Okeanis Eco Tankers Corp. (ECO) Q3 2021 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to OAT's third quarter 2021 financial results presentation. We will begin shortly. Aristides Alafouzos, COO, and Talia Calafati, Interim CFO, Ioannis Alafouzos, CFO of Okeanos EcoTankers, will take you through the presentation. They will be pleased to address any questions raised at the end of the call. I would like to advise you that the session is being recorded. Thalia will begin the presentation now. Welcome to the presentation of OET's results for the third quarter of 2021. We will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events, including OET's commercial performance, dividend policies, projected dry dock schedules, and anticipated debt capital commitments. Actual results may differ materially from the expectations reflected in these forward-looking statements. Starting on slide three, we review the highlights of the quarter. We generated net revenues of $24 million, adjusted EBITDA of $11.3 million, and adjusted loss of $4.5 million, or 14 cents per share. We brought forward the Special Survey of the Polyegos to benefit from higher spot rates in 2022. Lastly, our Board of Directors has decided to declare to return $15 million to the shareholders via a capital distribution of $10 million or $0.31 per share back to the shareholders, and the remaining $5 million will be in the form of share repurchases conducted in the market. I'll now hand it over to Aristidis for an overview of our commercial performance. Thank you, Talia. Once again, OAT is trending as the top performer in the spot market for VLCCs in Q3. During Q3, we achieved a fleet-wide TCE rate of $19,100 per operating day, net of 5% technical off-hire days. Our VLCCs generated $16,400 per day in the spo...