Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q3 2019 Earnings Presentation
16 slides from Okeanis Eco Tankers's earnings presentation, Nov 15, 2019
Slide 1: Q3 2019 Presentation
Q3 2019 Presentation November 15, 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 statem
Slide 3: Highlights
Highlights Q3 2019 Q2 2019 QoQ Change Adjusted EBITDA of $14.1m. VLCC Daily TCE $29,700 $31,800 (7%) Net loss of $3.2m or $0.10 per share. Suezmax Daily TCE $21,100 $19,400 9% VLCC Deliveries: Commercial Aframax/LR2 Daily TCE $16,300 $18,000 (10%) Jul. 2019 – Nissos Santorini (#3) and Nissos Antipar
Slide 4: Commercial Performance – Q3 2019 Actuals
Commercial Performance – Q3 2019 Actuals Q3 2019 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 378 100% $29,700 38 14% $12,800 92 34% $18,500 509 55% $26,400 Spot - - - 241 86% $22,400 182 66% $
Slide 5: Commercial Performance – Q4 2019 Guidance
Commercial Performance – Q4 2019 Guidance 4Q19 TC - To Date I 4Q19 Spot - To Date I 4Q19 Spot Days Fixed $80,000 95 days $70,000 69% 142 days 74% $60,000 105 days $50,000 TCE Rates, USD/day 57% $40,000 480 days 100% $63,400 $59,100 $30,000 92 days 92 days 100% $44,300 100% $20,000 $31,400 $10,000 $1
Slide 6: Financial Review – Income Statement
Financial Review – Income Statement Income Statement Q3 2019 Fleetwide TCE of $23,200 per operating day USD Thousands, except per share amounts Q3 2019 Q2 2019 VLCC: $29,700 per operating day TCE Revenue $21,576 $14,415 Suezmax: $21,100 per operating day Vessel operating expenses (6,438) (5,054) Afr
Slide 7: Financial Review – Balance Sheet
Financial Review – Balance Sheet Balance Sheet Total cash of $16.8m USD Thousands Q3 2019 Q2 2019 Total assets of $1,033.3m Assets Cash & cash equivalents $11,841 $16,993 Total interest bearing debt of $682.8m Restricted cash 4,910 2,260 Vessels 925,094 570,474 Book leverage of 67% Newbuildings 72,7
Slide 8: Financial Review – Cash Flow Statement
Financial Review – Cash Flow Statement Cash Flow Statement Remaining capex of $115.6m as of September 30, 2019: USD Thousands Q3 2019 Q2 2019 Yard Instalments1: $107.4m Cash Flow from Operating Activities Scrubbers2: $8.2m Net loss ($3,187) ($3,618) Total reconciliation adjustments 16,063 9,941 Tota
Slide 9: Financing & Remaining Capex Overview
Financing & Remaining Capex Overview Debt Snapshot (as of September 30, 2019) Repayment Profile (as of September 30, 2019) $100 million Lender & Vessel Outstanding Available Margin Profile Recurring I Maturity $90 USDm USDm % Years $80 BNP Paribas (Nissos Heraclea) $30.4 - 2.25% 17 $70 HSH (Nissos T
Slide 10: Tanker Market Forces
Tanker Market Forces Market Headwinds… …Turning to Tailwinds Strong fleet growth in H1 2019… …Fleet growth slowing and scrapping candidate pool increasing Flat ton-mile demand growth… …Ton-mile demand from USGC, North Sea & Brazil export volumes Low refinery throughput and high outages to prepare fo
Slide 11: Highly Accretive Acquisition of Two Suezmax Newbuildings
Highly Accretive Acquisition of Two Suezmax Newbuildings OET acquired 2x Suezmax NBs delivering in 2020 at a highly accretive price… …with envisioned capital structure generating significant free cash flow Transaction Details Illustrative Suezmax Daily Cash Breakeven v 3Y Suezmax TC Rate $40,000/day
Slide 12: Summary & Outlook
Summary & Outlook The sudden strengthening of the market in October revealed its underlying tight fundamentals. OET is concluding its growth/capex phase and soon entering its cash flow/harvesting phase. We are also actively pursuing opportunities to further optimize our capital structure. Assuming t
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 Fleet Status / Employment Type Name Yard
Slide 15: 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 Aframax/LR2 OET Fleet Number of vessels for which we have emissions data
Slide 16: Contact
CO N TAC T John Papaioannou, CFO +30 210 480 4099 jvp@okeanisecotankers.com