30 November 2021 : Unaudited Interim Condensed Results for the Third Quarter and Nine Months ended September 30, 2021

GREECE, November 30, 2021 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reported unaudited interim condensed results for the three and nine months ended September 30, 2021.

Q3 2021 HIGHLIGHTS

• Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $24.1 million and $11.3 million, respectively. Adjusted loss and Adjusted EPS (non-IFRS measures) for the period of $4.5 million or $0.14 per basic & diluted share.
• Fleetwide daily TCE rate of $19,100 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $22,400, $15,300 and $15,800 per operating day, respectively.
• Daily vessel operating expenses (“opex”, a non-IFRS measure) of $8,807 per calendar day, including management fees.
• In Q4 2021 to date, 84% of the available VLCC spot days have been booked at an average TCE rate of $17,700 per day, 73% of the available Suezmax spot days have been booked at an average TCE rate of $17,600 per day.
• In August 2021, the Company delivered the Nissos Heraclea to her new owners.
• In September 2021, the Company paid the amount of $17.4 million to Mr. Ioannis Alafouzos (the “Sponsor”) in connection with the acquisition of the two scrubber-fitted 300,000 DWT VLCC crude tankers (the “Resale VLCCs”) from entities controlled by the Sponsor, as per the signed MOAs on June 29, 2021. The vessels are scheduled for delivery in March and May 2022.

SUBSEQUENT EVENTS

• In October and November 2021, the Company delivered its vessels, the Nissos Santorini and Nissos Antiparos, to their new owner for a total consideration of $180 million.
• In November 2021, M/T Milos performed its five-year anniversary special survey. Also, M/T Poliegos was docked earlier than scheduled in order to benefit from increased spot freight rates of 2022.
• The Board of Directors has declared a return of capital of $15.0 million to shareholders. $10.0 million will be distributed in the form of a cash payment of $0.31 per share, while the remaining $5.0 million will be in the form of share repurchases conducted in the market. The cash payment will be recorded as a return paid-in-capital, which is a non-taxable event, and the share repurchase will be recorded as treasury shares. Inclusive of the $24.3 million cash distribution made in June, total distributions to shareholders from asset sales in 2021 will amount to $39.3 million. This compares with net proceeds from asset sales of $67.6 million after the payment of the equity portion of the 2 new VLCCs. Rather than distribute the total net proceeds as originally contemplated, the Board of Directors has for the time being determined to retain approximately $28.3 million as cash on the balance sheet.While the intent was to distribute the total net proceeds from asset sales, the Company recognizes that crude tanker markets have not developed as anticipated and that bolstering liquidity by way of reducing net debt is the most prudent approach to address the current market conditions. The Board of Directors and Management own 71% of the total shares outstanding, remain steadfast in their commitment to maximize shareholder value and look forward to returning capital to shareholders when market conditions permit.
• The full unaudited interim results and presentation are attached to this press release.

OET will be hosting a webcast at 13:30 CET on Tuesday November 30, 2021 to discuss Q3 2021 results. Participants may access the conference call using the below dial-in details:

Norway: +47 2 156 3318

USA: +1 212 999 6659

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/landingpage/okeanis/20211130_1/

An audio replay of the conference call will be available on our website: http://www.okeanisecotankers.com/reports/

Contact:
Aristidis Alafouzos, COO
Tel: +30 210 480 4099
Email: aia@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 12 modern, high-specification crude oil and products tankers in the VLCC and Suezmax 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.