Okeanis Eco Tankers Corp. – Unaudited Interim Condensed Financial Statements for the Third Quarter and Nine Month Period of 2023

ATHENS, GREECE, November 9, 2023 – Okeanis Eco Tankers Corp. (“OET” or the “Company” or “Group”) today reported unaudited interim condensed financial statements for the third quarter and nine month period of 2023.

Q3 2023 and Recent Highlights:

• Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $59.7 million and $45.5 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the period of $20.2 million or $0.63 per basic & diluted share.
• Fleetwide daily TCE rate of $48,900 per operating day; VLCC and Suezmax TCE rates of $57,900 and $35,300 per operating day, respectively.
• Daily vessel operating expenses (“opex”, a non-IFRS measure) of $9,350 per calendar day, including management fees.
• In Q4 2023 to date, 90% of the available VLCC spot days have been booked at an average TCE rate of $40,900 per day and 49% of the available Suezmax spot days have been booked at an average TCE rate of $56,600 per day.
• The Company paid an amount of approximately $48.3 million or $1.50 per share in September 2023 as a return of paid-in capital.
• On July 18, 2023, 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.
• On September 11, 2023, the Company entered into a new $84 million senior secured credit facility with Credit Agricole Corporate and Investment Bank, to refinance its existing indebtedness for the Suezmax vessels, Nissos Sikinos and Nissos Sifnos. The facility will be repaid quarterly, matures in 6 years, is priced at 185 basis points in excess of term SOFR rate, and is secured by the Nissos Sikinos and the Nissos Sifnos.
• On November 2, 2023, the Company filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”), with the intention of directly listing its common shares on the New York Stock Exchange (“NYSE”). Subject to the registration statement being declared effective by the SEC, the Company’s common shares are expected to be registered with the SEC and admitted for trading on the NYSE under the ticker “ECO” in addition to Oslo Børs, in which we shall continue to use the ticker “OET”. In conjunction with a listing on NYSE, it is expected that the Company will change its listing status in Oslo from primary listing to secondary listing on Oslo Børs. No new securities will be issued in connection with the common share listing on the NYSE.

The Board of Directors declared a return of capital of $0.60 per share to shareholders. The cash payment will be recorded as a return of paid-in-capital and will be paid on Wednesday November 22, 2023 to shareholders of record as of Wednesday November 15, 2023. The shares will be traded ex-capital distribution as from and including Tuesday November 14, 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 Thursday November 9, 2023 to discuss Q3 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/20231109_1/

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

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

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

About OET
OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. 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 corporate affairs, the business, financial performance and results of the Company and its subsidiaries and/or the industry in which they operate. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. 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, including risks described under the section captioned “Risk Factors,” in OET’s registration statement on Form 20-F filed with the SEC on November 2, 2023, which contains additional information about factors that could affect actual results, including risks relating to the Company’s industry, business operations, financing and liquidity, regulation and other risks described in the registration statement. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons. 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 forecasted 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.