Okeanis Eco Tankers (OET) Conference Presentation summary

Strategic execution and shareholder value

• Maintained focus on operating excellence and aggressive dividend policy since 2018, distributing 1.5x initial market cap and 100% of LTM free cash flow to shareholders.

• Achieved 569% total shareholder return since IPO, with $350m+ distributed and an average 15.5% dividend yield over the past nine quarters.

• No dilutive capital raises and 86% independent board, emphasizing strong governance.

• Maximizing shareholder value remains a key strategic priority.

Fleet and operational performance

• Operates 14 vessels, all eco-design, scrubber and BWTS fitted, with an average age of ~5 years and 3.5m DWT.

• Consistently outperformed peers, generating ~$170m in commercial outperformance since 4Q 2019.

• Q2 2024 TCE revenue was $79.4m, EBITDA $63.9m, and net income $39.6m ($1.23/share).

• Q2 2024 fleetwide TCE was $64,900/day with 96% utilization; Q3 guidance indicates continued strong performance.

Financial strength and capital structure

• Maintains a robust balance sheet with $98.1m cash, $1.14bn total assets, $669m debt, and 57% book leverage.

• Extended loan maturities beyond 2028, reducing refinancing risk and lowering cost of debt by ~110bps fleetwide.

• Recent refinancing of 12 vessels led to ~$7.4m annual interest savings.