Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q1 2019 Earnings Presentation
15 slides from Okeanis Eco Tankers's earnings presentation, May 24, 2019
Slide 1: Q1 2019 Presentation
Q1 2019 Presentation MAY 24, 2019
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Okeanis Eco Tankers Corp. (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-looking state
Slide 3: Highlights
Highlights Q1 2019 Q4 2018 % Delta Net profit of $0.5 million or $0.02 per share. Suezmax Daily TCE $21,900 $20,260 8% In January 2019, OET refinanced the M/T Milos for $49 million. Aframax Daily TCE $25,800 $21,060 23% Commercial In March 2019, OET up-listed to Oslo Axess. Performance Fleetwide Dai
Slide 4: Commercial Performance
Commercial Performance Q1 2019 Suezmax Aframax Fleetwide Days % of Total TCE Rate Days % of Total TCE Rate Days % of Total TCE Rate Timecharter 232 64% $20,700 90 33% $18,500 322 51% $20,100 Spot 128 36% $24,200 180 67% $29,400 308 49% $27,200 Total1 360 100% $21,900 270 100% $25,800 630 100% $23,60
Slide 5: Spot Market Development
Spot Market Development Suezmax Daily Spot Rates USD 60,000/day Clarksons rates 55,000 OET Quarterly average Redelivery from TC 50,000 45,000 FOLEGANDROS 40,000 35,000 30,000 25,000 20,000 FOLEGANDROS 15,000 POLIEGOS KIMOLOS 10,000 5,000 Q4 2018 Q1 2019 3x Suezmaxes currently trading in the spot mar
Slide 6: Financial Review – Income Statement
Financial Review – Income Statement Income Statement (Unaudited) Q1 2019 Fleetwide TCE of $23,600 per operating day Q1 2019 USD Thousands, except per share amounts Jan 1 - Mar 31, 2019 Aframax: $25,800 per operating day TCE Revenue $14,861 Vessel operating expenses (4,134) Suezmax: $21,900 per opera
Slide 7: Financial Review – Balance Sheet
Financial Review – Balance Sheet Balance Sheet (Unaudited) (Audited) Book leverage of 55% Q1 2019 Q4 2018 USD Thousands March 31, 2019 December 31, 2018 Total cash (inc. restricted) of USD 24m Assets Total assets of USD 741m Cash & cash equivalents $21,995 $18,083 Restricted cash 2,000 3,000 Total i
Slide 8: Financial Review – Cash Flow Statement
Financial Review – Cash Flow Statement Cash Flow Statement (Unaudited) Remaining capex of USD 414m as of March 31, 2019 Q1 2019 USD Thousands March 31, 2019 Yard instalments: USD 403m Cash Flow from Operating Activities Scrubbers: USD 11m Net profit 486 Available capital of USD 437m as of March 31,
Slide 9: Financing & Remaining Capex Overview
Financing & Remaining Capex Overview Debt Snapshot (as of March 31, 2019) Repayment Profile USD 100 million Lender & Vessel Outstanding Available Margin Profile Recurring Maturity 90 USDm USDm % Years 80 BNP Paribas (Nissos Heraclea) $31.0 - 2.25% 17 70 HSH (Nissos Therassia & Nissos Schinoussa) 56.
Slide 10: Preliminary Thoughts on Capital Allocation
Preliminary Thoughts on Capital Allocation Capital Return Policy Discount Control Mechanism (“DCM”) Type Beginning in Jan. 1 2021, OET will conduct a formal Cash dividend quarterly process by which our NAV per share is Frequency calculated and compared to our market price. Quarterly If there is more
Slide 11: H2 2019 Tanker Market Outlook
H2 2019 Tanker Market Outlook Fleet growth is decelerating… Net deliveries (actual + scheduled) 50 Vessels Η1 2019 Η2 2019 40 40 39 33 30 22 20 15 10 5 0 VLCC Suezmax Aframax/LR2 …as demand is picking up IEA global crude production and refinery throughput forecast (May 2019 MOMR) 85.0 million barrel
Slide 12: Summary & Outlook
Summary & Outlook We achieved profitability in our second quarter as a public company. We have established best-in-class corporate governance by implementing shareholder-friendly policies at the Board level. Our sponsor alignment and commitment is unparalleled, and further demonstrated by the recent
Slide 13: Appendix
Appendix
Slide 14: OET Fleet Overview
OET Fleet Overview Fleet Attributes Attractive mix of crude tanker vessels Future-proof specifications All vessels with eco design All vessels built at first class S. Korean and Japanese yards Entire fleet to be scrubber fitted All vessels have BWTS installed Charter Coverage Through YE 2020 Type Na
Slide 15: Contact
CO N TAC T John Papaioannou, CFO +30 210 480 4099 jvp@okeanisecotankers.com