GREECE, 1 March 2019 – Okeanis Eco Tankers Corp. (Merkur Markets: OET-ME) today reported unaudited results for the fourth quarter and since inception 2018.

Q4 2018 Highlights

  • Time charter equivalent (TCE) revenue and adjusted EBITDA of $12.4 million and $7.4 million, respectively. Net loss for the quarter of $(0.6) million or $(0.02) per share (basic & diluted).
  • Fleetwide TCE rate of $20,630 per operating day; Suezmax TCE rate of $20,260 per operating day and Aframax TCE rate of $21,060 per operating day.
  • Daily operating expenses (Opex) of $6,852 per calendar day, including management fees.
  • 1Q19 to date, 90% of the available Suezmax spot days have been booked at an average TCE rate of $28,000 per day, while 96% of the available Aframax spot days have been booked at an average TCE rate of $27,500 per day.
  • In December 2018, the Company successfully conducted a private placement, raising gross proceeds of $30 million through the placement of 3,910,000 new shares at a subscription price of NOK 66 per share.
  • The Company signed loan agreements with Credit Suisse, BNP Paribas, ABN Amro and Credit Agricole for four secured loan facilities for an aggregate amount of $233 million for the financing of four VLCC newbuildings. The facilities carry a blended annual interest rate of LIBOR plus 2.27% and a blended repayment profile of 17 years, and all permit pre-delivery financing.
  • The Company entered into a revolving credit facility agreement with an affiliate of the Company’s largest shareholder, Glafki Marine Corp. (“Glafki’’), whereby the Company may borrow an amount of up to USD 15 million. The facility matures in June 2020 and bears a fixed annual interest rate of 6.25% on the drawdown amount at each time, with no fixed repayment schedule.
    Post quarter end, the Company entered into a sale and lease back arrangement with Ocean Yield for the re-financing of M/T Milos. Proceeds of $49 million were used to repay $31 million of existing debt, providing the Company with additional net liquidity of $18 million.

The full report and interim financial statements are attached to this press release.

OET will not be hosting a presentation or webcast to discuss the company’s results for the period ended 31 December 2018. Investors and analysts are urged to contact the company directly with any queries or feedback, or to organize a telephonic meeting with management.

Please contact:

Aristidis Alafouzos, COO
Tel: +30 210 480 4245

John Papaioannou, CFO
Tel: +30 210 480 4099


Okeanis Eco Tankers is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of 15 modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax segments.

Important information:

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 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 forecasted 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 disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.