UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025
Commission File Number: 001-41858
Okeanis Eco Tankers Corp.
(Translation of registrant’s name into English)
c/o OET
Chartering Inc., Ethnarchou Makariou Ave., & 2 D. Falireos St., 185 47 N. Faliro, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x
Form 40-F ¨
INFORMATION CONTAINED
IN THIS FORM 6-K REPORT
Attached
to this report on Form 6-K as Exhibit 99.1 is a copy
of the press release published by Okeanis Eco Tankers Corp. on February 19, 2025, titled
“Okeanis Eco Tankers Corp. Reports Financial Results for the Fourth Quarter and Twelve-Month Period of 2024.”
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Okeanis Eco Tankers Corp. |
| |
|
| |
By: |
/s/
Iraklis Sbarounis |
| |
Name: |
Iraklis Sbarounis |
| |
Title: |
Chief Financial Officer |
Date:
February 19, 2025
Exhibit 99.1
Okeanis Eco Tankers Corp. Reports Financial Results for the Fourth
Quarter and Twelve-Month Period of 2024
ATHENS, GREECE, February 19, 2025 –
Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”)
(NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the fourth quarter and twelve-month period of 2024,
which are attached to this press release.
Financial performance of the Fourth Quarter Ended December 31,
2024
| · | Revenues of $85.2 million in Q4 2024, compared to $91.7 million in Q4 2023. |
| · | Profit of $13.2 million in Q4 2024, compared to $21.3 million in Q4 2023. |
| · | Vessel operating expenses of $9.6 million in Q4 2024, compared to $10.6 in Q4 2023. |
| · | Earnings per share of $0.41 in Q4 2024, compared to $0.66 in Q4 2023. |
| · | Cash (including restricted cash) of $54.3 million as of December 31, 2024, compared to $54.9 million as of December 31,
2023. |
Financial performance of the Twelve Months Ended December 31,
2024
| · | Revenues of $393.2 million in 12M 2024, compared to $413.1 million in 12M 2023. |
| · | Profit of $108.9 million in 12M 2024, compared to $145.2 million in 12M 2023. |
| · | Vessel operating expenses of $42.4 million in 12M 2024, compared to $41.7 in 12M 2023. |
| · | Earnings per share of $3.38 in 12M 2024, compared to $4.51 in 12M 2023. |
Alternative performance metrics and market developments
| · | Time charter equivalent (“TCE”, a non-IFRS measure) revenue of $49.4 million in Q4 2024. |
| · | EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $35.2 million and $37.1 million, respectively, in Q4 2024. |
| · | Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of $13.0 million or $0.41 per basic and diluted share in Q4
2024. |
| · | Fleetwide daily TCE rate of $39,000 per operating day in Q4 2024; VLCC and Suezmax TCE rates of $38,500 and $39,600 per operating
day, respectively, in Q4 2024. |
| · | Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $8,321 per calendar day, including management fees,
in Q4 2024. |
| · | In Q1 2025 to date, 81% of the available VLCC spot days have been booked at an average TCE rate of $39,100 per day and 77% of the
available Suezmax spot days have been booked at an average TCE rate of $33,400 per day. |
Declaration of Q4 2024 dividend
The Company’s board
of directors declared a dividend of $0.35 per common share to shareholders. Dividends payable to common shares registered in the Euronext
VPS will be distributed in NOK. The cash payment will be paid on March 17, 2025, to shareholders of record as of March 3, 2025. The common shares will be
traded ex-dividend on the NYSE as from and including March 3, 2025, and the common shares will be traded ex-dividend on the Oslo Børs as
from and including February 28, 2025. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable
on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about March 20, 2025.
*The Company uses certain financial information calculated on a basis other than in accordance with IFRS, including Daily TCE, EBITDA,
Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please
refer to the end of this report.
Presentation
OET will be hosting a conference call and webcast
at 14:30 CET on Thursday February 20, 2025 to discuss the Q4 2024 and 12M 2024 results. Participants may access the conference call
using the below dial-in details:
Standard International Access: +44 20 3936 2999
USA: +1 646 664 1960
Norway: +47 815 03 308
Password: 860103
The webcast will include a slide presentation and will be available
on the following link:
https://events.q4inc.com/attendee/655744857
An audio replay of the conference call will be available on our website:
https://www.okeanisecotankers.com/reports/
Contacts
Company:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
ir@okeanisecotankers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
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 April 30, 2018 under the laws
of the Republic of the Marshall Islands and is listed on Oslo Børs under the symbol OET and the New York Stock Exchange under the
symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.
Forward Looking Statements
This communication contains “forward-looking
statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current
expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs,
plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions.
Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,”
“hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases,
may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions
that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s
actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in
the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly
rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results
to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity,
including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry
trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions
and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses;
risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated
with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other
factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly
disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on
which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes
from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.
This information is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act.
Okeanis Eco Tankers Corp. Reports Financial Results for the Fourth
Quarter and Twelve-Month Period of 2024
ATHENS, GREECE, February 19, 2025 –
Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”)
(NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the fourth quarter and twelve-month period of 2024.
Financial performance of the Fourth Quarter Ended December 31,
2024
| · | Revenues
of $85.2 million in Q4 2024, compared to $91.7 million in Q4 2023. |
| · | Profit
of $13.2 million in Q4 2024, compared to $21.3 million in Q4 2023. |
| | · | Vessel operating expenses of $9.6 million in Q4 2024, compared to $10.6 in Q4 2023. |
| · | Earnings
per share of $0.41 in Q4 2024, compared to $0.66 in Q4 2023. |
| · | Cash
(including restricted cash) of $54.3 million as of December 31, 2024, compared to $54.9
million as of December 31, 2023. |
Financial performance of the Twelve Months Ended December 31,
2024
| · | Revenues
of $393.2 million in 12M 2024, compared to $413.1 million in 12M 2023. |
| · | Profit
of $108.9 million in 12M 2024, compared to $145.3 million in 12M 2023. |
| | · | Vessel operating expenses of $42.4 million in 12M 2024, compared to $41.7 in 12M 2023. |
| · | Earnings
per share of $3.38 in 12M 2024, compared to $4.51 in 12M 2023. |
Alternative performance metrics and market developments
| · | Time
charter equivalent (“TCE”, a non-IFRS measure) revenue of $49.4 million in Q4 2024. |
| · | EBITDA*
and Adjusted EBITDA* (non-IFRS measures*) of $35.2 million and $37.1 million, respectively,
in Q4 2024. |
| · | Adjusted
profit* and Adjusted earnings per share* (non-IFRS measures*) of $13.0 million or $0.41 per
basic and diluted share in Q4 2024. |
| · | Fleetwide
daily TCE rate of $39,000 per operating day in Q4 2024; VLCC and Suezmax TCE rates of $38,500
and $39,600 per operating day, respectively, in Q4 2024. |
| · | Daily
vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $8,321 per calendar
day, including management fees, in Q4 2024. |
| · | In
Q1 2025 to date, 81% of the available VLCC spot days have been booked at an average TCE
rate of $39,100 per day and 77% of the available Suezmax spot days have been booked at an
average TCE rate of $33,400 per day. |
Declaration of Q4 2024 dividend
The
Company’s board of directors declared a dividend of $0.35 per common share to shareholders. Dividends payable to common
shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on March 17, 2025, to shareholders of record as
of March 3, 2025. The common shares will be traded ex-dividend on the NYSE as from and including March 3, 2025, and the common shares will be traded ex-dividend
on the Oslo Børs as from and including February 28, 2025. Due to the implementation of the Central Securities Depository Regulation (CSDR)
in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders
on or about March 20, 2025.
Financial
results overview
| | |
| |
Q4 2024 | | |
Q4 2023 | | |
12M 2024 | | |
12M 2023 | | |
YoY Change | |
| Commercial | |
VLCC Daily TCE* | |
$ | 38,500 | | |
$ | 45,200 | | |
$ | 56,100 | | |
$ | 61,700 | | |
| (9 | )% |
| Performance | |
Suezmax Daily TCE* | |
$ | 39,600 | | |
$ | 45,600 | | |
$ | 48,900 | | |
$ | 55,900 | | |
| (13 | )% |
| USD per day | |
Fleetwide Daily TCE* | |
$ | 39,000 | | |
$ | 45,400 | | |
$ | 52,900 | | |
$ | 59,300 | | |
| (11 | )% |
| | |
Fleetwide Daily Opex (incl. mgmt. fees)* | |
$ | 8,321 | | |
$ | 9,105 | | |
$ | 9,181 | | |
$ | 9,069 | | |
| 1 | % |
| | |
Time Charter Coverage*** | |
| - | | |
| 11 | % | |
| - | | |
| 20 | % | |
| (100 | )% |
| | |
| |
Q4 2024 | | |
Q4 2023 | | |
12M 2024 | | |
12M 2023 | | |
YoY Change | |
| Income | |
TCE Revenue* | |
$ | 49.4 | | |
$ | 58.4 | | |
$ | 262.0 | | |
$ | 297.8 | | |
| (12 | )% |
| Statement | |
Adjusted EBITDA* | |
$ | 37.1 | | |
$ | 44.2 | | |
$ | 204.1 | | |
$ | 241.5 | | |
| (15 | )% |
| USDm excl. EPS | |
Adjusted Profit* | |
$ | 13.0 | | |
$ | 20.4 | | |
$ | 107.3 | | |
$ | 145.0 | | |
| (26 | )% |
| | |
Adjusted Earnings Per Share* | |
$ | 0.41 | | |
$ | 0.63 | | |
$ | 3.33 | | |
$ | 4.50 | | |
| (26 | )% |
| | |
| |
December 31,
2024 | | |
December 31,
2023 | | |
YoY Change | |
| Balance Sheet | |
Total Interest Bearing Debt | |
$ | 645.6 | | |
$ | 693.3 | | |
| (7 | )% |
| USDm | |
Total Cash (incl. Restricted Cash) | |
$ | 54.3 | | |
$ | 54.9 | | |
| (1 | )% |
| | |
Total Assets | |
$ | 1,082.1 | | |
$ | 1,129.1 | | |
| (4 | )% |
| | |
Total Equity | |
$ | 410.4 | | |
$ | 408.1 | | |
| 1 | % |
| | |
Leverage** | |
| 59 | % | |
| 61 | % | |
| (3 | )% |
*The Company uses certain financial information
calculated on a basis other than in accordance with IFRS, including Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings
per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the end of this report.
**Leverage is calculated as net debt (total debt minus cash and cash
equivalents) over net debt plus equity.
***Time charter agreements less than 90 days are depicted as spot voyages.
Key information and management commentary
| · | The
Company paid a dividend of approximately $14.5 million, or $0.45 per share, in December 2024. |
| · | TCE
revenue in Q4 2024 decreased by 15%, compared to Q4 2023, primarily due to a corresponding
decline in TCE rates. |
| · | Voyage expenses for Q4 2024 of $35.0 million, up from $32.2 million in Q4 2023. The 9% increase is mostly attributable to the higher spot exposure. |
| · | Interest
and finance costs for Q4 2024 of $12.3 million, down from $15.1 million in Q4 2023. The decrease
is mainly due to a decrease in total indebtedness, excluding deferred financing fees, from $693.3 million in the twelve months ended December 31, 2023 to $645.6 million in the twelve
months ended December 31, 2024, along with a decrease in the margin payable under our existing loans. |
| · | The
Company recorded a profit of $13.2 million in Q4 2024, compared to a profit of $21.3 million
in Q4 2023. The decrease derives mainly from the lower revenues generated from operations. |
Fleet
As of December 31, 2024, the Company’s
fleet was comprised of the following 14 vessels with an average age of 5.4 years and aggregate capacity of approximately 3.5 million deadweight
tons:
| · | six
Suezmax vessels with an average age of 6.3 years; and |
| · | eight
VLCC vessels with an average age of 4.7 years. |
Presentation
OET
will be hosting a conference call and webcast at 14:30 CET on Thursday February 20, 2025 to discuss the Q4 2024 and 12M 2024
results. Participants may access the conference call using the below dial-in details:
Standard International Access: +44 20 3936 2999
USA: +1 646 664 1960
Norway: +47 815 03 308
Password: 860103
The webcast will include a slide presentation and will be available
on the following link:
https://events.q4inc.com/attendee/655744857
An audio replay of the conference call will be available on our website:
https://www.okeanisecotankers.com/reports/
Unaudited condensed consolidated statements of profit or loss
and other comprehensive income
| | |
For the
Three months
ended December 31, | | |
For the
Twelve months
ended December 31, | |
| USD | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Revenue | |
$ | 85,189,520 | | |
$ | 91,670,520 | | |
$ | 393,229,831 | | |
$ | 413,096,606 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| Commissions | |
| (841,567 | ) | |
| (1,026,026 | ) | |
| (3,997,596 | ) | |
| (5,757,159 | ) |
| Voyage expenses | |
| (34,964,214 | ) | |
| (32,219,988 | ) | |
| (127,196,305 | ) | |
| (109,559,239 | ) |
| Vessel operating expenses | |
| (9,558,439 | ) | |
| (10,568,601 | ) | |
| (42,434,258 | ) | |
| (41,742,285 | ) |
| Management fees - related party | |
| (1,159,200 | ) | |
| (1,159,200 | ) | |
| (4,611,600 | ) | |
| (4,599,000 | ) |
| Depreciation and amortization | |
| (10,364,174 | ) | |
| (10,277,065 | ) | |
| (41,134,237 | ) | |
| (40,382,628 | ) |
| General and administrative expenses | |
| (1,563,364 | ) | |
| (2,506,628 | ) | |
| (10,910,862 | ) | |
| (9,933,373 | ) |
| Total operating expenses | |
$ | (58,450,958 | ) | |
$ | (57,757,508 | ) | |
$ | (230,284,858 | ) | |
$ | (211,973,684 | ) |
| Operating profit | |
$ | 26,738,562 | | |
$ | 33,913,012 | | |
$ | 162,944,973 | | |
$ | 201,122,922 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other income / (expenses) | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| 656,520 | | |
| 906,536 | | |
| 3,445,203 | | |
| 4,104,564 | |
| Interest and other finance costs | |
| (12,312,194 | ) | |
| (15,095,290 | ) | |
| (57,052,680 | ) | |
| (61,179,066 | ) |
| Unrealized gain/ (loss), net on derivatives | |
| 149,133 | | |
| 857,614 | | |
| (291,873 | ) | |
| 229,373 | |
| Realized (loss)/ gain, net on derivatives | |
| (1,254,413 | ) | |
| (24,739 | ) | |
| (1,264,750 | ) | |
| 300,262 | |
| Gain from modification of loans | |
| - | | |
| - | | |
| 1,828,959 | | |
| - | |
| Foreign exchange (loss)/ gain | |
| (783,013 | ) | |
| 703,301 | | |
| (746,562 | ) | |
| 672,969 | |
| Total other expenses | |
$ | (13,543,967 | ) | |
$ | (12,652,578 | ) | |
$ | (54,081,703 | ) | |
$ | (55,871,898 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Profit for the period | |
$ | 13,194,595 | | |
$ | 21,260,434 | | |
$ | 108,863,270 | | |
$ | 145,251,024 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other comprehensive loss | |
| (6,005 | ) | |
| (1,302 | ) | |
| (6,005 | ) | |
| (1,302 | ) |
| Total comprehensive income for the period | |
$ | 13,188,590 | | |
$ | 21,259,132 | | |
$ | 108,857,265 | | |
$ | 145,249,722 | |
| | |
| | | |
| | | |
| | | |
| | |
| Profit attributable to the owners
of the Group | |
$ | 13,194,595 | | |
$ | 21,260,434 | | |
$ | 108,863,270 | | |
$ | 145,251,024 | |
| Total comprehensive income attributable
to the owners of the Group | |
$ | 13,188,590 | | |
$ | 21,259,132 | | |
$ | 108,857,265 | | |
$ | 145,249,722 | |
| | |
| | | |
| | | |
| | | |
| | |
| Earnings per share - basic & diluted | |
$ | 0.41 | | |
$ | 0.66 | | |
$ | 3.38 | | |
$ | 4.51 | |
| Weighted average no. of shares - basic & diluted | |
| 32,194,108 | | |
| 32,194,108 | | |
| 32,194,108 | | |
| 32,194,108 | |
| Unaudited condensed consolidated statements of financial
position |
|
USD | |
As
of
December 31, 2024 | | |
As
of
December 31, 2023 | |
| ASSETS | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Vessels, net | |
$ | 958,597,520 | | |
$ | 988,068,180 | |
| Other fixed assets | |
| 80,206 | | |
| 87,252 | |
| Restricted cash | |
| 4,510,000 | | |
| 3,010,000 | |
| Total non-current assets | |
$ | 963,187,726 | | |
$ | 991,165,432 | |
| Current assets | |
| | | |
| | |
| Inventories | |
$ | 24,341,665 | | |
$ | 25,354,017 | |
| Trade and other receivables | |
| 39,755,029 | | |
| 57,336,089 | |
| Claims receivable | |
| 242,576 | | |
| 115,528 | |
| Prepaid expenses and other current
assets | |
| 4,794,022 | | |
| 3,037,366 | |
| Derivative financial instruments | |
| - | | |
| 229,373 | |
| Current portion of restricted cash | |
| 434,927 | | |
| 1,884,852 | |
| Cash & cash equivalents | |
| 49,343,664 | | |
| 49,992,391 | |
| Total current assets | |
$ | 118,911,883 | | |
$ | 137,949,616 | |
| TOTAL ASSETS | |
$ | 1,082,099,609 | | |
$ | 1,129,115,048 | |
| SHAREHOLDERS’ EQUITY & LIABILITIES | |
| | | |
| | |
| Shareholders’ equity | |
| | | |
| | |
| Share capital | |
$ | 32,890 | | |
$ | 32,890 | |
| Additional paid-in capital | |
| 14,501,517 | | |
| 121,064,014 | |
| Treasury shares | |
| (4,583,929 | ) | |
| (4,583,929 | ) |
| Other reserves | |
| (35,913 | ) | |
| (29,908 | ) |
| Retained earnings | |
| 400,512,351 | | |
| 291,649,081 | |
| Total shareholders’ equity | |
$ | 410,426,916 | | |
$ | 408,132,148 | |
| Non-current liabilities | |
| | | |
| | |
| Long-term borrowings, net of current
portion | |
$ | 598,957,333 | | |
$ | 615,333,863 | |
| Retirement benefit obligations | |
| 44,795 | | |
| 32,692 | |
| Total non-current liabilities | |
$ | 599,002,128 | | |
$ | 615,366,555 | |
| Current liabilities | |
| | | |
| | |
| Trade payables | |
$ | 19,479,005 | | |
$ | 23,522,506 | |
| Accrued expenses | |
| 5,909,316 | | |
| 3,485,042 | |
| Current accounts due to related parties | |
| 530,030 | | |
| 659,974 | |
| Derivative financial instruments | |
| 62,500 | | |
| - | |
| Current portion of long-term borrowings | |
| 46,689,714 | | |
| 77,948,823 | |
| Total current liabilities | |
$ | 72,670,565 | | |
$ | 105,616,345 | |
| TOTAL LIABILITIES | |
$ | 671,672,693 | | |
$ | 720,982,900 | |
| TOTAL SHAREHOLDERS’ EQUITY &
LIABILITIES | |
$ | 1,082,099,609 | | |
$ | 1,129,115,048 | |
Unaudited condensed consolidated statement of changes in shareholders’
equity
USD,
except share amounts | |
Number
of shares | | |
Share
capital | | |
Additional
paid-in
capital | | |
Treasury
Shares | | |
Other
Reserves | | |
Retained
Earnings | | |
Total | |
| Balance - January 1, 2023 | |
| 32,194,108 | | |
$ | 32,890 | | |
$ | 280,424,849 | | |
$ | (4,583,929 | ) | |
$ | (28,606 | ) | |
$ | 146,398,057 | | |
$ | 422,243,261 | |
| Profit for the year | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 145,251,024 | | |
| 145,251,024 | |
| Capital distribution | |
| - | | |
| - | | |
| (159,360,835 | ) | |
| - | | |
| - | | |
| - | | |
| (159,360,835 | ) |
| Other comprehensive loss for the year | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,302 | ) | |
| - | | |
| (1,302 | ) |
Balance
– December 31, 2023 | |
| 32,194,108 | | |
$ | 32,890 | | |
$ | 121,064,014 | | |
$ | (4,583,929 | ) | |
$ | (29,908 | ) | |
$ | 291,649,081 | | |
$ | 408,132,148 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Balance - January 1, 2024 | |
| 32,194,108 | | |
$ | 32,890 | | |
$ | 121,064,014 | | |
$ | (4,583,929 | ) | |
$ | (29,908 | ) | |
$ | 291,649,081 | | |
$ | 408,132,148 | |
| Profit for the year | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 108,863,270 | | |
| 108,863,270 | |
| Capital distribution | |
| - | | |
| - | | |
| (106,562,497 | ) | |
| - | | |
| - | | |
| - | | |
| (106,562,497 | ) |
| Other comprehensive loss for the year | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,005 | ) | |
| - | | |
| (6,005 | ) |
Balance
– December 31, 2024 | |
| 32,194,108 | | |
$ | 32,890 | | |
$ | 14,501,517 | | |
$ | (4,583,929 | ) | |
$ | (35,913 | ) | |
$ | 400,512,351 | | |
$ | 410,426,916 | |
Unaudited condensed consolidated statements of cash flows
| | |
For the Three months
ended December, | | |
For the Twelve months
ended December, | |
| USD | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Profit for the period | |
$ | 13,194,595 | | |
$ | 21,260,434 | | |
$ | 108,863,270 | | |
$ | 145,251,024 | |
| | |
| | | |
| | | |
| | | |
| | |
Adjustments
to reconcile profit to net cash provided by operating activities: | |
| | | |
| | | |
| | | |
| | |
| Depreciation and amortization | |
| 10,364,174 | | |
| 10,277,065 | | |
| 41,134,237 | | |
| 40,382,628 | |
| Interest expense | |
| 12,082,217 | | |
| 14,827,418 | | |
| 53,628,356 | | |
| 58,680,985 | |
| Amortization of loan financing fees and loan modification
gain | |
| 329,132 | | |
| 246,587 | | |
| 2,263,416 | | |
| 1,994,191 | |
| Unrealized (gain)/ loss, net on derivatives | |
| (349,833 | ) | |
| (354,074 | ) | |
| 91,173 | | |
| (20,135 | ) |
| Interest income | |
| (656,520 | ) | |
| (906,536 | ) | |
| (3,445,203 | ) | |
| (4,104,564 | ) |
| Unrealized foreign exchange loss/ (gain) | |
| 1,098,524 | | |
| (664,180 | ) | |
| 1,107,810 | | |
| (712,765 | ) |
| Gain from modification of loans | |
| - | | |
| - | | |
| (1,828,959 | ) | |
| - | |
| Other non-cash items | |
| (6,005 | ) | |
| (9,595 | ) | |
| (6,005 | ) | |
| (43,323 | ) |
| Total reconciliation adjustments | |
$ | 22,861,689 | | |
$ | 23,416,685 | | |
$ | 92,944,825 | | |
$ | 96,177,017 | |
| | |
| | | |
| | | |
| | | |
| | |
| Changes in working capital: | |
| | | |
| | | |
| | | |
| | |
| Trade and other receivables | |
| 4,208,851 | | |
| (19,697,846 | ) | |
| 17,674,147 | | |
| (5,853,175 | ) |
| Prepaid expenses and other current assets | |
| (1,966,375 | ) | |
| (1,204,973 | ) | |
| (1,902,362 | ) | |
| (824,682 | ) |
| Inventories | |
| 1,707,248 | | |
| (1,110,339 | ) | |
| 1,012,352 | | |
| (8,343,486 | ) |
| Trade payables | |
| 2,765,193 | | |
| (1,568,836 | ) | |
| (4,470,575 | ) | |
| 10,958,162 | |
| Accrued expenses | |
| 609,427 | | |
| (71,859 | ) | |
| 2,398,299 | | |
| (530,625 | ) |
| Deferred revenue | |
| - | | |
| (1,790,250 | ) | |
| - | | |
| (4,255,500 | ) |
| Claims receivables | |
| (242,576 | ) | |
| (5,332 | ) | |
| (127,048 | ) | |
| (7,137 | ) |
| Due to related parties | |
| 48,898 | | |
| 223,634 | | |
| (129,944 | ) | |
| 659,974 | |
| Due from related parties | |
| - | | |
| - | | |
| - | | |
| 449,629 | |
| Total changes in working capital | |
$ | 7,130,666 | | |
$ | (25,225,801 | ) | |
$ | 14,454,869 | | |
$ | (7,746,840 | ) |
| Interest paid | |
| (12,565,112 | ) | |
| (15,605,318 | ) | |
| (53,444,573 | ) | |
| (59,649,091 | ) |
| Net cash provided by operating activities | |
$ | 30,621,838 | | |
$ | 3,846,000 | | |
$ | 162,818,391 | | |
$ | 174,032,110 | |
| | |
| | | |
| | | |
| | | |
| | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Decrease in restricted cash | |
| 1,874,670 | | |
| 674,033 | | |
| 1,449,925 | | |
| 2,032,927 | |
| Increase in restricted cash | |
| - | | |
| - | | |
| (1,500,000 | ) | |
| - | |
| Dry-dock expenses | |
| (5,522,630 | ) | |
| (1,886,973 | ) | |
| (11,189,402 | ) | |
| (3,306,052 | ) |
| Interest received | |
| 547,928 | | |
| 511,197 | | |
| 3,299,288 | | |
| 2,233,711 | |
| Net cash (used in) / provided by
investing activities | |
$ | (3,100,032 | ) | |
$ | (701,743 | ) | |
$ | (7,940,189 | ) | |
$ | 960,586 | |
| | |
| | | |
| | | |
| | | |
| | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | | |
| | | |
| | |
| Proceeds from long-term borrowings | |
| - | | |
| - | | |
| 199,260,000 | | |
| 197,000,000 | |
| Repayments of long-term borrowings | |
| (11,931,068 | ) | |
| (11,011,655 | ) | |
| (246,117,877 | ) | |
| (243,355,165 | ) |
| Capital distribution | |
| (14,487,349 | ) | |
| (19,316,465 | ) | |
| (106,562,497 | ) | |
| (159,360,835 | ) |
| Payments of loan financing fees | |
| - | | |
| - | | |
| (1,259,319 | ) | |
| (1,350,000 | ) |
| Net cash used in financing activities | |
$ | (26,418,417 | ) | |
$ | (30,328,120 | ) | |
$ | (154,679,693 | ) | |
$ | (207,066,000 | ) |
| Effects of exchange rate changes of cash held in foreign currency | |
| (902,877 | ) | |
| 674,824 | | |
| (847,236 | ) | |
| 719,818 | |
| Net change in cash and cash equivalents | |
| 1,103,389 | | |
| (27,183,863 | ) | |
| 198,509 | | |
| (32,073,304 | ) |
| Cash and cash equivalents at beginning
of year | |
| 49,143,152 | | |
| 76,501,430 | | |
| 49,992,391 | | |
| 81,345,877 | |
| Cash and cash equivalents at end
of year | |
$ | 49,343,664 | | |
$ | 49,992,391 | | |
$ | 49,343,664 | | |
$ | 49,992,391 | |
USE AND RECONCILIATION OF ALTERNATIVE PERFORMANCE
MEASURES
The Group evaluates its vessels’ operations
and financial results principally by assessing their revenue generation (and not by the type of vessel, employment, customer, or type
of charter). Among others, Daily TCE rate, EBITDA, Adjusted EBITDA, Daily Opex, Adjusted Profit/(loss) and Adjusted Earnings/(loss) per
share are used as key performance indicators.
Daily TCE
In the shipping industry, economic decisions
are based on vessels’ deployment upon anticipated TCE rates and time charter equivalent revenue, and industry analysts typically measure
shipping freight rates in terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the
voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate
at an approximate cost. In a voyage charter contract, consideration is received for the use of a vessel between designated ports for
the duration of the voyage only, at an agreed upon rate per volume of cargo carried. In a time charter contract, the customer (also known
as the charterer) is responsible to pay for fuel consumed and port expenses incurred during the agreed period of time. In a voyage charter
contract, the Company is responsible for maintaining the voyage, including vessel scheduling and routing, as well as any related voyage
expenses, such as fuel, port and other expenses. Under voyage charters, the majority of voyage expenses are generally borne by us whereas
for vessels in a pool, such expenses are borne by the pool operator. In a bareboat charter, the customer pays for all of the vessel’s
operating expenses, and undertakes to maintain the vessel in a good state of repair and efficient operating condition and drydock the
vessel during this period as per the classification society requirements. We may incur voyage related expenses when positioning or repositioning
vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during drydocking
or due to other unforeseen circumstances. Because of the different nature of these types of arrangements, the amount of revenues earned
by the Company can differ significantly between them.
The Daily Time Charter Equivalent Rate (“TCE
rate”) is a measure of the average daily revenue performance of a vessel. The TCE rate and time charter equivalent revenue are
not measures of revenue under generally accepted accounting principles (i.e., it is a non-GAAP measure) or IFRS and should not be considered
as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. We calculate the TCE rate by
dividing revenues (time charter and/or voyage charter revenues), less commission and voyage expenses (which then equals “time charter
equivalent revenue”), by the number of operating days (calendar days less scheduled and unscheduled aggregate technical off-hire
days less off-hire days due to unforeseen circumstances) during that period. Our calculation of the TCE rate and time charter equivalent
revenue may not be comparable to that reported by other companies. We define calendar days as the total number of days the vessels were
in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect
the amount of expenses that we record during that period. We define operating days as the number of calendar days in a period less any
scheduled or unscheduled days that our vessels are off-hire due to unforeseen technical circumstances. We and other companies in the
shipping industry use operating days to measure the aggregate number of days in a period that our vessels generate revenues. The period
a vessel is not being chartered or is unable to perform the services for which it is required under a charter is “off-hire”.
We use the TCE rate and time charter equivalent revenue because they provide a means of comparison between different types of vessel employment
and, therefore, assists our decision-making process with regards to the operation and use of our vessels and in evaluating our financial
performance. We believe the TCE rate and time charter equivalent revenue provide additional meaningful information to our investors, constituting
a comparison to Revenue, the most directly comparable GAAP and IFRS measure, that also enables our management to evaluate the performance
and deployment of our fleet and in evaluating their financial performance. The TCE rate and time charter equivalent revenue are measures
used to compare period-to-period changes in a company’s performance, and management believes that the TCE rate and time charter equivalent
revenue provide meaningful information to our investors.
The following table sets forth our computation of TCE rates, including
a reconciliation of revenues to the TCE rates (unaudited) for the periods presented:
| | |
For
the Three months
ended December 31, | | |
For the Twelve months
ended December 31, | |
| USD | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Revenue | |
$ | 85,189,520 | | |
$ | 91,670,520 | | |
$ | 393,229,831 | | |
$ | 413,096,606 | |
| Voyage expenses | |
| (34,964,214 | ) | |
| (32,219,988 | ) | |
| (127,196,305 | ) | |
| (109,559,239 | ) |
| Commissions | |
| (841,567 | ) | |
| (1,026,026 | ) | |
| (3,997,596 | ) | |
| (5,757,159 | ) |
| Time charter equivalent revenue | |
$ | 49,383,739 | | |
$ | 58,424,506 | | |
$ | 262,035,930 | | |
$ | 297,780,208 | |
| Calendar days | |
| 1,288 | | |
| 1,288 | | |
| 5,124 | | |
| 5,110 | |
| Off-hire days | |
| (21 | ) | |
| - | | |
| (170 | ) | |
| (87 | ) |
| Operating days | |
| 1,267 | | |
| 1,288 | | |
| 4,954 | | |
| 5,023 | |
| Daily TCE | |
$ | 38,980 | | |
$ | 45,361 | | |
$ | 52,898 | | |
$ | 59,281 | |
Daily Opex
Daily Opex per vessel is an alternative performance
measure that provides meaningful information to our management with regards to our vessels’ efficiency and deployment. Daily Opex
is not a measure under generally accepted accounting principles (i.e., it is a non-GAAP measure) or IFRS and should not be considered
as an alternative to any measure of expenses and financial performance presented in accordance with IFRS. Our reconciliation of daily
Opex, including management fees, may deviate from that reported by other companies. We believe Daily Opex provides additional meaningful
information in conjunction with Vessel operating expenses, the most directly comparable GAAP and IFRS measure, because it provides meaningful
information to our investors in evaluating our financial performance.
Daily Opex is calculated as vessel operating expenses and technical
management fees divided by calendar days, for the relevant periods.
The following table sets forth our reconciliation of daily Opex (unaudited)
for the periods presented:
| | |
For the Three months
ended December 31, | | |
For the Twelve months
ended December 31, | |
| USD | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Vessel operating expenses | |
$ | 9,558,439 | | |
$ | 10,568,601 | | |
$ | 42,434,258 | | |
$ | 41,742,285 | |
| Management fees | |
| 1,159,200 | | |
| 1,159,200 | | |
| 4,611,600 | | |
| 4,599,000 | |
| Total vessel operating expenses | |
$ | 10,717,639 | | |
$ | 11,727,801 | | |
$ | 47,045,858 | | |
$ | 46,341,285 | |
| Calendar days | |
| 1,288 | | |
| 1,288 | | |
| 5,124 | | |
| 5,110 | |
| Daily Opex | |
$ | 8,321 | | |
$ | 9,105 | | |
$ | 9,181 | | |
$ | 9,069 | |
| Daily Opex excluding management
fees | |
$ | 7,421 | | |
$ | 8,205 | | |
$ | 8,281 | | |
$ | 8,169 | |
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings
per share
Earnings before interest, tax, depreciation and
amortization (EBITDA) is an alternative performance measure, derived directly from the statement of profit or loss and other comprehensive
income by adding back to profit/(loss) depreciation, amortization, interest and finance costs and subtracting interest income. Adjusted
EBITDA is defined as EBITDA before non-recurring items, unrealized losses/(gains) on derivatives, realized losses/(gains) on derivatives,
foreign exchange (gains)/losses, and (gain)/loss from loan modifications. Adjusted profit/(loss) is defined as reported profit/(loss)
before non-recurring items, unrealized losses/(gains) on derivatives, impairment loss, loan modification gain/(loss) and gain/(loss)
on disposal of vessels. Adjusted earnings/(loss) per share is defined as adjusted profit/(loss) divided by the weighted average number
of common shares outstanding in the period.
Furthermore, EBITDA, Adjusted EBITDA, Adjusted
profit/(loss) and Adjusted earnings/(loss) per share have certain limitations in use and should not be considered alternatives to reported
profit/(loss), operating profit, cash flows from operations, earnings per share or any other GAAP or IFRS measure of financial performance.
EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share exclude some, but not all, items that affect profit/(loss).
EBITDA, Adjusted EBITDA, Adjusted Profit and
Adjusted Earnings per share are not measures of revenues under generally accepted accounting principles (i.e., they are non-GAAP measures)
or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with
IFRS. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share are used as supplemental financial measures by management
and external users of financial statements to assess our operating performance. We believe that EBITDA, Adjusted EBITDA, Adjusted Profit
and Adjusted Earnings per share assist our management and our investors by providing useful information that increases the comparability
of our operating performance from period to period and against our previous performance and the operating performance of other companies
in our industry that provide relevant information. We believe EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings provide
additional meaningful information in conjunction with profit, the most directly comparable GAAP and IFRS measure, because they provide
meaningful information in evaluating our financial performance.
Our method of computing EBITDA, Adjusted EBITDA,
Adjusted profit/(loss) and Adjusted earnings/(loss) per share may not be consistent with similarly titled measures of other companies
and, therefore, might not be comparable with other companies.
The following table sets forth a reconciliation
of profit to EBITDA (unaudited) and Adjusted EBITDA (unaudited) for the periods presented:
| | |
For the Three months
ended December 31, | | |
For the Twelve months
ended December 31, | |
| USD | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Profit for the period | |
$ | 13,194,595 | | |
$ | 21,260,434 | | |
$ | 108,863,270 | | |
$ | 145,251,024 | |
| Depreciation and amortization | |
| 10,364,174 | | |
| 10,277,065 | | |
| 41,134,237 | | |
| 40,382,628 | |
| Interest and finance costs | |
| 12,312,194 | | |
| 15,095,290 | | |
| 57,052,680 | | |
| 61,179,066 | |
| Interest income | |
| (656,520 | ) | |
| (906,536 | ) | |
| (3,445,203 | ) | |
| (4,104,564 | ) |
| EBITDA | |
$ | 35,214,443 | | |
$ | 45,726,253 | | |
$ | 203,604,984 | | |
$ | 242,708,154 | |
| Unrealized (gain)/ loss, net on derivatives | |
| (149,133 | ) | |
| (857,614 | ) | |
| 291,873 | | |
| (229,373 | ) |
| Realized loss/ (gain), net on derivatives | |
| 1,254,413 | | |
| 24,739 | | |
| 1,264,750 | | |
| (300,262 | ) |
| Gain from modification of loans | |
| - | | |
| - | | |
| (1,828,959 | ) | |
| - | |
| Foreign exchange loss/ (gain) | |
| 783,013 | | |
| (703,301 | ) | |
| 746,562 | | |
| (672,969 | ) |
| Adjusted EBITDA | |
$ | 37,102,736 | | |
$ | 44,190,077 | | |
$ | 204,079,210 | | |
$ | 241,505,550 | |
The following table sets forth a reconciliation
of profit to Adjusted profit (unaudited) and a computation of Adjusted earnings per share (unaudited) for the periods presented:
| | |
For the Three months
ended December 31, | | |
For the Twelve months
ended December 31, | |
| USD | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Profit for the period | |
$ | 13,194,595 | | |
$ | 21,260,434 | | |
$ | 108,863,270 | | |
$ | 145,251,024 | |
| Gain on modification of loans | |
| - | | |
| - | | |
| (1,828,959 | ) | |
| - | |
| Unrealized (gain)/ loss, net on derivatives | |
| (149,133 | ) | |
| (857,614 | ) | |
| 291,873 | | |
| (229,373 | ) |
| Adjusted Profit | |
$ | 13,045,462 | | |
$ | 20,402,820 | | |
$ | 107,326,184 | | |
$ | 145,021,651 | |
| Weighted average number of common shares outstanding
in the period | |
| 32,194,108 | | |
| 32,194,108 | | |
| 32,194,108 | | |
| 32,194,108 | |
| Adjusted earnings per share, basic and diluted | |
$ | 0.41 | | |
$ | 0.63 | | |
$ | 3.33 | | |
$ | 4.50 | |
Forward Looking Statements
This
communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking
statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements
about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical
facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,”
“estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,”
“potential,” “predict,” “project,” “should,” “will” or similar words or phrases,
or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily
mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and
are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by
the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking
statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the
“SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this
communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating
or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market
in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and
demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected
capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war)
or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by
tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except
to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or
any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks
the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the
SEC’s website at www.sec.gov.
Okeanis Eco Tankers (NYSE:ECO)
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