.5 million, or $0.26 per share [4] - Fleet-wide Time Charter Equivalent (TCE) for the quarter was $29,900, a 21% increase compared to the first quarter [5] - Total liquidity at the end of the second quarter was $72.4 million, which is 121% higher year-over-year [5][33] - The company reported a debt level of $763 million, with a leverage ratio of 65% [33] Business Line Data and Key Metrics Changes - VLCCs generated $18,600 per day in the spot market, outperforming peers by 2% [11] - Suezmaxes achieved $41,500 per spot day, outperforming peers by 80% [14] - In Q3, 60% of VLCC spot days were fixed at $31,900 per day, a 72% outperformance relative to peers [15] - 70% of Suezmax spot days were fixed at $60,400, a 109% outperformance relative to peers [15] Market Data and Key Metrics Changes - The company noted a shift in trade patterns due to the Russian invasion of Ukraine, with new trade routes emerging for VLCCs [12][20] - European crude imports are increasingly sourced from farther regions, replacing Russian crude [21] - The average crude tanker sailing distance has increased, positively impacting the company's trade [22] Company Strategy and Development Direction - The company aims to capture the current tanker cycle with a focus on maintaining a highly efficient fleet [39] - The strategy includes optimizing TCE and reducing ballast days while increasing spot exposure to capitalize on market spikes [19][39] - The company is considering a potential US listing in the medium term [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market, anticipating increased US Gulf exports and higher rates in Q4 [47] - The company expects to benefit from the ongoing need to replace Russian crude in Europe [19] - Management highlighted the importance of maintaining liquidity due to market volatility and rising interest rates [54] Other Important Information - The company announced a cash dividend of $0.30 per share, totaling $10 million [5] - The fleet is now fully delivered, with a mix of long-term charters and spot trading [8] Q&A Session Summary Question: What levels would be acceptable for longer-dated charters? - Management indicated they would consider longer-term deals in the high 40s for VLCCs and comparable rates for Suezmaxes, noting current rates are undervalued [42][44] Question: Is there an appetite for further investment or selling ships? - Management stated it is more challenging to invest now due to high prices, but selling ships for profit to renew the fleet could make sense [44] Question: What is the outlook for US exports? - Management expects a busy period for US Gulf exports at the end of Q3 and early Q4, with potential for increased rates [47][48] Question: What are the expectations for cash balances going forward? - Management aims to increase liquidity to at least €70 million due to market volatility and rising interest rates [54] Question: Is there interest in pursuing a US listing? - Management has begun exploring the process for a potential US listing and will update investors accordingly [55]
Okeanis Eco Tankers(ECO) - 2021 Q1 - Earnings Call Transcript
2021-05-19 00:41
Okeanis Eco Tankers Corp. (OKENF) Q1 2021 Earnings Conference Call May 18, 2021 9:30 AM ET Company Participants Ioannis Alafouzos - Chairman and CEO Aristidis Alafouzos - COO John Papaioannou - CFO Conference Call Participants Dennis Anghelopoulos - ABG Operator Welcome to OETÂ's First Quarter 2021 Financial Results Presentation. We will begin shortly. Ioannis Alafouzos, Chairman and CEO; Aristidis Alafouzos, COO; and John Papaioannou, CFO of Okeanis Eco Tankers, will take you through the presentation. They ...