Okeanis Reports First Quarter TCE of $88.4 Million


Okeanis Eco Tankers Corp. reported unaudited interim condensed results for the first quarter and three-month period ended March 31, 2023.

Q1 2023 Highlights:

  • Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $88.4 million and $74.4 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the period of $51.4 million or $1.60 per basic & diluted share.
  • Fleetwide daily TCE rate of $70,800 per operating day; VLCC and Suezmax TCE rates of $72,700 and $68,200 per operating day, respectively.
  • Daily vessel operating expenses (“opex”, a non-IFRS measure) of $8,885 per calendar day, including management fees.
  • In Q2 2023 to date, 72% of the available VLCC spot days have been booked at an average TCE rate of $75,500 per day and 79% of the available Suezmax spot days have been booked at an average TCE rate of $96,500 per day.
  • The Company paid an amount of approximately $40.2 million or $1.25 per share in March 2023 as a return of paid-in capital.

The Board of Directors declared a return of capital of $1.60 per share to shareholders. The cash payment will be recorded as a return of paid-in-capital and will be paid on Friday June 9, 2023 to shareholders of record as of Friday June 2, 2023. The shares will be traded ex-capital distribution as from and including Thursday June 1, 2023.


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