Ocean Yield (OCY) Q4 2024 earnings summary

Executive summary

• Reported strong Q4 2024 performance with adjusted EBITDA of $86.5 million and net profit of $25.8 million; full year figures reached $374.7 million and $96.6 million, respectively.

• Ended Q4 with $110.6 million in available liquidity and an equity ratio of 31.2%.

• Portfolio expanded to 66 vessels, average age 4.8 years, with 100% on long-term charters.

• Closed major investments in France LNG and Geogas LNG, increasing diversification and LNG segment exposure.

• Delivered multiple newbuildings, commenced long-term charters, exercised purchase options, and completed vessel sales.

Financial highlights

• Q4 total revenues were $56.1 million, down from $61 million in Q3, mainly due to vessel sales.

• Adjusted EBITDA for Q4 was $86.5 million; full year adjusted EBITDA reached $374.7 million.

• Net profit for Q4 was $25.8 million; full year net profit was $96.6 million, up from $92.5 million in 2023.

• Board decided not to declare a dividend for Q4; full-year dividend was $60 million.

• Available liquidity at Q4 end was $110.6 million; equity ratio at 31.2%.

Outlook and guidance

• Portfolio remains solid with low risk, robust lease-to-value, and well-capitalized counterparties.

• High demand for sale and leaseback transactions as shipping markets normalize.

• Continued commitment to decarbonization and net zero emissions by 2050.