12 November 2020 : Unaudited Interim Condensed Results for the Third Quarter and Nine Month Period of 2020 GREECE, November 12, 2020

GREECE, November 12, 2020 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reports unaudited interim condensed results for the three and nine months ended September 30, 2020.

Q3 2020 Highlights

• Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $47.5 million and $35.5 million, respectively. Profit for the period of $15.6 million or $0.48 per basic & diluted share. Profit includes a write-off of deferred financing fees associated with debt re-financing and an unrealized loss on derivatives of $1.1 million and $0.4 million, respectively. Profit excluding these items was $17.2 million, or $0.53 per basic & diluted share.
• Fleetwide daily TCE rate of $35,600 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $44,000, $31,800 and $15,200 per operating day, respectively.
• Daily vessel operating expenses (“opex”) of $8,115 per calendar day, including management fees.
• In Q4 2020 to date, 100% of the available VLCC spot days have been booked at an average TCE rate of $24,000 per day, 70% of the available Suezmax spot days have been booked at an average TCE rate of $17,000 per day and 39% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $11,000 per day.
• In July 2020, the Suezmax vessels Kimolos and Folegandros were re-financed for $42.2 million and $39.2 million, respectively.
• Between August and October 2020, the Company entered into seven floating-to-fixed interest rate swaps with a total notional amount of $344.9 million at an average fixed interest rate of 0.3231% for a term of three years.
• In September 2020, the Company paid a cash dividend to its shareholders of $0.75 per share, amounting to $24.3 million.
• Also in September 2020, the Company took delivery of Suezmax vessels Nissos Sikinos and Nissos Sifnos. Both vessels entered into three-year time charter contracts upon delivery. In connection with their delivery, the Company entered into a $103.2 million loan facility with the Export-Import Bank of Korea, the BNK Busan Bank and the BNK Kyongnam Bank.

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 December 2, 2020 to shareholders of record as of Thursday November 26, 2020. The shares will be traded ex-dividend as from and including Wednesday November 25, 2020.
   

Full unaudited interim results and presentation.

OET will be hosting a webcast at 15:00 EET on Thursday November 12, 2020 to discuss Q3 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 Q3

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

https://channel.royalcast.com/okeanis/#!/okeanis/20201112_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.