VLCC

Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the Fourth Quarter and Twelve Month Period of 2023

Retrieved on: 
Thursday, February 29, 2024
NOK, Holocene, Suezmax, TCE, CSDR, ECO, Sale, Calendar, Exercise, OET, Euronext, Webcast, Bank statement, CMB, VLCC

ATHENS, Greece, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or “Company”) (NYSE:ECO / OSE:OET) today reported unaudited condensed financial statements for the fourth quarter and twelve month period of 2023, which are attached to this press release.

Key Points: 
  • ATHENS, Greece, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or “Company”) (NYSE:ECO / OSE:OET) today reported unaudited condensed financial statements for the fourth quarter and twelve month period of 2023, which are attached to this press release.
  • Adjusted profit and Adjusted earnings per share (non-IFRS measures*) for the period of $20.4 million or $0.63 per basic & diluted share.
  • Fleetwide daily TCE rate of $45,400 per operating day; VLCC and Suezmax TCE rates of $45,200 and $45,600 per operating day, respectively.
  • OET will be hosting a conference call and webcast at 13:30 CET on Thursday February 29, 2024, to discuss the Q4 2023 results.

FRO – Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, February 29, 2024
Acquisition, FRONTLINE, Front line, Suezmax, Euronav, ECO, Sale, PLC, Aframax, Good, LR2, VLCC

FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2023

Key Points: 
  • FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2023
    Frontline plc (the “Company” or “Frontline”), today reported unaudited results for the three and twelve months ended December 31, 2023:
    Profit of $118.4 million, or $0.53 per share for the fourth quarter of 2023.
  • Adjusted profit of $102.2 million, or $0.46 per share for the fourth quarter of 2023.
  • Declared a cash dividend of $0.37 per share for the fourth quarter of 2023.
  • Reported revenues of $415.0 million for the fourth quarter of 2023.

DHT orders four large VLCCs

Retrieved on: 
Wednesday, February 28, 2024
Ship, Investment, Ageing, Transport, DHT, Policy, VLCC, Warehouse

HAMILTON, BERMUDA, February 28, 2024 – DHT Holdings, Inc. (NYSE:DHT) (the “Company”) today announced it has entered into agreements to build four large VLCCs.

Key Points: 
  • HAMILTON, BERMUDA, February 28, 2024 – DHT Holdings, Inc. (NYSE:DHT) (the “Company”) today announced it has entered into agreements to build four large VLCCs.
  • The Company has entered into agreements to build four large VLCCs for delivery between April and December 2026.
  • Two will be constructed at each Hyundai Samho Heavy Industries and Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), in South Korea.
  • The vessel supply scenario for the VLCC sector is very constructive:
    The current orderbook with the supply of new VLCCs equals less than 3% of the existing fleet.

International Seaways Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, February 29, 2024
Maritime, Energy, Transport, Oil, Gas, INSW, TCE, Share repurchase, Ageing, Sale, Exercise, Line of credit, VLCC, Video game

Shipping revenues for the fourth quarter were $250.7 million, compared to $338.2 million for the fourth quarter of 2022.

Key Points: 
  • Shipping revenues for the fourth quarter were $250.7 million, compared to $338.2 million for the fourth quarter of 2022.
  • Consolidated TCE revenues(D) for the fourth quarter were $247.9 million, compared to $335.7 million for the fourth quarter of 2022.
  • Adjusted EBITDA for the fourth quarter was $158.8 million, compared to $254.3 million for the fourth quarter of 2022.
  • Shipping revenues for the Crude Tankers segment were $125.2 million for the fourth quarter of 2023, compared to $152.9 million for the fourth quarter of 2022.

TOP Ships Inc. Announces Vessel Refinancings and Full Redemption of Series F Perpetual Preferred Shares Held by Related Party

Retrieved on: 
Wednesday, February 7, 2024
VLCC, Ship, Suezmax, Legio X Equestris, Sale, Series, Security (finance)

The proceeds after repayment of previous debt of the already-concluded financings amounted to $47.9 million, $43.9 million of which was used to fully redeem the Company’s outstanding Series F perpetual preferred shares, held by a related party, pursuant to their terms.

Key Points: 
  • The proceeds after repayment of previous debt of the already-concluded financings amounted to $47.9 million, $43.9 million of which was used to fully redeem the Company’s outstanding Series F perpetual preferred shares, held by a related party, pursuant to their terms.
  • The Company expects significant cashflow savings following the full redemption of the Series F perpetual preferred shares that carried a dividend of 13.5% per annum and 36,596,274 votes.
  • The redemption of the Series F perpetual preferred shares was approved by the independent members of the board of directors.
  • At the end of the seven-year period we have an option to buy back the vessel for a consideration of $14 million.

Okeanis Eco Tankers Corp. – New Financings Update

Retrieved on: 
Thursday, February 1, 2024
VLCC, OET, CMB, Exercise, Suezmax, ECO, Alafouzos, Sale

ATHENS, Greece, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“we”, the “Company”, “OET” or “Okeanis”) (NYSE:ECO / OSE:OET) is pleased to announce the following financings update relating to its fleet.

Key Points: 
  • ATHENS, Greece, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“we”, the “Company”, “OET” or “Okeanis”) (NYSE:ECO / OSE:OET) is pleased to announce the following financings update relating to its fleet.
  • The Milos Facility is provided by a syndicate led by Kexim Asia Limited and the transaction is expected to close in February.
  • “We are pleased to announce our most recent financings, in line with our effort to continuously optimize our capital structure.
  • Executing the purchase option of the Milos is a milestone transaction for us as it significantly improves our interest expense.

Okeanis Eco Tankers Corp. – Commercial Update

Retrieved on: 
Monday, January 22, 2024
TCE, Employment, International Financial Reporting Standards, International, Daily, GAAP, ECO, VLCC, Dry cleaning

ATHENS, Greece, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET” or “Okeanis”) (NYSE:ECO / OSE:OET), announced the following commercial update:

Key Points: 
  • ATHENS, Greece, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET” or “Okeanis”) (NYSE:ECO / OSE:OET), announced the following commercial update:
    For Q4 2023, as of the date of this release, the Company anticipates:
    Estimated fleetwide Daily Time Charter Equivalent Rate (“Daily TCE Rate”) of approximately $45,300 per operating day.
  • Estimated Suezmax Daily TCE Rate of $45,500 per operating day, including 147 days fixed on time-charter on two vessels; Estimated Suezmax Daily TCE Rate of $51,800 per operating day relating solely to Suezmax spot days.
  • Approximately 41% of the available Suezmax spot days have been booked at an average Daily TCE Rate of $59,300 per operating day.
  • The following table sets forth our computation of Daily TCE Rate, including a reconciliation of revenues to the Daily TCE Rate for Q4 2023:

FRO – Sale of its five oldest VLCCs

Retrieved on: 
Friday, January 12, 2024
VLCC, Suezmax, Sale, Euronav

Frontline plc (the “Company” or “Frontline”) (NYSE: FRO – OSE: FRO) today announced that it has entered into an agreement whereby the Company will sell its five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price of $290 million.

Key Points: 
  • Frontline plc (the “Company” or “Frontline”) (NYSE: FRO – OSE: FRO) today announced that it has entered into an agreement whereby the Company will sell its five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price of $290 million.
  • The vessels are expected to be delivered to the new owner during the first quarter of 2024.
  • The sale is subject to certain closing conditions, in line with industry standards.
  • Lars H. Barstad, Chief Executive Officer of Frontline Management AS commented:
    “We are very pleased with this transaction, capturing firm pricing for 14-15 year old vessels.

DHT Holdings, Inc. Business Update

Retrieved on: 
Wednesday, January 10, 2024
DHT, VLCC

HAMILTON, BERMUDA, January 10, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update:

Key Points: 
  • HAMILTON, BERMUDA, January 10, 2024 – DHT Holdings, Inc. (NYSE:DHT) (“DHT” or the “Company”) today provides the following business update:
    For the fourth quarter of 2023, the Company estimates time charter equivalent earnings for its fleet at $42,800 per day, comprising of $39,600 per day for the Company’s VLCCs on time-charter and $43,600 per day for the Company’s VLCCs operating in the spot market.
  • Thus far in the first quarter of 2024, 50% of the available VLCC spot days have been booked at an average rate of $56,300 per day on a discharge-to-discharge basis.
  • 61% of the available VLCC days, spot and time-charter days combined, have been booked at an average rate of $48,900 per day.

TOP Ships Inc. Announces Extension of Time Charter Employment for Two VLCC Tankers

Retrieved on: 
Wednesday, November 22, 2023
VLCC

ATHENS, Greece, Nov. 22, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has agreed to extend the time charter employment contracts of its two VLCC vessels, M/T Julius Caesar and M/T Legio X Equestris, at an increased rate.

Key Points: 
  • ATHENS, Greece, Nov. 22, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has agreed to extend the time charter employment contracts of its two VLCC vessels, M/T Julius Caesar and M/T Legio X Equestris, at an increased rate.
  • Specifically, the firm period will be extended for approximately 3 years at a daily rate of $41,500 per vessel with two additional years at the charterer’s option.