GREECE, May 24, 2019 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) (OAX: OET) today reported unaudited interim results for the first fiscal quarter of 2019.

Q1 2019 Highlights

  • Time charter equivalent revenue and adjusted EBITDA of $14.9 million and $9.0 million, respectively. Profit for the quarter of $0.5 million or $0.02 per share (basic & diluted).
  • Fleetwide TCE rate of $23,600 per operating day; Suezmax TCE rate of $21,900 per operating day and Aframax TCE rate of $25,800 per operating day.
  • Daily operating expenses of $7,162 per calendar day, including management fees.
  • In January 2019, the Company entered into a sale and lease back arrangement with Ocean Yield Malta Limited for the re-financing of M/T Milos.
  • In March 2019, the Company up-listed to Oslo Axess from the Merkur Market.

Subsequent Events

  • In April 2019, the Company was granted an option by the Alafouzos family to acquire two Suezmax newbuilding vessels to be constructed at Hyundai Heavy Industries with expected delivery dates in the third quarter of 2020. The option secures a right for the Company, at no cost, to acquire the vessels at the Alafouzos family’s contract price.
  • In May 2019, the Company took delivery of the first VLCC from its newbuilding program with Hyundai Heavy Industries, Nissos Rhenia (Hull 3012).
  • Also in May 2019, the Company successfully conducted a private placement, raising net proceeds of $15 million through the placement of 1,580,000 new shares at a subscription price of NOK 83 per share.

The full unaudited interim results and presentation 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 March 31, 2019. 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:

John Papaioannou, CFO

Tel: +30 210 480 4099