Okeanis Eco Tankers Corp. – Commercial Update

ATHENS, Greece, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET” or “Okeanis”) (NYSE:ECO / OSE:OET), announced the following commercial update:

For Q4 2023, as of the date of this release, the Company anticipates:

• Estimated fleetwide Daily Time Charter Equivalent Rate (“Daily TCE Rate”) of approximately $45,300 per operating day.
• Estimated VLCC Daily TCE Rate of $45,200 per operating day, all vessels trading spot.
• Estimated Suezmax Daily TCE Rate of $45,500 per operating day, including 147 days fixed on time-charter on two vessels; Estimated Suezmax Daily TCE Rate of $51,800 per operating day relating solely to Suezmax spot days.
  

Thus far in the first quarter of 2024, as of the date of this release, the Company estimates:

• Approximately 61% of the available VLCC spot days have been booked at an average Daily TCE Rate of $76,100 per operating day.
• Approximately 41% of the available Suezmax spot days have been booked at an average Daily TCE Rate of $59,300 per operating day.

Daily TCE Rate reconciliation

The Daily TCE Rate is a measure of the average daily revenue performance of a vessel. The Company reports its financial results in accordance with International Financial Reporting Standards (“IFRS”). The Daily TCE Rate is not a measure of revenue under U.S. GAAP (i.e., it is a non-GAAP measure) or IFRS and should not be considered as an alternative to, or superior to, any measure of revenue and financial performance presented in accordance with IFRS. We calculate Daily TCE Rate by dividing revenues (time charter and/or voyage charter revenues), less commission and voyage expenses, by the number of operating days during that period. Our calculation of the Daily TCE Rates may not be comparable to that reported by other companies. The Company has not provided a reconciliation of forward-looking Daily TCE Rate because the most directly comparable IFRS measure on a forward-looking basis is not available to the Company without unreasonable effort.

Consistent with industry practice, we use the Daily TCE Rates because it provides a means of comparison between different types of vessel employment and, therefore, assists in evaluating their financial performance and in our decision-making process regarding the deployment and use of our vessels and in evaluating our financial performance. The Daily TCE rate is a non-GAAP and non-IFRS measure. We believe the Daily TCE Rate provides additional meaningful information in conjunction with vessel operating expenses, the most directly comparable GAAP and IFRS measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. The Daily TCE Rate is a measure used to compare period-to-period changes in a company’s performance and management believes that the Daily TCE Rate provides meaningful information to our investors.