GREECE, August 14, 2020 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reported unaudited interim condensed consolidated results for the second quarter and first half year ended June 30, 2020.

Q2 2020 Highlights

  • Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $69.3 million and $56.6 million, respectively. Profit for the period of $37.1 million or $1.15 per share (basic & diluted). The outperformance relative to previously released guidance is mainly attributable to higher than expected profit share.
  • Fleetwide daily TCE rate of $51,900 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $59,700, $52,900 and $28,000 per operating day, respectively.
  • Daily vessel operating expenses of $7,367 per calendar day, including management fees.
  • In Q3 2020 to date, 67% of the available VLCC spot days have been booked at an average TCE rate of $54,200 per day, 66% of the available Suezmax spot days have been booked at an average TCE rate of $39,600 per day and 89% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $19,700 per day.
  • In April 2020, the Company entered into a three-year time charter contract with a leading international energy company for its VLCC Nissos Keros and an eight-month time charter contract with a national energy company for its VLCC Nissos Kythnos.
  • Also in April 2020, the Company purchased 250,000 of its own shares at an average price of NOK 57.5 per share.
  • In June 2020, the Company paid a cash dividend of $0.50 per share to its shareholders, amounting to $16.2 million.

Subsequent Events

  • The Board of Directors of OET declared a cash dividend of $0.75 per share, amounting to $24.3 million. The cash dividend will be paid on Wednesday September 2, 2020 to shareholders of record as of Thursday August 20, 2020. The shares will be traded ex-dividend as from and including Wednesday August 19, 2020.
  • In July 2020, the Company received firm commitment for a $103.21 million secured loan facility from the Export-Import Bank of Korea, the BNK Busan Bank and the BNK Kyongnam Bank for the financing of Suezmax newbuilding vessels Nissos Sifnos and Nissos Sikinos. The vessels’ daily cash breakeven rate is anticipated to be sub-$21,000 per day.
  • Also in July 2020, Suezmax newbuilding vessels Nissos Sifnos & Nissos Sikinos both entered into three-year time charter contracts (delivery September 2020 ex-yard).
  • Lastly in July 2020, the Company refinanced the Suezmax vessels Kimolos and Folegandros. The net effects of the two refinancings were a reduction in overall leverage of $1.9 million and a reduction in the vessels’ blended average daily cash breakeven rate of ~$1,200 per day.

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

OET will be hosting a webcast at 14:30 CET on Monday August 17, 2020 to discuss second quarter 2020 results. Participants may access the conference call using the below dial-in details:

Norway: +47 2 156 3318

USA: +1 212 999 6659

Greece (Toll Free): 00800 1273 78

UK (Standard International Access): +44 (0) 20 3003 2666

Password: Okeanis

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


John Papaioannou, CFO

Tel: +30 210 480 4099


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


Okeanis Eco Tankers Corp. is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of 17 modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax/LR2 segments.


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.