ATHENS, GREECE, May 13, 2022 - Okeanis Eco Tankers Corp. (the "Company" or
"OET") (Oslo Børs: OET) today reported unaudited interim condensed results for
the three-month period ended March 31, 2022.
Q1 2022 Highlights:
o Time charter equivalent ("TCE", a non-IFRS measure) revenue and Adjusted
EBITDA (a non-IFRS measure) of $26.4 million and $16.2 million, respectively.
Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the
period of $1.9 million or $0.06 per basic & diluted share.
o Fleetwide daily TCE rate of $24,700 per operating day; VLCC and Suezmax TCE
rates of $24,200 and $25,300 per operating day, respectively.
o Daily vessel operating expenses ("opex", a non-IFRS measure) of $7,992 per
calendar day, including management fees.
o In Q2 2022 to date, 47% of the available VLCC spot days have been booked at an
average TCE rate of $25,400 per day and 64% of the available Suezmax spot days
have been booked at an average TCE rate of $36,500 per day.
o In January 2022, the Company purchased 122,573 of its own shares at an average
price of NOK 71.0 per share.
o In March 2022, the Company took delivery of Nissos Kea, one of the two VLCCs
under construction at Hyundai Heavy Industries.
o In April 2022, the Company signed a termsheet with a reputable financial
institution for a new debt facility with a gross finance amount of approximately
$125.7m. The net proceeds from the transaction will be used to a) refinance
existing indebtedness of the VLCC vessels Nissos Kythnos and Nissos Donoussa,
and b) general corporate purposes.
o On April 18 2022, the Company signed the documentation of the loan agreement
relating to the 20% of the original contract price, pursuant to the press
release disclosed on 29 June 2021, for the acquisition of Gas Ready (MEc),
ECO-design, open loop scrubber-fitted 300,000 DWT VLCC crude tanker vessels
Nissos Kea and Nissos Nikouria.
The unaudited interim results and presentation are attached to this press
OET will be hosting a conference call and webcast at 13:30 CET on Friday May 13,
2022 to discuss Q1 2022 results. Participants may access the conference call
using the below dial-in details:
o Norway: +47 2 156 3318
o USA: +1 212 999 6659
o Standard International Access: +44 (0) 33 0551 0200
o Password: Okeanis
The webcast will include a slide presentation and will be available on the
An audio replay of the conference call will be available on our website:
OET is an international tanker company providing seaborne transportation of
crude oil and refined products. The Company was incorporated on April 30, 2018
under the laws of the Republic of the Marshall Islands and is listed on Oslo
Børs under the symbol OET. The sailing fleet consists of six modern
scrubber-fitted Suezmax tankers, seven modern scrubber-fitted VLCC tankers,
while the newbuilding fleet consists of one VLCC tanker.
Matters discussed in this release may contain certain forward-looking statements
relating to the business, financial performance and results of the Company
and/or the industry in which it operates, sometimes identified by the words
"believes", "expects", "intends", "anticipates", "forecast" and similar
expressions. The forward-looking statements contained in this release, including
assumptions, opinions and views of the Company or cited from third-party
sources, are solely opinions and forecasts that are subject to risks,
uncertainties and other factors that may cause actual events to differ
materially from any anticipated development. The Company does not provide any
assurance that the assumptions underlying such forward-looking statements are
free from errors, nor does the Company accept any responsibility for the future
accuracy of the opinions expressed in the presentation or the actual occurrence
of the forecast developments. No obligations are assumed to update any
forward-looking statements or to conform to these forward-looking statements to
The information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.
Konstantinos Oikonomopoulos, CFO
Tel: +30 210 480 4099
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