Okeanis Eco Tankers (OET) reported a slowdown in third-quarter and nine-month profit and revenue, due to weaker charter revenue from eight VLCCs.
The company listed on the New York Stock Exchange, and owner of 14 large, modern tankers, recorded a net profit of 14.6 million dollars in the third quarter of 2024, compared to 19.4 million dollars in the third quarter of 2023, down 25%.
The company posted revenue of 84.9 million dollars, compared to 89.1 million in the third quarter of 2023.
“The third quarter saw weaker prices as a result of lower demand due to increased refinery maintenance and consistent with normal seasonality,” the company said in a presentation accompanying its financial results.
The eight VLCCs saw average equivalent time charter revenue fall to 43,100 dollars per day, from 57,900 dollars per day in the same period in 2023.
Okeanis Eco Tankers (OET) said in August that it has converted half of its VLCC fleet to clean product tankers, which it describes as “LR4” vessels, to make higher profits on one-off employment opportunities.
This strategic move, which was highlighted on the conference call, underscores OET’s adaptability to a challenging market environment characterized by fluctuating crude and product tanker prices.
Higher product tanker prices, partly due to the risk of Red Sea crossings, were also an important factor.
Dividend
Okeanis Eco Tankers Corp. announced that the company’s board of directors has decided to distribute a dividend on its common shares, which is classified as a return of capital for accounting purposes. The dividend amount is 0.45 dollars per common share.
