Okeanis Eco Tankers(US:ECO)2025-11-12 21:27Financial Performance - Revenues of $90.6 million in Q3 2025, up from $84.9 million in Q3 2024, representing a 2% increase[5] - Profit of $24.1 million in Q3 2025, compared to $14.5 million in Q3 2024, reflecting a 66% increase[5] - Earnings per share of $0.75 in Q3 2025, compared to $0.45 in Q3 2024, marking a 67% increase[5] - Total revenues for the nine-month period of 2025 were $264.7 million, down from $308.0 million in 2024, a decrease of 14%[5] - Profit for the nine-month period of 2025 was $63.5 million, compared to $95.7 million in 2024, a decline of 34%[5] - Profit for the three months ended September 30, 2025, was $24,050,573, compared to $14,546,387 for the same period in 2024, representing a year-over-year increase of 65.5%[26] - Adjusted profit for the nine months ended September 30, 2025, was $62,783,313, compared to $94,280,722 in 2024, indicating a decrease of 33.5%[37] Revenue and Expenses - Time charter equivalent (TCE) revenue of $59.9 million in Q3 2025, compared to $52.2 million in Q3 2024, an increase of 15%[17] - TCE revenue in Q3 2025 was $90.6 million, reflecting a 15% increase from $84.9 million in Q3 2024[23] - Voyage expenses decreased by 7% to $29.7 million in Q3 2025 from $32.0 million in Q3 2024, primarily due to lower port expenses[23] - Daily vessel operating expenses of $10,014 per calendar day in Q3 2025, compared to $9,811 in Q3 2024, a 2% increase[17] - Total vessel operating expenses for the nine months ended September 30, 2025, were $37,224,998, compared to $36,328,219 in 2024, an increase of 2.5%[33] Cash Flow and Financing - Net cash provided by operating activities for the nine months ended September 30, 2025, was $78,835,207, down from $132,196,553 in 2024, a decrease of 40.5%[26] - Net cash used in financing activities for the nine months ended September 30, 2025, was $(75,418,064), compared to $(128,261,276) in 2024, a reduction of 41.2%[26] - Cash and cash equivalents at the end of the period for September 30, 2025, were $52,644,208, compared to $49,143,152 at the end of September 30, 2024, an increase of 5.1%[26] Dividends and Shareholder Equity - The board declared a dividend of $0.75 per common share, payable on December 11, 2025[3] - The Company declared a dividend of approximately $22.5 million, or $0.70 per share, in September 2025[20] - Shareholders' equity increased to $429.8 million as of September 30, 2025, up from $410.4 million at the end of 2024[24] Fleet and Operations - The Company has a fleet of 14 vessels with an average age of 6.1 years and a total capacity of approximately 3.5 million deadweight tons[20] - In Q4 2025 to date, 80% of available VLCC spot days booked at an average TCE rate of $88,100 per day[5] - The Company plans to repurchase the VLCC Nissos Rhenia and VLCC Nissos Despotiko under its sale and leaseback agreements in October and November 2025, respectively[20] Financial Metrics - Adjusted EBITDA for the three months ended September 30, 2025, was $45,165,792, up from $37,870,563 in 2024, reflecting a growth of 3.8%[37] - EBITDA for the nine months ended September 30, 2025, was $127,162,954, down from $168,390,541 in 2024, a decline of 24.5%[37] - Interest and finance costs for Q3 2025 were $11.0 million, down from $14.2 million in Q3 2024, attributed to reduced total indebtedness from $645.6 million to $616.6 million[23] - Interest expense for the three months ended September 30, 2025, was $10,474,518, down from $12,894,811 in 2024, a decrease of 18.7%[26] Market Outlook - Forward-looking statements indicate potential risks including market competition and operational uncertainties that could impact future performance[38] - The company emphasizes that EBITDA and adjusted measures are non-GAAP and should not be considered alternatives to GAAP measures[36]