Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q3 2023 Earnings Presentation
22 slides from Okeanis Eco Tankers's earnings presentation, Nov 9, 2023
Slide 1: Q3 2023 Earnings Presentation
Q3 2O23 EARNINGS PRESENTATION November 9, 2023
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: Financial Update, Commercial and Market Update, Appendix
FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2O23 EARNINGS PRESENTATION NOVEMBER 9, 2023
Slide 4: Executive Summary
Executive Summary OET reports strong commercial and financial results for the third quarter Q3 2023 Q3 2022 9M 2023 9M 2022 YoY (%) Notes VLCC Daily TCE $57,900 $28,900 $67,300 $25,300 166% Suezmax Daily TCE $35,300 $51,200 $59,600 $38,700 54% $48,900pd fleetwide TCE COMMERCIAL PERFORMANCE Fleetwide
Slide 5: Income Statement Summary
Income Statement Summary In $ thousands except per share amounts Q3 2023 Q3 2022 9M 2023 9M 2022 Notes TCE Revenue 59,682 48,878 239,356 111,351 Vessel operating expenses (10,884) (9,068) (31,174) (26,120) Q3 2023 Fleetwide TCE of $48,900 Management fees (1,159) (1,159) (3,440) (3,222) per operating
Slide 6: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($’000s) Q3 2023 Q3 2022 Notes Assets Total cash of $82.1m Cash & cash equivalents $76,501 $81,346 Restricted cash 5,569 6,928 Total assets of $1,142.6m Vessels, net 997,011 1,024,296 Other assets 63,557 70,786 Total interest bearing debt of $704.1m Total
Slide 7: OET continues to deliver exactly on promises and distributes 100%+ of free cash flow
OET continues to deliver exactly on promises and distributes 100%+ of free cash flow Cash flow bridge for 9M23 500 $m 450 400 350 197 232 300 17 44 250 1 200 197 150 140 100 $134m FCF 0 50 88 82 - 4Q22 Cash Adj. EBITDA WC Interest paid Capex Debt raised Debt repaid Capital distribution Other 3Q23 Ca
Slide 8: Focused on Shareholders Returns
Focused on Shareholders Returns Total shareholder return1, 2 since inception at 473% 90% EPS payout on average 3 52 $ps 2.0 $ps DPS % 100 258% EPS +473% Avg. payout 47 90 1.64 1.60 1.60 1.50 1.50 1.5 80 42 1.26 1.25 70 37 1.15 21.9 1.0 60 32 0.75 0.75 50 127% +215% 0.59 0.600.60 27 48.6 0.54 0.50 0.
Slide 9: Corporate, Debt and Employment Structure
Corporate, Debt and Employment Structure Alafouzos Family Public (“Sponsor”) 58% 42% OKEANIS ECO TANKERS CORP. Soon 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
Slide 10: Direct Listing
Direct Listing On November 2nd we filed publicly a registration statement with the SEC for a direct listing of our common shares on the NYSE. The registration statement is pending declaration of being effective by the SEC. Ticker in NYSE: ECO / Ticker in OSE: OET No new securities will be issued in
Slide 11: Commercial and Market Update
FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2O23 EARNINGS PRESENTATION NOVEMBER 9, 2023
Slide 12: Commercial Performance – Q3 2023
Commercial Performance – Q3 2023 VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – 184 38% $29,700 184 15% $29,700 Spot 736 100% $57,900 299 62% $38,700 1,035 85% $52,400 Total 736 100% $57,900 483 100% $35,300 1,219 100% $48,900 Calendar 736 552 1,
Slide 13: Commercial Performance – Q4 2023 Guidance
Commercial Performance – Q4 2023 Guidance VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – 159 29% $28,900 159 12% $28,900 Spot-fixed 659 90% $40,900 189 35% $56,600 848 66% $44,400 Spot-To be fixed 77 10% – 199 36% – 276 22% – Total 736 100% 547 1
Slide 14: Venezuelan BBLS Returning to the Market, Tightening Vessel Balances
Venezuelan BBLS Returning to the Market Tightening Vessel Balances Venezuelan crude exports 3.0 Venezuela crude exports Venezuela crude supply 3.0 mbd mbd Exports - China Exports - India Sanctions Exports - US Gulf Easing 2.5 2.5 Exports - Malaysia Scenario Exports - Other Production - R. Axis 2.0 2
Slide 15: US Seaborne Exports Soar While Oil Majors Execute Record Upstream Investment
US Seaborne Exports Soar While Oil Majors Execute Record Upstream Investment US seaborne exports US upstream: ~$120bn M&A in tight oil 5.0 Corpus Christi, TX (US) 30% Houston, TX (US) ~$60bn Beaumont, TX (US) 4.5 LOOP (US) Freeport, TX (US) Other ~$53bn 25% 4.0 Sour crude share (RHS) 3.5 20% 3.0 Foc
Slide 16: We are in the Middle of a “Sea Change” … “Higher for Longer”
We are in the Middle of a “Sea Change” … “Higher for Longer” The reason why this time is different … … Demand was always the icing on the cake 4.0 Years Orderbook forward cover No. yards 350 120 mbd No. active shipyards, 20,000+ dwt RHS 12 116 115 3.5 300 110 105 4 3.0 250 100 100 2.5 200 95 90 2.0
Slide 17: Extraordinary Upside Potential
Extraordinary Upside Potential Medium term supply and demand balance - VLCC Current VLCC value curve vs last cycle 8.0 % 5.8 200 $mm Current 6.0 5.2 4.9 4.4 2004-08 cycle peak 4.0 3.6 3.2 195.0 2.5 2.1 180 2.0 162.0 165.0 0.0 -0.1 -0.5 160 -2.0 -4.0 Supply growth Demand growth 140 135.0 -6.0 128.0 -
Slide 18: Appendix
FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2O23 EARNINGS PRESENTATION NOVEMBER 9, 2023
Slide 19: Emissions Reporting
Emissions Reporting Committed to transparent reporting and reduction of carbon emissions The Group adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting VLCC Suezmax Number of vessels reporting emissions data 8 6 CO2 emissions generated from vessels (metric to
Slide 20: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with super eco design & scrubber fitted No. Vessel Name Asset Type Asset Size Built Age Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,539 2016 7 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,539 2017 6
Slide 21: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($’000s) Q3 2023 Q3 2022 9M 2023 9M 2022 Cash Flow from Operating Activities Net income $19,449 $18,908 $123,991 $36,133 Total reconciliation adjustments 25,328 27,051 72,760 53,268 Total changes in working capital 11,223 (19,739) (26,565) (42,486) Net cash pro
Slide 22: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com