2024

Better

Time

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<p class="has-drop-cap">Okeanis Eco Tankers Corp. (NYSE: ECO, OSE: OET) has released its unaudited condensed financial results for the <a href="https://www.okeanisecotankers.com/wp-content/uploads/2024/08/OET-Q2-2024-Results.pdf" target="_blank" aria-label=" (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">second quarter and six-month period ending June 30, 2024</a>. The company reported revenues of $112.0 million for Q2 2024, a decrease from $119.8 million in Q2 2023.&nbsp;</p>
<p>The net profit for this quarter stood at $39.6 million, down from $52.9 million in the same period last year. Earnings per share (EPS) for Q2 2024 were $1.23, compared to $1.64 in Q2 2023. The company’s cash reserves, including restricted cash, were $98.1 million as of June 30, 2024, up from $86.1 million at the same time last year.</p>
<p>For the six-month period ending June 30, 2024, Okeanis Eco Tankers reported revenues of $223.1 million, a slight decrease from $232.4 million in the first half of 2023. The profit for the six months was $81.1 million, compared to $104.5 million in the same period last year. <br><br>The EPS for the six-month period was $2.52, down from $3.25 in the first half of 2023. The company declared a Q2 2024 <a href="https://tokenist.com/investing/what-is-dividend-investing/" rel="noopener noreferrer nofollow" class="deco-link">dividend</a> of $1.10 per common share, with the payment scheduled for September 5, 2024.</p>
<h3 id="eco-beats-revenue-eps-expectations-in-q2-2024">ECO Beats Revenue, EPS Expectations in Q2 2024</h3>
<p>When comparing the current performance against expectations, Okeanis Eco Tankers fell short. Analysts had anticipated an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a> of $1.07 for Q2 2024, while the company reported $1.23. <br><br>This indicates that the company exceeded EPS expectations by $0.16. However, the revenue expectations were set at $72.76 million, and the company outperformed significantly with $112.0 million in actual revenues. Despite the lower year-over-year figures, the company has managed to exceed market expectations in terms of revenue and EPS.</p>
<p>The Time Charter Equivalent (TCE) revenue for Q2 2024 was $79.4 million, compared to $91.2 million in Q2 2023. EBITDA and Adjusted EBITDA for Q2 2024 were $63.6 million and $63.9 million, respectively. <br><br>The fleetwide daily TCE rate was $64,900 per operating day, with VLCC and Suezmax TCE rates at $73,300 and $54,600 per operating day, respectively. These figures show a decline from the previous year but still indicate strong operational performance.</p>
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<h3 id="eco-guidance-for-q3-2024">ECO Guidance for Q3 2024</h3>
<p>Looking ahead, Okeanis Eco Tankers has provided some guidance for Q3 2024. As of now, 58% of the available VLCC spot days have been booked at an average TCE rate of $46,100 per day, and 53% of the available Suezmax spot days have been booked at an average TCE rate of $58,000 per day. These rates include short-term time charters fixed on their vessels.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/okeanis-eco-tankers-corp-eco-posts-better-than-expected-q2-2024-results/">Okeanis Eco Tankers Corp (ECO) Posts Better than Expected Q2 2024 Results</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Okeanis Eco Tankers Corp (ECO) Posts Better than Expected Q2 2024 Results

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