ATHENS, GREECE, May 16, 2024 (GLOBE NEWSWIRE) — Oceanis Eco Tankers Corporation (the “Company” or “OET” or “Oceanis”) (NYSE:ECO / OSE:OET) announced today that The audit has reported summary financial statements. The first quarter and three-month periods of 2024 are attached to this press release.
Excerpts and recent highlights from Q1 2024:
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Time charter equivalent (“TCE”, non-IFRS*) revenue and adjusted EBITDA (non-IFRS*) were $81 million and $65.2 million, respectively. Adjusted earnings and adjusted earnings per share (non-IFRS*) for the period were $39.6 million, or $1.23 per basic and diluted share.
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Fleet-wide daily TCE rate is $63,600 per business day. VLCC and Suezmax TCE costs $68,800 and $56,700 per business day, respectively.
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Vessel operating costs per day ('opex', non-IFRS measure*), including management fees, are $9,208 per calendar day.
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To date in Q2 2024, 82% of available VLCC spot days have been booked at an average TCE rate of $75,900 per day and 57% of available Suezmax spot days have been booked at an average TCE rate of $60,800 per day. Reserved in dollars.
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The Company paid approximately $21.2 million, or $0.66 per share, in dividends in March 2024 that were classified as a return of paid-in capital for accounting purposes.
*The Company uses certain financial information that is calculated on a basis other than Generally Accepted Accounting Principles, such as TCE, Adjusted EBITA, Adjusted Earnings, Adjusted Earnings Per Share, and Operating Income. Please see the end of the attached report for reconciliations of these non-IFRS measures.
Declaration of dividend for the first quarter of 2024
The company's board of directors announced a dividend to shareholders of $1.10 per common share. Dividends paid on ordinary shares registered with Euronext VPS are distributed in NOK. This cash payment will be classified as a return of paid-in capital and is expected to be paid on June 20, 2024 to shareholders of record as of June 5, 2024. The common stock trades ex-dividend on the NYSE. Due to the enforcement of the Central Securities Depository Regulation (CSDR) in Norway, dividends on ordinary shares will be traded on the Oslo Bors from and to June 4, 2024. VPS registered with Euronext VPS will be distributed to his Euronext VPS shareholders around June 25, 2024.
A presentation related to our results is available on our website at http://www.okeanisecotankers.com/reports/.
Information published on our website is not incorporated by reference into this press release.
OET will hold a conference call and webcast on Thursday, May 16, 2024 at 13:30 CET to discuss the first quarter 2024 results. Participants can access his webcast using the following link and dial-in details:
https://events.q4inc.com/attendee/182966276
Standard international access: +44 20 3936 2999
USA: +1 646 664 1960
Norway: +47 815 03 308
Password: 487447
An audio replay of the conference call is available on our website.
contact address
company
Iraklis Subarnis, CFO
Phone number: +30 210 480 4200
ir@okeanisecotankers.com
Investor Information/Media Contact
Nicholas Bornozis, President
Capital Link Co., Ltd.
230 Park Avenue, Suite 1540, New York, NY 10169
Phone: +1 (212) 661-7566
okeanisecotankers@capitallink.com
About OET
OET is a leading international tanker company providing ocean 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 traded on the Oslo Bors under the symbol OET and on the New York Stock Exchange under the symbol ECO. This sailing fleet consists of 6 modern scrubber-equipped Suez Max tankers and her 8 modern scrubber-equipped VLCC tankers.
Forward-looking statements
This communication contains “forward-looking statements”, including as that term is defined under the U.S. federal securities laws. Forward-looking statements provide our current expectations or predictions about future events. Forward-looking statements include statements regarding our expectations, beliefs, plans, objectives, intentions and assumptions and other statements that are not historical facts or that are not current facts or circumstances. “anticipate”, “believe”, “continue”, “estimate”, “expect”, “hope”, “intend”, “may”, “in progress”, “plan”, “may,” “predict,” “predict,” “should,” “will,” or similar words or phrases, or the negative of those words or phrases, are , may be identified as a forward-looking statement, but the absence of these words does not necessarily mean that the statement is a forward-looking statement. Not positive. 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 anticipated or implied by the forward-looking statements. There is a possibility. Our actual results may differ materially from those anticipated in the forward-looking statements for a number of reasons, including those described in our filings with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on 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, our operating or financial results; the company's liquidity, including its ability to repay debt; competitive factors in the markets in which we operate; Trends in the shipping industry, including charter rates, vessel values, and factors affecting vessel demand and supply. future, pending or recent acquisitions and dispositions, business strategies, potential areas of expansion or contraction, and anticipated capital expenditures or operating expenses; Risks associated with operations. broad market effects resulting from war (or threat of war) or international hostilities; risks related to pandemics (including COVID-19), including the impact on demand for and transportation of oil and other products transported by tankers; and other factors described from time to time in the Company's filings with the Securities and Exchange Commission. Except to the extent required by law, we do not intend to update any forward-looking statements contained herein to reflect changes in our expectations or changes in events, circumstances, or circumstances. or expressly disclaims any obligation or undertaking to publish any amendments. The situation on which the statement is based. However, you should review the factors and risks described in the reports we file and submit from time to time with the Securities and Exchange Commission. This report is available free of charge on the U.S. Securities and Exchange Commission website (www.js).second government
This information is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Exchange Act.
A PDF associated with this press release is available at http://ml.globenewswire.com/Resource/Download/19e931b4-b627-4713-965e-1dc9646a9779.
