Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q2 2019 Earnings Presentation
15 slides from Okeanis Eco Tankers's earnings presentation, Aug 15, 2019
Slide 1: Q2 2019 Presentation
Q2 2019 Presentation August 15, 2019
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 state
Slide 3: Highlights
Highlights Q2 2019 Q1 2019 % Delta Net loss of $3.6 million or $0.11 per share. VLCC Daily TCE $31,800 n/a n/a In April 2019, OET was granted an option by the Alafouzos Suezmax Daily TCE $19,400 $21,900 (11%) family to acquire 2x Suezmax NBs under construction at HHI Commercial Aframax/LR2 Daily TCE
Slide 4: Commercial Performance
Commercial Performance Q2 2019 VLCC SUEZMAX AFRAMAX/LR2 FLEETWIDE Days % of Total TCE Rate Days % of Total TCE Rate Days % of Total TCE Rate Days % of Total TCE Rate Timecharter 79 100% $31,800 112 33% $18,900 91 33% $18,900 282 41% $22,500 Spot - 232 67% $19,600 182 67% $17,500 414 59% $18,700 Tota
Slide 5: Spot Market Performance
Spot Market Performance Suezmax Spot Market Performance – OET v Peer Group $50,000/day OET Listed Peer Group Avg 45,000 83% Out/(under) performance 40,000 35,000 30,000 25,000 (10%) 20,000 15% 15,000 10,000 5,000 - 4Q18 1Q19 2Q19 Aframax/LR2 Spot Market Performance – OET v Peer Group $35,000/day OET
Slide 6: Financial Review – Income Statement
Financial Review – Income Statement Income Statement (Unaudited) Q2 2019 Fleetwide TCE of $20,253 per operating day Q2 2019 USD Thousands, except per share amounts Apr 1 - Jun 30, 2019 VLCC: $31,800 per operating day TCE Revenue $14,415 Suezmax: $19,400 per operating day Vessel operating expenses (5
Slide 7: Financial Review – Balance Sheet
Financial Review – Balance Sheet Balance Sheet (Unaudited) (Audited) Book leverage of 61% Q2 2019 Q4 2018 USD Thousands June 30, 2019 December 31, 2018 Total cash (inc. restricted) of USD 19m Assets Total assets of USD 860m Cash & cash equivalents $16,993 $18,083 Restricted cash 2,260 3,000 Total in
Slide 8: Financial Review – Cash Flow Statement
Financial Review – Cash Flow Statement Cash Flow Statement (Unaudited) Remaining capex of USD 289m as of June 30, 2019 Q2 2019 USD Thousands Apr 1 - Jun 30, 2019 Yard instalments: USD 279m Cash Flow from Operating Activities Scrubbers: USD 10m Net loss (3,618) Available capital of USD 315m as of Jun
Slide 9: Financing & Remaining Capex Overview
Financing & Remaining Capex Overview Debt Snapshot (as of June 30, 2019) Repayment Profile USD 100 million Lender & Vessel Outstanding Available Margin Profile Recurring Maturity USDm USDm % Years 90 80 BNP Paribas (Nissos Heraclea) $30.4 - 2.25% 17 70 HSH (Nissos Therassia & Nissos Schinoussa) 55.1
Slide 10: First Half 2019 Cash Flow Bridge
First Half 2019 Cash Flow Bridge Unrestricted Cash Cash Inflow Cash Outflow $250 million +10 +15 +177 $200 $150 $100 $50 $18 -194 $17 -9 At January 1, 2019 Net increase Proceeds from Operating & other Capex Cash interest paid At June 30, 2019 in borrowings private placement cash inflows OKEANIS ECO
Slide 11: Tanker Market Outlook
Tanker Market Outlook Refinery maintenance and downtime trended well above average… …and refining margins have been weak until recently Global refinery outages Singapore Arab Light FCC refinery margins 5Y Range 9,000kbpd 5Y Range $10/bbl 2019 2019 IMO 2020 8,000 $9 Preparation 7,000 $8 $7 6,000 $6 5
Slide 12: Summary & Outlook
Summary & Outlook OET continues to perform well commercially and technically in the context of a rapidly growing fleet and scrubber upgrades. The market has remained weak as result of extensive refinery outages, an elevated pace of fleet growth and a continued lack of Middle East cargoes. However, t
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 Charter Coverage Through YE 2020 Type Na
Slide 15: Contact
CO N TAC T John Papaioannou, CFO +30 210 480 4099 jvp@okeanisecotankers.com