ATHENS, GREECE, August 12, 2022 – Okeanis Eco Tankers Corp. (the “Company” or “OET”) (Oslo Børs: OET) today reported unaudited interim condensed results for the second quarter and first half year ended June 30, 2022.

Q2 2022 Highlights:

  • Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $36.0 million and $24.7 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the period of $8.5 million or $0.26 per basic & diluted share.
  • Fleetwide daily TCE rate of $29,900 per operating day; VLCC and Suezmax TCE rates of $22,200 and $39,300 per operating day, respectively.
  • Daily vessel operating expenses (“opex”, a non-IFRS measure) of $8,650 per calendar day, including management fees.
  • In Q3 2022 to date, 60% of the available VLCC spot days have been booked at an average TCE rate of $31,900 per day and 70% of the available Suezmax spot days have been booked at an average TCE rate of $60,400 per day.
  • On April 18 2022, the Company signed the loan agreement with the Sponsor regarding the acquisition of VLCC vessels Nissos Kea and Nissos Nikouria. Under the agreement, the loaned amount of $17.6 million for each vessel, bears a fixed interest cost of 3.5% p.a. and is payable at OET’s sole discretion, up to any date two years from the vessels’ delivery.
  • In May 2022, the Company signed its first senior secured, sustainability-linked loan (the “SLL”) with National Bank of Greece with an aggregate amount of $125.7 million to refinance its existing indebtedness of the VLCC vessels Nissos Kythnos and Nissos Donoussa and for general corporate purposes. The new loan bears a fixed interest of 2.5% p.a. plus LIBOR, amortizes over a 21-year profile and matures in 7 years.
  • Also in May 2022, the Company terminated three of its interest rate swap agreements realizing gains recorded in previous quarters. The net cash received from the said transaction amounted to $4.1 million.
  • In June 2022, the Company took delivery of Nissos Nikouria, the second VLCC under construction at Hyundai Heavy Industries.
  • Also on June 30 2022, the Company terminated five interest rate swap agreements having a fair value of $8.2 million on that date. The respective cash proceeds were recorded in July 2022.

Subsequent events:

The Board of Directors declared a return of capital of $10.0 million or $0.30 per share to shareholders. The cash payment will be recorded as a return of paid-in-capital and will be paid on Friday September 9, 2022 to shareholders of record as of Thursday August 25, 2022. The shares will be traded ex-capital distribution as from and including Wednesday August 24, 2022.

The 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 August 12, 2022 to discuss Q2 2022 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/20220812_1/

An audio replay of the conference call will be available on our website:
http://www.okeanisecotankers.com/reports/

About OET
OET is an international tanker company providing seaborne transportation of crude oil. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Børs under the symbol OET. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

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”, “anticipates”, “forecast” 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.

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

Contact:
Konstantinos Oikonomopoulos, CFO
Tel: +30 210 480 4099
Email: kgo@okeanisecotankers.com