Okeanis Eco Tankers Corp. Reports Financial Results for the Third Quarter and Nine-Month Period of 2024

08 Nov 2024 06:00 CET

ATHENS, GREECE, November 8, 2024 – Okeanis Eco Tankers Corp. (together with its
subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE:
ECO, OSE: OET) today reported its unaudited condensed financial results for the
third quarter and nine-month period of 2024, which are attached to this press
release.

Financial performance of the Third Quarter Ended September 30, 2024

• Revenues of $84.9 million in Q3 2024, compared to $89.1 million in Q3 2023.
• Profit of $14.6 million in Q3 2024, compared to $19.4 million in Q3 2023.
• Earnings per share of $0.45 in Q3 2024, compared to $0.60 in Q3 2023.
• Cash (including restricted cash) of $56.0 million as of September 30, 2024,
compared to $82.1 million as of September 30, 2023.

Financial performance of the Nine Months Ended September 30, 2024

• Revenues of $308.0 million in 9M 2024, compared to $321.4 million in 9M 2023.
• Profit of $95.7 million in 9M 2024, compared to $124.0 million in 9M 2023.
• Earnings per share of $2.97 in 9M 2024, compared to $3.85 in 9M 2023.

Alternative performance metrics and market developments

• Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $52.2 million
in Q3 2024, compared to $59.7 million in Q3 2023.
• EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $38.4 million and $37.9
million, respectively, in Q3 2024.
• Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of
$14.5 million or $0.45 per basic and diluted share in Q3 2024.
• Fleetwide daily TCE rate of $43,900 per operating day in Q3 2024; VLCC and
Suezmax TCE rates of $43,100 and $44,800 per operating day, respectively, in Q3
2024.
• Daily vessel operating expenses (“Opex”, a non-IFRS measure) of $9,811 per
calendar day, including management fees, in Q3 2024.
• In Q4 2024 to date, 63% of the available VLCC spot days have been booked at an
average TCE rate of $46,900 per day and 70% of the available Suezmax spot days
have been booked at an average TCE rate of $40,200 per day.

Declaration of Q3 2024 dividend

The Company’s board of directors declared a dividend of $0.45 per common share
to shareholders. Dividends payable to common shares registered in the Euronext
VPS will be distributed in NOK. The cash payment will be classified as a return
of paid-in-capital and will be paid on December 4, 2024, to shareholders of
record as of November 18, 2024. The common shares will be traded ex-dividend on
the NYSE as from and including November 18, 2024, and the common shares will be
traded ex-dividend on the Oslo Børs as from and including November 15, 2024. Due
to the implementation of the Central Securities Depository Regulation (CSDR) in
Norway, dividends payable on common shares registered with Euronext VPS are
expected to be distributed to Euronext VPS shareholders on or about December 9,
2024.

Presentation

OET will be hosting a conference call and webcast at 14:30 CET on Friday
November 8, 2024 to discuss the Q3 2024 and 9M 2024 results. Participants may
access the conference call using the below dial-in details:

Standard International Access: +44 20 3936 2999
USA: +1 646 664 1960
Norway: +47 815 03 308
Password: 041313

The webcast will include a slide presentation and will be available on the
following link:
https://events.q4inc.com/attendee/805202822

An audio replay of the conference call will be available on our website:
https://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 (the “SEC”). 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 SEC. 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 SEC, which can be
obtained free of charge on the SEC’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.

More information:
Access the news on Oslo Bors NewsWeb site

631668_OET Q3 2024 Results.pdf