Ocean Yield (OCY) Q4 2023 earnings summary

Executive summary

• Q4 2023 delivered USD 23.3m net profit and USD 88.2m adjusted EBITDA, with USD 4.2bn EBITDA backlog and 10.2-year average duration.

• Robust financial position and high earnings visibility supported selective growth plans with new and existing partners.

Financial highlights

• Q4 revenue and other income was USD 59.8m, operating profit USD 49.5m, EBITDA USD 55.3m and net profit USD 23.3m.

• Adjusted EBITDA was USD 88.2m versus USD 79.0m in Q3; adjusted for finance lease receivable repayments and operating lease revenue straightlining.

• Quarter-end cash position was USD 115.8m; quarterly dividend was USD 0.0m.

Outlook and guidance

• Robust financial position and strong access to financing; selectively pursuing growth with new and existing partners.

• New opportunities to be evaluated while actively monitoring performance in underlying shipping markets.