12 February 2021 : Unaudited Interim Condensed Results for the Fourth Quarter and Twelve Month Period of 2020

GREECE, February 12, 2021 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reports unaudited interim condensed results for the three and twelve months ended December 31, 2020.

Q4 2020 Highlights

• Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $40.7 million and $27.6 million, respectively. Adjusted profit for the period of $8.2 million or $0.25 per basic & diluted share.
• Fleetwide daily TCE rate of $28,500 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $39,900, $20,500 and $9,500 per operating day, respectively.
• Daily vessel operating expenses (“opex”) of $8,052 per calendar day, including management fees.
• In Q1 2021 to date, 100% of the available VLCC spot days have been booked at an average TCE rate of $18,000 per day, 90% of the available Suezmax spot days have been booked at an average TCE rate of $17,000 per day and 54% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $14,600 per day.
• In November 2020, the Company entered into a floating-to-fixed interest rate swap with a total notional amount of $54.4 million for the Nissos Anafi at a fixed interest rate of 0.3854% for a term of three years.
• In December 2020, the Company paid a cash dividend to its shareholders of $0.10 per share, amounting to $3.2 million.

Subsequent Events

• The Board of Directors of OET declared a cash dividend of $0.10 per share, amounting to $3.2 million. The cash dividend will be paid on Wednesday March 3, 2021 to shareholders of record as of Thursday February 25, 2021. The shares will be traded ex-dividend as from and including Wednesday February 24, 2021.
• In January 2021, the Company transferred its listing from Euronext Expand to Oslo Bors.
   

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

OET will be hosting a webcast at 14:30 CET on Friday February 12, 2021 to discuss Q4 2020 results. Participants may access the conference call using the below dial-in details:

Norway: +47 2 156 3318

USA: +1 202 204 1514

UK (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/okeanis/#!/okeanis/20210212_1

Contact:

John Papaioannou, CFO

Tel: +30 210 480 4099

Email: jvp@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 17 modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax/LR2 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.