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

19 Feb 2025 22:15 CET

ATHENS, GREECE, February 19, 2025 – 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
fourth quarter and twelve-month period of 2024, which are attached to this press
release.

Financial performance of the Fourth Quarter Ended December 31, 2024

• Revenues of $85.2 million in Q4 2024, compared to $91.7 million in Q4 2023.
• Profit of $13.2 million in Q4 2024, compared to $21.3 million in Q4 2023.
• Vessel operating expenses of $9.6 million in Q4 2024, compared to $10.6 in Q4
2023.
• Earnings per share of $0.41 in Q4 2024, compared to $0.66 in Q4 2023.
• Cash (including restricted cash) of $54.3 million as of December 31, 2024,
compared to $54.9 million as of December 31, 2023.

Financial performance of the Twelve Months Ended December 31, 2024

• Revenues of $393.2 million in 12M 2024, compared to $413.1 million in 12M
2023.
• Profit of $108.9 million in 12M 2024, compared to $145.2 million in 12M 2023.
• Vessel operating expenses of $42.4 million in 12M 2024, compared to $41.7 in
12M 2023.
• Earnings per share of $3.38 in 12M 2024, compared to $4.51 in 12M 2023.

Alternative performance metrics and market developments

• Time charter equivalent (“TCE”, a non-IFRS measure) revenue of $49.4 million
in Q4 2024.
• EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $35.2 million and $37.1
million, respectively, in Q4 2024.
• Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of
$13.0 million or $0.41 per basic and diluted share in Q4 2024.
• Fleetwide daily TCE rate of $39,000 per operating day in Q4 2024; VLCC and
Suezmax TCE rates of $38,500 and $39,600 per operating day, respectively, in Q4
2024.
• Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $8,321
per calendar day, including management fees, in Q4 2024.
• In Q1 2025 to date, 81% of the available VLCC spot days have been booked at
an average TCE rate of $39,100 per day and 77% of the available Suezmax spot
days have been booked at an average TCE rate of $33,400 per day.

Declaration of Q4 2024 dividend

The Company’s board of directors declared a dividend of $0.35 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 paid on March 17, 2025,
to shareholders of record as of March 3, 2025. The common shares will be traded
ex-dividend on the NYSE as from and including March 3, 2025, and the common
shares will be traded ex-dividend on the Oslo Børs as from and including
February 28, 2025. 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 March 20, 2025.

*The Company uses certain financial information calculated on a basis other than
in accordance with IFRS, including Daily TCE, EBITDA, Adjusted EBITDA, Adjusted
profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of
these non-IFRS measures, please refer to the end of this report.

Presentation

OET will be hosting a conference call and webcast at 14:30 CET on Thursday
February 20, 2025 to discuss the Q4 2024 and 12M 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: 860103

The webcast will include a slide presentation and will be available on the
following link:
https://events.q4inc.com/attendee/655744857

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 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

639209_OET Q4 2024 Results.pdf