Core Insights - Okeanis Eco Tankers Corp. reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, but down from $1.23 per share a year ago, indicating a 50% earnings surprise [1] - The company achieved revenues of $80.15 million for the quarter, surpassing the Zacks Consensus Estimate by 7.48%, but down from $111.12 million year-over-year [2] - The stock has gained approximately 14.9% since the beginning of the year, outperforming the S&P 500's gain of 0.1% [3] Earnings Performance - Okeanis Eco Tankers has surpassed consensus EPS estimates in all four of the last quarters [2] - The company is currently holding a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.47 on revenues of $85.46 million, and for the current fiscal year, it is $1.48 on revenues of $327.35 million [7] - The outlook for the Transportation - Shipping industry is currently in the bottom 19% of Zacks industries, which may impact stock performance [8]

ATHENS, Greece, May 14, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE: ECO / OSE: OET), announced today that the Company's board of directors (the “Board”) has declared a dividend on its common shares (the “Dividend”). Due to implementation of the Central Securities Depository Regulation (“CSDR”) in Norway, shareholders who hold shares registered in Euronext Securities Oslo, the central securities depository in Norway (“VPS”) should please note the information on the paym ...

Financial Performance - Revenues for Q1 2025 were $80.1 million, a decrease from $111.1 million in Q1 2024 [6] - Profit for Q1 2025 was $12.6 million, down from $41.6 million in Q1 2024 [6] - Earnings per share for Q1 2025 were $0.39, compared to $1.29 in Q1 2024 [6] - Cash (including restricted cash) as of March 31, 2025, was $43.0 million, down from $54.3 million as of December 31, 2024 [6] Operational Metrics - Time charter equivalent (TCE) revenue for Q1 2025 was $48.6 million [6] - EBITDA and Adjusted EBITDA for Q1 2025 were $33.8 million and $32.5 million, respectively [6] - Fleetwide daily TCE rate was $38,500 per operating day in Q1 2025, with VLCC and Suezmax TCE rates at $38,000 and $39,200 per operating day, respectively [6] - Daily vessel operating expenses were $9,233 per calendar day in Q1 2025 [6] Dividend Declaration - The board of directors declared a dividend of $0.32 per common share, payable on June 12, 2025, to shareholders of record as of June 3, 2025 [4] - Common shares will be traded ex-dividend on the NYSE from June 3, 2025, and on the Oslo Stock Exchange from June 2, 2025 [4] Market Development - As of Q2 2025 to date, 72% of available VLCC spot days have been booked at an average TCE rate of $46,700 per day, and 64% of available Suezmax spot days have been booked at an average TCE rate of $50,600 per day [6]

Core Viewpoint - Okeanis Eco Tankers Corp. (OET) is set to report its unaudited condensed results for Q1 2025 on May 14, 2025, with a subsequent webcast/teleconference scheduled for May 15, 2025 [1]. Company Overview - OET is a prominent international tanker company specializing in the seaborne transportation of crude oil and refined products [2]. - The company was incorporated on April 30, 2018, under the laws of the Republic of the Marshall Islands and is listed on both the Oslo Stock Exchange (OET) and the New York Stock Exchange (ECO) [2]. - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [2].

Core Viewpoint - Okeanis Eco Tankers Corp. has declared options to repurchase three VLCC vessels, enhancing its capital structure and resilience against industry risks [1][4]. Financing Details - The company has secured a $130 million senior secured credit facility with a Greek bank to finance the repurchase of Nissos Nikouria and Nissos Anafi, expected to close in June and August 2025 respectively [2][3]. - The credit facility features an interest rate of Term SOFR plus 140 basis points, matures in seven years, and includes quarterly installments of $1.9 million and balloon payments of $76.8 million for both vessels [2]. Future Financing Plans - The company is actively seeking debt financing for the Nissos Kea, with expectations to announce details in Q2 2025, aiming for similar financial terms as the other two vessels [3][5]. Strategic Positioning - The financing will provide competitive terms, with debt maturing in 2032, aimed at improving future daily debt service breakeven costs [6]. - The company emphasizes its modern fleet built in quality shipyards in South Korea and Japan, positioning itself as a preferred platform in the crude tankers market [6].

Core Viewpoint - Okeanis Eco Tankers Corp. has filed a shelf registration statement with the SEC to raise up to $500 million for various corporate purposes, including acquisitions and debt reduction [1][2]. Group 1: Shelf Registration Statement - The shelf registration statement allows the company to raise capital more efficiently in the future [1]. - The company has filed for up to $500 million in capital, which can be used for acquisitions, strategic initiatives, reducing outstanding debt, or other general corporate purposes [1]. - A separate resale registration statement has been filed for the resale of up to 18,102,286 common shares held by affiliates, which are currently not freely tradable in the U.S. [1]. Group 2: Current Intentions - The company has no current intention to utilize the shelf registration statement [2]. - There is no indication that the company's affiliates plan to sell any shares registered under the resale registration statement [2]. Group 3: Company Overview - Okeanis Eco Tankers Corp. is a leading international tanker company focused on seaborne transportation of crude oil and refined products [3]. - The company was incorporated on April 30, 2018, and is listed on both the Oslo Stock Exchange and the New York Stock Exchange [3]. - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [3].

Company Outlook - Okeanis Eco Tankers is well-positioned to benefit from favorable market dynamics heading into 2025, supported by a modern fleet, disciplined capital management, and strong industry fundamentals [1] - The company employs a focused fleet deployment strategy, prioritizing Mediterranean and Western trades for Suezmaxes and utilizing a triangulation strategy for VLCCs [4] Market Dynamics - The expansion of U.S. sanctions on Russian and Iranian oil exports has reshaped global crude flows, potentially removing up to 1.5 million barrels per day of Iranian exports, creating demand for approximately 45 additional VLCCs [2] - Aging fleet dynamics are expected to support the market outlook, with 35% of the global Suezmax fleet and 30% of VLCCs projected to be over 20 years old by 2027 [5] Financial Position - Okeanis has strengthened its balance sheet by refinancing most of its fleet at lower margins and expanding its lender base, while maintaining a disciplined capital allocation strategy [6] - The company remains committed to shareholder returns without pursuing aggressive expansion or equity dilution [6] Future Catalysts - Potential U.S. Strategic Petroleum Reserve refilling and shifts in geopolitical policy are expected to drive continued demand, with Mr. Trump expressing intentions to rebuild the SPR [7]

Core Points - Okeanis Eco Tankers Corp. has scheduled its Annual Meeting of Shareholders for May 30, 2025, with a record date of April 22, 2025, to elect eight directors and ratify the appointment of Deloitte as the independent public accounting firm for the fiscal year ending December 31, 2025 [1][2] - The board of directors has been expanded from seven to eight members, with a vacancy to be filled at the Annual Meeting [2] - Mr. Dimitrios Papalexopoulos has been nominated for election to fill the new board vacancy, bringing extensive experience in management and business development from previous roles at Google and Procter & Gamble [3] - The executive management team of the Company will remain unchanged and will continue to collaborate closely with the board of directors [4] - Okeanis Eco Tankers is a leading international tanker company specializing in seaborne transportation of crude oil and refined products, with a fleet of six Suezmax tankers and eight VLCC tankers [5]

Company Overview - Okeanis Eco Tankers Corp. (OET) is a leading international tanker company specializing in seaborne transportation of crude oil and refined products [2] - The company was incorporated on April 30, 2018, under the laws of the Republic of the Marshall Islands and is listed on Oslo Børs and the New York Stock Exchange [2] - OET's fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [2] Financial Reporting - The company announced the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (SEC) [1] - The Annual Report is available for download from the SEC's website and the company's Investor Relations section [1] - Hard copies of the complete audited financial statements can be requested free of charge [1]

Market Conditions and Demand - The Baltic Dirty Tanker Index (BDTI) reached a high of 1552 and a low of 860 in 2024, indicating significant volatility in charter rates [33]. - As of March 24, 2025, the BDTI was recorded at 994, reflecting ongoing uncertainty in the crude oil charter market [33]. - The demand for oil tankers is primarily influenced by economic conditions in the world's industrial countries and competition from alternative energy sources [40]. - The International Energy Agency (IEA) reported that electric vehicle sales increased by 25% in Q1 2024 compared to the same quarter in 2023, potentially impacting oil demand [48]. - The IEA projects that oil demand from road transport will peak around 2025, with electric vehicles displacing over 6 million barrels per day by 2030 [48]. - Seasonal fluctuations in tanker demand historically result in weaker revenues during the fiscal quarters ending June 30 and September 30 [49]. Geopolitical Risks - The tanker industry is subject to risks from geopolitical events, including the war in Ukraine and tensions in the Middle East, which can affect charter rates and vessel availability [33]. - The ongoing geopolitical tensions, including the war in Ukraine and conflicts in the Middle East, contribute to economic uncertainty and may impact demand for goods and shipping rates [54]. - The ongoing war in Ukraine has led to significant volatility in the tanker market, affecting supply chains and energy prices [90]. - The U.S. has imposed unprecedented economic sanctions against Russia, including prohibitions on the import of Russian oil, which may disrupt the company's operations [98]. - Political instability and conflicts in regions such as the Middle East and the South China Sea could adversely impact the company's business and financial condition [89]. - The potential for increased attacks on vessels in the Strait of Hormuz could disrupt operations and negatively impact earnings [94]. Financial Performance and Risks - An oversupply of tanker capacity may lead to decreased charter rates and vessel values, adversely impacting financial performance [42]. - The company relies on a limited number of customers for a significant portion of its revenue, increasing vulnerability to market changes [32]. - Rising inflation and higher interest rates are expected to increase operating costs and borrowing costs, adversely affecting financial condition and ability to pay dividends [53]. - The company may experience difficulties obtaining financing due to tighter lending standards and increased margins on lending rates from financial institutions [56]. - The company had total indebtedness of $651.6 million as of December 31, 2024, down from $698.5 million in 2023 [112]. - The company may not be able to refinance existing indebtedness or obtain additional financing due to adverse market conditions [121]. Regulatory Compliance and Environmental Concerns - Compliance with governmental regulations and potential changes in trade policies could materially affect operational costs and profitability [32]. - The company is subject to complex environmental regulations, which may require costly compliance measures and could adversely affect financial condition and operating results [63]. - Maritime shipping will be included in the EU Emission Trading System starting in 2024, requiring the company to purchase emission allowances, potentially increasing compliance costs [65]. - Compliance with additional EU regulations under the Fit-for-55 initiative may further impact financial position due to increased administration costs [66]. - The International Maritime Organization (IMO) aims to reduce carbon dioxide emissions from international shipping by at least 40% by 2030 compared to 2008 levels, with a target of net-zero GHG emissions by around 2050 [69]. - Compliance with new greenhouse gas regulations may lead to increased costs, including the need for new emission controls and potential penalties for non-compliance [73]. Customer Dependency and Counterparty Risks - The company is heavily dependent on short-term or spot charters, making it vulnerable to fluctuations in charter rates and off-hire periods, which could adversely affect profitability [186]. - 81% of the company's revenues in 2024 were derived from 13 customers, indicating a high dependency on a limited customer base [125]. - The company faces significant counterparty risks, as weaknesses in demand for shipping services could lead to financial challenges for customers, increasing the likelihood of defaults on charter payments [126]. - The company may struggle to re-deploy vessels on favorable terms if it loses contracts due to counterparty defaults, resulting in potential revenue loss while still incurring maintenance expenses [127]. - The company is exposed to counterparty credit risk through various agreements, including contracts for vessel purchases and financing arrangements, which could lead to significant losses if counterparties fail to perform [130]. Operational Challenges and Costs - The company may face potential adverse impacts on operations due to COVID-19 and other infectious disease outbreaks, which could materially affect future operations and cash flows [51]. - Increased insurance premiums are expected for transiting through designated high-risk areas, which could negatively affect operating costs [90]. - The aging fleet may result in increased operating and capital costs, impacting overall financial performance [162]. - Without adequate reserves for vessel replacement, the company risks revenue decline at the end of a vessel's useful life [163]. - The company may face significant uninsured or underinsured losses that could adversely affect its business, operating results, and financial condition [171]. Market and Economic Conditions - Concerns regarding potential sovereign debt defaults in the European Union could weaken consumer demand in the EU, the US, and other regions, adversely affecting the company's financial condition [105]. - The average GDP growth rate of China over the last ten years remains below pre-2008 levels, which may impact shipping demand [102]. - The company anticipates that economic slowdowns in the European Union and other Asian countries may adversely affect economic growth in China [104]. - Worldwide inflationary pressures could increase operating costs and negatively impact the company's financial condition [114]. Corporate Governance and Compliance - The company is classified as a "foreign private issuer," which may make its shares less attractive to some investors due to different disclosure requirements [208]. - The NYSE has granted an exemption from Norwegian takeover rules effective from October 20, 2023, following the company's listing on the NYSE [215]. - The dual listing on Oslo Børs and NYSE incurs additional costs, including legal, accounting, and investor relations expenses, which were not present prior to the NYSE listing [218]. - The company anticipates significant legal and financial compliance costs due to regulations such as the Sarbanes-Oxley Act and Dodd-Frank Act, which will require substantial management time and resources [219]. - Compliance with Section 404 of the Sarbanes-Oxley Act will necessitate a report on internal control over financial reporting starting from the year ending December 31, 2024, which may be costly and challenging [221].