Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the First Quarter and Three-Month Period of 2024

ATHENS, Greece, May 16, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET” or “Okeanis”) (NYSE:ECO / OSE:OET), today reported unaudited condensed financial statements for the first quarter and three-month period of 2024, which are attached to this press release.

Selected Q1 2024 and Recent Highlights:

• Time charter equivalent ("TCE", a non-IFRS measure*) revenue and Adjusted EBITDA (a non-IFRS measure*) of $81.0 million and $65.2 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures*) for the period of $39.6 million or $1.23 per basic & diluted share.
• Fleetwide daily TCE rate of $63,600 per operating day; VLCC and Suezmax TCE rates of $68,800 and $56,700 per operating day, respectively.
• Daily vessel operating expenses (“opex”, a non-IFRS measure*) of $9,208 per calendar day, including management fees.
• In Q2 2024 to date, 82% of the available VLCC spot days have been booked at an average TCE rate of $75,900 per day and 57% of the available Suezmax spot days have been booked at an average TCE rate of $60,800 per day.
• The Company paid an amount of approximately $21.2 million or $0.66 per share in March 2024 as a dividend classified for accounting purposes as a return of paid-in capital.
  

*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles, including TCE, Adjusted EBITA, Adjusted profit, Adjusted earnings per share, and opex. For a reconciliation of these non-IFRS measures please refer to the end of the attached report.

Declaration of 1Q 2024 dividend

The Company’s board of directors declared a dividend of $1.10 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 June 20, 2024, to shareholders of record as of June 5, 2024. The common shares will be traded ex-dividend on the NYSE as from and including June 5, 2024, and the common shares will be traded ex-dividend on the Oslo Børs as from and including June 4, 2024. Due to the implementation of 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 June 25, 2024.