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Okeanis Eco Tankers Corp. (ECO)
NYSE:ECO
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Okeanis Eco Tankers Corp.
(NYSE:ECO)
76Outperform
Okeanis Eco Tankers Corp. (ECO) vs. S&P 500 (SPY)
Market Cap
kr635.50M
Dividend Yield15.41%
Average Volume (3M)195.53K
Price to Earnings (P/E)5.9
Beta (1Y)0.32
Revenue Growth-4.81%
EPS Growth-25.05%
CountryUS
Employees14
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)3.38
Shares Outstanding32,194,107
10 Day Avg. Volume240,347
30 Day Avg. Volume195,530
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.77
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$40.00Price Target Upside105.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Okeanis Eco Tankers Corp. Business Overview & Revenue Model
Company DescriptionOkeanis Eco Tankers Corp. (ECO) is an international shipping company that specializes in the transportation of crude oil using a modern and eco-friendly fleet of tankers. The company operates in the maritime industry, focusing on providing environmentally sustainable solutions for the global oil transportation sector. With a commitment to reducing its carbon footprint, Okeanis Eco Tankers leverages advanced technology and state-of-the-art vessels to deliver efficient and reliable services to its clients worldwide.
How the Company Makes MoneyOkeanis Eco Tankers Corp. generates revenue primarily through the chartering of its fleet of eco-friendly crude oil tankers. The company earns money by leasing its vessels to major oil companies and traders on both short-term and long-term charter agreements. These agreements can be time charters, where clients pay a daily rate for the use of the tanker, or voyage charters, where the payment is based on a single voyage or trip. Additionally, Okeanis Eco Tankers may enter into pool arrangements, where its vessels are managed collectively with other ships to optimize utilization and revenue. The company strategically positions its fleet to take advantage of favorable market conditions and maximize earnings, while also benefiting from partnerships with industry stakeholders that prioritize sustainable shipping practices.
Okeanis Eco Tankers Corp. Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 393.23M | 413.10M | 270.97M | 169.00M | 282.87M | Gross Profit |
| 223.60M | 221.41M | 123.18M | 44.63M | 152.96M | EBIT |
| 162.94M | 201.12M | 110.12M | 32.02M | 141.36M | EBITDA |
| 204.08M | 241.51M | 160.60M | 70.55M | 180.59M | Net Income Common Stockholders |
| 108.86M | 145.25M | 84.56M | -902.90K | 101.32M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 49.34M | 49.99M | 81.35M | 38.18M | 23.34M | Total Assets |
| 1.08B | 1.13B | 1.18B | 954.59M | 1.26B | Total Debt |
| 646.18M | 693.28M | 739.04M | 577.00M | 834.48M | Net Debt |
| 596.83M | 643.29M | 657.69M | 538.81M | 811.14M | Total Liabilities |
| 671.67M | 720.98M | 761.11M | 596.30M | 862.50M | Stockholders Equity |
| 410.43M | 408.13M | 422.24M | 358.29M | 397.23M |
| Cash Flow | Free Cash Flow | |||
| 162.82M | 174.03M | -96.08M | 8.21M | -19.96M | Operating Cash Flow |
| 162.82M | 174.03M | 82.52M | 28.59M | 152.20M | Investing Cash Flow |
| -7.94M | 960.59K | -178.72M | 285.68M | -183.74M | Financing Cash Flow |
| -154.68M | -207.07M | 138.97M | -299.43M | 41.48M |
Okeanis Eco Tankers Corp. Technical Analysis
Negative
19.42
Price Trends
22.17
Negative
21.94
Negative
25.59
Negative
Market Momentum
0.11
Negative
52.92
Neutral
34.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ECO, the sentiment is Negative. The current price of 19.42 is below the 20-day moving average (MA) of 21.56, below the 50-day MA of 22.17, and below the 200-day MA of 25.59, indicating a bearish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 52.92 is Neutral, neither overbought nor oversold. The STOCH value of 34.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ECO.
Okeanis Eco Tankers Corp. Peers Comparison
Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr635.50M | 5.93 | 15.41% | -4.81% | -25.05% | ||
74 Outperform | $1.62B | 8.98 | 17.56% | 9.40% | 2.11% | 13.10% | |
74 Outperform | $3.12B | 6.30 | 21.46% | 12.69% | 13.77% | -24.50% | |
72 Outperform | $1.72B | 2.50 | 24.68% | 4.65% | -7.25% | 31.85% | |
68 Neutral | $499.73M | 10.59 | 8.91% | 14.41% | -2.37% | -52.77% | |
63 Neutral | $1.55B | 3.76 | 23.33% | 16.32% | -11.21% | -25.50% | |
57 Neutral | $7.72B | 4.32 | -3.75% | 6.33% | -0.11% | -64.75% |
* Energy Sector Average
Performance Comparison
ECO
Okeanis Eco Tankers Corp.
19.42
-8.43
-30.26%
DHT
DHT Holdings
9.84
-0.60
-5.75%
FRO
Frontline
14.03
-8.02
-36.37%
NAT
Nordic American Tanker
2.53
-0.97
-27.71%
STNG
Scorpio Tankers
33.29
-35.71
-51.75%
INSW
International Seaways
33.24
-13.19
-28.41%
Okeanis Eco Tankers Corp. Earnings Call Summary
Earnings Call Date: Feb 19, 2025 | % Change Since: -17.95% | Next Earnings Date: May 14, 2025
Earnings Call Sentiment Positive
The earnings call reflects a robust overall performance for 2024 with strong financial metrics and consistent shareholder returns. The company is well-positioned in a favorable market environment with a modern, efficient fleet. However, challenges such as a softer fourth quarter, significant debt levels, and geopolitical uncertainties pose risks. The sentiment remains cautiously optimistic due to the strong market position and expected future growth.Highlights
Strong Financial Performance in 2024
Okeanis Eco Tankers reported adjusted EBITDA of $204 million and net income of just shy of $109 million for the year 2024, with adjusted earnings per share of $3.38.
Consistent Shareholder Value Distribution
The company declared an 11th consecutive dividend distribution of $0.35 per share, with total distributions over the last four quarters amounting to $3 per share, representing 89% of earnings for the year.
Fleet Efficiency and Modernization
OET's fleet, with an average age of 5.4 years, is the youngest among listed peers and fully scrubber-fitted, allowing it to outperform the market with higher TCEs.
Competitive Positioning and Market Outperformance
OET's VLCC fleet outperformed peers by 19% and the Suezmax by 29% for the year, demonstrating the competitive advantage of its modern fleet.
Positive Market Outlook for 2025
The tanker market is expected to benefit from structural supply imbalances, geopolitical shifts, and increased demand for compliant modern fleets, positioning OET well for future growth.
Lowlights
Q4 2024 Performance Below Expectations
The fourth quarter ended relatively weakly with crude markets lacking their usual seasonality, leading to a less interesting period than expected.
High Balance Sheet Debt Levels
OET ended the quarter with $54 million in cash and a debt of $646 million, continuing to amortize $12 million every quarter, resulting in a book leverage of 59%.
Market Dynamics and Sanctions Impact
The expansion of U.S. sanctions on Russia and Iran posed challenges, affecting the operating environment and requiring strategic vessel repositioning.
Company Guidance
During the call, Okeanis Eco Tankers reported a fleet-wide time charter equivalent (TCE) of about $39,000 per vessel per day for the fourth quarter of 2024, with VLCCs at $38,500 and Suezmaxes at $39,500. The company's adjusted EBITDA was $37 million, with an adjusted net profit of $13 million and adjusted earnings per share of $0.41. The Board declared an $0.35 per share dividend, contributing to a total distribution of $3 per share over the last four quarters, representing 89% of the year's earnings. For the full year 2024, TCE revenues reached $262 million, with daily fleet-wide TCE of $53,000 per day, $56,000 for VLCCs, and $49,000 for Suezmaxes. EBITDA was approximately $204 million, and net income was nearly $109 million, equating to $3.38 per share. The call highlighted the company's strong fleet performance, with a 19% outperformance for VLCCs and 29% for Suezmaxes compared to peers, and discussed market dynamics, including the impact of expanded sanctions and supply constraints expected to benefit the company in 2025.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.