Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q4 2019 Earnings Presentation
16 slides from Okeanis Eco Tankers's earnings presentation, Feb 28, 2020
Slide 1: Q4 & FY 2019 Presentation
Q4 & FY 2019 Presentation February 28, 2020
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 Q4 2019 Q4 2018 FY 2019 FY 2018 Adjusted EBITDA of $38.9m. VLCC Daily TCE $38,400 n/a $35,700 n/a Net income of $17.7m. Suezmax Daily TCE $49,500 $20,260 $27,300 $20,000 Commercial Aframax/LR2 Daily TCE $41,200 $21,060 $25,300 $19,600 In January 2020, OET took delivery of its eighth Perfo
Slide 4: Commercial Performance – Q4 2019 Actuals
Commercial Performance – Q4 2019 Actuals Q4 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 487 78% $31,200 92 32% $23,200 92 33% $19,300 671 57% $28,500 Spot 138 22% $63,800 192 68% $62,100
Slide 5: Commercial Performance – Q1 2020 Guidance
Commercial Performance – Q1 2020 Guidance 278 days 77% 1Q20 TC - To Date I 1Q20 Spot - To Date I % of 1Q20 Spot Days Fixed $100,000 $90,000 220 days 83% $80,000 $70,000 TCE Rates, USD/day $60,000 127 days $100,200 92% $50,000 372 days $40,000 100% $76,500 $30,000 91 days 91 days 100% $46,500 100% $2
Slide 6: Financial Review – Income Statement
Financial Review – Income Statement Income Statement Q4 2019 Fleetwide TCE of $41,700 per operating day USD Thousands, except per share amounts Q4 2019 Q4 2018 FY 2019 FY 2018 VLCC: $38,400 TCE Revenue $49,477 $12,246 $100,330 $21,214 per operating day Vessel operating expenses (8,827) (4,121) (24,4
Slide 7: Financial Review – Balance Sheet
Financial Review – Balance Sheet Balance Sheet Total cash of $16.8m USD Thousands Dec 31. 2019 Dec 31. 2018 Assets Total assets of $1,110.8m Cash & cash equivalents $13,396 $18,083 Restricted cash 3,410 3,000 Vessels, net 1,007,993 396,374 Total interest bearing debt of $732.7m Newbuildings 56,267 2
Slide 8: Financial Review – Cash Flow Statement
Financial Review – Cash Flow Statement Cash Flow Statement USD Thousands Q4 2019 Q4 2018 FY 2019 FY 2018 As of December 31, 2019 Cash Flow from Operating Activities Remaining capex of $185.6m Net profit / (loss) $17,703 ($737) $11,384 ($3,019) Nissos Anafi: $53.7m Total reconciliation adjustments 20
Slide 9: Financing & Remaining Capex Overview
Financing & Remaining Capex Overview Debt Snapshot (as of December 31, 2019) Repayment Profile (as of February 28, 2020) $100 million Lender & Vessel Outstanding Available Margin Profile Recurring I Maturity USDm USDm % Years $90 BNP Paribas (Nissos Heraclea) $29.3 - 2.25% 17 $80 HCOB (Nissos Theras
Slide 10: Oil & Tanker Market Dynamics
Oil & Tanker Market Dynamics Virus leads to oil demand drop in 1H20... ...leading refiners to cut throughput... ...as margins stabilize following steep decline Global Oil Demand Revisions Change in Refinery Outages vs End Jan Asia Gasoil Crack vs Dubai Crude 0.5mmbpd 1.4mmbpd $21/bbl China 2016 IEA
Slide 11: Thoughts on Capital Allocation
Thoughts on Capital Allocation Past Guidance Current Guidance Q1 2019 Earnings Presentation Three conditions for implementation of sustainable dividend policy have not yet been satisfied: Metric: Free Cash Flow to Equity 1 Reserves have not yet built up as company used initial Payout: 100% following
Slide 12: Summary & Outlook
Summary & Outlook Even in the current challenging market, our spot vessels are generating TCEs well in excess of their daily cash breakeven. However, the macro backdrop is highly uncertain as recent developments suggest higher likelihood of global pandemic and not just China epidemic. We continue to
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