Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q3 2021 Earnings Presentation
19 slides from Okeanis Eco Tankers's earnings presentation, Nov 30, 2021
Slide 1: Q3 2021 Earnings Presentation
Q3 2O21 EARNINGS PRESENTATION November 30, 2021
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 Q3 2021 Q3 2020 9M 2021 9M 2020 YoY Change Adjusted EBITDA of $11.3m VLCC Daily TCE $22,400 $44,000 $27,500 $54,300 (49%) Suezmax Daily TCE $15,300 $31,800 $19,900 $49,000 (59%) Adjusted Loss of $4.6m Commercial Aframax/LR2 Daily TCE $15,800 $15,200 $17,600 $26,300 (33%) Performance Fleet
Slide 4: Commercial Performance – Q3 2021 Actuals
Commercial Performance – Q3 2021 Actuals Q3 2021 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 276 41% $31,100 181 33% $29,100 - - - 457 36% $30,300 Spot 401 59% $16,400 365 67% $8,500 4
Slide 5: Commercial Performance – Q4 2021 Guidance
Commercial Performance – Q4 2021 Guidance Q4 2021 Guidance VLCC SUEZMAX FLEETWIDE Days % of Total TCE Rate 1 Days % of Total TCE Rate 1 Days % of Total TCE Rate1 Timecharter 276 48% $36,900 184 35% $28,900 460 42% $33,700 Spot - Fixed 252 44% $17,700 253 48% $17,600 505 46% $17,600 Spot - To Be Fixe
Slide 6: OET Fleet Overview
OET Fleet Overview Fleet Attributes Youngest fleet among peers All vessels are ECO-design and scrubber fitted All vessels built at first class S. Korean and Japanese yards Lowest CO2 emissions in peer class All vessels have BWTS installed No. Type Vessel Yard Country Built Age DWT Employment ECO-des
Slide 7: Financial Review – Income Statement
Financial Review – Income Statement Income Statement USD Thousands, except per share amounts Q3 2021 Q3 2020 9M 2021 9M 2020 Comments TCE Revenue $24,147 $47,538 $98,199 $190,264 Vessel operating expenses (10,489) (10,536) (30,674) (28,523) Q3 2021 Fleetwide TCE Management fees (1,286) (841) (4,204)
Slide 8: Financial Review – Balance Sheet
Financial Review – Balance Sheet Balance Sheet USD Thousands September 30, 2021 September 30, 2020 Comments Assets Cash & cash equivalents $19,412 $17,397 Total cash of $26.8m Restricted cash 7,362 8,430 Vessels, net 1,038,591 1,206,562 Total assets of $1,113.1m Newbuildings 17,644 - Other assets 30
Slide 9: Financial Review – Cash Flow Statement
Financial Review – Cash Flow Statement Cash Flow Statement USD Thousands Q3 2021 Q3 2020 9M 2021 9M 2020 As of September 30, 2021 Cash Flow from Operating Activities Net income ($4,708) $15,612 ($5,445) $93,814 Total capex of $179m Total reconciliation adjustments 15,703 19,548 63,111 59,713 2x VLCC
Slide 10: Debt Snapshot
Debt Snapshot Debt Fixed Rate / FY 2022 Vessel Type Outstanding1 Rate Type Margin over LIBOR Amortization USDm % USDm Milos Suezmax 41.4 Floating L+4.22% 2.9 Poliegos Suezmax 37.3 Floating L+4.67% 2.3 Kimolos Suezmax 39.1 Fixed 2.80% 2.8 Folegandros Suezmax 36.4 Fixed 2.95% 2.4 Nissos Sikinos Suezma
Slide 11: Tanker Fleet Age Profile & Utilization
Tanker Fleet Age Profile & Utilization Ageing leads to substantial loss in utilization VLCC Fleet Suezmax Fleet 80vsl 60vsl 25% 75% 8% 28% 72% 8% 50 Fleet ≥15 yrs Fleet ≥15 yrs Fleet <15 yrs 60 Fleet <15 yrs On Order On Order % decrease in utilization of ageing fleet % decrease in utilization of age
Slide 12: Accelerated Scrapping Expected to Limit Fleet Growth
Accelerated Scrapping Expected to Limit Fleet Growth On the back of growing demand Scrapping Potential 120vsl 100 VLCC Suezmax 80 25% of VLCC fleet >15Y 28% of Suezmax fleet >15Y 60 40 20 - 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Slide 13: Crude Oil Inventory Trend
Crude Oil Inventory Trend Quarterly oil demand scenarios Global Oil Invertory1 Oil Demand per OPEC2 3,250mbd 105mbd Current year Previous year 3,200 100 3,150 3,100 95 3,050 3,000 90 2,950 85 2,900 2,850 80 Nov 1 Jan 1 Mar 1 May 1 Jul 1 Sep 1 Nov 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 202
Slide 14: Refinery Capacity Projects
Refinery Capacity Projects Scheduled refinery projects lead to longer voyages Refinery Capacity Expansion Projects 2012-23 Global Refinery Runs vs Rotterdam & Singapore Refining Margins 3.5mbd 86mbd North America Global Refinery Runs (IEA) Latin america / Caribs Rotterdam Brent Cracking Margins Sing
Slide 15: OET Earns Higher Rates Producing Lower CO2 Emissions
OET Earns Higher Rates Producing Lower CO2 Emissions OET has the lowest CO2 emissions among its peers VLCC Tanker Peer Avg Fleet Suezmax Tanker Peer Avg Fleet Assumptions VLCC Suezmax 26.000$/d 100% 100% 18.000$/d Index TD3C TD20 Route Ras Tanura - West Africa Ningbo (Bonny OT) - Rotterdam 19.500 13
Slide 16: OET’s Competitive Advantage
OET’s Competitive Advantage Achieving better results vs markets but also peers VLCC Daily Spot TCE - 3Q21 18,000$/d 5,148 16,400 16,000 6,500$/d 14,000 (65%) ON TOP OF PEERS 12,000 2,907 10,000 2,991 9,900 8,000 4,274 6,000 4,000 2,000 1,080 - Non-Eco, Non-Scrubber Non-Eco, Scrubber Eco, Non-Scrubbe
Slide 17: Summary & Outlook
Summary & Outlook OET continues returning capital to its shareholders with $15m distribution from sale of 2x VLCCs. The Company will continue its current policy of opportunistic disposals of ships, in order to maximize profits from asset plays. The Company has almost fully amortized its scrubber inv
Slide 18: OET Emissions Reporting
OET Emissions Reporting OET committed to transparent reporting and reduction of carbon emissions OET adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting Measure Calculation VLCC Suezmax OET Fleet Number of vessels reporting emissions data 8 6 14 Fleet averag
Slide 19: Contact
CONTACT Aristidis Alafouzos, COO +30 210 480 4099 aia@okeanisecotankers.com