Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Investor Presentation (September 2021)
13 slides from Okeanis Eco Tankers's investor presentation, September 2021
Slide 1: OET Company Presentation
OET COMPANY PRESENTATION September 2021
Slide 2: OET Overview & Structure
OET Overview & Structure Overview Corporate Structure Domicile Three Investor External OET incorporated in 2018 in the Marshall Islands. Alafouzos Family Directors Investors Listed on Oslo Børs under ticker OET-OL. 57% 16% 27% Fleet OKEANIS ECO TANKERS CORP. Six Suezmax vessels with an average age o
Slide 3: OET Fleet Overview
OET Fleet Overview Fleet Attributes Attractive mix of crude tanker vessels All vessels with ECO-design All vessels built at first class S. Korean and Japanese yards All vessels scrubber-fitted All vessels have BWTS installed No. Type Vessel Yard Country Built Age DWT Employment ECO-design? Scrubber?
Slide 4: Eco, scrubber ships are bigger and burn cheaper, less fuel
Eco, scrubber ships are bigger and burn cheaper, less fuel Our VLCCs have $17.0kpd advantage in the spot market Illustrative VLCC Spot Voyage Economics OET 320k DWT 2010-built 300k DWT Route: Ras Tanura - Ningbo Eco + Scrubber Non-Eco, Non-Scrubber Comments . Worldscale nominal % 31.5 31.5 Market ra
Slide 5: Eco & Scrubber Economics
Eco & Scrubber Economics Scrubber investment payback of ~2 years on current fuel prices Key Eco + Scrubber Assumptions Calculation VLCC Suezmax Sailing Days A 325 295 Bunker Fuel Consumption (tons/day @ 12.5 knots) Korean/Japanese Non-eco B 61.5 43.0 Korean/Japanese Eco C 38.5 30.0 Incremental for S
Slide 6: Additional ~4mb/d of crude production needed in 2H21
Additional ~4mb/d of crude production needed in 2H21 Inventory overhang has been cleared and seaborne volumes now required Global Crude Oil Supply / Demand Waterfall 101mb/d 1.2 100.6 100 0.8 99 1.0 98 0.8 97 96.8 96 95 94 93 92 Global Oil Supply, OPEC+ Planned Production Iran Production Non-OPEC Pr
Slide 7: Unprecedented crude production growth expected 2Q21-4Q22
Unprecedented crude production growth expected 2Q21-4Q22 Periods of consecutive growth lead to tanker market strength QoQ Change in Global Crude Oil Production 2Q13 - 4Q15 3Q17 - 4Q18 2Q21 - 4Q22 +4.5mb/d crude production +3.8mb/d crude production +7.5mb/d crude production 10 of 11 quarters of growt
Slide 8: 2H21 will follow similar trajectory to 2013 & 2018
2H21 will follow similar trajectory to 2013 & 2018 Rise in seaborne volumes will drive VLCC rates higher VLCC Spot Rates $60,000/day 50,000 40,000 30,000 2013 2018 2021 20,000 10,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SOURCE: Clarksons. OKEANIS ECO TANKERS 8 OET COMPANY PRESENTATION SEP
Slide 9: Crude Tanker Metrics
Crude Tanker Metrics Volumes slowly growing while vessel supply and idle time increasing Cargo Volumes Vessel Supply by Loading Area VLCC AG Suezmax WAF 300 VLCC AG Suezmax WAF No of ships 2,500 250 2,000 200 1,500 150 1,000 100 50 500 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 10: Sensitivity of FY 2022 & 2023 Profit and FCFE to Spot Rates
Sensitivity of FY 2022 & 2023 Profit and FCFE to Spot Rates OET can generate ~18-116% of its market cap in earnings over next two years Illustrative FY 2022 Profit & Free Cash Flow to Equity Illustrative FY 2023 Profit & Free Cash Flow to Equity $200m FY22 Cash Breakeven: $23.4kpd $176 FY23 Cash Bre
Slide 11: OET has generated a 43% total return since inception
OET has generated a 43% total return since inception 43% or NOK 30 per share total return NOK 105/share 14% +43% 9.9 101.0 100 95 1% 9% +29% +28% 90 6.3 1.0 19% +19% 85 13.2 80 75 70 70.6 65 Wtd. Avg. IPO Price1 Dividends Capital returns Buybacks Share appreciation Total Return NOTE: 1) Weighted ave
Slide 12: OET Promises to Shareholders
OET Promises to Shareholders We are executing our strategy and delivering on our promises to shareholders Y Top spot market performer Y Increased spot market exposure Performance throughout FY22 Y Lowest cost full-service owner Y Sold 3x Aframax/LR2 for $120.8m S&P Stream Y 2 x VLCC sales to be comp
Slide 13: OKEANIS
OKEANIS ECO TANKERS
Okeanis Eco Tankers — Investor Presentation (September 2021) on 6ix