Greece’s Okeanis Eco Tankers has returned a profit for the fourth quarter thanks to vessel disposals, as well as arranging funding for its new South Korean VLCCs.

The Oslo-listed owner said the daily time charter equivalent rate for the fleet was $22,700 in the period.

VLCCs came in at $24,000 and suezmaxes at $21,200.

For the first quarter to date, the owner has booked in 96% of available VLCC spot days at an average of $22,400 per day, while 94% of suezmax days have been fixed at $21,900.

Okeanis revealed it had booked West Africa to China and US Gulf to Taiwan voyages at “favourable” fourth quarter market levels that generated higher earnings due to premiums for its eco scrubber-fitted VLCCs.

One VLCC was also booked on a short time charter at a premium to spot levels.

Okeanis also took advantage of better fixing positions in the Atlantic to book suezmaxes there.

And the shipping company revealed it had signed a deal with “a reputable financial institution” for new financing worth $145.5m.

This will fund the 299,000-dwt VLCCs Nissos Kea and Nissos Nikouria currently under construction at Hyundai Heavy Industries for delivery in March and May this year.

Net profit was down to $4.5m in the fourth quarter, from $7.5m.

Frontline sales swell the coffers

The 2021 figure was boosted by $11.8m in gains from selling two 2019-built VLCCs to Frontline for $180m combined in the final three months.

Okeanis said it had “continued to outperform the market and managed to break even in the most challenging year for tankers ever recorded, thanks to its fuel-efficient vessels and active management”.

Fearnley Securities said Ebitda of $12m was below its own estimate of $14m and consensus of $15m, mostly due to continued high costs level attributed to Covid-19.

Revenue declined to $35m from $53m.

The full-year loss was $900,000, against a profit of $101m in 2020.

Fearnleys said tanker rates had pushed substantially higher on Thursday, particularly for aframaxes in the Baltic, where levels hit $29,000 per day.

Suezmaxes were also up from effectively zero to $11,000 per day.