Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q4 2024 Earnings Presentation
23 slides from Okeanis Eco Tankers's earnings presentation, Feb 20, 2025
Slide 1: Q4 2024 Earnings Presentation
Q4 2O24 EARNINGS PRESENTATION February 20, 2025
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) has been prepared by Okeanis This Presentation reflects the conditions and views of the Company operating expenses; changes to the Company’s financial condition Eco Tankers Corp. (“OET or the “Company”). This Presentation does as of the date set out
Slide 3: Executive and Financial Update
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2O24 EARNINGS PRESENTATION FEBRUARY 20, 2025
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers continues to deliver strong results Q4 2024 Q4 2023 FY 2024 FY 2023 Highlights for the quarter and FY 2024 VLCC Daily TCE 1 $38,500 $45,200 $56,100 $61,700 $39,000pd fleetwide TCE for the quarter Suezmax Daily TCE 1 $39,600 $45,600 $48,900 $55,900 and $52,900pd
Slide 5: Income Statement Summary
Income Statement Summary Income Statement Summary (USDm exc. EPS) Q4 2024 Q4 2023 FY 2024 FY 2023 Notes TCE Revenue $49.4 $58.4 $262.0 $297.8 Vessel operating expenses (9.6) (10.6) (42.4) (41.7) Q4 2024 and FY 2024 ended Management fees (1.2) (1.2) (4.6) (4.6) with healthy Revenue, EBITDA, General a
Slide 6: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary (USDm) FY 2024 FY 2023 Notes Assets Cash & cash equivalents $49.3 $50.0 Total cash 1 of $54.3m Restricted cash 5.0 4.9 Vessels, net 958.6 988.1 Total assets of $1.1bn Other assets 69.2 86.2 Total debt of $646m Total Assets $1,082.1 $1,129.1 Shareholders' E
Slide 7: State of the Art Asset Base
State of the Art Asset Base Only listed pure ECO and scrubber fitted crude tanker platform Nissos Rhenia VLCC, 2019, OET Peer 3 Milos Suezmax, 2016, 100 Nissos Despotiko VLCC, 2019, Poliegos Suezmax, 2017, 80 Nissos Donoussa VLCC, 2019, Peer 2 Scrubber penetration % Kimolos Suezmax, 2018, 60 Peer 1
Slide 8: Optimized Capital Structure
Optimized Capital Structure Significant runway and robust cash position Robust and clean balance sheet 1,200 $m Vessels, net Cash Other assets Debt Other liabilities 69 Shareholders’ equity 1,000 54 410 800 26 600 959 40% 400 46% 54% Asian 40% Net market LTV 1 646 leases bank financing 60% term Euro
Slide 9: Commercial and Market Update
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2O24 EARNINGS PRESENTATION FEBRUARY 20, 2025
Slide 10: Commercial Performance – Q4 2024 and FY 2024
Commercial Performance – Q4 2024 and FY 2024 Fleetwide TCE for FY 2024 of $52,900 pd – $56,100 pd for VLCCs and $48,900 pd for Suezmaxes Q4 2024 VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot 715 100% $38,500 552 100% $39,600 1,2
Slide 11: Commercial Performance – Q1 2025 Guidance
Commercial Performance – Q1 2025 Guidance VLCC: 81% of available 1Q25 spot days fixed at $39,100 pd Suezmax: 77% of available 1Q25 spot days fixed at $33,400 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot - fixed 1 584 81% $39
Slide 12: Superior Commercial Performance
Superior Commercial Performance Being the only listed pure ECO and fully scrubber fitted crude tanker platform, we consistently outperform the market VLCC Suezmax 70,000 $/day OET Avg. of Peers Min-max of Peers 80,000 $/day OET Avg. of Peers Min-max of Peers 17% 24% 22% 30% 70,000 28% 43% 60,000 19%
Slide 13: Tight Supply Fundamentals Persist
Tight Supply Fundamentals Persist A structural imbalance in the making VLCC fleet age composition Suezmax fleet age composition Deliveries Deliveries 70 % 2025/26: 3.3% 68% 70 % 2025/26:10.7% 2027/28: 6.0% 2027/28: 4.8% 62% 63% 59% 60 60 54% 50 49% 50 48% 42% 42% 42% 40 35% 40 30% 30 30 25% 22% 24%
Slide 14: Demand Outlook: Rising Trade Opportunities
Demand Outlook: Rising Trade Opportunities Crude demand set to outpace supply in 2025, supporting increased tonne-miles and fleet utilization Crude demand is expected Key agencies forecast recovery Key Drivers of Demand Growth to outpace supply in 2025 in oil demand Global oil production and 10 % Cr
Slide 15: Sanctions-Exposed Trade: Challenges, Adaptations, and Market Realignments
Sanctions-Exposed Trade: Challenges, Adaptations, and Market Realignments As sanctions enforcement tightens, the evolving role of shadow fleets and aging tonnage is reshaping future supply balances for the conventional market, driving profound structural shifts Market Narrative Segments Overview The
Slide 16: VLCCs Positioned for a Stronger Market Outlook
VLCCs Positioned for a Stronger Market Outlook Sanctions, supply shifts & fleet tightening Iran crude oil exports Saudi, UAE, Kuwait & Iraq crude oil exports Key Market Insights 2.0 16.5 16.2 1.8 1.7 If Iranian cargoes shift from 1.6 16.0 1.6 dark fleet to compliant 1.4 1.3 15.5 +1.8 mb/d since 2022
Slide 17: Potential VLCC Demand Shift from Sanctioned Russian & Iranian Cargoes
Potential VLCC Demand Shift from Sanctioned Russian & Iranian Cargoes Modelled increase in demand for ‘mainstream VLCCs’ from replacing Russian cargoes into India Assumes all lost Russian cargo is replaced with VLCC cargoes which may not be the case Prior sanctions Potential new routes 20 # of vesse
Slide 18: Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2O24 EARNINGS PRESENTATION FEBRUARY 20, 2025
Slide 19: Cash Flow Summary
Cash Flow Summary CF Statement Summary (USDm) Q4 2024 Q4 2023 12Μ 2024 12Μ 2023 Cash Flow from Operating Activities Net income $13.2 $21.3 $108.9 $145.3 Total reconciliation adjustments 22.9 23.4 92.9 96.2 Total changes in working capital (5.4) (40.8) (39.0) (67.4) Net cash provided by operating act
Slide 20: Emissions Reporting
Emissions Reporting Committed to transparent reporting and reduction of carbon emissions The Group adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting VLCC Suezmax Number of vessels reporting emissions data at end of reporting period 8 6 CO2 emissions genera
Slide 21: Indicative Eco Benefit Calculation
Indicative Eco Benefit Calculation Assumptions VLCC Suezmax Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) Non-Eco B 61.5 43.0 Eco C 45.0 30.0 Incremental for Scrubber D 2.0 1.0 Daily Eco fuel savings E=(B – C) 16.5 13.0 Singapore Bunker Prices ($/ton) VLSFO F $600 $600 HSFO (380cst)
Slide 22: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with eco design & scrubber fitted No. Vessel Name Asset Type Asset Size Built Age1 Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,539 2016 7 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,539 2017 7 Sungd
Slide 23: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com