Okeanis Eco Tankers (OET) Conferece Presentation summary

Market environment and industry dynamics

• Tanker market supported by aging global fleet, low orderbook, and supply constraints, with over 40% of vessels 15+ years old and significant portions involved in sanctioned trades.

• Shrinking shipyard capacity and preference for higher-margin projects limit new tanker deliveries, further tightening supply.

• Geopolitical factors, shifting trade flows, and OPEC+ output reversals are driving longer hauls and boosting tanker utilization and earnings.

• Spot market rates for VLCC and Suezmax tankers are rising, with utilization near 90% and potential for further improvement.

• Up to 4% improvement in tanker utilization is possible as Atlantic exports grow and sanctions reroute flows to mainstream fleets.

Fleet and operational performance

• Operates 14 eco-design, scrubber-fitted vessels with an average age of 5.9 years, making it the youngest and only listed pure eco and scrubber-fitted crude tanker platform.

• Achieved 19% spot market TCE outperformance for VLCCs and 38% for Suezmaxes versus listed peers over 23 quarters.

• Q2 2025 fleetwide TCE was $50,500/day with 100% utilization; Q3 2025 guidance indicates continued high utilization and strong rates.

• Commercial outperformance since 4Q 2019 generated $204m in additional revenue compared to peers.

• Eco and scrubber technology delivers significant daily fuel savings, enhancing cost efficiency.

Financial strength and capital structure

• Maintains a well-capitalized balance sheet with net market LTV around 40% and no near-term maturities.

• Q2 2025 TCE revenue was $64.0m, EBITDA $47.3m, and net income $26.9m ($0.84/share); H1 2025 net income reached $39.4m.

• Total assets of $1.1bn, equity of $428m, and interest-bearing debt of $631m as of Q2 2025.

• Recent refinancing of 12 out of 14 vessels reduced average cost of debt by ~125bps, saving ~$8m annually.

• Strong operating leverage positions the company to capitalize on rising rates, with significant FCF and EPS yield sensitivity to market improvements.