Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q1 2023 Earnings Presentation
22 slides from Okeanis Eco Tankers's earnings presentation, May 12, 2023
Slide 1: Q1 2023 Earnings Presentation
Q1 2O23 EARNINGS PRESENTATION May 12, 2023
Slide 2: Disclaimer
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-lookin
Slide 3: Agenda: Executive Summary
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q1 2O23 EARNINGS PRESENTATION MAY 12, 2023
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers delivers highest earnings since inception for 2nd consecutive quarter, benefitting from tanker recovery and young, fuel-efficient fleet 1Q23 1Q22 YoY (%) HIGHLIGHTS VLCC TCE1 $72,700 $24,200 200% Suezmax TCE1 $68,200 $25,300 170% $70,800pd fleetwide TCE COMMERCI
Slide 5: Corporate, Debt and Employment Structure
Corporate, Debt and Employment Structure Alafouzos Family Public (“Sponsor”) 57% 43% OKEANIS ECO TANKERS CORP. SUEZMAX TANKERS, 6x VLCC TANKERS, 8x Milos, 2016 ΙΙΙΙ ΙΙΙΙ Nissos Rhenia, 2019 Poliegos, 2017 ΙΙΙΙ ΙΙΙΙ Nissos Despotiko, 2019 Kimolos, 2018 ΙΙΙΙ ΙΙΙΙ Nissos Donoussa, 2019 Folegandros, 201
Slide 6: Commercial and Market Update
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q1 2O23 EARNINGS PRESENTATION MAY 12, 2023
Slide 7: Commercial Performance – Q1 2023
Commercial Performance – Q1 2023 Fleetwide TCE of $70,800 pd - $72,700 pd for VLCCs and $68,200 pd for Suezmaxes VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 90 13% $47,500 270 50% $41,000 360 29% $42,600 Spot 624 87% $76,300 266 50% $95,900 890 71%
Slide 8: Commercial Performance – Q2 2023 Guidance
Commercial Performance – Q2 2023 Guidance VLCC: 72% of available Q2 2023 spot days fixed at $75,500 pd Suezmax: 79% of available Q2 2023 spot days fixed at $96,500 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 91 12% $47,400 236 46% $35,900 327 26%
Slide 9: OET Relative Performance
OET Relative Performance Clear value proposition both on absolute and relative terms State of the art asset base Suezmax spot market performance1 VLCC spot market performance1 Scrubber penetration % 120,000 $pd OET Suezmax Spot 180% 120,000 $pd OET VLCC Spot Average of peers Average of peers OET vs
Slide 10: Near Term Pressure from OPEC Cuts Expected Transitory
Near Term Pressure from OPEC Cuts Expected Transitory Giving Way to Bright Medium Term Outlook Strong oil demand coupled with recent 1.65 mbd OPEC cut … … Expected to result in sizable stock draws (mbd) … Oil supply and demand forecast 110 mbd Demand 2.0 mbd Crude Supply Liquids IEA forecast OPEC ta
Slide 11: Strong Chinese Demand Coupled with Heightened US Exports
Strong Chinese Demand Coupled with Heightened US Exports Chinese crude imports, mbd Chinese active refinery capacity evolution 13 mbd 2023 19.0 mbd 2022 12 2021 18.5 2015-19 Avg. 18.0 11 17.5 10 17.0 9 16.5 8 16.0 7 15.5 6 15.0 5 14.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 2019 2020 20
Slide 12: Best Medium Term Supply Fundamentals on Record
Best Medium Term Supply Fundamentals on Record VLCC fleet age profile Suezmax fleet age profile 80 No. vessels Fleet <15 yrs 175 ships, 20% of fleet 60 No. vessels Fleet <15 yrs 125 ships, 19% of fleet Fleet 15+ yrs turning 15+ yrs over next 3Y Fleet 15+ yrs turning 15+ yrs over next 3Y 70 OB ~50% o
Slide 13: Financial Update
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q1 2O23 EARNINGS PRESENTATION MAY 12, 2023
Slide 14: Income Statement Summary
Income Statement Summary Income Statement Summary ($’000s) Q1 2023 Q1 2022 Notes TCE Revenue $88,449 $26,437 Record EBITDA and net income Vessel operating expenses (10,061) (7,667) Management fees (1,134) (973) Adjusted profit of 51.4m or $1.60 per share General and administrative expenses (2,859) (
Slide 15: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($’000s) Q1 2023 Q4 2022 Notes Assets Total cash1 of $118.0m Cash & cash equivalents $110,931 $81,346 Total assets of $1.2bn Restricted cash 7,049 6,928 Vessels, net 1,014,422 1,024,296 Total interest bearing debt of $727.0m Other assets 56,287 70,786 Book
Slide 16: ESG
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q1 2O23 EARNINGS PRESENTATION MAY 12, 2023
Slide 17: Emissions Reporting
Emissions Reporting Committed to transparent reporting and reduction of carbon emissions The Group adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting VLCC Suezmax Number of vessels reporting emissions data 8 6 CO2 emissions generated from vessels (metric to
Slide 18: Significant Eco and Scrubber Benefit
Significant Eco and Scrubber Benefit OET fleet competitive advantage Assumptions VLCC Suezmax against 72% of the VLCC and 83% of the Suezmax fleet Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) 28% Non-Eco B 61.5 43.0 893 VLCC fleet vessels Eco C 45.0 30.0 Incremental for Scrubber D 2
Slide 19: Appendix
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q1 2O23 EARNINGS PRESENTATION MAY 12, 2023
Slide 20: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with super eco design & scrubber fitted No. Vessel Name Asset Type Asset Size Built Age Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,539 2016 7 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,539 2017 6
Slide 21: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($’000s) Q1 2023 Q1 2022 Cash Flow from Operating Activities Net income $51,604 $9,282 Total reconciliation adjustments 22,429 6,161 Total changes in working capital 7,188 (13,138) Net cash from operating activities $81,220 $2,305 Cash Flows from Investing Acti
Slide 22: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com