Greece's Okeanis Eco Tankers (OET) has revealed more period deals for its new VLCCs as profit spiked in the first quarter.
The Alafouzos family-controlled shipowner said it had won a three-year time charter with a leading international energy company for its 318,000-dwt VLCC Nissos Keros (built 2019).
TradeWinds had previously reported the vessel as fixed to Norwegian oil major Equinor.
Oslo-listed OET also said it had chartered out its 319,000-dwt VLCC Nissos Kythnos (built 2019) for eight months to a national energy company.
The company did not reveal rates.
Last month the company announced it had fixed out Nissos Kythnos or the sistership Nissos Anafi for three years in a deal that will bring in $52.5m.
The rate equates to about $48,000 per day.
Anafi is now operating spot, so it looks as if Keros has taken the three-year deal.
OET's net profit jumped to $41.1m in the first quarter, from $480,000 in the same period of 2019, as revenue grew to $90.5m from $19.2m in booming tanker markets.
The tanker owner said "lucrative" spot market rates and a bigger fleet had more than offset higher depreciation expense and finance costs.
More profit to come
Fearnley Securities said Ebitda of $63m was ahead of its expectations and the analyst consensus.
Referencing the second quarter bookings, it added: "Strong numbers for sure, but as many other owners, OET had a few failed subs during March/ April at Worldscale 150-plus that could have lifted these numbers materially.
"Regardless, we are projecting another quarter of bumper profits."
It pegged the eight-month charter at $85,000 per day.
First dividend announced
OET is paying a cash dividend of $0.50 per share, amounting to $16.2m.
This is its first payout to investors. The company postponed its dividend for the fourth quarter due to market uncertainty caused by the coronavirus.
Fearnley said: "OET has improved cash flow visibility, supporting further distributions in the coming quarters should the market not fall off a cliff. Trading nearly 50% off steel value, OET also can unlock value through asset sales."
OET achieved average time charter equivalent rates of $59,200 for its VLCC, $63,700 per day for its suezmaxes and $35,200 for its aframaxes and LR2 tankers.
So far in the second quarter, 68% of the available VLCC spot days have been booked at an average of $105,500 per day.
About two thirds of suezmax capacity has also been secured, at $56,700 per day, and 64% of the available aframax and LR2 spot days have been booked at $35,800.
In January, the shipowner took delivery of the eighth and final new VLCC from Hyundai Heavy Industries.
Newbuildings funded
Okeanis also announced new financing for its remaining two suezmax newbuildings due in September from Hyundai Samho Heavy Industries.
The company received firm commitments from the Export-Import Bank of Korea, Busan Bank and Kyongnam Bank for $90.3m.
The facility includes an accordion option of up to $6.5m per vessel subject to acceptable long-term employment and credit approval by lenders.
The fleet comprises 17 ships with an average age of just two years.
