Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q1 2025 Earnings Presentation
23 slides from Okeanis Eco Tankers's earnings presentation, May 15, 2025
Slide 1: Q1 2025 Earnings Presentation
Q1 2O25 EARNINGS PRESENTATION May 15, 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
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q1 2O25 EARNINGS PRESENTATION MAY 15, 2025
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers continues to deliver strong results Q1 2025 Q1 2024 Highlights for the quarter VLCC TCE1 $38,000 $68,800 $38,500pd fleetwide TCE COMMERCIAL Suezmax TCE 1 $39,200 $56,700 PERFORMANCE USD per day Fleetwide TCE1 $38,500 $63,600 $33m adj. EBITDA3 Fleetwide Opex2 $9,
Slide 5: Income Statement Summary
Income Statement Summary Income statement summary ($m) Q1 2025 Q1 2024 Notes TCE Revenue 48.6 81.0 Vessel operating expenses (10.5) (10.6) Q1 2025 reflected stable performance, Management fees (1.1) (1.1) underpinned by healthy Revenue, EBITDA, General and administrative expenses (4.4) (4.1) and Net
Slide 6: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($’000s) Q1 2025 Q4 2024 Notes Assets Cash & cash equivalents $37.1 $49.3 Total cash1 of $43m Restricted cash 5.9 5.0 Vessels, net 948.6 958.6 Total assets of $1.1bn Other assets 77.7 69.2 Total interest bearing debt of $634m Total Assets $1,069.3 $1,082.1
Slide 7: State of the Art Asset Base
State of the Art Asset Base Only listed pure ECO and scrubber fitted crude tanker platform Nissos Rhenia VLCC, 2019, OET Peer 3 Milos Suezmax, 2016, 100 Nissos Despotiko VLCC, 2019, Poliegos Suezmax, 2017, 80 Nissos Donoussa VLCC, 2019, Peer 2 Scrubber penetration % Kimolos Suezmax, 2018, 60 Nissos
Slide 8: Optimized Capital Structure
Optimized Capital Structure Significant runway and robust cash position Robust and clean balance sheet 1,200 $m Vessels, net Cash Other assets Debt Other liabilities 78 Shareholders’ equity 1,000 43 412 800 23 600 948 40% 400 46% 54% Asian ~40% Net market LTV 1 634 leases bank financing 60% term Eur
Slide 9: Commercial and Market Update
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q1 2O25 EARNINGS PRESENTATION MAY 15, 2025
Slide 10: Commercial Performance – Q1 2025
Commercial Performance – Q1 2025 Fleetwide TCE of $38,500 pd – $38,000 pd for spot VLCCs and $39,200 pd for spot Suezmaxes VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot 1 720 100% $38,000 540 100% $39,200 1,260 100% $38,500 Tota
Slide 11: Commercial Performance – Q2 2025 Guidance
Commercial Performance – Q2 2025 Guidance VLCC: 72% of available 2Q25 spot days fixed at $46,700 pd Suezmax: 64% of available 2Q25 spot days fixed at $50,600 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot - fixed 1 520 72% $46
Slide 12: 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 Min-Max range 100,000 $/day Peers Average 90,000 90,000 OET 80,000 80,0
Slide 13: The Supply Story Continues
The Supply Story Continues Aging fleet and shadow tonnage can comfortably absorb incoming supply Fleet development - VLCC Fleet development - Suezmaxes 150 # of vessels 100 # of vessels 80 100 60 50 40 62 68 57 41 27 38 37 29 31 29 41 53 54 49 30 24 47 50 39 37 34 42 33 37 20 27 25 26 26 45 37 44 45
Slide 14: Near-Term Surplus, Longer-Term Rebalancing
Near-Term Surplus, Longer-Term Rebalancing Demand meets rising production — Inventories to play key role in market dynamics through 2027 Oil production vs. oil demand Key Drivers of Demand, Production and Inventory Changes 106 mb/day 105.9 Global Trends 105.5 Oil production and consumption expected
Slide 15: Pumping Ahead: Key Drivers of Global Oil Supply Growth
Pumping Ahead: Key Drivers of Global Oil Supply Growth OPEC+ Quota Adjustments and Offshore Project Expansions Through 2026 OPEC+ Major Non-Opec+ Oil projects 2,500 κb/d 2.5 mb/d 2.20 2.05 137 2,000 1.92 136 2.0 1.78 137 1.64 137 1.50 138 1,500 1.37 136 1.5 1.23 137 1.01 136 0.97 136 1,000 1.0 0.82
Slide 16: Fleet Tightens: A Bullish Setup
Fleet Tightens: A Bullish Setup Sanctions, aging fleet, and shifting oil supply/demand drive VLCC utilization 95 % 93 LCC utilization has increased recently, V 92 90 reaching close to 90%, and may continue 90 88 to improve supported by current market dynamics. 85 83 ith increased Middle East volumes
Slide 17: Iran: A Demand Catalyst for Conventional Tonnage
Iran: A Demand Catalyst for Conventional Tonnage 1.6 mb/d could shift global flows, tighten VLCC supply, and lift asset values — or maintain the shadow trade status quo Iran seaborne crude exports 3.0 mb/d Full Return to Market (US-Iran Deal) Outcome: Iran re-enters mainstream crude trade. 2.6 2.6 2
Slide 18: Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q1 2O25 EARNINGS PRESENTATION MAY 15, 2025
Slide 19: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($m) Q1 2025 Q1 2024 Cash Flow from Operating Activities Net income $12.5 $41.6 Total reconciliation adjustments 19.7 23.1 Total changes in working capital (20.3) 9.7 Net cash from operating activities $11.9 $74.4 Cash Flows from Investing Activities Investment
Slide 20: Emissions Reporting
Emissions Reporting Committed to transparent reporting and reduction of carbon emissions The Group adheres to the ABS Monitoring Reporting and Verification Regulation (MRV) framework Reporting VLCC Suezmax Number of vessels reporting emissions data 8 6 CO2 emissions generated from vessels (metric to
Slide 21: Indicative Eco Benefit Calculation
Indicative Eco Benefit Calculation Assumptions VLCC Suezmax Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) Non-Eco B 61.5 43.0 Eco C 45.0 30.0 Incremental for Scrubber D 2.0 1.0 Daily Eco fuel savings E=(B – C) 16.5 13.0 Singapore Bunker Prices ($/ton) VLSFO F $500 $500 HSFO (380cst)
Slide 22: 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 157,539 2016 9 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,539 2017 8
Slide 23: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com