ECO Okeanis Eco Tankers Corporation

Okeanis Eco Tankers Corp. (“OET” or “Company”) (NYSE:ECO / OSE:OET) today reported unaudited condensed financial statements for the fourth quarter and twelve month period of 2023, which are attached to this press release.

Selected Q4 2023 and Recent Highlights:

• Time charter equivalent ("TCE", a non-IFRS measure*) revenue and Adjusted EBITDA (a non-IFRS measure*) of $58.4 million and $44.2 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures*) for the period of $20.4 million or $0.63 per basic & diluted share.
• Fleetwide daily TCE rate of $45,400 per operating day; VLCC and Suezmax TCE rates of $45,200 and $45,600 per operating day, respectively.
• Daily vessel operating expenses (“opex”, a non-IFRS measure*) of $9,105 per calendar day, including management fees.
• In Q1 2024 to date, 76% of the available VLCC spot days have been booked at an average TCE rate of $73,900 per day and 88% of the available Suezmax spot days have been booked at an average TCE rate of $58,800 per day.
• The Company paid an amount of approximately $19.3 million or $0.60 per share in November 2023 as a dividend classified for accounting purposes as a return of paid-in capital.
• On January 26, 2024, we entered into amendments to the existing sale and leaseback agreements for the VLCC vessels Nissos Kea and Nissos Nikouria (the “Existing Leases Amendments”) with CMB Financial Leasing. The Existing Leases Amendments, effective from the first quarter of 2024, provide for a reduction of the pricing of the variable amount of charterhire payable thereunder to 200 basis points over the applicable Term SOFR on both vessels, extend maturities to December 2030 for the Nissos Kea and March 2031 for the Nissos Nikouria, and eliminate the previously stipulated early prepayment fees in the case of exercise of the purchase options by the Company after the first year.
• On January 29, 2024, we entered into a new sale and leaseback agreement of approximately $73.5 million for the VLCC vessel Nissos Anafi (the “Anafi Lease”) with CMB Financial Leasing.  The agreement provides for a bareboat charter with the charterhire being paid on a quarterly basis, is priced at 190 basis points over the applicable Term SOFR and matures in seven years. The Anafi Lease includes purchase options for the Company after the first year and throughout the tenor of the lease and is guaranteed by the Company.
• On January 31, 2024, we entered into a new $34.7 million senior secured credit facility with a syndicate led by Kexim Asia Limited to finance the option to purchase back, in February 2024, the Suezmax vessel Milos from its current sale and lease back financier. The facility is repaid quarterly, matures in six years, is priced at 175 basis points over the applicable Term SOFR, is secured by the Milos, and is guaranteed by the Company.

*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles, including TCE, Adjusted EBITA, Adjusted profit, Adjusted earnings per share, and opex. For a reconciliation of these non-IFRS measures please refer to the end of the attached report.

Declaration of Q4 2023 capital return:

The Board of Directors declared a dividend of $0.66 per share to shareholders. Dividends payable to shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be recorded for accounting purposes as a return of paid-in-capital and will be paid on March 22, 2024 to shareholders of record as of March 11, 2024. The shares will be traded ex-capital distribution as from and including March 8, 2024. Due to the implementation of Central Securities Depository Regulation (CSDR) in Norway, dividends payable on shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about March 27, 2024.

A presentation related to our results can be found on our website: http://www.okeanisecotankers.com/reports/.

Information found on our website is not incorporated by reference into this press release.

OET will be hosting a conference call and webcast at 13:30 CET on Thursday February 29, 2024, to discuss the Q4 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/20240229_1/

An audio replay of the conference call will be available on our website:

http://www.okeanisecotankers.com/reports/

Contacts

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

Investor Relations / Media Contact: Nicolas Bornozis, President Capital Link, Inc. 230 Park Avenue, Suite 1540, New York, N.Y. 10169 Tel: +1 (212) 661-7566 okeanisecotankers@capitallink.com

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 and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

Forward-Looking Statements

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. 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,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “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 Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics (including COVID-19), including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the U.S. Securities and Exchange Commission, which can be obtained free of charge on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

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

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