The following is a summary of the Okeanis Eco Tankers Corp. (ECO) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 2024 financial highlights include: adjusted EBITDA of $63.9 million, adjusted net profit of $39.7 million, and adjusted EPS of $1.23.

• Fleet-wide time charter equivalent for the quarter stood at approximately $65,000 per vessel per day, with VLCCs averaging $73,000 and Suezmaxes at $55,000.

• Board declared a ninth consecutive capital distribution of $1.10 per share, which is about 90% of EPS.

Business Progress:

• Completed 5-year drydock for two VLCCs with plans for four more in the upcoming months.

• Announced three new financing initiatives that optimized capital structure and adjusted the pricing on existing debts.

• Transitioned part of the fleet for trading clean products (LR4), representing a strategic shift in fleet utilization.

Opportunities:

• The transition from trading crude to clean products (LR4) has allowed for premium time charter equivalent rates relative to crude trading.

• Refinancing and capital structure optimization are expected to reduce costs and enhance financial flexibility.

Risks:

• Seasonal weakness impacts rates, as evidenced by lower expected earnings in summer months.

• Geopolitical instabilities, such as conflicts affecting Red Sea routes, pose potential disruptions and reroute requirements, increasing operational complexity and possibly affecting efficiency.

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