Welcome to OET's Q1 2022 financial results presentation. We will begin shortly. Ioannis Alafouzos, CEO and Chairman, Aristidis Alafouzos, COO, and Konstantinos Oikonomopoulos, CFO of Okeanis Eco Tankers will take you through the presentation. They will be pleased to address any questions raised at the end of the call. You can register your question by pressing star one on your telephone keypad at any time. I would like to advise you that this session is being recorded. Konstantinos will begin the presentation now.
Thank you, operator, and welcome all to the presentation of Okeanis Eco Tankers results for the Q1 of 2022. We will discuss some matters that are forward-looking in nature, and these forward-looking statements are based on our current expectations about future events, including the company's commercial performance, dividend policy, projected capital expenditure, and anticipated debt capital commitments. Actual results may differ materially from the expectations reflected in these forward-looking statements. Starting on slide five in our executive summary, we review the highlights of the quarter. OET came in profitable as another volatile quarter for the market. In particular, we generated net revenue of $26.4 million, adjusted EBITDA of $16.2 million and an adjusted profit of $1.9 million or $0.06 per share.
Our fleetwide TC for the quarter came in well above market at 24,700 per vessel per day. Our liquidity stands at $14.4 million and 26% higher year-over-year, and our book leverage stands at 62%. Following the reporting period, we have signed the terms for a needed facility at attractive terms with use of proceeds towards refinancing of two VLCC 2019 deals and general corporate purpose. The anticipated cash release from the transaction is estimated at $29 million. That sends our pro forma cash balance for the company to $70 million. Lastly, our prudent approach towards interest rate risk two years ago first translates to an equivalent of $20 million to $12 million on mark-to-market based on the current forward curve for interest rates.
We will now move to slide six with a commercial and market update, and Aristidis will move forward.
Thank you, Konstantinos. I am very pleased that OET is in such a good financial position in a challenging and ever-changing market. Our eco scrubber fleet gives us the security to weather any market while still trading predominantly in the spot market. By trading spot, we maintain the full upside potential. When this market finally moves, and we expect it to be a long-term bull cycle, OET will have the best in class positioning for this. During Q1, we achieved a fleetwide TC rate of $24,700 per operating day. Our VLCCs generated $18,800 per day in the spot market, a 47% outperformance relative to our tanker peers that has reported Q1 earnings. Our Q1 results were negatively impacted by the IFRS adjustments, which is the reason for the deviation from our previous reported Q1 guidance.
Q1 was a quiet quarter as all our fixtures were concluded in Q4. Our Suezmax strategy in Q1 was about positioning and triangulation. We brought ships west to capitalize on the usually stronger west market, as well as finding opportunistic fronthaul voyages east, as we did on the Poliegos. On slide eight, we provide an overview of our guidance for Q2. So far in Q2, we have fixed 47% of our VLCC spot days at $25,400 per day and 64% of our spot Suezmax days at $36,500 per day. We outperformed our tanker peers by 49% and 55% on VLCCs and Suezmaxes respectively. Our entire VLCC fleet opened early in mid Q1, and it was in position to fix voyages early in Q2.
The timing was lucky as we mostly took advantage of the brief jump in VLCC rates following the Russian invasion of Ukraine. Our first ship to open was the Nissos Anafi, and we found a West Africa to China cargo right on our days with limited waiting. The market then began to firm on the back of positive sentiments following the invasion, and we fixed one vessel on the lucrative AG East run, which discharged in Japan at rates a lot better than going to China. We then fixed our final two VLCCs trading in the spot market, the Nissos Kythnos and the Nissos Keros, loading in West Africa and discharge into Europe. Due to the extreme tightness in the Suezmax market out of West Africa at the time, the fixtures were done at TC higher than West Africa to China, which is a round voyage.
Even though the laden leg is half the duration of the ballast. The additional and even greater benefit of opening in the west is that you open in a loading area and can fix a long haul voyage back east with excellent triangulation. Going forward, we have two VLCCs which will open in Europe in end May, early June. In the east, we have one VLCC that is sailing now towards Singapore and will enter her fixing window next week. While the Nissos Rhenia is completing discharge and will redeliver from her short-term charter. The Nissos Nikouria will complete in China sometime mid-June. Our Suezmax fleet had a quieter quarter as Folegandros continued her short TC, which will redeliver in late Q2.
Kimolos and Milos were able to take advantage of the firm West markets with strong fixtures, while the Poliegos takes the lucrative backhaul into Mediterranean to reposition her after she opened in China from her previous role. Regarding our future fixtures, we have Poliegos and Kimolos positioned in the West, which continues to have attractive opportunities even though the market has weakened from its peak, while Milos continues her short TC. On slide nine, we try to outline the market environment since the Russian invasion of Ukraine, the short medium-term uncertainties, and the medium-term positive outlook for the sector. Since the Russian invasion of Ukraine, Europe rushed to secure non-Russian replacement cargoes that resulted in a spike in spot earnings. By far, the most benefited crude asset class has been the Aframax tanker, which also led to significant tightness in the Suezmaxes. The least affected were the VLCCs.
The Suezmaxes and VLCCs saw increased voyages into Europe that replaced shorter haul Aframax voyages from Russia. Following the significant concentration of vessel supply in Europe on the Suezmaxes and Aframaxes, we saw dislocation of ships, and the rebalance is expected to have downward pressure in the short term. In the following phase, post fleet rebalancing, we expect the crude fleets to be employed under longer routes following emerging trade patterns that enhance ton miles and will be bolstered from the Chinese reopening. However, we are vigilant about uncertainties for the short to medium term. A number of variables and the interconnection among them will shape our market. Positive drivers for the market includes the Chinese reopening, as well as the relaxation of sanctions on both Iran and Venezuela.
Looking forward, we believe the short to medium term uncertainty will give way to the constructive fundamentals for the sector, such as the best medium-term supply on record, the demand recovery, the return of mobility, and the historic reserve depletion. On slide 10, we focus on the supply fundamentals for our markets that looks like one of the most and best medium terms ever recorded. As undermanning order book combined with zero contracting, elevated age, tight yard capacity, and soaring newbuilding prices suggest that the crude tanker fleet growth will remain manageable over the next three to four years. Moving to slide 11, we assess the nominal demand for our markets. In particular, crude oil inventory depletion continues and absolute global stocks stand at historical lows.
Demand measured in million barrels per day is estimated to be above pre-pandemic levels from energy agencies, while largely inelastic inflation over the past year. Mobility measured in seaborne product exports is already above 2019 levels. Crude inventories cannot draw forever, and the combination of increased oil demand as well as stock building will be very positive for the tanker market. I hand you over to Konstantinos.
On slide 12, we provide comparisons between the current secondhand value curve relative to the last 20 years average values and the current replacement costs for our two segments, VLCCs and Suezmax. It is evident that the rerating of secondhand values is justified both from a historical and replacement cost perspective. In particular, for the VLCC segment and between 10-year-old and five-year-old assets, there is roughly a $20 million potential from current curve to replacement cost and around $10 million compared to the last 20-year, 30-year average market. Similarly, the Suezmax values for a five-year-old asset trade at a discount of around 22% to age-adjusted replacement cost and 10% versus ships. On the right-hand side of the slide, we estimate the effect on our intrinsic value per share depending on rerating of secondhand values from current levels.
Roughly every $5 million price appreciation per vessel would add 20 NOK EPS to our share price. We are now moving to slide 13. Russian invasion of Ukraine and concurrent U.S. and EU sanctions are resulting in new trade that broadly enhance ton-mile demand for the crude tanker sector. This trade dislocation is bullish for tankers and can increase ton-miles. With the latest sanction announcement, there is no specific energy sanction on Russian oil or crude. There are sanctions on specific Russian oil companies and suppliers. However, European refiners are proceeding cautiously with these purchases. This is evident by the huge discount in the Urals compared to Brent. The Russian export program is mostly Western-based and predominantly on Suezmax and Aframax.
As the buyers who try to avoid Russian crude, this will have to be built into the very positive Suezmax and Aframax. Europe eventually will have to replace Russian crude with US crudes, North Sea or West Africa and maybe from the Arabian Gulf. Again, this is also a credit to our ton-miles.
On the following slide, we take another look at our eco and scrubber economics. You have all seen this in our presentations many times, so I will not focus too much again. This time we focused only on the eco aspects. In the rising bunker price environment, it is very important to highlight our eco daily benefit relative to conventional assets. Vessels can be retrofitted with scrubbers, but they cannot be turned into eco vessels. This is another proof of why OET vessels are the preferences for time charters.
Thank you, Aristidis. We will now move to our financial update, and we will start with slide 16, where we show a summary of our income statement. Supported, as we mentioned earlier by our higher TC quarter on quarter, we generated $60 million of EBITDA, that is 37% higher compared to the last quarter. Our bottom line benefited both from higher commercial performance and gains on interest rate derivatives, which are priced at $12 million mark-to-market according to the current global rate curve, and came in at $9 million. While on an adjusted basis, our bottom line stands at $1.9 million for the quarter. Our fleetwide OPEX, including management fees, stood at $7,900 per vessel per day. We'll now move to slide 17, where we provide a summary of our financial position.
Total cash came in at $40.4 million. Our book leverage is 63% and we have a book value per share of $11.4. Moving now to slide 18, where we will discuss the summary and the main movement of our cash flow statement. We have generated $2.2 million in operating cash flow and the main movement below that relate to the delivery of Nissos Kea during the quarter when we settled the remaining CapEx with the yard while also drawn on our reserve facility for the vessel. As also discussed before, our total liquidity at the end of the period stands at $440 million in restricted cash.
In the current quarter, we will take delivery on Nissos Nikouria with remaining CapEx of $71 million that are fully funded. We have also signed a term sheet for a new facility to refinance Nissos Kea and Nissos Donoussa with an expected cash release for the company of approximately $29 million, which translates to pro forma cash balance of around $70 million for the company.
Turning to slide 20, just, we will shortly publish our first annual ESG report, where we will focus more on our ESG KPIs rather than our commercial performance. Now handing you off to loannis.
Yeah. Hello, from me too. The investment thesis is that OET is the best vehicle to capture the next tanker cycle. We have the most efficient fleet in a very high bunker price environment. We have a track record of outperforming our competitors. We have shown our commitment to returning value to shareholders and selling ships at top prices. Our fleet is in position with the spot exposure to capture as much of the upside as possible in the short and medium term. While the tanker market faces zero current ordering and historically low order book, extremely firm scrap prices with the potential for a very large amount of direct trade vessels to lose their employment, mainly from Iran. While crude inventories are extremely low and supply and demand is poised to increase significantly. We conclude with our current fleet list.
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Well, thank you very much and see you again in two months. Bye-bye.
Thank you very much.
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