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Q4 & 12M 2024 Financial & Operating Results February 13, 2025
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2 Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “intends,” and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events may differ significantly from the results discussed or implied in the forward-looking statements. Among the factors that might cause or contribute to such a discrepancy include, but are not limited to the risk factors described in the Company’s Registration Statement filed with the Securities and Exchange Commission, particularly those describing variations on charter rates and their effect on the Company’s revenues, net income and profitability as well as the value of the Company’s fleet.
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❑ Revenues of $26.2 million in Q4 24’ compared to $29.9 million in Q4 23’- a 12.4% decline due decreased market rates particularly for crude tankers. ❑ Net income of $3.9 million in Q4 24’ versus $6.5 million in Q4 23’ (foreign exchange loss incurred in Q4 24 ‘ amounted to c.$3.3 million) ❑ EBITDA of $6.4 million for Q4 24’. ❑ Cash and cash equivalents including time deposits of $206.7 million as of December 31, 2024 versus c.$124 million as of December 31, 2023 equivalent to a c. 66.7% increase. ❑ For the 12M 24’ period our total net profit was in the order of $50.2 million while our operating cash flow amounted to $77.7 million. ❑ Recurring profitability and debt free capital structure facilitate robust cash flow generation and low breakevens. 3 Key Highlights ❑ Fleet operational utilization of 86% for Q4 24’ versus 68.5% in Q4 23’. ❑ Almost 180% increase in Q4 24’ time charter coverage compared to Q4 23’ as two of our product tankers were under TC employment for the whole period. ❑ For the 12M 24’ period our operational utilization was 78.3%; about 69% of our fleet calendar days were dedicated to spot activity while almost 29% to time charter activity. ❑ Delivery of the product tanker, Clean Imperial (2009 built) on January 10th 2025; with this vessel addition our tanker fleet totals 9 ships while our total fleet totals twelve ships. Financial Operations & Growth Selected Company Financial Data ($ millions) 17.5 39.7 46.2 50.2 0 10 20 30 40 50 60 3M 24 6M 24 9M 24 12M 24 Net Income 66.9 129.7 199.1 206.7 0 50 100 150 200 250 3M 24 6M 24 9M 24 12M 24 Cash
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Fleet Employment Status ❑ Our time charter coverage for the remainder of 2025 is about 23%. Latest As of end Q4 24’ As of end Q3 24’ As of end Q2 24’ As of end Q1 24’ As of end Q4 23’ MRs $17,100 $22,200 $16,400 $38,200 $34,800 $33,000 Suezmax $36,800 $30,400 $29,400 $41,700 $39,700 $60,400 Source: Jefferies, Fearnleys ❑ Modern Tanker spot daily charter rates are depicted below. Fixed Term Contract Period 4 ❑ From Q2 24’ onwards crude oil demand was affected by the closing of West- East arbitrage while for products reduced refinery runs, contributed to normalizing earnings. ❑ In Q4 24’ higher cargo flows following the autumn refinery maintenance season were supportive for product tanker rates. ❑ Within January 2025 tanker rates were affected by the imposed sanctions on the dark fleet and recently, by the US tariffs on China, Canada and Mexico. ❑ As customarily our three handysize drybulk vessels are employed on short TCs, while three of our MR tankers are under time charters up until May 2025, January 2026 and August 2027. End Date Vessel Name Vessel Type Charter Type Fixed Period Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Q2 2026-Aug 2027 3 Clean Thrasher MR Tanker TC May 20254 Aug 2027 2025 Q1 2026 Eco Wildfire Dry Handysize TC Mar 2025 11 Suez Enchanted Suezmax Spot Glorieuse Dry Handysize TC 10 Aquadisiac MR Tanker Spot 1 2 Feb 2025 12 Suez Protopia Suezmax Spot Clean Nirvana MR Tanker Spot 9 Magic Wand MR Tanker Spot 8 5 7 6 Clean Justice MR Tanker TC Clean Sanctuary MR Tanker Spot Neptulus Dry Handysize TC Feb 2025 Clean Imperial MR Tanker TC Jan 2026
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5 Tanker Market- Outlook for 2025 Source: Gibson, Braemar In 2025 ❑ Οil demand will be backed by emerging economies and the expected recovery of China’s economy. ❑ Oil supply will be fueled mostly by non – OPEC+ output increase. ❑ Oil tankers trade growth for 2025 is anticipated to reach 2%, however: - the ongoing geopolitical tensions, - trade wars- US tariffs on China, Canada and Mexico - growth rate of chinese oil demand along with - the implications of recently imposed sanctions to the dark fleet could impact this expectation. 2025 Non OPEC+ oil supply growth (mbd) Oil tankers trade growth Quarterly changes in Chinese oil demand 0.70% -0.10% -0.30% 0.20% 0.20% 0.20% 0.40% 0.35% -0.40% -0.20% 0.00% 0.20% 0.40% 0.60% 0.80% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25E Q2 25E Q3 25E Q4 25E -2.0% 7.0% 3.0% 0.0% 2.0% 4.0% 4.0% 1.0% 1.0% 2.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 2021 2022 2023 2024 2025E Crude Oil Oil products 0.10 0.90 0.200.20 0.10 AfricaAmericasAsiaEuropeFSUMiddle East Non OPEC + Oil Supply Growth
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6 Tanker Market- Outlook for 2025 Source: Gibson, Bancosta ❑ Geopolitical tensions have created complex and dynamic trade patterns. ❑ An unwinding of trade disruptions might alter current trade- thus affecting rates and tonne mile distances. Clean products tradeCrude oil trade ❑ Sanctions on the dark fleet imposed within January 2025 have begun to favor compliant tanker fleet. 2024 - Russian Product exports: 2.24 mbd 84% to Africa, Latam, Turkey and non OECD Asia - Russian Crude exports: 3.35 mbd 95% to India, China and Turkey 2025 - 452 tankers (c. 8% of total fleet) sanctioned by either US, EU or UK. - Chinese coastal region of Shandong which accounts for 50% of China’s crude imports and 81% of crude imports from Iran and Venezuela announced that it will not receive vessels sanctioned by OFAC. - Market priced an increase in demand for non sanctioned crude.
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7 Tanker Market-Fleet Fundamentals Source: Allied ❑ Tanker supply outlook remains favorable for both suezmax and MR tankers. ❑ Aging fleet lessens the impact of current orderbook. 3.10% 4.30% 0.60% 6.00% 0.90% 1% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 2019 2020 2021 2022 2023 2024 Suezmax tankers fleet growth 3.6% 3.2% 1.4% 2.1% 1.3% 1.6% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2019 2020 2021 2022 2023 2024 MR tankers fleet growth MR tankers fleet fundamentals Suezmax tanker fleet fundamentals MR tankers historical fleet growth Suezmax tankers historical fleet growth 14.7% 23.0% Orderbook to fleet Ratio Fleet % above 20 years of age 15.9% 20.5% Orderbook to fleet Ratio Fleet % above 20 years of age
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8 Financial Results Q4 24’ & 12M 24’ Q4 24’ Vs Q4 23’ ❑ Revenues of $26.2 million down 12.4% due to lower market rates especially for suezmax tankers. ❑ Voyage Costs down by 39% due to a decline in transit from Suez canal and an increase in time charter coverage. ❑ Running Costs up by 17.5% as our fleet increased by 2 vessels. ❑ Strong income from time deposits of $2.3 million. ❑ Sharp FX loss of $3.3 million due to a decline of EUR/$ exchange rate ❑ EBITDA of c. $6.4 million in Q4 24’. ❑ Net Income of c. $3.9 million in Q4 24’ 12M 24’ ❑ For 12M 24’ net income came in at $50.2 million while EBITDA c. $ 59 million. Income Statement (Amounts in USD'000s) Q4 2023 Q4 2024 12M 2023 12M 2024 Voyage revenues 29,882 26,212 183,726 147,480 Voyage costs (13,819) (8,460) (62,531) (52,025) Net revenues 16,063 17,751 121,195 95,455% annual change Running costs (5,659) (6,651) (25,642) (26,373) Management fees (364) (445) (1,606) (1,672) Drydocking Costs (2,455) (195) (6,552) (1,691) G&A (1,173) (995) (4,934) (4,894) Depreciation (3,485) (4,466) (15,629) (16,992) Impairment loss (8,996) Other operating Income 1,900 Net gain/ (loss) of sale of vessels 8,183 (1,590) Income from operations 2,926 4,998 66,018 44,143 Interest and finance costs (4) (1,822) (16) Interest expense related party (11) (273) (382) Interest Income 1,261 2,269 4,470 6,669 Interest Income related party 744 1,363 1,637 Dividend Income from related party 192 192 404 763 Foreign exchange (loss)/gain 1,352 (3,264) 700 (2,655) Net income/(Loss) 6,464 3,918 71,134 50,158 Adjusted Net Income/(Loss) 7,216 4,583 74,382 55,155 EBITDA 7,956 6,392 82,751 59,242 Adjusted EBITDA 8,708 7,057 85,999 64,229 Average Number of Vessels 9.0 11.0 10.0 10.4
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9 Financial Results Q4 24’ & 12M 24’ ❑ Free cash (incl. time deposits) as of December 31, 2024 of c. $207 million. ❑ Flexible capital structure governed by high liquidity, zero debt and minimum liabilities. ❑ 12M 23’ 12M 24’: ➢ c. 67% increase in available cash- yielding interest from time deposits ➢ c. 15% increase in fleet book value as a result of fleet expansion ➢ c.16% increase in equity value driven by the accumulation of earnings Balance Sheet (Amounts in $'000s) 12M 2023 12M 2024 Assets Cash & cash equivalents 91,928 79,784 Time deposits 32,100 126,949 Receivables from related party 37,907 Other assets 21,255 21,745 Vessel, net 180,847 208,230 Investment in Related Party 12,799 12,799 Total Assets 376,835 449,505 Liabilities & Stockholders Equity Payable to related party 2,324 18,726 Trade accounts payable 8,277 5,244 Other liabilties 3,928 4,868 Total stockholders' equity 362,305 420,668 Total Liabilities & Stockholders Equity 376,835 449,505
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10 Financial Snapshot Liquidity and Gearing c.$207 million of cash as of December 31, 2024 Profitability, Growth and Values Considerations Going Forward Will the US trade war lead to a decline in seaborne trade? c.$78 million of operating cash flow for 12M 24’ Will Chinese oil demand increase in the near term? c. $9,000 daily cash flow breakeven per vessel 34% Net Income Margin for 12M 24’ How will geopolitical pressures unravel? Zero Debt c. $26,300 TCE for 12M 24’ per fleet voyage day Values for older tankers are stabilizing while values for dry vessels are falling Will OPEC+ adhere to its production cuts? $6.7 million of income from time deposits for 12M 24’
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11 Investment Highlights Track record of cost-efficient vessel operations along with maintaining a healthy capital structure 4 3 5 2 1 6 Giving value back to shareholders through timely share buybacks and warrant repurchases Active employment of vessels based on charter market developments Experienced management and board of directors Own a high-quality fleet of crude oil, product tankers and dry bulk carriers Debt free company with ample liquidity and recurring profitability, trading at a heavy discount to NAV