Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q2 2026 Earnings Presentation
21 slides from Okeanis Eco Tankers's earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 EARNINGS PRESENTATION August 5, 2026
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
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q2 2026 EARNINGS PRESENTATION AUGUST 5, 2026
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers delivered the strongest quarterly results since inception Q2 2026 Q2 2025 6M 2026 6M 2025 Highlights for the quarter VLCC TCE1 $187,700 $49,800 $146,200 $43,900 $181,200pd fleetwide TCE Suezmax TCE 1 $174,900 $51,400 $130,000 $45,400 COMMERCIAL PERFORMANCE USD p
Slide 5: Executing Our Strategic Vision
Executing Our Strategic Vision Establishing OET as the leading public tanker investment platform with focus on shareholder returns 7 $/share Dividend as % of reported net income EPS Notes 89% Record $5.25 per share 6 5.85 dividend — the 17th consecutive distribution and equal to the total 5 dividend
Slide 6: Income Statement Summary
Income Statement Summary Income statement summary ($m) Q2 2026 Q2 2025 6Μ 2026 6Μ 2025 Notes TCE Revenue $268.1 $64.0 $400.4 $112.6 Q2 2026 delivered the strongest quarterly Vessel operating expenses (13.3) (11.5) (25.6) (22.0) results in the Company’s history, Management fees (1.5) (1.1) (2.9) (2.3
Slide 7: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($m) Q2 2026 Q4 2025 Notes Assets Cash & cash equivalents $222.6 $116.6 Total cash1 of $247.8m Restricted cash 25.2 5.9 Vessels, net 1,193.6 922.1 Total assets of $1.65bn Other assets 207.8 156.0 Total interest bearing debt of $722.5m Total Assets $1,649.0
Slide 8: State of the Art Asset Base
State of the Art Asset Base Milos, 2016, 18 Poliegos, 2017, vessels Kimolos, 2018, Folegandros, 2018, 10x Nissos Sikinos, 2020, Nissos Sifnos, 2020, 100% Suezmaxes Nissos Piperi, 2026, scrubber, BWTS fitted, eco-design Nissos Serifopoula, 2026, Nissos Tigani, 2026, Nissos Vous, 2026, ~5.6 years aver
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 1,800 $m 150 $m Balloons Purchase options 3 vessels 125 3 117 3 1,600 100 vessels vessels 208 3 87 3 84 vessels vessels 2 75 69 vessels 65 57 1,400
Slide 10: Nissos Piperi & Nissos Serifopoula – A Value Creation Case Study
Nissos Piperi & Nissos Serifopoula – A Value Creation Case Study Well-timed acquisitions, accretive financing and strong operating execution $121m1 of of value creation Combined value-creation bridge ($m) 54m 121m NISSOS PIPERI ~$64m Estimated value created Premium to NAV benefit $12m FCFE generated
Slide 11: Commercial and Market Update
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q2 2026 EARNINGS PRESENTATION AUGUST 5, 2026
Slide 12: Commercial Performance – Q2 2026
Commercial Performance – Q2 2026 Fleetwide TCE of 181,200 pd – $213,600 pd for spot VLCCs and $174,900 pd for spot Suezmaxes Q2 2026 VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 91 13% $90,000 – – – 91 6% $90,000 Spot 580 80% $213,600 755 100% $174,9
Slide 13: Commercial Performance – Q3 2026 Guidance
Commercial Performance – Q3 2026 Guidance VLCC: 48% of available 3Q26 spot days fixed at $206,600 pd Suezmax: 42% of available 3Q26 spot days fixed at $133,000 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 92 13% $90,000 – – – 92 6% $90,000 Spot -
Slide 14: Superior Commercial Performance
Superior Commercial Performance Reaping the benefits of consistent out performance VLCC spot TCE against peers Suezmax spot TCE against peers 250,000 $/day Peers Range 250,000 $/day Peers Range Peers Average Peers Average OET OET 200,000 200,000 150,000 OET 150,000 generated 100,000 ~$341m 100,000 o
Slide 15: High Orderbook, but Not Necessarily Market-Breaking
High Orderbook, but Not Necessarily Market-Breaking Orderbooks have reached cycle highs (VLCC 32.0%, Suezmax 29.7%), but the risk is tempered by a delivery schedule concentrated in the latter part of the decade VLCC fleet age composition1 Suezmax fleet age composition1 70 % 70 % 61% 60 60 58% 56 % 5
Slide 16: Geopolitics Rules the Market
Geopolitics Rules the Market Three chokepoints under simultaneous pressure; supply has fallen faster than demand; depleted inventories point to a structural restocking need Global oil demand vs. supply (y/y change) Three key arteries under simultaneous pressure – Hormuz, Red Sea, Black Sea – an unpr
Slide 17: Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q2 2026 EARNINGS PRESENTATION AUGUST 5, 2026
Slide 18: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($m) Q2 2026 Q2 2025 6M 2026 6M 2025 Cash Flow from Operating Activities Net income 230.3 26.9 318.6 39.4 Total reconciliation adjustments 21.6 20.1 43.2 39.8 Total changes in working capital (61.5) (9.7) (63.0) (30.0) Net cash provided by operating activities
Slide 19: The Refinancing Strategy — Fully Delivered
The Refinancing Strategy — Fully Delivered Significantly reduced financing costs and cash breakeven levels across the entire fleet CAS SOFR Transition Refinancing Benefit Vessel Name LIBOR Era Current Introduction (SOFR+CAS) Margin Reduction CAS Elimination Milos L+5.62% +26 S+5.62%+0.26 387 26 S+1.
Slide 20: 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 10 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,525 2017
Slide 21: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com