Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q4 2022 Earnings Presentation
22 slides from Okeanis Eco Tankers's earnings presentation, Feb 24, 2023
Slide 1: Q4 2022 Earnings Presentation
Q4 2O22 EARNINGS PRESENTATION February 24, 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 COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q4 2O22 EARNINGS PRESENTATION FEBRUARY 24, 2023
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers delivers highest earnings since inception benefitting from tanker recovery and young, fuel-efficient fleet Q4 2022 Q4 2021 FY 2022 FY 2021 YoY (%) HIGHLIGHTS VLCC TCE1 $65,400 $24,000 $36,400 $26,600 37% Suezmax TCE1 $61,600 $21,200 $44,600 $20,100 122% $63,800p
Slide 5: OET Relative Performance
OET Relative Performance Clear value proposition both on absolute and relative terms Share price outperformance1 State of the art asset base 220 ΝΟΚ OET 100% Scrubber Peers average penetration 200 % OET Peer 2 180 80% 160 Peer 4 60% 140 120 40% 100 80 Peer 3 20% Peer 1 60 Peer 5 40 0% Dec Jan Feb Ma
Slide 6: 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 7: Commercial and Market Update
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q4 2O22 EARNINGS PRESENTATION FEBRUARY 24, 2023
Slide 8: Commercial Performance – Q4 2022
Commercial Performance – Q4 2022 Fleetwide TCE of $63,800 pd - $65,400 pd for VLCCs and $61,600 pd for Suezmaxes VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 109 15% $44,300 260 47% $38,600 369 29% $40,300 Spot 627 85% $69,100 292 53% $82,100 919 71%
Slide 9: Commercial Performance – Q1 2023 Guidance
Commercial Performance – Q1 2023 Guidance VLCC: 78% of available 1Q23 spot days fixed at $91,700 pd Suezmax: 84% of available 1Q23 spot days fixed at $118,600 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 90 12% $47,400 270 46% $39,200 360 29% $41,
Slide 10: Best Medium-term Fundamentals on Record
Best Medium-term Fundamentals on Record Supply growth is expected muted in 2023 and negative in 2024 Historically low orderbook as % of fleet … … Elevated fleet age … 60 VLCC 12 Years VLCC Suezmax Suezmax 50 11 40 10 30 9 20 8 10 0 7 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Ja
Slide 11: Chinese Reopening & Russian Crude Dislocation Benefiting Tonne Miles
Chinese Reopening & Russian Crude Dislocation Benefiting Tonne Miles Tailwinds both for the Suezmax (Trade dislocation) and VLCC segments (China) Shift in crude trade patterns (Crude flows by destination) ~5 days ~20 days ~25 days ~30 days Old routes Russia to Europe ~40 days New routes replacement
Slide 12: Adding All Together -> Strong Sector Outlook
Adding All Together -> Strong Sector Outlook Demand growth is expected to far outpace supply growth in 2023 and 2024 … VLCC supply and demand balance (%) Suezmax supply and demand balance (%) $62.3k $14.0k $44.5k ?Þ ?Þ Spot $34.9k $13.2k $55.9k ?Þ ?Þ Þ Rates1 2020 2021 2022 2023E 2024E 2020 2021 202
Slide 13: Financial Update
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q4 2O22 EARNINGS PRESENTATION FEBRUARY 24, 2023
Slide 14: Income Statement Summary
Income Statement Summary Income Statement Summary ($’000s) Q4 2022 Q4 2021 FY 2022 FY 2021 Notes TCE Revenue $82,152 $23,563 $193,504 $121,762 Record EBITDA and net income Vessel operating expenses (9,620) (10,022) (35,740) (40,696) Management fees (1,159) (1,221) (4,381) (5,425) Adjusted profit of
Slide 15: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($’000s) FY 2022 FY 2021 Notes Assets Total cash1 of $88.3m Cash & cash equivalents $81,346 $38,183 Total assets of $1.2bn Restricted cash 6,928 7,349 Vessels, net 1,024,296 865,208 Total interest bearing debt of $739.0m Newbuildings – 18,193 Book leverage
Slide 16: ESG
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q4 2O22 EARNINGS PRESENTATION FEBRUARY 24, 2023
Slide 17: Emissions Reporting
Emissions Reporting Committed to transparent reporting and reduction of carbon emissions The Group adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting VLCC Suezmax Number of vessels reporting emissions data 8 6 CO2 emissions generated from vessels (metric to
Slide 18: Significant Eco and Scrubber Benefit
Significant Eco and Scrubber Benefit OET fleet competitive advantage Assumptions VLCC Suezmax against 73% of the VLCC and 84% of the Suezmax fleet Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) 27% Non-Eco B 61.5 43.0 893 VLCC fleet vessels Eco C 45.0 30.0 Incremental for Scrubber D 2
Slide 19: Appendix
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q4 2O22 EARNINGS PRESENTATION FEBRUARY 24, 2023
Slide 20: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with super eco design & scrubber fitted No. Vessel Name Asset Type Asset Size Built Age Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,539 2016 6 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,539 2017 5
Slide 21: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($’000s) Q4 2022 Q4 2021 FY 2022 FY 2021 Cash Flow from Operating Activities Net income $48,427 $4,542 $84,560 ($903) Total reconciliation adjustments 23,352 2,523 76,620 65,634 Total changes in working capital (36,174) (9,518) (78,660) (36,137) Net cash from o
Slide 22: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com