GREECE, February 25, 2022 – Okeanis Eco Tankers Corp. (“OET” or the “Company” or “Group”) today reported unaudited interim condensed results for the three and twelve months ended December 31, 2021.

Q4 2021 Highlights

  • Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $23.6 million and $11.9 million, respectively. Adjusted loss and Adjusted loss per share (non-IFRS measures) for the period of $3.2 million or $0.10 per basic & diluted share.
  • Fleetwide daily TCE rate of $22,700 per operating day; VLCC and Suezmax TCE rates of $24,000 and $21,200 per operating day, respectively.
  • Daily vessel operating expenses (“opex”, a non-IFRS measure) of $9,585 per calendar day, including management fees.
  • In Q1 2022 to date, 96% of the available VLCC spot days have been booked at an average TCE rate of $22,400 per day and 94% of the available Suezmax spot days have been booked at an average TCE rate of $21,900 per day.
  • In October and November 2021, the Company delivered its vessels, the Nissos Santorini and Nissos Antiparos, to their new owner for a total consideration of $180 million.
  • In November 2021, Milos performed its five-year anniversary special survey. Poliegos was docked earlier than scheduled for its five-year anniversary special survey in order to benefit from an anticipated firmer spot freight market moving into 2022.
  • Also in November 2021, the Company initiated a share buy-back plan utilizing an amount of up to $5.0 million. As of December 31, 2021 the Company had purchased 59,236 of its own shares at an average price of NOK 73.23 per share.
  • The Company declared a return of paid-in capital of $10.0 million or $0.31 per share in December 2021, following the sale of the two VLCCs, Nissos Santorini and Nissos Antiparos.

Subsequent events

In January 2022, the Company signed a termsheet with a reputable financial institution for a new debt facility and a gross finance amount of approximately $145.5m. The net proceeds from the transaction will be used to finance the acquisition of the VLCC vessels Nissos Kea and Nissos Nikouria, currently under construction.

Also in January 2022, the Company purchased 122,573 of its own shares at an average price of NOK 71.0 per share.

The full unaudited interim results and presentation are attached to this press release.

OET will be hosting a conference call and webcast at 13:30 CET on Friday February 25, 2022 to discuss Q4 2021 results. Participants may access the conference call using the below dial-in details:

  • Norway: +47 2 156 3318
  • USA: +1 212 999 6659
  • Standard International Access: +44 (0) 33 0551 0200
  • Password: Okeanis

The webcast will include a slide presentation and will be available on the following link:

https://channel.royalcast.com/landingpage/okeanis/20220225_1/

An audio replay of the conference call will be available on our website:

http://www.okeanisecotankers.com/reports/

Contact:

Konstantinos Oikonomopoulos, CFO

Tel: +30 210 480 4099

Email: kgo@okeanisecotankers.com

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

ABOUT OKEANIS ECO TANKERS CORP.

Okeanis Eco Tankers Corp. is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of 12 modern, high-specification crude oil and products tankers in the VLCC and Suezmax segments.

FORWARD LOOKING STATEMENTS

Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts that are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecast developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.