Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q4 2023 Earnings Presentation
21 slides from Okeanis Eco Tankers's earnings presentation, Feb 29, 2024
Slide 1: Q4 2023 Earnings Presentation
Q4 2O23 EARNINGS PRESENTATION February 29, 2024
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) has been prepared by Okeanis This Presentation reflects the conditions and views of the Company operating expenses; changes to the Company’s financial condition Eco Tankers Corp. (“OET or the “Company”). This Presentation does as of the date set out
Slide 3: Executive Update
EXECUTIVE UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2O23 EARNINGS PRESENTATION FEBRUARY 29, 2024
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers delivers record financial results for 2023 Q4 2023 Q4 2022 FY 2023 FY 2022 YoY (%) Highlights for the quarter VLCC TCE1 $45,200 $65,400 $61,700 $36,400 70% $45,400pd fleetwide TCE Suezmax TCE1 $45,600 $61,600 $55,900 $44,600 25% COMMERCIAL $44m adj. EBITDA3 PERF
Slide 5: Income Statement Summary
Income Statement Summary Income statement summary ($m) Q4 2023 Q4 2022 FY 2023 FY 2022 Notes TCE Revenue $58.4 $82.2 $297.8 $193.5 Vessel operating expenses (10.6) (9.6) (41.7) (35.7) 2023 was a record year in terms Management fees (1.2) (1.2) (4.6) (4.4) General and administrative expenses (2.5) (1
Slide 6: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($’000s) FY 2023 FY 2022 Notes Assets Cash & cash equivalents $50.0 $81.3 Total cash1 of $55m Restricted cash 4.9 6.9 Vessels, net 988.1 1,024.3 Total assets of $1.1bn Other assets 86.1 70.8 Total interest bearing debt of $693m Total Assets $1,129.1 $1,183
Slide 7: Corporate, Debt and Employment Structure
Corporate, Debt and Employment Structure Alafouzos Family Public (“Sponsor”) 58% 42% 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 8: Commercial and Market Update
EXECUTIVE UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2O23 EARNINGS PRESENTATION FEBRUARY 29, 2024
Slide 9: Commercial Performance – Q4 2023
Commercial Performance – Q4 2023 Fleetwide TCE of $45,400 pd - $45,200 pd for spot VLCCs and $51,800 pd for spot Suezmaxes VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – 147 27% $28,400 147 11% $28,400 Spot 736 100% $45,200 405 73% $51,800 1,141
Slide 10: Commercial Performance – Q1 2024 Guidance
Commercial Performance – Q1 2024 Guidance VLCC: 76% of available 1Q24 spot days fixed at $73,900 pd Suezmax: 88% of available 1Q24 spot days fixed at $58,800 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot - fixed 550 76% $73,9
Slide 11: Superior Commercial Performance
Superior Commercial Performance Being the only listed pure ECO and fully scrubber fitted crude tanker platform, we continuously outperform the market State of the art asset base 21% outperformance against VLCC peers1 Scrubber penetration % 100,000 $ OET Peers average OET vs peers (RHS) % 150 140 80,
Slide 12: OPEC+ Cuts Achieving the Intended Result
OPEC+ Cuts Achieving the Intended Result Inventory draws a catalyst for bringing back barrels to the market Global Oil Inventories and Oil-on-water impacted by the OPEC+ cuts Meaningful upside upon cut reversals 5,200 mbbls 2021 2022 2023 2024 450 VLCC Demand Equivalent OPEC+ Production Cut Impact V
Slide 13: Red Sea Tensions Increasingly Impact Crude Oil Tankers
Red Sea Tensions Increasingly Impact Crude Oil Tankers Almost 40% longer sea voyages following disruption Disruption already impacts both VLCCs and Suezmaxes “avoiding” the Red Sea1 200 # of vessels Vessel Demand Equivalent (Bab al-Mandab Open) Vessel Demand Equivalent (reroute; no throughput change
Slide 14: Venezuela Return Increases Vessel Demand
Venezuela Return Increases Vessel Demand Venezuela crude supply & exports Vessel Demand Equivalents potential 3,000 000 b/d 80 # of ships AFRA, 11 AFRA, 10 70 AFRA, 9 1 2,500 1 1 60 2,000 AFRA, 7 AFRA, 24 AFRA, 23 50 1 AFRA, 22 1,500 40 AFRA, 5 AFRA, 17 1 637 765 690 728 800 652 545 647 694 VLCC, 15
Slide 15: Supply Fundamentals are Staggering
Supply Fundamentals are Staggering The orderbook story that everyone talks about is supplemented by a continuously ageing fleet VLCC fleet age composition Suezmax fleet age composition 60 % 60 % 56% 54% 50 49% 50 49% 42% 42% 40 40 37% 35% 30 30 28% 25% 24% 22% 21% 20 20% 20 17% 17% 10 10% 10 10% 7%
Slide 16: Appendix
EXECUTIVE UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2O23 EARNINGS PRESENTATION FEBRUARY 29, 2024
Slide 17: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($m) Q4 2023 Q4 2022 FY 2023 FY 2022 Cash Flow from Operating Activities Net income $21.3 $48.4 $145.3 $84.6 Total reconciliation adjustments 23.4 23.4 96.2 76.6 Total changes in working capital (40.8) (36.2) (67.4) (78.7) Net cash provided by operating activit
Slide 18: Emissions Reporting
Emissions Reporting Committed to transparent reporting and reduction of carbon emissions The Group adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting VLCC Suezmax Number of vessels reporting emissions data 8 6 CO2 emissions generated from vessels (metric to
Slide 19: Indicative Eco Benefit Calculation
Indicative Eco Benefit Calculation Assumptions VLCC Suezmax Sailing Days A 325 295 Fuel Consumption (tons/day @ 12.5 knots) Non-Eco B 61.5 43.0 Eco C 45.0 30.0 Incremental for Scrubber D 2.0 1.0 Daily Eco fuel savings E=(B – C) 16.5 13.0 Singapore Bunker Prices ($/ton) VLSFO F $668 $668 HSFO (380cst
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 Age1 Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,539 2016 7 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,539 2017 7
Slide 21: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com