Okeanis Eco Tankers: Financial Overview and Future Prospects
Okeanis Eco Tankers Financial Results Overview
Okeanis Eco Tankers Corp., a prominent name in the tanker industry, recently shared its financial results, showcasing performance improvements and key insights that highlight the company's trajectory. As a leader in crude oil and refined products transportation, OET operates under the NYSE ticker ECO and the Oslo Stock Exchange ticker OET.
Q4 2024 Financial Performance Highlights
The condensed financial results for the fourth quarter, concluded at the end of 2024, reveal important trends and figures that reflect both challenges and opportunities for OET. The revenues stood at $85.2 million, indicating a slight decrease compared to the $91.7 million reported for the same quarter in the previous year. While the decline in revenue is noteworthy, the company is focused on stabilizing its performance.
Key Metrics from Q4 2024
During this period, Okeanis Eco Tankers saw a profit of $13.2 million, down from $21.3 million in Q4 2023. The vessel operating expenses, on the other hand, improved with only $9.6 million spent compared to $10.6 million in the prior year. Earnings per share also reflected this trend, decreasing to $0.41 from $0.66 a year prior.
Twelve-Month Financial Overview for 2024
Over the twelve-month period, the company generated total revenues of $393.2 million. This is a decline from $413.1 million in 2023. Profit figures similarly dropped to $108.9 million, down from the previous $145.2 million. Vessel operating expenses, at $42.4 million, showed a manageable increase compared to $41.7 million from the year before, indicating a control on operational costs.
Understanding Earnings per Share
The earnings per share for the full year ended at $3.38, a decrease from $4.51 in 2023. Despite these figures, the company is proactively addressing its strategies to enhance profitability.
Market Developments and Alternative Metrics
Okeanis Eco Tankers has also reported time charter equivalent revenue, a non-IFRS measure, which reached $49.4 million for Q4 2024. Significantly, the EBITDA was calculated at $35.2 million, with an adjusted EBITDA of $37.1 million for the same period.
TCE Rates and Operating Costs
The fleetwide daily time charter equivalent (TCE) rate was recorded at $39,000 for Q4 2024, with sector-specific TCE rates of $38,500 and $39,600 for VLCC and Suezmax tankers, respectively. Daily vessel operating expenses are estimated at $8,321 per calendar day, including management fees.
Dividend Declaration and Future Initiatives
OET's board declared a dividend of $0.35 per common share, with specific payment dates set for March 2025. This approach reflects the company’s commitment to shareholder value even amidst fluctuating market conditions. Additionally, 81% of available VLCC spot days have been booked in Q1 2025 at attractive average TCE rates.
Engagement with Investors
To foster transparency and investor relations, OET will host a conference call and webcast, discussing its Q4 results and future outlooks. This meeting is an excellent opportunity for stakeholders to engage with the company's executives, gaining insights into OET's strategic direction.
Company Background and Growth Potential
Okeanis Eco Tankers, founded in 2018 and based in the Republic of the Marshall Islands, continues to innovate and adapt to the maritime industry's challenges. With modern scrubber-fitted tankers in operation, OET is firmly positioned in the growing global energy transportation market.
Contact Information for Stakeholders
For further inquiries, Iraklis Sbarounis, the CFO, is available at +30 210 480 4200 or via email at ir@okeanisecotankers.com. For media relations, Nicolas Bornozis can be contacted at Capital Link, Inc. at +1 (212) 661-7566.
Frequently Asked Questions
What were the key financial results for Okeanis Eco Tankers in Q4 2024?
Okeanis reported revenues of $85.2 million and a profit of $13.2 million in Q4 2024.
How did the earnings per share change in 2024?
Earnings per share decreased to $0.41 in Q4 2024, compared to $0.66 in the same quarter the previous year.
What are the future dividend plans for OET?
The company declared a dividend of $0.35 per common share, with payments scheduled for March 2025.
How much revenue did OET generate over the twelve-month period ending December 31, 2024?
OET generated $393.2 million in revenue for the full year 2024.
Who can I contact for more information about Okeanis Eco Tankers?
Interested parties can reach out to CFO Iraklis Sbarounis at +30 210 480 4200 or via email at ir@okeanisecotankers.com.
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