Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q3 2024 Earnings Presentation
23 slides from Okeanis Eco Tankers's earnings presentation, Nov 8, 2024
Slide 1: Q3 2024 Earnings Presentation
Q3 2O24 EARNINGS PRESENTATION November 8, 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 and Financial Update, Commercial and Market Update, Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2O24 EARNINGS PRESENTATION NOVEMBER 8, 2024
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers continues to deliver strong results Q3 2024 Q3 2023 9M 2024 9M 2023 YoY Change Highlights for the quarter VLCC Daily TCE 1 $43,100 $57,900 $61,500 $67,300 (9%) $43,900pd fleetwide TCE Suezmax Daily TCE 1 $44,800 $35,300 $52,900 $59,600 (11%) COMMERCIAL PERFORMAN
Slide 5: Income Statement Summary
Income Statement Summary Income Statement Summary (USDm exc. EPS) Q3 2024 Q3 2023 9M 2024 9M 2023 Notes TCE Revenue $52.2 $59.7 $212.7 $239.4 Vessel operating expenses (11.5) (10.9) (32.9) (31.2) Q3 continues the trend of healthy Revenue, EBITDA, and Net Income Management fees (1.2) (1.2) (3.5) (3.4
Slide 6: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary (USDm) Q3 2024 Q3 2023 Notes Assets Cash & cash equivalents $49.1 $50.0 Total cash of $56.0m Restricted cash 6.8 4.9 Vessels, net 967.2 988.1 Total assets of $1,096.0m Other assets 72.9 86.2 Total debt of $657.3m Total Assets $1,096.0 $1,129.1 Shareholders
Slide 7: State of the Art Asset Base
State of the Art Asset Base Only listed pure ECO and scrubber fitted crude tanker platform Nissos Rhenia VLCC, 2019, OET Peer 3 Milos Suezmax, 2016, 100 Nissos Despotiko VLCC, 2019, Poliegos Suezmax, 2017, 80 Nissos Donoussa VLCC, 2019, Peer 2 Scrubber penetration % Kimolos Suezmax, 2018, 60 Peer 1
Slide 8: Optimized Capital Structure
Optimized Capital Structure Significant runway and robust cash position Robust and clean balance sheet 1,200 $m Vessels, net Cash Other assets 73 Debt Other liabilities 1,000 56 Equity 412 800 27 600 967 40% 400 46% 54% Asian 40% Net market LTV 1 657 leases bank financing 60% term European loans fin
Slide 9: Extended Maturities Provide for Significant Runway
Extended Maturities Provide for Significant Runway All maturities extended beyond 2028 (excluding the 2x lease purchase options in 20261) Loan maturities 150 $m 125 4 vessels 2 109 vessels 3 100 93 vessels 2 vessels 88 3 83 vessels 75 71 50 25 - 2024 2025 2026 2027 2028 2029 2030 2031 2032 Balloons
Slide 10: Commercial and Market Update
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2O24 EARNINGS PRESENTATION NOVEMBER 8, 2024
Slide 11: Commercial Performance – Q3 2024
Commercial Performance – Q3 2024 Fleetwide TCE of $43,900 pd – $43,100 pd for spot VLCCs and $44,800 pd for spot Suezmaxes VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot 637 100% $43,100 552 100% $44,800 1,189 100% $43,900 Total
Slide 12: Drydock Update
Drydock Update 5 out of the 6 VLCCs planned for this year successfully drydocked during Q2 and Q3 Drydock update: Six vessels from our VLCC fleet scheduled to perform their first 5-year special survey/drydock this year: • 2019-built VLCCs: Nissos Rhenia, Nissos Despotiko, Nissos Donoussa, Nissos Kyt
Slide 13: Commercial Performance – Q4 2024 Guidance
Commercial Performance – Q4 2024 Guidance VLCC: 63% of available 4Q24 spot days fixed at $46,900 pd Suezmax: 70% of available 4Q24 spot days fixed at $40,200 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot - fixed 1 446 63% $46
Slide 14: Superior Commercial Performance
Superior Commercial Performance Being the only listed pure ECO and fully scrubber fitted crude tanker platform, we consistently outperform the market VLCC spot TCE against peers VLCC spot performance against peers 100,000 $/day Peers Min-Max range 1.6 x OET / Peers Average Peers Average OET / Peers
Slide 15: Fleet Composition Further Enhances the Supply Outlook
Fleet Composition Further Enhances the Supply Outlook High number of recycling and slow-steaming candidates, while orderbook remains controlled Number of VLCCs delivered by year ~17% ~35% ~25% ~40% ~8.3% VLCC fleet VLCC fleet VLCC (non-ECO) ECO VLCCs VLCC orderbook older than 20 years older than 15
Slide 16: A New Era for Vessel Supply
A New Era for Vessel Supply With an aging fleet and shrinking yard capacity, the stage is set for a stronger, more competitive vessel supply Replacement need of older tonnage will become increasingly pressing over the next few years. Global yard capacity has approximately halved in both number of ya
Slide 17: Global Oil Production and Consumption
Global Oil Production and Consumption Shift in oil production and consumption drives increased trade opportunities and boosts ton-miles World crude oil and liquids fuels production World liquid fuels consumption 108 million b/d Monthly historical 108 million b/d Monthly historical Monthly forecast M
Slide 18: Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2O24 EARNINGS PRESENTATION NOVEMBER 8, 2024
Slide 19: Cash Flow Summary
Cash Flow Summary CF Statement Summary (USDm) Q3 2024 Q3 2023 9Μ 2024 9Μ 2023 Cash Flow from Operating Activities Net income $14.5 $19.4 $95.7 $124.0 Total reconciliation adjustments 22.6 25.3 70.1 72.8 Total changes in working capital (30.2) 11.2 (33.6) (26.6) Net cash provided by operating activit
Slide 20: Emissions Reporting
Emissions Reporting Committed to transparent reporting and reduction of carbon emissions The Group adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting VLCC Suezmax Number of vessels reporting emissions data 8 6 CO2 emissions generated from vessels (metric to
Slide 21: Indicative Eco Benefit Calculation
Indicative Eco Benefit Calculation Assumptions VLCC Suezmax Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) Non-Eco B 61.5 43.0 Eco C 45.0 30.0 Incremental for Scrubber D 2.0 1.0 Daily Eco fuel savings E=(B – C) 16.5 13.0 Singapore Bunker Prices ($/ton) VLSFO F $600 $600 HSFO (380cst)
Slide 22: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with 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 Sungd
Slide 23: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com