Ocean Yield (OCY) Q1 2025 earnings summary

Executive summary

• Reported stable Q1 2025 financial performance with adjusted EBITDA of USD 91.6 million and net profit of USD 18.3 million, supported by a strong balance sheet and high earnings visibility.

• Ended Q1 with USD 137.3 million in cash and USD 63.8 million in undrawn credit, totaling over USD 200 million in available liquidity.

• Portfolio expanded to 66 vessels with an average age of five years, all on long-term charters, and an EBITDA backlog of USD 4.1 billion with an average contract duration of 10.3 years.

• Increased investment in LNG portfolio, including a higher stake in France LNG Shipping, and executed new transactions with Nordic American Tankers.

• Delivered multiple vessels on long-term charters, exercised purchase options, and sold two vessels.

Financial highlights

• Total revenues were USD 56.6 million, up from USD 56.1 million in Q4 2024; operating profit reached USD 45.6 million, up from USD 43.9 million.

• Adjusted EBITDA increased to USD 91.6 million from USD 86.9 million in Q4; net profit was USD 18.3 million, down from USD 25.8 million due to non-cash FX and derivative losses.

• Book equity rose to USD 771 million, and the equity ratio improved to 31.7%.

• Available liquidity at quarter end was USD 201.1 million.

• No dividend declared for the quarter.

Outlook and guidance

• Remain constructive for the rest of the year as shipping and freight markets normalize amid macro and political uncertainty.

• Expect continued demand for sale and leaseback transactions due to increased volatility and cost of capital for clients.

• Maintains low portfolio risk and robust balance sheet, supporting selective growth and focus on maritime decarbonization.

• Substantial EBITDA backlog and ample liquidity position the company for further growth while maintaining financial strength.