Q3 2024 Okeanis Eco Tankers Corp Earnings Call Transcript
Key Points
- Okeanis Eco Tankers Corp (ECO) achieved a fleet-wide time charter equivalent of about $44,000 per vessel per day, indicating strong operational performance.
- The company reported an adjusted EBITDA of $37.9 million and an adjusted net profit of $14.5 million, showcasing solid financial results.
- Okeanis Eco Tankers Corp (ECO) declared its 10th consecutive capital distribution of 45¢ per share, reflecting a commitment to shareholder value.
- The company successfully completed five out of six planned dry docks for the year, demonstrating effective operational management.
- Okeanis Eco Tankers Corp (ECO) has a young fleet with an average age of five years, providing a competitive advantage in the market.
- Q3 was a weak quarter with consistent market weakening, impacted by factors such as weak refining margins and poor Chinese demand.
- The company faced an underwhelming quarter that required significant effort and optimization to achieve results.
- Q4 has materially underperformed expectations so far, with several factors keeping pressure on the trade market.
- Despite planning dry docks for Q4 market opportunities, the market has not performed as expected.
- The demand outlook is less straightforward compared to supply, with steady growth expected at a lower pace.
Welcome to Okeanis Eco Tankers Corp third quarter, 2024 financial results presentation. We will begin shortly.
Aristidis Alafouzos, the CEO and Iraklis Sbarounis CFO of Oceanis Eco tankers will take you through the presentation.
They will be pleased to address any questions raised at the end of the call.
I would like to advise you that this session is being recorded or at least will begin the presentation now.
Thank you. Hi, everyone. Welcome to the presentation of AK sequel tankers' results for the third quarter of 2024.
We will discuss matters that are forward-looking nature. And actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer slide too.
So starting on slide 4 and the executive summary, I'm pleased to present the highlights of the third quarter of 2024. We continue on the track of very healthy commercial and financial
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