Revenue Performance - Revenue decreased by $9.2 million to $223.1 million in the six-month period ended June 30, 2024, from $232.4 million in the same period in 2023, primarily due to a decrease in fleetwide daily TCE to $64,254 from $71,416[25]. - Revenue for the six months ended June 30, 2024, was $223.1 million, a decrease of 3.4% from $232.4 million in the same period of 2023[31]. - Total revenue for the six months ended June 30, 2024, was $223,110,983, a decrease from $232,359,933 in the same period of 2023[119]. - Freight revenue for the six months ended June 30, 2024, was $183,616,930, compared to $185,530,482 in 2023, indicating a decrease of approximately 1%[120]. - Total revenue for the six months ended June 30, 2024, was $204,468,964, slightly down from $204,484,668 in the same period of 2023[120]. - Revenue generated in Europe increased to $109,045,145 in 2024 from $96,576,363 in 2023, representing an increase of approximately 13%[122]. - Revenue from North America rose to $30,690,207 in 2024, up from $20,609,204 in 2023, marking an increase of about 49%[122]. Operating Expenses - Voyage expenses increased by $10 million to $62.6 million in the six-month period ended June 30, 2024, compared to $52.7 million in the same period in 2023, attributed to higher spot exposure and bunker fuel costs[26]. - Vessel operating expenses increased by $1.1 million to $23.7 million in the six-month period ended June 30, 2024, compared to $22.6 million in the same period in 2023, mainly due to higher maintenance costs[26]. - General and administrative expenses increased by $2.4 million to $7.7 million in the six-month period ended June 30, 2024, compared to $5.3 million in the same period in 2023, reflecting increased costs associated with U.S. listing and shore-based employee costs[26]. - Total operating expenses increased to $114,336,518, up 13.7% from $100,575,696 in the prior year[75]. Profitability - Profit recorded was $81.1 million in the six-month period ended June 30, 2024, or $2.52 per basic and diluted share, compared to a profit of $104.5 million, or $3.25 per share in the same period in 2023[27]. - Operating profit increased by $23 million to $131.8 million in the six-month period ended June 30, 2024, compared to the same period in 2023[25]. - For the six months ended June 30, 2024, the profit for the period was $81,122,288, compared to $104,541,409 for the same period in 2023, representing a decrease of approximately 22.4%[79]. - Earnings per share decreased to $2.52, down from $3.25 in the previous year[75]. Cash Flow and Financial Position - Cash and cash equivalents at the end of the period increased to $92.8 million as of June 30, 2024, from $80.2 million as of June 30, 2023[42]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $125.3 million, an increase from $114.2 million in the same period in 2023[42]. - Working capital surplus increased to $51.4 million as of June 30, 2024, compared to $32.3 million as of December 31, 2023[39]. - The total outstanding long-term borrowings as of June 30, 2024, amount to $675,490,622, with an average interest rate of 2.35%[94]. - The company’s cash and cash equivalents at the end of the period were $92,798,770, up from $80,173,189 at the end of the same period in 2023, indicating an increase of about 15.5%[79]. Debt and Financing - The company secured a $103.2 million term loan facility with KEXIM Bank to finance the acquisition of vessels Nissos Sikinos and Nissos Sifnos, with a final maturity date of September 20232[46]. - A $125.7 million term loan facility was entered into with the National Bank of Greece to refinance existing indebtedness on vessels Nissos Kythnos and Nissos Donoussa, maturing on May 25, 2029[48]. - The company entered into a $60 million senior secured credit facility for the VLCC vessel Nissos Kythnos, priced at 140 basis points over Term SOFR, maturing in six years[50]. - A $113.0 million senior secured credit facility was established with ABN AMRO Bank to refinance debts on vessels Kimolos, Folegandros, and Nissos Keros, with a final maturity date of June 30, 2028[53]. - The company entered into an $84.0 million senior secured credit facility with CACIB to refinance debts on vessels Nissos Sikinos and Nissos Sifnos, maturing in September 2029[54]. - A $34.7 million senior secured term loan facility was secured to refinance debts on vessel Milos, with a final maturity date in February 2030[55]. - The company established a $31.11 million senior secured credit facility to finance the option to repurchase the Suezmax vessel Poliegos, maturing in six years[56]. Vessel Operations and Acquisitions - The company has a fleet of 14 vessels with an average age of 5 years and an aggregate capacity of approximately 3.5 million deadweight tons[68]. - The company repurchased the vessel Milos in February 2024, ending the previous sale and leaseback agreement[57]. - The company repurchased the vessel Poliegos in July 2024, concluding the prior sale and leaseback arrangement[58]. - Approximately $150.52 million in sale and leaseback agreements were entered into for vessels Nissos Rhenia and Nissos Despotiko[59]. - The company entered into a $145.5 million sale and leaseback agreement for Nissos Kea and Nissos Nikouria, with a charter period of 84 months and a fixed quarterly payment of $909,375 plus a variable amount based on Term SOFR[61]. - A $73.5 million sale and leaseback agreement for Nissos Anafi was established, with a fixed quarterly payment of approximately $1.2 million plus a variable amount priced at 190 basis points over Term SOFR[62]. Dividend Policy - The company has no written dividend policy, and dividend payments will depend on earnings, financial condition, and other factors[69]. - The ability to pay dividends is subject to the discretion of the board of directors and is influenced by the cash flows generated by subsidiaries[71]. - The company distributed dividends of approximately $35.4 million or $1.1 per share in June 2024, classified as a return of paid-in capital[117]. - The company declared a dividend of $1.10 per common share, payable on September 5, 2024, to shareholders of record as of August 21, 2024[125].
Okeanis Eco Tankers(ECO) - 2024 Q2 - Quarterly Report