Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q1 2021 Earnings Presentation
15 slides from Okeanis Eco Tankers's earnings presentation, May 14, 2021
Slide 1: Q1 2021 Earnings Presentation
Q1 2021 Earnings Presentation May 14, 2021
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 Q1 2021 Q1 2020 YoY Change OET remains profitable through the downturn VLCC Daily TCE $32,000 $59,200 (46%) Suezmax Daily TCE $22,000 $63,700 (66%) Adjusted EBITDA of $25.2m Commercial Aframax/LR2 Daily TCE $18,600 $35,200 (47%) Performance Fleetwide Daily TCE $26,100 $56,200 (54%) USD pe
Slide 4: Commercial Performance – Q1 2021 Actuals
Commercial Performance – Q1 2021 Actuals Q1 2021 Actuals 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 630 89% $34,000 238 44% $26,700 90 34% $18,500 958 63% $30,700 Spot 82 11% $16,600 300 56%
Slide 5: OET Performance & Returns – FY 2020
OET Performance & Returns – FY 2020 Commercial & operational outperformance over peer group equated to $36m additional profit for shareholders OET is the top spot market performer in the VLCC & Suezmax segments OET is the second lowest cost crude tanker owner (lowest cost full-service owner) Daily S
Slide 6: Financial Review – Income Statement
Financial Review – Income Statement Income Statement USD Thousands, except per share amounts Q1 2021 Q1 2020 Comments TCE Revenue $39,573 $73,433 Q1 2021 Fleetwide TCE of $26,100 per operating day Vessel operating expenses (10,108) (8,751) Management fees (1,377) (818) VLCC: $32,000 per operating da
Slide 7: Financial Review – Balance Sheet
Financial Review – Balance Sheet Balance Sheet USD Thousands March 31, 2021 March 31, 2020 Comments Assets Cash & cash equivalents $23,710 $22,825 Total cash of $32.1m Restricted cash 8,376 3,410 Vessels, net 1,188,185 1,091,774 Total assets of $1,248.4m Newbuildings – 39,212 Other assets 28,100 51,
Slide 8: Financial Review – Cash Flow Statement
Financial Review – Cash Flow Statement Cash Flow Statement USD Thousands Q1 2021 Q1 2020 Comments Cash Flow from Operating Activities Net income $7,342 $41,101 Suezmax Milos first special survey capex of $0.9m Total reconciliation adjustments 17,294 20,741 in 2Q21 Total changes in working capital (5
Slide 9: Debt Snapshot
Debt Snapshot Debt Fixed Rate / Vessel Type Outstanding Rate Type Margin over LIBOR USDm % Nissos Heraclea Aframax/LR2 $26.4 Floating L+2.25% Nissos Therassia Aframax/LR2 23.0 Floating L+2.60% Nissos Schinoussa Aframax/LR2 24.6 Floating L+2.60% Milos Suezmax 42.8 Floating L+4.22% Poliegos Suezmax 38
Slide 10: Imminent production rise of 2.1mb/d will be largest in history
Imminent production rise of 2.1mb/d will be largest in history Historical Forward Six Month OPEC Crude Oil Production Increases 3mb/d 1 (-1) (-3) (-5) 2Q97 2Q98 2Q99 2Q00 2Q01 2Q02 2Q03 2Q04 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20 2Q21 SOURCES: IEA, Morgan Sta
Slide 11: 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 Performance Y Secured well-timed, lucrative TCs in 2020 Y Lowest cost full-service owner Y Total cash return of $50m since inception Returns Y Intend to distribute $3
Slide 12: Summary & Outlook
Summary & Outlook Freight rates remain depressed as market is still fundamentally long ships. Global oil market rebalancing is almost complete despite demand headwinds from India and Brazil. Scrapping has remained subdued despite higher steel prices due to older ships finding lucrative employment tr
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 scrubber fitted All vessels have BWTS installed No. Type Vessel Yard Country Built Age DWT Emp
Slide 15: Contact
CO N TAC T John Papaioannou, CFO +30 210 480 4099 jvp@okeanisecotankers.com