Alafouzos family backed Okeanis Eco Tankers has moved into profitable territory for the first quarter with the company now taking delivery of its VLCC newbuildings into an improving market.
Okeanis said the move into the black came ahead of its “most meaningful growth phase” and at a time its spot market exposure is growing in the run up to IMO 2020.
The shipowner, which floated in Oslo last summer, booked a profit of $500,000 in the opening three months of 2019, helped by the strongest aframax tanker spot performance among the tanker peer group.
Okeanis had two aframaxes trading spot in the first quarter, with TCE rates of $29,400 per day secured continuing the out-performance seen in the final three months of 2018, it explained.
This month Okeanis said the first of its eight VLCC newbuildings from Hyundai Heavy Industries, the Nissos Rhenia, was delivered.
The first four VLCCs are on time charters to Koch but the other four will trade spot around the IMO 2020 period, during which Okeanis has targeted spot exposure of at least 70%.
A suezmaxes and an aframax will come off charter in the first quarter next year.
Its VLCCs will be fitted with scrubbers, while six trading ships will go to dock to have the kit retrofitted before the end of September.
“Our VLCCs are on time and on specification, in a rising tanker value environment,” Okeanis said, nothing fleet growth would slow in the second half of this year as demand picked up.
It counts 33 VLCCs five suezmaxes and 15 aframaxes and LR2s for delivery on the second six months of 2019, all below the levels seen in the first half.
At the same time refinery throughput forecasts show a spike in the third quarter and project the final three months of the year will also see a higher volume than in the first half.
