Ocean Yield (OCY) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered strong and stable performance with adjusted EBITDA of USD 94.6 million and net profit of USD 23.2 million, maintaining a robust financial position and high earnings visibility.

• Portfolio expanded with the transformational France LNG Shipping SAS investment, introducing LNG as a new segment and adding USD 840 million to the EBITDA backlog.

• Delivery of the first Newcastlemax newbuilding on a 15-year charter and continued investment in fleet growth.

• All regulatory approvals for the France LNG transaction obtained; closing expected in December 2024.

• 100% fleet employment on long-term charters, now totaling 72 vessels with an average age of 4.9 years.

Financial highlights

• Adjusted EBITDA reached USD 94.6 million, with reported EBITDA at USD 55.9 million for Q3 2024.

• Net profit for Q3 2024 was USD 23.2 million.

• Total revenues were USD 61.0 million, slightly down from Q2 due to vessel sales.

• Available liquidity at quarter-end was USD 395.1 million, including USD 202.8 million in cash.

• EBITDA charter backlog increased to USD 4.5 billion, with an average contract duration of 10 years.

Outlook and guidance

• Cautious outlook for 2025 as shipping markets are expected to normalize and geopolitical uncertainty persists.

• Continued ambition to support maritime decarbonization and selective portfolio growth.

• Focus remains on stable, long-term charters to investment-grade counterparties and further portfolio diversification.