Strong Fleet-Wide Performance
Okeanis Eco Tankers achieved a fleet-wide time charter equivalent of $47,000 per vessel per day, with VLCCs at $46,000 and Suezmaxes at $48,000. The company reported an adjusted EBITDA of $45.2 million and adjusted net profit of $24.7 million.
Significant Dividend Distribution
The Board declared a 14th consecutive distribution in the form of a dividend of $0.75 per share, distributing 100% of reported EPS for the quarter.
Capital Structure Optimization
Okeanis completed refinancing transactions for its fleet, improving pricing and breakevens, extending maturities, and adding flexibility. The fleet-wide average margin potentially reduced to 160 basis points.
Market Outperformance
Okeanis outperformed their peers with a 30% outperformance for VLCCs and 45% for Suezmaxes. The company achieved near-perfect utilization across the fleet.
Positive Outlook for Q4
Q4 is shaping up to be fantastic, with 80% of VLCC spot days fixed at $88,100 per day and 48% of Suezmax days at $60,800 per day, resulting in a fleet-wide average of $80,700 per day on the fixed portion.