Okeanis Eco Tankers Corp. - Unaudited Condensed Financial Statements for the Fourth Quarter and Twelve Month Period of 2023

ATHENS, GREECE, February 29, 2024 - Okeanis Eco Tankers Corp. ("OET" or
"Company") (NYSE:ECO / OSE:OET) today reported unaudited condensed financial
statements for the fourth quarter and twelve month period of 2023, which are
attached to this press release. 

Selected Q4 2023 and Recent Highlights:

o	Time charter equivalent ("TCE", a non-IFRS measure*) revenue and Adjusted
EBITDA (a non-IFRS measure*) of $58.4 million and $44.2 million, respectively.
Adjusted profit and Adjusted earnings per share (non-IFRS measures*) for the
period of $20.4 million or $0.63 per basic & diluted share. 
o	Fleetwide daily TCE rate of $45,400 per operating day; VLCC and Suezmax TCE
rates of $45,200 and $45,600 per operating day, respectively.
o	Daily vessel operating expenses ("opex", a non-IFRS measure*) of $9,105 per
calendar day, including management fees. 
o	In Q1 2024 to date, 76% of the available VLCC spot days have been booked at an
average TCE rate of $73,900 per day and 88% of the available Suezmax spot days
have been booked at an average TCE rate of $58,800 per day. 
o	The Company paid an amount of approximately $19.3 million or $0.60 per share
in November 2023 as a dividend classified for accounting purposes as a return of
paid-in capital. 
o	On January 26, 2024, we entered into amendments to the existing sale and
leaseback agreements for the VLCC vessels Nissos Kea and Nissos Nikouria (the
"Existing Leases Amendments") with CMB Financial Leasing. The Existing Leases
Amendments, effective from the first quarter of 2024, provide for a reduction of
the pricing of the variable amount of charterhire payable thereunder to 200
basis points over the applicable Term SOFR on both vessels, extend maturities to
December 2030 for the Nissos Kea and March 2031 for the Nissos Nikouria, and
eliminate the previously stipulated early prepayment fees in the case of
exercise of the purchase options by the Company after the first year.
o	On January 29, 2024, we entered into a new sale and leaseback agreement of
approximately $73.5 million for the VLCC vessel Nissos Anafi (the "Anafi Lease")
with CMB Financial Leasing.  The agreement provides for a bareboat charter with
the charterhire being paid on a quarterly basis, is priced at 190 basis points
over the applicable Term SOFR and matures in seven years. The Anafi Lease
includes purchase options for the Company after the first year and throughout
the tenor of the lease and is guaranteed by the Company.
o	On January 31, 2024, we entered into a new $34.7 million senior secured credit
facility with a syndicate led by Kexim Asia Limited to finance the option to
purchase back, in February 2024, the Suezmax vessel Milos from its current sale
and lease back financier. The facility is repaid quarterly, matures in six
years, is priced at 175 basis points over the applicable Term SOFR, is secured
by the Milos, and is guaranteed by the Company.

*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 Q4 2023 capital return:

The Board of Directors declared a dividend of $0.66 per share to shareholders.
Dividends payable to shares registered in the Euronext VPS will be distributed
in NOK. The cash payment will be recorded for accounting purposes as a return of
paid-in-capital and will be paid on March 22, 2024 to shareholders of record as
of March 11, 2024. The shares will be traded ex-capital distribution as from and
including March 8, 2024. Due to the implementation of Central Securities
Depository Regulation (CSDR) in Norway, dividends payable on shares registered
with Euronext VPS are expected to be distributed to Euronext VPS shareholders on
or about March 27, 2024.

A presentation related to our results can be found on our website:
http://www.okeanisecotankers.com/reports/.
 
Information found on our website is not incorporated by reference into this
press release.

OET will be hosting a conference call and webcast at 13:30 CET on Thursday
February 29, 2024, to discuss the Q4 2023 results. Participants may access the
conference call using the below dial-in details:

o	Norway: [phone]
o	USA: [phone]
o	Standard International Access: [phone]
o	Password: Okeanis 

The webcast will include a slide presentation and will be available on the
following link:
https://channel.royalcast.com/landingpage/okeanis/20240229_1/

An audio replay of the conference call will be available on our website:
http://www.okeanisecotankers.com/reports/

Contacts
 
Company:
Iraklis Sbarounis, CFO 
Tel: [phone] 
[e-mail] 

Investor Relations / Media Contact: 
Nicolas Bornozis, President 
Capital Link, Inc. 
230 Park Avenue, Suite 1540, New York, N.Y. 10169 
Tel: [phone] 
[e-mail]

About OET
OET is a leading international tanker company providing seaborne transportation
of crude oil and refined products. The Company was incorporated on April 30,
2018 under the laws of the Republic of the Marshall Islands and is listed on
Oslo Børs under the symbol OET and the New York Stock Exchange under the symbol
ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers
and eight modern scrubber-fitted VLCC tankers.

Forward-Looking Statements 
This communication contains "forward-looking statements", including as defined
under U.S. federal securities laws. Forward-looking statements provide the
Company's current expectations or forecasts of future events. Forward-looking
statements include statements about the Company's expectations, beliefs, plans,
objectives, intentions, assumptions and other statements that are not historical
facts or that are not present facts or conditions. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect," "hope," "intend,"
"may," "ongoing," "plan," "potential," "predict," "project," "should," "will" or
similar words or phrases, or the negatives of those words or phrases, may
identify forward-looking statements, but the absence of these words does not
necessarily mean that a statement is not forward-looking. Forward-looking
statements are subject to known and unknown risks and uncertainties and are
based on potentially inaccurate assumptions that could cause actual results to
differ materially from those expected or implied by the forward-looking
statements. The Company's actual results could differ materially from those
anticipated in forward-looking statements for many reasons, including as
described in the Company's filings with the U.S. Securities and Exchange
Commission. Accordingly, you should not unduly rely on these forward-looking
statements, which speak only as of the date of this communication. Factors that
could cause actual results to differ materially include, but are not limited to,
the Company's operating or financial results; the Company's liquidity, including
its ability to service its indebtedness; competitive factors in the market in
which the Company operates; shipping industry trends, including charter rates,
vessel values and factors affecting vessel supply and demand; future, pending or
recent acquisitions and dispositions, business strategy, areas of possible
expansion or contraction, and expected capital spending or operating expenses;
risks associated with operations; broader market impacts arising from war (or
threatened war) or international hostilities; risks associated with pandemics
(including COVID-19), including effects on demand for oil and other products
transported by tankers and the transportation thereof; and other factors listed
from time to time in the Company's filings with the U.S. Securities and Exchange
Commission. Except to the extent required by law, the Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based. You should,
however, review the factors and risks the Company describes in the reports it
files and furnishes from time to time with the U.S. Securities and Exchange
Commission, which can be obtained free of charge on the U.S. Securities and
Exchange Commission's website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange