Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q3 2022 Earnings Presentation
23 slides from Okeanis Eco Tankers's earnings presentation, Nov 10, 2022
Slide 1: Q3 2022 Earnings Presentation
Q3 2O22 EARNINGS PRESENTATION November 10, 2022
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Okeanis Eco Tankers Corp. (“OET or 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-lookin
Slide 3: Executive Summary
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q3 2O22 EARNINGS PRESENTATION NOVEMBER 10, 2022
Slide 4: Executive Summary
Executive Summary Q3 2022 Q3 2021 9M 2022 9M 2021 YoY (%) Q3 2022 highlights VLCC TCE1 $28,900 $22,400 $25,300 $27,500 (8%) $38,400pd fleetwide TCE Suezmax TCE1 $51,200 $15,300 $38,700 $19,900 94% COMMERCIAL Aframax/LR2 TCE1 – $15,800 – $17,600 (100%) $37.4m adj. EBITDA3 PERFORMANCE USD per day Flee
Slide 5: Corporate, Debt and Chartering Structure
Corporate, Debt and Chartering Structure Alafouzos Family Public (“Sponsor”) 57% 43% OKEANIS ECO TANKERS CORP. SUEZMAX TANKERS, 6x VLCC TANKERS, 8x Milos, 2016 ΙΙΙΙ ΙΙΙΙ Nissos Rhenia, 2019 Poliegos, 2017 ΙΙΙΙ ΙΙΙΙ Nissos Despotiko, 2019 Kimolos, 2018 ΙΙΙΙ ΙΙΙΙ Nissos Donoussa, 2019 Folegandros, 201
Slide 6: Commercial and Market Update
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q3 2O22 EARNINGS PRESENTATION NOVEMBER 10, 2022
Slide 7: Commercial Performance – Q3 2022
Commercial Performance – Q3 2022 Fleetwide TCE of $38,400 pd - $28,900 pd for VLCCs and $51,200 pd for Suezmaxes VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 274 37% $31,100 265 49% $33,200 539 42% $32,100 Spot 457 63% $27,700 276 51% $68,500 733 58%
Slide 8: Commercial Performance – Q4 2022 Guidance
Commercial Performance – Q4 2022 Guidance VLCC: 85% of available 4Q22 spot days fixed at $75,600pd Suezmax: 43% of available 4Q22 spot days fixed at $74,100pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 109 15% $44,600 267 46% $39,000 376 29% $40,60
Slide 9: OET Commercial Performance
OET Commercial Performance OET achieving best commercial results, outperforming peers in the spot market: ~120% on VLCCs and 142% on Suezmaxes since inception VLCC spot market performance ($pd) Suezmax spot market performance ($pd) 120,000 ΟΕΤ 140% 120,000 ΟΕΤ 160% Average of peers Average of peers
Slide 10: Chinese Crude Demand has Recovered
Chinese Crude Demand has Recovered The combination of Chinese stock depletion, elevated crude imports and spike in product export quotas, supports long haul trade benefiting significantly VLCCs whilst creates more opportunities for Suezmaxes in the West Chinese crude stocks (mb) drawing fast … … Sup
Slide 11: EU Embargo on Russian Crude to Support Freight Rates
EU Embargo on Russian Crude to Support Freight Rates EU embargo on Russian crude on December 5th will structurally increase the amount of oil on water globally, Russian voyages get longer, Europe sources alternative crudes from further afield, trading complexity grows Shift in trade patterns A handf
Slide 12: The Supply Side Would Imply a Sustained Upcycle
The Supply Side Would Imply a Sustained Upcycle Historically low orderbook, ~zero contracting, strong scrapping potential and extremely tight yard capacity until 2025 suggest constructive supply side for VLCCs and Suezmax vessels for years to come Historically low orderbook as % of fleet ~Zero NB co
Slide 13: Significant Eco and Scrubber Benefit
Significant Eco and Scrubber Benefit OET fleet competitive advantage Assumptions VLCC Suezmax against 73% of the VLCC and 84% of the Suezmax fleet Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) 27% Non-Eco B 61.5 43.0 875 VLCC fleet vessels1 Eco C 45.0 30.0 Incremental for Scrubber D
Slide 14: Financial Update
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q3 2O22 EARNINGS PRESENTATION NOVEMBER 10, 2022
Slide 15: Income Statement Summary
Income Statement Summary Income Statement Summary ($’000s) Q3 2022 Q3 2021 9M 2022 9M 2021 Notes TCE Revenue $48,878 $24,147 $111,351 $98,199 Q3 Fleetwide TCE of $38,400 Vessel operating expenses (9,068) (10,489) (26,120) (30,674) per operating day Management fees (1,159) (1,286) (3,222) (4,204) VLC
Slide 16: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($’000s) Q3 2022 Q4 2021 Notes Assets Total cash1 of $75.5m Cash & cash equivalents $68,802 $38,183 Restricted cash 6,746 7,349 Total assets of $1.2bn Vessels, net 1,034,426 865,208 Total interest bearing debt of $751.0m Newbuildings – 18,193 Book leverage
Slide 17: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($’000s) Q3 2022 Q3 2021 9M 2022 9M 2021 Notes Cash Flow from Operating Activities Total liquidity1 of $75.5m Net income $18,908 ($4,708) $36,133 ($5,445) Total reconciliation adjustments 27,051 15,703 53,268 63,111 $46.9m cash generated from operations in 9M22
Slide 18: Significant Operating Leverage
Significant Operating Leverage OET free cash flow1 sensitivities ($m) OET profit1 sensitivities ($m) 200 2023 200 2023 194 2024 2024 2025 184 2025 186 173 173 163 151 150 141 150 144 135 130 125 108 98 101 100 100 98 88 88 65 61 59 55 50 50 46 50 23 22 17 13 12 4 - - $35k $45k $55k $65k $75k VLCC $3
Slide 19: ESG
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q3 2O22 EARNINGS PRESENTATION NOVEMBER 10, 2022
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 OET Number of vessels reporting emissions data 8 6 14 CO2 emissions generated from vessels (me
Slide 21: Appendix
EXECUTIVE SUMMARY COMMERCIAL AND MARKET UPDATE FINANCIAL UPDATE ESG APPENDIX I Q3 2O22 EARNINGS PRESENTATION NOVEMBER 10, 2022
Slide 22: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with super eco design & scrubber fitted No. Vessel Name Asset Type Asset Size Built Age Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,539 2016 6 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,539 2017 5
Slide 23: Contact
CONTACT Konstantinos Oikonomopoulos, CFO +30 210 480 4099 kgo @ okeanisecotankers.com