Okeanis Eco Tankers Corp. Reports Unaudited Interim Condensed Results for the Third Quarter and Nine Month Period of 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.

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.

Okeanis Eco Tankers Corp. press release