Okeanis Eco Tankers Corp. Reports Financial Results for the Third Quarter and Nine-Month Period of 2024

ATHENS, Greece, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, "OET" or the "Company") (NYSE:ECO, OSE: OET)) today reported its unaudited condensed financial results for the third quarter and nine-month period of 2024, which are attached to this press release.

Financial performance of the Third Quarter Ended September 30, 2024

Revenues of $84.9 million in Q3 2024, compared to $89.1 million in Q3 2023.

Profit of $14.6 million in Q3 2024, compared to $19.4 million in Q3 2023.

Earnings per share of $0.45 in Q3 2024, compared to $0.60 in Q3 2023.

Cash (including restricted cash) of $56.0 million as of September 30, 2024, compared to $82.1 million as of September 30, 2023.

Financial performance of the Nine Months Ended September 30, 2024

Revenues of $308.0 million in 9M 2024, compared to $321.4 million in 9M 2023.

Profit of $95.7 million in 9M 2024, compared to $124.0 million in 9M 2023.

Earnings per share of $2.97 in 9M 2024, compared to $3.85 in 9M 2023.

Alternative performance metrics and market developments

Time charter equivalent ("TCE", a non-IFRS measure*) revenue of $52.2 million in Q3 2024, compared to $59.7 million in Q3 2023.

EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $38.4 million and $37.9 million, respectively, in Q3 2024.

Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of $14.5 million or $0.45 per basic and diluted share in Q3 2024.

Fleetwide daily TCE rate of $43,900 per operating day in Q3 2024; VLCC and Suezmax TCE rates of $43,100 and $44,800 per operating day, respectively, in Q3 2024.

Daily vessel operating expenses ("Opex", a non-IFRS measure) of $9,811 per calendar day, including management fees, in Q3 2024.

In Q4 2024 to date, 63% of the available VLCC spot days have been booked at an average TCE rate of $46,900 per day and 70% of the available Suezmax spot days have been booked at an average TCE rate of $40,200 per day.

Declaration of Q3 2024 dividend

The Company's board of directors ...