Selected Q4 2023 and Recent Highlights:
- Time charter equivalent ("TCE", a non-IFRS measure*) revenue and Adjusted EBITDA (a non-IFRS measure*) of
$58.4 million and$44.2 million , respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures*) for the period of$20.4 million or$0.63 per basic & diluted share. - Fleetwide daily TCE rate of
$45,400 per operating day; VLCC and Suezmax TCE rates of$45,200 and$45,600 per operating day, respectively. - Daily vessel operating expenses (“opex”, a non-IFRS measure*) of
$9,105 per calendar day, including management fees. - In Q1 2024 to date, 76% of the available VLCC spot days have been booked at an average TCE rate of
$73,900 per day and 88% of the available Suezmax spot days have been booked at an average TCE rate of$58,800 per day. - The Company paid an amount of approximately
$19.3 million or$0.60 per share inNovember 2023 as a dividend classified for accounting purposes as a return of paid-in capital. - On
January 26, 2024 , we entered into amendments to the existing sale and leaseback agreements for the VLCC vessels Nissos Kea and Nissos Nikouria (the “Existing Leases Amendments”) withCMB Financial Leasing . The Existing Leases Amendments, effective from the first quarter of 2024, provide for a reduction of the pricing of the variable amount of charterhire payable thereunder to 200 basis points over the applicable Term SOFR on both vessels, extend maturities toDecember 2030 for the Nissos Kea andMarch 2031 for the Nissos Nikouria, and eliminate the previously stipulated early prepayment fees in the case of exercise of the purchase options by the Company after the first year. - On
January 29, 2024 , we entered into a new sale and leaseback agreement of approximately$73.5 million for the VLCC vessel Nissos Anafi (the “Anafi Lease”) withCMB Financial Leasing . The agreement provides for a bareboat charter with the charterhire being paid on a quarterly basis, is priced at 190 basis points over the applicable Term SOFR and matures in seven years. The Anafi Lease includes purchase options for the Company after the first year and throughout the tenor of the lease and is guaranteed by the Company. - On
January 31, 2024 , we entered into a new$34.7 million senior secured credit facility with a syndicate led byKexim Asia Limited to finance the option to purchase back, inFebruary 2024 , the Suezmax vessel Milos from its current sale and lease back financier. The facility is repaid quarterly, matures in six years, is priced at 175 basis points over the applicable Term SOFR, is secured by the Milos, and is guaranteed by the Company.
*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles, including TCE, Adjusted EBITA, Adjusted profit, Adjusted earnings per share, and opex. For a reconciliation of these non-IFRS measures please refer to the end of the attached report.
Declaration of Q4 2023 capital return:
The Board of Directors declared a dividend of
A presentation related to our results can be found on our website: http://www.okeanisecotankers.com/reports/.
Information found on our website is not incorporated by reference into this press release.
OET will be hosting a conference call and webcast at
Norway : +47 2 156 3318USA : +1 786 697 3501- Standard International Access: +44 (0) 33 0551 0200
- Password: Okeanis
The webcast will include a slide presentation and will be available on the following link:
https://channel.royalcast.com/landingpage/okeanis/20240229_1/
An audio replay of the conference call will be available on our website:
http://www.okeanisecotankers.com/reports/
Contacts
Company:
Tel: +30 210 480 4200
ir@okeanisecotankers.com
Investor Relations / Media Contact:
Capital Link, Inc.
Tel: +1 (212) 661-7566
okeanisecotankers@capitallink.com
About OET
OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on
Forward-Looking Statements
This communication contains “forward-looking statements”, including as defined under
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
PDF available: http://ml.globenewswire.com/Resource/Download/e653ca19-8435-4d82-89b9-b9a13c1c5c04
Source:
2024 GlobeNewswire, Inc., source