Image Source: UnsplashOkeanis Eco Tankers Corp. (ECO) has released its unaudited condensed financial results for the second quarter and six-month period ending June 30, 2024. The company reported revenues of $112.0 million for Q2 2024, a decrease from $119.8 million in Q2 2023. The net profit for this quarter stood at $39.6 million, down from $52.9 million in the same period last year. Earnings per share (EPS) for Q2 2024 were $1.23, compared to $1.64 in Q2 2023. The company’s cash reserves, including restricted cash, were $98.1 million as of June 30, 2024, up from $86.1 million at the same time last year.For the six-month period ending June 30, 2024, Okeanis Eco Tankers reported revenues of $223.1 million, a slight decrease from $232.4 million in the first half of 2023. The profit for the six months was $81.1 million, compared to $104.5 million in the same period last year.

The EPS for the six-month period was $2.52, down from $3.25 in the first half of 2023. The company declared a Q2 2024 dividend of $1.10 per common share, with the payment scheduled for September 5, 2024.

ECO Beats Revenue, EPS Expectations in Q2 2024
 When comparing the current performance against expectations, Okeanis Eco Tankers fell short. Analysts had anticipated an EPS of $1.07 for Q2 2024, while the company reported $1.23.

This indicates that the company exceeded EPS expectations by $0.16. However, the revenue expectations were set at $72.76 million, and the company outperformed significantly with $112.0 million in actual revenues. Despite the lower year-over-year figures, the company has managed to exceed market expectations in terms of revenue and EPS.The Time Charter Equivalent (TCE) revenue for Q2 2024 was $79.4 million, compared to $91.2 million in Q2 2023. EBITDA and Adjusted EBITDA for Q2 2024 were $63.6 million and $63.9 million, respectively.

The fleetwide daily TCE rate was $64,900 per operating day, with VLCC and Suezmax TCE rates at $73,300 and $54,600 per operating day, respectively. These figures show a decline from the previous year but still indicate strong operational performance.

ECO Guidance for Q3 2024
 Looking ahead, Okeanis Eco Tankers has provided some guidance for Q3 2024. As of now, 58% of the available VLCC spot days have been booked at an average TCE rate of $46,100 per day, and 53% of the available Suezmax spot days have been booked at an average TCE rate of $58,000 per day. These rates include short-term time charters fixed on their vessels. More By This Author:Sylvamo Reports Strong Q2 With $1.98 EPS, $933 Million In Revenue What Is The Long Term Outlook For RKLB? Stocks To Watch Today: Intel, Take-Two Interactive, Nikola Corporation