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    Ziton’s earnings increase to €35.9 million in the year 2023

    Ziton’s financial update for the fourth quarter of 2023 indicates that the offshore wind Operations and Maintenance provider achieved an Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the entire year of 2023, totaling just under €36 million. The full-year EBITDA for 2023 amounted to €35.9 million, compared to €26.6 million in 2022, demonstrating a significant improvement.

     

    This positive shift in performance can be attributed to increased revenue, driven by enhanced utilization of three smaller vessels, as a result of a stronger market demand for major component replacements. In the fourth quarter of 2023, EBITDA reached €6.2 million, surpassing the €5 million recorded during the same period in 2022.

     

    During this period, Ziton’s J/U Wind Energy underwent upgrades to meet European standards at Fayard Shipyard, arriving in November 2023 and departing by mid-February 2024. The vessel is expected to commence its time charter with Siemens Gamesa at the end of February 2024.

     

    The Ziton board reported realizing Capital Expenditure (CAPEX) of approximately €5.5 million, excluding the expenses associated with upgrading J/U Wind Energy. The net CAPEX, including capitalized interest, for J/U Wind Energy amounted to €86.5 million.

     

    The unexpectedly high CAPEX for J/U Wind Energy was attributed to an unforeseen stay in Singapore for leg removal and ensuring a secure voyage across the Indian Ocean and through the Suez Canal, as explained by the board. Additionally, Ziton achieved a weighted average utilization rate of 91% for the year 2023, slightly surpassing its latest guidance.

     

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