Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q2 2020 Earnings Presentation
16 slides from Okeanis Eco Tankers's earnings presentation, Aug 14, 2020
Slide 1: Q2 2020 Presentation
Q2 2020 Presentation August 14, 2020
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 statem
Slide 3: Highlights
Highlights Q2 2020 Q2 2019 H1 2020 H1 2019 The Board has declared a cash dividend of $0.75 per share, amounting to $24.3m VLCC Daily TCE $59,700 $31,800 $59,500 $31,800 Suezmax Daily TCE $52,900 $19,400 $58,300 $20,700 Adjusted EBITDA of $56.6m Commercial Aframax/LR2 Daily TCE $28,000 $18,000 $31,40
Slide 4: Commercial Performance – Q2 2020 Actuals
Commercial Performance – Q2 2020 Actuals Q2 2020 Actuals VLCC SUEZMAX AFRAMAX/LR2 FLEETWIDE Days % of Total TCE Rate 1 Days % of Total TCE Rate1 Days % of Total TCE Rate1 Days % of Total TCE Rate1 Timecharter 489 67% $41,200 91 25% $48,100 – – – 580 43% $42,300 Spot 237 33% $97,800 267 75% $54,500 2
Slide 5: Commercial Performance – Q3 2020 Guidance
Commercial Performance – Q3 2020 Guidance Q3 2020 Guidance VLCC SUEZMAX AFRAMAX/LR2 FLEETWIDE Days % of Total TCE Rate 1 Days % of Total TCE Rate1 Days % of Total TCE Rate1 Days % of Total TCE Rate1 Timecharter 552 75% $43,100 41 11% $24,900 – – – 593 44% $41,800 Spot - Fixed 122 17% $54,200 223 59%
Slide 6: Financial Review – Income Statement
Financial Review – Income Statement Income Statement USD Thousands, except per share amounts Q2 2020 Q2 2019 H1 2020 H1 2019 Comments TCE Revenue $69,293 $14,415 $142,726 $29,277 Q2 2020 Fleetwide TCE Vessel operating expenses (9,237) (5,054) (17,987) (9,188) of $51,900 per operating day Management
Slide 7: Financial Review – Balance Sheet
Financial Review – Balance Sheet Balance Sheet USD Thousands June 30, 2020 June 30, 2019 Comments Assets Cash & cash equivalents $27,740 $16,993 Total cash of $33.1m Restricted cash 5,376 2,260 Vessels, net 1,084,026 570,474 Total assets of $1,227.0m Newbuildings 65,951 253,748 Other assets 43,875 1
Slide 8: Financial Review – Cash Flow Statement
Financial Review – Cash Flow Statement Cash Flow Statement USD Thousands Q2 2020 Q2 2019 H1 2020 H1 2019 As of June 30, 2020 Cash Flow from Operating Activities Remaining capex of $68.3m Net income $37,101 ($3,618) $78,202 ($3,132) 2x Suezmax NBs: $64.5m Total reconciliation adjustments 19,424 9,941
Slide 9: Financing & Remaining Capex Overview
Financing & Remaining Capex Overview Debt Snapshot (as of June 30, 2020) Repayment Profile (as of June 30, 2020) $90.0 million Lender & Vessel Outstanding Available Margin Profile Recurring I Maturity USDm USDm % Years BNP Paribas (Nissos Heraclea) $28.1 - 2.25% 17 $67.5 $44.9 HCOB (Nissos Therassia
Slide 10: Vast Majority of OET Spot Ships are Cash Generative
Vast Majority of OET Spot Ships are Cash Generative Robust charter coverage expected to generate further $10m of FCF in 4Q20 $50,000/day 2021 Daily CBE (inc, DD) Current Spot Rate FFA Curve 4Q20 40,000 30,000 20,000 10,000 N. Heraclea N. Therassia N. Schinoussa Milos Poliegos Kimolos Folegandros N.
Slide 11: Tanker Fleet Profile is Major Tailwind
Tanker Fleet Profile is Major Tailwind Off-hire & scrapping will remain elevated through 2023 80 VLCCs Non-Scrubber Scrubber Pending Scrubber Fitted 70 68 65 4 Between 2020-2023, Remaining 121 VLCCs will turn 2 orderbook 59 60 20 years old and is 81 VLCCs require costly 4th special survey to 52 cont
Slide 12: Capital Return Track Record
Capital Return Track Record OET has returned 19% of its market cap and 54% of YTD 2020 profits US$250m $232.8 200 150 100 $24.3 $3.1 $43.6 50 $16.2 Cash Dividend Cash Dividend Buybacks Total Market Cap. 1Q20 2Q20 Since Inception Capital Return 13 Aug 2020 We are committed to our Discount Control Mec
Slide 13: Summary & Outlook
Summary & Outlook OET continues to aggressively return capital to shareholders; dividends & operational outperformance are what we want to be known for. The vast majority of our ships trading in the spot market are cash generative, with robust time charter coverage providing further support. The tan
Slide 14: Appendix
Appendix
Slide 15: 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 No. Type Vessel Yard Country Built Age D
Slide 16: Contact
CO N TAC T John Papaioannou, CFO +30 210 480 4099 jvp@okeanisecotankers.com