Okeanis Eco Tankers Corp. Reports Unaudited Interim Condensed Results for Q1 2021

Greece - 13 May 2021

Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reports unaudited interim condensed results for the three months ended March 31, 2021.

Q1 2021 Highlights

• Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $39.6 million and $25.2 million, respectively. Adjusted profit for the period of $5.8 million or $0.18 per basic & diluted share.

• Fleetwide daily TCE rate of $26,100 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $32,000, $22,000 and $18,600 per operating day, respectively.

• Daily vessel operating expenses (“opex”) of $7,506 per calendar day, including management fees.

• In Q2 2021 to date, 90% of the available VLCC spot days have been booked at an average TCE rate of $15,000 per day, 47% of the available Suezmax spot days have been booked at an average TCE rate of $18,600 per day and 65% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $16,600 per day.

• In January 2021, the Company transferred its listing from Euronext Expand to Oslo Bors.

• In March 2021, the Company paid a cash dividend of $0.10 per share, amounting to $3.2 million.

Subsequent Events
In May 2021, the Company signed a memorandum of agreement for the sale of its Aframax/LR2 fleet comprising three vessels (Nissos Therassia, Nissos Schinoussa, Nissos Heraclea) all built in 2015 at H.H.I. South Korea to an unaffiliated third party for a total of $120.75 million. The sale is anticipated to be completed upon delivery of the final vessel to her new owners by latest October 2021. The Company expects to incur a non-cash accounting charge of approximately $11 million in connection with the sale in Q2 2021.

The sale is expected to generate net proceeds of approximately $45 million after repayment of debt outstanding at delivery. Upon completion of the sale, the Board intends to propose a shareholder distribution(s) of the majority of the net proceeds. The distribution(s) will be achieved through a write-down of paid-in capital, which requires Board approval only and is not a taxable event.

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

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