Okeanis Eco Tankers Corp. – Unaudited Interim Condensed Financial Statements for the Second Quarter and First Half of 2023

ATHENS, GREECE, August 11, 2023 – Okeanis Eco Tankers Corp. (“OET” or the “Company” or “Group”) today reported unaudited interim condensed financial statements for the second quarter and first half year of 2023.

Q2 2023 and Recent Highlights:

• Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $91.2 million and $77.4 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the period of $53.0 million or $1.65 per basic & diluted share.
• Fleetwide daily TCE rate of $72,000 per operating day; VLCC and Suezmax TCE rates of $71,600 and $72,600 per operating day, respectively.
• Daily vessel operating expenses (“opex”, a non-IFRS measure) of $8,929 per calendar day, including management fees.
• In Q3 2023 to date, 76% of the available VLCC spot days have been booked at an average TCE rate of $65,800 per day and 64% of the available Suezmax spot days have been booked at an average TCE rate of $55,600 per day.
• The Company paid an amount of approximately $51.5 million or $1.60 per share in June 2023 as a return of paid-in capital.
• On June 27, 2023, the Company entered into a $113 million senior secured credit facility provided by ABN AMRO Bank N.V. The proceeds were used to refinance existing indebtedness under the VLCC vessel Nissos Keros and the Suezmax vessels Kimolos and Folegandros. The Facility is repaid quarterly, matures in 5 years and is priced at 190 basis points above the Secured Overnight Financing Rate.
• Also, on June 27, 2023, the Company prepaid its scrubber financing amounting to $1.4 million.
• On July 18, the Company declared its option to purchase back the Suezmax vessel Milos, from its sale and lease back financier in February 2024. The company intends to finance the transaction through proceeds from a new debt facility for the vessel, to be explored in due course.

The Board of Directors declared a return of capital of $1.50 per share to shareholders. The cash payment will be recorded as a return of paid-in-capital and will be paid on Friday September 8, 2023 to shareholders of record as of Friday September 1, 2023. The shares will be traded ex-capital distribution as from and including Thursday August 31, 2023.

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

OET will be hosting a conference call and webcast at 13:30 CET on Friday August 11, 2023 to discuss Q2 2023 results. Participants may access the conference call using the below dial-in details:

• Norway: +47 2 156 3318
• USA: +1 786 697 3501
• 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/20230811_1/

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

About OET
Okeanis Eco Tankers Corp. is a leading international tanker company providing seaborne transportation of crude oil. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Børs under the symbol OET. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

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”, “anticipates”, “forecast” 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.

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

Contact:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
Email: ir@okeanisecotankers.com