3Q21 - Earnings Call

THIRD QUARTER 2021 RESULTS

November 3, 2021

DISCLAIMER

Forward Looking Statements

This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward- looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 25, 2021.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements.

November 3, 2021

2

Q3'21 Financials

P&L HIGHLIGHTS

		Q3 2021			9M 2021
$ Thousands, except per share
Revenues on TCE basis	$	37 652		$	154 180
Vessel operating expenses	$	(19 240)		$	(57 880)
G&A	$	(4 420)		$	(14 645)
EBITDA	$	13 993		$	81 655
Interest expenses	$	(6 348)		$	(19 430)
Net Income / (loss) after tax	$	(21 032)		$	(8 612)
EPS	$	(0.13)		$	(0.05)

Average TCE Q3 2021

• $16,300 per day

Average TCE YTD 2021

• $22,400 per day

• The Q3 2021 result includes a $1.6 million gain related to sale of vessels and a $2.3 million non-cash gain related to interest rate derivatives
• Thus far in the fourth quarter of 2021, 70% of the available days have been booked at an average rate of $20,700* per day on a discharge-to-discharge basis

*Not including any potential profit splits on time charters

November 3, 2021

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Q3'21 Financials

BALANCE SHEET HIGHLIGHTS

	As per 30.09.2021
$ Thousands
Cash	$	64 481
Other current assets	$	54 118
Vessels*	$	1 488 992
Other assets	$	10 133
Total sssets	$	1 617 724
Current portion of long-term debt	$	9 784
Other liabilities	$	37 085
Long-term debt	$	515 015
Equity	$	1 055 840
Total equity and liabilities	$	1 617 724

As per 31.12.2020

$	68 641		Total liquidity of $245 million
			▪	Cash	$ 64.5 million
$	49 638
			▪	RCF availability	$ 180.5 million
$	1 493 705
$	10 005
$	1 621 989
			Interest bearing debt to total assets
$	3 396
$	63 090		▪ Marked to market: 30%
$	446 562
			Net debt per vessel as of 30.09.2021
$	1 108 940
			▪	$17.7 million
$	1 621 989

*Including advances for vessels and vessel upgrades

November 3, 2021

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Q3'21 Financials

Q3 2021 CASH FLOW HIGHLIGHTS

80
70	14.0	-1.9							29.6	-0.9
	-5.4
60				-6.7
					-3.3
50						-1.8	-0.1	-11.1
40
30											64.5
52.2
20
10
0
30/06/21	EBITDA	Debt	Cash interest	Share	Dividend	Maintenance	Scrubber	Change in	Net proceeds	Net Other	30/09/21
Cash Balance		repayment		buyback		CapEx	CapEx	working	from sale of		Cash Balance
								capital	vessel
					November 3, 2021					5