Oslo-listed Okeanis Eco Tankers has been able to make back 65% of its scrubber retrofit costs as markets boomed this year.
The Alafouzos family-controlled company said it has estimated that $26m of $40m invested in the exhaust cleaning systems has been recouped.
The savings were nearly equally split between lower bunker costs and time charter premiums, Okeanis said.
For VLCCs, the figure is 76% of $21.6m spent, and suezmaxes made back 70% of the $12.8m cost.
Profit booming
Time charter equivalent earnings for VLCCs are forecast to be $26,000 to $27,500 in the fourth quarter, with suezmaxes at $15,000 to $17,000.
Full year adjusted Ebitda is expected to be between $184 and $186m, with $29m to $31m coming in the final three months.
The adjusted profit for the year should be between $105m and $107m, with $10 to $12m in the fourth quarter.
Okeanis also said it is amending its technical management agreement with private Alafouzos company Kyklades Maritime.
An independent subcommittee majority-composed of investor directors reviewed the deal which sees Okeanis pay $600 per ship per day.
Benchmark used
The fee was benchmarked against its peer group and the price will now go up to $900 from next year.
Okeanis said it has achieved the lowest trailing 12-month daily operating costs in the sector at $8,400 per day.
It will maintain its "industry-leading cost position under the terms of the revised technical management agreement," the company added.
Okeanis has in addition confirmed three short-term time charters previously reported by TradeWinds.
VLCC fixed
The 319,000-dwt VLCC Nissos Kythnos (buit 2019) has entered into an 11-month deal at $30,000 per day. TradeWinds has reported Occidental Petroleum as the charterer.
The 159,000-dwt suezmax Kimolos (built 2018) has been booked for three to six months at an initial $20,000 per day, rising to $23,000. Brokers said Trafigura is the client.
And the 114,000-dwt aframax/LR2 Nissos Heraclea (built 2015) for between six and eleven months at $19,000 per day. TradeWinds has reported ST Shipping & Trading as the charterer here.
Fearnley Securities said the deals leave limited spot exposure for 2021, while profit guidance was slightly below consensus.
The company will have one VLCC trading spot next year.
