Okeanis Eco Tankers Reflects on Third Quarter Financials

Financial Overview of Okeanis Eco Tankers Corp.

Okeanis Eco Tankers Corp. has published its financial results for the third quarter of 2024, showcasing a detailed performance review. The company continues to evolve in the maritime sector, demonstrating resilience despite fluctuating market conditions.

Third Quarter Financial Performance Highlights

Examining the financial performance for the third quarter, we note some significant figures:

• The revenue generated was $84.9 million, reflecting a decrease from $89.1 million recorded in the same quarter of the previous year.
• Net profit came in at $14.6 million, which is notably lower than the $19.4 million achieved in Q3 2023.
• Earnings per share (EPS) stood at $0.45, down from $0.60 in the prior year.
• As of September 30, 2024, total cash holdings, including restricted cash, were $56.0 million, marking a decline from $82.1 million reported a year earlier.

Nine-Month Performance Analysis

For those curious about the broader picture, the company’s performance over the nine-month period also merits attention:

• Total revenues reached $308.0 million, which reflects a decrease compared to $321.4 million for the same period in 2023.
• Profit for the nine months stood at $95.7 million, significantly reduced from $124.0 million a year prior.
• EPS for the first three quarters was $2.97, contrasted with $3.85 over the same timeframe in 2023.

Performance Metrics Continuing to Evolve

In addition to standard financial metrics, Okeanis Eco Tankers has provided alternative performance measures that offer deeper insights:

• The time charter equivalent (TCE) revenue, a crucial gauge in the shipping industry, was reported at $52.2 million for Q3 2024, compared to $59.7 million in Q3 2023.
• EBITDA was noted at $38.4 million, and adjusted EBITDA was recorded at $37.9 million.
• Adjusted profit approached $14.5 million, with an adjusted EPS of $0.45 for Q3 2024.
• For operating rates, the fleetwide daily TCE rate averaged $43,900, with VLCC and Suezmax tankers reporting rates of $43,100 and $44,800 respectively.
• Daily operational expenses came in at $9,811 including management fees.

Quarterly Dividend Declaration

Okeanis Eco Tankers has announced a dividend of $0.45 per common share for Q3 2024. This payment is intended for shareholders registered with Euronext VPS and will be distributed in NOK. The dividends are classified as a return of capital and are scheduled for payment on December 4, 2024, to shareholders of record by November 18, 2024.

Upcoming Conference Call

The company will hold a conference call to discuss the Q3 and nine-month results. The details are as follows:

Standard International Access: +44 20 3936 2999
USA: +1 646 664 1960
Norway: +47 815 03 308
Password: 041313

Insight on Okeanis Eco Tankers

Okeanis Eco Tankers stands out as an international player in the tanker sector, specializing in the transportation of crude oil and refined products. Established under the laws of the Republic of the Marshall Islands and trading on the NYSE (ticker: ECO) and Oslo Børs (ticker: OET), the company boasts a robust fleet that includes six Suezmax tankers and eight VLCC tankers, all designed with modern scrubber technology.

Frequently Asked Questions

What are the key financial results for Q3 2024?

For Q3 2024, Okeanis reported revenues of $84.9 million and a profit of $14.6 million.

How did the nine-month performance compare to last year?

The company achieved $308.0 million in revenues for the nine-month period, down from $321.4 million in the prior year.

What is the declared dividend for Q3 2024?

The declared dividend is $0.45 per common share, payable on December 4, 2024.

When will the company host a conference call for investors?

The conference call is scheduled for 14:30 CET on a specified date, and details can be found in the financial results announcement.

How does Okeanis Eco Tankers stand in the industry?

Okeanis Eco Tankers is a prominent company in the tanker sector, employing advanced technology in its fleet.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.