By George George
The third quarter of 2021 was unprofitable for Okeanis Eco Tankers, interests of the Alafouzos family, in the midst of difficult conditions in the tanker freight market.
In particular, the Oslo-listed shipping company recorded a loss of $ 4.7 million in the third quarter of this year, compared to a profit of $ 15.6 million in the same period last year. Revenue fell to $ 38.6 million from $ 58.1 million in the third quarter of 2020, while adjusted EBITDA reached $ 11.3 million, up from $ 35.5 million last year.
The shipping company said it would return $ 15 million in capital to shareholders from the sale of two VLCCs, which was announced in the summer.
In fact, in the presentation of the company it is pointed out that the policy of opportunity sales of ships will continue, in order to result in increased profits from the so-called “asset play” moves (the sale at a price much higher than the amount paid for the purchase of steam).
Elsewhere, Okeanis notes that the investment in scrubbers has been amortized as the fuel spread continues to expand.
The freight market
“The company recognizes that crude oil markets have not developed as expected, and supporting liquidity through net debt reduction is the wisest way to approach the current situation,” the shipping company said in a statement.
However, Okeanis seems optimistic about the long-term prospects of the freight market. Analysts say global oil reserves have fallen to pre-pandemic levels, a sign of the need for offshore imports.
At the same time, according to the company, oil demand and production are increasing. At the same time, the acceleration in the sale of “old” scrap steamers and the low order book of new ships are expected to limit fleet development and create benefits for eco tonnages.
Okeanis Eco Tankers Corp manages 14 modern vessels for the transportation of crude oil and petroleum products, which are designed to eco standards and are equipped with scrubbers.
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Source From: Capital
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