Okeanis Eco Tankers Corp. reported unaudited interim condensed financial statements for the third quarter and nine month period of 2023.
Q3 2023 and Recent Highlights:
• Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $59.7 million and $45.5 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the period of $20.2 million or $0.63 per basic & diluted share.
• Fleetwide daily TCE rate of $48,900 per operating day; VLCC and Suezmax TCE rates of $57,900 and $35,300 per operating day, respectively.
• Daily vessel operating expenses (“opex”, a non-IFRS measure) of $9,350 per calendar day, including management fees.
• In Q4 2023 to date, 90% of the available VLCC spot days have been booked at an average TCE rate of $40,900 per day and 49% of the available Suezmax spot days have been booked at an average TCE rate of $56,600 per day.
• The Company paid an amount of approximately $48.3 million or $1.50 per share in September 2023 as a return of paid-in capital.
• On July 18, 2023, the Company declared its option to purchase back the Suezmax vessel Milos, from its sale and lease back financier in February 2024. The Company intends to finance the transaction through proceeds from a new debt facility for the vessel, to be explored in due course.
• On September 11, 2023, the Company entered into a new $84 million senior secured credit facility with Credit Agricole Corporate and Investment Bank, to refinance its existing indebtedness for the Suezmax vessels, Nissos Sikinos and Nissos Sifnos. The facility will be repaid quarterly, matures in 6 years, is priced at 185 basis points in excess of term SOFR rate, and is secured by the Nissos Sikinos and the Nissos Sifnos.
• On November 2, 2023, the Company filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”), with the intention of directly listing its common shares on the New York Stock Exchange (“NYSE”). Subject to the registration statement being declared effective by the SEC, the Company’s common shares are expected to be registered with the SEC and admitted for trading on the NYSE under the ticker “ECO” in addition to Oslo Børs, in which we shall continue to use the ticker “OET”. In conjunction with a listing on NYSE, it is expected that the Company will change its listing status in Oslo from primary listing to secondary listing on Oslo Børs. No new securities will be issued in connection with the common share listing on the NYSE.
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The Board of Directors declared a return of capital of $0.60 per share to shareholders. The cash payment will be recorded as a return of paid-in-capital and will be paid on Wednesday November 22, 2023 to shareholders of record as of Wednesday November 15, 2023. The shares will be traded ex-capital distribution as from and including Tuesday November 14, 2023.
Source: Okeanis Eco Tankers Corp.