Okeanis Eco Tankers Corp. reported unaudited interim condensed results for the three and twelve months ended December 31, 2021.

Q4 2021 Highlights

• Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $23.6 million and $11.9 million, respectively. Adjusted loss and Adjusted loss per share (non-IFRS measures) for the period of $3.2 million or $0.10 per basic & diluted share.
• Fleetwide daily TCE rate of $22,700 per operating day; VLCC and Suezmax TCE rates of $24,000 and $21,200 per operating day, respectively.
• Daily vessel operating expenses (“opex”, a non-IFRS measure) of $9,585 per calendar day, including management fees.
• In Q1 2022 to date, 96% of the available VLCC spot days have been booked at an average TCE rate of $22,400 per day and 94% of the available Suezmax spot days have been booked at an average TCE rate of $21,900 per day.
• In October and November 2021, the Company delivered its vessels, the Nissos Santorini and Nissos Antiparos, to their new owner for a total consideration of $180 million.
• In November 2021, Milos performed its five-year anniversary special survey. Poliegos was docked earlier than scheduled for its five-year anniversary special survey in order to benefit from an anticipated firmer spot freight market moving into 2022.
• Also in November 2021, the Company initiated a share buy-back plan utilizing an amount of up to $5.0 million. As of December 31, 2021 the Company had purchased 59,236 of its own shares at an average price of NOK 73.23 per share.
• The Company declared a return of paid-in capital of $10.0 million or $0.31 per share in December 2021, following the sale of the two VLCCs, Nissos Santorini and Nissos Antiparos.

Subsequent events

In January 2022, the Company signed a termsheet with a reputable financial institution for a new debt facility and a gross finance amount of approximately $145.5m. The net proceeds from the transaction will be used to finance the acquisition of the VLCC vessels Nissos Kea and Nissos Nikouria, currently under construction.

Also in January 2022, the Company purchased 122,573 of its own shares at an average price of NOK 71.0 per share.
Source: Okeanis Eco Tankers Corp.