Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q3 2025 Earnings Presentation
28 slides from Okeanis Eco Tankers's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 EARNINGS PRESENTATION November 13, 2025
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) has been prepared by Okeanis This Presentation reflects the conditions and views of the Company operating expenses; changes to the Company’s financial condition Eco Tankers Corp. (“OET or the “Company”). This Presentation does as of the date set out
Slide 3: Executive and Financial Update / Commercial and Market Update / Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2025 EARNINGS PRESENTATION NOVEMBER 13, 2025
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers continues to deliver strong results Q3 2025 Q3 2024 9M 2025 9M 2024 Highlights for the quarter VLCC TCE1 $45,500 $43,100 $44,400 $61,500 $46,600pd fleetwide TCE COMMERCIAL Suezmax TCE 1 $48,200 $44,800 $46,300 $52,900 PERFORMANCE USD per day Fleetwide TCE1 $46,6
Slide 5: Executing Our Strategic Vision
Executing Our Strategic Vision Establishing OET as the leading public tanker investment Dividend distribution 1.80 $/share Notes 1.64 1.60 1.60 1.50 1.60 1.50 Over $435m distributed 1.40 1.29 since our IPO or 1.8x 1.23 1.25 of initial market cap 1.20 1.10 1.10 ~13%1 average annualized 1.00 0.83 divi
Slide 6: Income Statement Summary
Income Statement Summary Income statement summary ($m) Q3 2025 Q3 2024 9Μ 2025 9Μ 2024 Notes TCE Revenue $59.9 $52.2 $172.5 $212.7 Q3 2025 delivered solid results, particularly Vessel operating expenses (11.7) (11.5) (33.8) (32.9) considering this period represents Management fees (1.2) (1.2) (3.4)
Slide 7: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($m) Q3 2025 Q4 2024 Notes Assets Cash & cash equivalents $52.6 $49.3 Total cash1 of $58.2m Restricted cash 5.6 5.0 Vessels, net 928.3 958.6 Total assets of $1.1bn Other assets 80.6 69.2 Total interest bearing debt of $617m Total Assets $1,067.1 $1,082.1 S
Slide 8: State of the Art Asset Base
State of the Art Asset Base Only listed pure ECO and scrubber fitted crude tanker platform OET Peer 3 Milos Suezmax, 2016, 100 Poliegos Suezmax, 2017, 80 Peer 2 Kimolos Suezmax, 2018, Scrubber penetration % 6x 60 Folegandros Suezmax, 2018, Peer 1 Suezmaxes 40 Nissos Sikinos Suezmax, 2020, 20 Peer 4
Slide 9: Resilient & Balanced Capital Structure
Resilient & Balanced Capital Structure Disciplined balance sheet management with very attractive margins Robust and clean balance sheet Loan maturities 1,200 $m Vessels, net 150 $m Balloons 3 Cash Purchase options vessels Other assets 125 2 119 Debt Other liabilities vessels2 3 vessels 81 Shareholde
Slide 10: Commercial and Market Update
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2025 EARNINGS PRESENTATION NOVEMBER 13, 2025
Slide 11: Commercial Performance – Q3 2025
Commercial Performance – Q3 2025 Fleetwide TCE of $46,600 pd – $45,500 pd for spot VLCCs and $48,200 pd for spot Suezmaxes VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot 1 736 100% $45,500 549 100% $48,200 1,285 100% $46,600 Tota
Slide 12: Commercial Performance – Q4 2025 Guidance
Commercial Performance – Q4 2025 Guidance VLCC: 80% of available 4Q25 spot days fixed at $88,100 pd Suezmax: 48% of available 4Q25 spot days fixed at $60,800 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot - fixed 1 587 80% $88
Slide 13: Superior Commercial Performance
Superior Commercial Performance Being the only listed pure ECO and fully scrubber fitted crude tanker platform, we consistently outperform the market VLCC spot TCE against peers Suezmax spot TCE against peers 100,000 $/day Peers Max 100,000 $/day Peers Max Peers Average Peers Average 90,000 90,000 O
Slide 14: Tanker Supply: Constrained and Aging
Tanker Supply: Constrained and Aging Over 40% of the fleet is 15+ years old, with an orderbook that does not offset retirements and ~20% of vessels associated to sanctioned trades — setting the stage for continued tight supply VLCC fleet age composition2 Suezmax fleet age composition2 Deliveries Del
Slide 15: Shrinking Yard Capacity Limits Fleet Renewal
Shrinking Yard Capacity Limits Fleet Renewal Shrinking shipyard capacity and a manageable orderbook — as yards shift to higher-margin projects — will constrain future tanker supply, especially for large tankers Replacement need of older tonnage will become increasingly pressing over the next few yea
Slide 16: OET: Resilient by Design
OET: Resilient by Design A modern fleet built to outperform in an aging, supply-constrained market Number of VLCCs delivered by year ~20% ~42% ~18% ~40% ~14% VLCC fleet VLCC fleet VLCC (non-ECO) ECO VLCCs VLCC orderbook older than 20 years older than 15 years anticipated to struggle to comply with E
Slide 17: Balancing the Equation: Demand Growth Meets Constrained Supply
Balancing the Equation: Demand Growth Meets Constrained Supply Geopolitics, trade flows, and inventories reinforce the supportive market backdrop IEA base case: 2025/26 oil market balance Key drivers of demand, production and inventory changes 109 mb/d Demand balance, mb/d 5.0 Supply IEA: Supply pro
Slide 18: Atlantic Barrels Sailing East; Tonne-miles Extend
Atlantic Barrels Sailing East; Tonne-miles Extend Supply growth contributors (non-OPEC) Demand growth contributors (mbd) (mbd) 24-26e 26-30e 24-26e 26-30e Brazil 0.48 0.33 China 0.26 0.03 Guyana 0.24 0.51 India 0.28 1.02 Other Americas 0.75 1.19 Other Asia 0.33 1.24 Global supply 1.82 1.63 Global de
Slide 19: Sanctions Reshape Tanker Supply
Sanctions Reshape Tanker Supply 15.8% of tanker fleet Sanctions turn mainstream now under sanctions crude fleet growth negative 1,000 # vessels 20 6 % growth in fleet y-y 18.6 Since early 2024, US/OFAC sanctions 900 18 4 4.2 have expanded: ~20% of crude DWT and ~8% of product DWT now sit 800 16 on s
Slide 20: Inventories & Oil-on-water Signal a Tighter Crude Market
Inventories & Oil-on-water Signal a Tighter Crude Market Low OECD stocks and surging crude in transit reinforce an elevated freight environment OECD commercial inventories Global crude oil in transit 3,300 mb 1,400 000s metric tonnes 3,200 1,300 3,100 1,200 3,000 2,900 1,100 2,800 1,000 2,700 900 2,
Slide 21: Crude Tanker Utilization at 3-year High
Crude Tanker Utilization at 3-year High Crude tanker strength mirrors late-2022 dynamics, driven by sanctions and shifting trade flows Rates vs. utilization 203 200 $000/day VLCC Suezmax Aframax 185 167 Crude tanker utilization slightly above 93%, 152 150 the highest in three years, last seen before
Slide 22: Crude Tanker Rally
Crude Tanker Rally Rates are rallying, and OET’s fully eco, scrubber-fitted fleet is best positioned to capture the upside VLCC spot MEG-China VLCC ECO/Scrubber latest premiums 200,000 $k/day High/Low 132,000 $k/day OET FLEET 2024 Avg. ’20-’24 130,476 2025 130,000 150,000 Last (Oct. 31) $123,776 128
Slide 23: Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q3 2025 EARNINGS PRESENTATION NOVEMBER 13, 2025
Slide 24: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($m) Q3 2025 Q3 2024 9M 2025 9M 2024 Cash Flow from Operating Activities Net income 24.1 14.5 63.5 95.7 Total reconciliation adjustments 20.9 22.6 60.7 70.1 Total changes in working capital (15.4) (30.2) (45.3) (33.6) Net cash provided by operating activities $
Slide 25: Unlocking Savings: The Impact of Our Refinancing Strategy
Unlocking Savings: The Impact of Our Refinancing Strategy Over the past three years, we refinanced 12 of our 14 vessels, significantly reducing financing costs and unlocking substantial annual savings CAS SOFR Transition Refinancing Benefit Vessel Name LIBOR Era Current Introduction (SOFR+CAS) Margi
Slide 26: Indicative Eco Benefit Calculation
Indicative Eco Benefit Calculation Assumptions VLCC Suezmax Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) Non-Eco B 61.5 43.0 Eco C 45.0 30.0 Incremental for Scrubber D 2.0 1.0 Daily Eco fuel savings E=(B – C) 16.5 13.0 Singapore Bunker Prices ($/ton) VLSFO F 500 500 HSFO (380cst) G
Slide 27: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with super eco design & scrubber fitted No. Vessel Name Asset Type Asset Size Built Age1 Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,525 2016 9 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,525 2017 8
Slide 28: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com