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ATHENS, GREECE, February 29, 2024 (GLOBE NEWSWIRE) — Oceanis Eco Tankers Corporation (“OET” or the “Company”) (NYSE:ECO / OSE:OET) today announced its fourth and twelfth quarter results. We have reported unaudited condensed financial statements. Month period 2023 attached to this press release.
Excerpts and recent highlights from Q4 2023:
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Time charter equivalent (“TCE”, non-IFRS measure*) revenue and adjusted EBITDA (non-IFRS measure*) were $58.4 million and $44.2 million, respectively. Adjusted earnings and adjusted earnings per share (non-IFRS measures*) for the period were $20.4 million, or $0.63 per basic and diluted share.
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Fleet-wide daily TCE rate is $45,400 per business day. VLCC and Suezmax TCE costs $45,200 and $45,600 per business day, respectively.
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Vessel operating costs per day (‘opex’, non-IFRS measure*), including management fees, are $9,105 per calendar day.
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To date in Q1 2024, 76% of available VLCC spot days have been booked at an average TCE rate of $73,900 per day and 88% of available Suezmax spot days have been booked at an average TCE rate of $58,800 per day. Reserved in dollars.
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The Company paid approximately $19.3 million, or $0.60 per share, in dividends in November 2023 that are classified as a return of paid-in capital for accounting purposes.
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On January 26, 2024, the Company entered into an amendment to the existing sale and leaseback agreement (the “Existing Lease Amendment”) for the VLCC vessels Nissos Care and Nissos Nikouria with CMB Financial Lease. The current lease amendments, effective from the first quarter of 2024, provide for the pricing of variable charter rates payable hereunder to be reduced by 200 basis points below the applicable period SOFR for both vessels, and provide for Nissos Care. The issue maturity has been extended to December 2030. For Nissos Nikouria, the purchase option will run until March 2031, and if the Company exercises the purchase option after one year, the previously provided early upfront fee will be abolished.
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On January 29, 2024, the Company entered into a new sale and leaseback agreement (the “Anafi Lease”) with CMB Financial Lease for approximately $73.5 million for the VLCC vessel Nissos Anafi. The agreement provides for bareboat charters, with charter rental fees payable quarterly and priced at 190 basis points above SOFR for the applicable period, expiring in seven years. Anafi leases include a purchase option from us after the first year and throughout the lease term and are guaranteed by us.
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On January 31, 2024, the Company entered into a new agreement with a syndicate led by Kexim Asia Limited to fund an option to repurchase the Suezmax vessel Milos from its current sale and leaseback financier in February 2024. entered into a $34.7 million senior secured credit facility. The facility is repayable quarterly, matures in six years, is priced at 175 basis points above the applicable term SOFR, is collateralized by Milos and guaranteed by the Company.
*The Company uses certain financial information that is calculated on a basis other than Generally Accepted Accounting Principles, such as TCE, Adjusted EBITA, Adjusted Earnings, Adjusted Earnings Per Share, and Operating Income. Please see the end of the attached report for reconciliations of these non-IFRS measures.
Capital Return Declaration for Q4 2023:
The board of directors declared a dividend of $0.66 per share to shareholders. Dividends paid on shares registered with Euronext VPS are distributed in NOK. This cash payment will be recorded for accounting purposes as a return of paid-in capital and is expected to be paid on March 22, 2024 to shareholders of record as of March 11, 2024. Shares are traded as dividends excluding capital. Due to the enforcement of the Central Securities Depository Regulation (CSDR) in Norway, dividends paid on shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about March 27, 2024.
A presentation related to our results is available on our website at http://www.okeanisecotankers.com/reports/.
Information published on our website is not incorporated by reference into this press release.
OET will hold a conference call and webcast on Thursday, February 29, 2024 at 13:30 CET to discuss the fourth quarter 2023 results. Participants can access the conference call using the dial-in details below.
The webcast includes a slide presentation and can be viewed at the following link:
https://channel.royalcast.com/landingpage/okeanis/20240229_1/
An audio replay of the conference call is available on our website.
contact address
company:
Iraklis Subarnis, CFO
Phone number: +30 210 480 4200
ir@okeanisecotankers.com
Investor Information/Media Contact:
Nicholas Bornozis, President
Capital Link Co., Ltd.
230 Park Avenue, Suite 1540, New York, NY 10169
Phone: +1 (212) 661-7566
okeanisecotankers@capitallink.com
About OET
OET is a leading international tanker company providing ocean transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is traded on the Oslo Bors under the symbol OET and on the New York Stock Exchange under the symbol ECO. The sailing convoy consists of 6 Suez Max tankers equipped with modern scrubbers and his 8 VLCC tankers equipped with modern scrubbers.
Forward-looking statements
This communication contains “forward-looking statements”, including as that term is defined under the U.S. federal securities laws. Forward-looking statements provide our current expectations or predictions about future events. Forward-looking statements include statements regarding our expectations, beliefs, plans, objectives, intentions and assumptions and other statements that are not historical facts or that are not current facts or circumstances. “anticipate”, “believe”, “continue”, “estimate”, “expect”, “hope”, “intend”, “may”, “in progress”, “plan”, “may,” “predict,” “predict,” “should,” “will,” or similar words or phrases, or the negative of those words or phrases, are , may be identified as a forward-looking statement, but the absence of these words does not necessarily mean that the statement is a forward-looking statement. Not positive. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those anticipated or implied by the forward-looking statements. There is a possibility. Our actual results may differ materially from those anticipated in the forward-looking statements for a number of reasons, including those described in our filings with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, our operating or financial results; the company’s liquidity, including its ability to repay debt; competitive factors in the markets in which we operate; Trends in the shipping industry, including charter rates, vessel values, and factors affecting vessel demand and supply. future, pending or recent acquisitions and dispositions, business strategies, potential areas of expansion or contraction, and anticipated capital expenditures or operating expenses; Risks associated with operations. the broader market effects resulting from war (or the threat of war) or international hostilities; risks related to pandemics (including COVID-19), including the impact on demand for and transportation of oil and other products transported by tankers; and other factors described from time to time in our filings with the Securities and Exchange Commission. Except to the extent required by law, we do not intend to update any forward-looking statements contained herein to reflect changes in our expectations regarding them or to reflect changes in events, circumstances or circumstances. or expressly disclaims any obligation or undertaking to publish any amendments. The situation on which the statement is based. However, you should review the factors and risks described in the reports that we file and file with the Securities and Exchange Commission from time to time. This report is available free of charge on the U.S. Securities and Exchange Commission website (www).second government
This information is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Exchange Act.
PDF available: http://ml.globenewswire.com/Resource/Download/e653ca19-8435-4d82-89b9-b9a13c1c5c04
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