Okeanis Eco Tankers reported its unaudited condensed financial results for the third quarter and nine-month period of 2024, which are attached to this press release.
Financial performance of the Third Quarter Ended September 30, 2024
• Revenues of $84.9 million in Q3 2024, compared to $89.1 million in Q3 2023.
• Profit of $14.6 million in Q3 2024, compared to $19.4 million in Q3 2023.
• Earnings per share of $0.45 in Q3 2024, compared to $0.60 in Q3 2023.
• Cash (including restricted cash) of $56.0 million as of September 30, 2024, compared to $82.1 million as of September 30, 2023.
Financial performance of the Nine Months Ended September 30, 2024
• Revenues of $308.0 million in 9M 2024, compared to $321.4 million in 9M 2023.
• Profit of $95.7 million in 9M 2024, compared to $124.0 million in 9M 2023.
• Earnings per share of $2.97 in 9M 2024, compared to $3.85 in 9M 2023.
Alternative performance metrics and market developments
• Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $52.2 million in Q3 2024, compared to $59.7 million in Q3 2023.
• EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $38.4 million and $37.9 million, respectively, in Q3 2024.
• Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of $14.5 million or $0.45 per basic and diluted share in Q3 2024.
• Fleetwide daily TCE rate of $43,900 per operating day in Q3 2024; VLCC and Suezmax TCE rates of $43,100 and $44,800 per operating day, respectively, in Q3 2024.
• Daily vessel operating expenses (“Opex”, a non-IFRS measure) of $9,811 per calendar day, including management fees, in Q3 2024.
• In Q4 2024 to date, 63% of the available VLCC spot days have been booked at an average TCE rate of $46,900 per day and 70% of the available Suezmax spot days have been booked at an average TCE rate of $40,200 per day.
Declaration of Q3 2024 dividend
The Company’s board of directors declared a dividend of $0.45 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 classified as a return of paid-in-capital and will be paid on December 4, 2024, to shareholders of record as of November 18, 2024. The common shares will be traded ex-dividend on the NYSE as from and including November 18, 2024, and the common shares will be traded ex-dividend on the Oslo Børs as from and including November 15, 2024. 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 December 9, 2024.