Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q1 2026 Earnings Presentation
24 slides from Okeanis Eco Tankers's earnings presentation, May 14, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION May 14, 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 / Commercial and Market Update / Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q1 2026 EARNINGS PRESENTATION MAY 14, 2026
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers delivered the strongest quarterly results since inception Q1 2026 Q1 2025 Highlights for the quarter VLCC TCE1 $104,300 $38,000 $93,100pd fleetwide TCE COMMERCIAL Suezmax TCE 1 $81,600 $39,200 PERFORMANCE $110.1m adj. EBITDA3 USD per day Fleetwide TCE1 $93,100 $
Slide 5: Executing Our Strategic Vision
Executing Our Strategic Vision Establishing OET as the leading public tanker investment 88% 2.40 $/share Dividend as % of reported net income EPS 2.33 Notes 2.20 2.00 Over $550m distributed 102% 1.76 since our IPO or ~2.5x 1.80 100% 91% 1.64 of initial market cap 83% 1.60 1.60 1.50 ~13%1 average ann
Slide 6: Income Statement Summary
Income Statement Summary Income statement summary ($m) Q1 2026 Q1 2025 Notes TCE Revenue $132.2 $48.6 Q1 2026 delivered the strongest first- Vessel operating expenses (12.2) (10.5) quarter results in the company’s history, underscoring the strength of Management fees (1.4) (1.1) our operating platfo
Slide 7: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($m) Q1 2026 Q1 2025 Notes Assets Cash & cash equivalents $125.6 $116.6 Total cash1 of $176.5m Restricted cash 50.92 5.9 Vessels, net 1,105.2 922.1 Total assets of $1.5bn Other assets 165.3 156.0 Total interest bearing debt of $683m Total Assets $1,447.1 $
Slide 8: State of the Art Asset Base
State of the Art Asset Base Only listed pure ECO and scrubber fitted crude tanker platform Milos, 2016, 16 Poliegos, 2017, vessels Kimolos, 2018, +2 under construction Folegandros, 2018, 8x Nissos Sikinos, 2020, Nissos Sifnos, 2020, 100% Suezmaxes Nissos Piperi, 2026, scrubber, BWTS fitted, eco-desi
Slide 9: Resilient & Balanced Capital Structure
Resilient & Balanced Capital Structure Disciplined balance sheet management with very attractive margins Robust and clean balance sheet Loan maturities2 1,600 $m 150 $m Balloons Purchase options 3 vessels 125 3 117 3 100 vessels vessels 1,400 3 87 3 84 165 vessels vessels 2 75 69 vessels 65 57 1,200
Slide 10: 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 11: Executive and Financial Update / Commercial and Market Update / Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q1 2026 EARNINGS PRESENTATION MAY 14, 2026
Slide 12: Commercial Performance – Q1 2026
Commercial Performance – Q1 2026 Fleetwide TCE of 93,100 pd $106,400 pd for spot VLCCs and $81,600 pd for spot Suezmaxes Q1 2026 VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 42 6% $90,000 – – – 42 3% $90,000 Spot 653 91% $106,400 700 100% $81,600 1,3
Slide 13: Commercial Performance – Q2 2026 Guidance
Commercial Performance – Q2 2026 Guidance VLCC: 56% of available 2Q26 spot days fixed at $223,900 pd Suezmax: 60% of available 2Q26 spot days fixed at $187,300 pd 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 1
Slide 14: 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 250,000 $/day Peers Max 250,000 $/day Peers Max Peers Average Peers Average OET OET 200,000
Slide 15: Disruption-driven Rate Spike with Reduced Liftings
Disruption-driven Rate Spike with Reduced Liftings The strongest spot environment since 2008 VLCC Suezmax 700,000 $/day TD3c MEG-East 450,000 $/day TD6 Black Sea - Med TD15 WAF-East TD20 WAF-UKC TD22 USG-East TD23 MEG-Med 400,000 600,000 350,000 500,000 300,000 400,000 250,000 200,000 300,000 150,00
Slide 16: Hormuz Shock Rewires Crude Trade
Hormuz Shock Rewires Crude Trade ~14.9 mbd of crude exports and 35% of global crude/co ton-miles transit Hormuz — the largest single-chokepoint shock on record Mideast Gulf exports & imports via the Strait Saudi Arabia crude/co exports by port Exports 40 % 14,912 kbd Export share 14,000 kpd Ras Tanu
Slide 17: Three Paths Forward — All Supportive for Tankers
Three Paths Forward — All Supportive for Tankers Continued closure, partial reopen, or full reopen — each scenario underpins the demand backdrop, with timing and shape the only variables ~7.4 mbd ~14.9 mbd pipeline rerouting capacity pre-disruption Hormuz crude exports Saudi East-West (5.5) + ADCOP
Slide 18: Another Structural Tailwind Ahead
Another Structural Tailwind Ahead Globally depleted inventories point to a structural restocking need ahead OECD commercial inventories Crude/co on the water excl. Iran and Russia 3,300 mbbls OECD inventories days 90 1,050 mbbls 5yr range Days consumption OECD countries 2025 2026 3,200 85 1,00 3,100
Slide 19: Orderbook Up, Supply Still Tight
Orderbook Up, Supply Still Tight VLCC orderbook now 27.2% and Suezmax 28.5% of fleet — but deliveries spread across 2026–2030, with ~half of the existing fleet 15+ years old VLCC fleet age composition1 Suezmax fleet age composition1 70 % 70 % 61% 60 60 58% 56 % 55% 50 48% 50 45% 41% 40 40 39% orderb
Slide 20: Aging Fleet vs. Newbuilding Deliveries
Aging Fleet vs. Newbuilding Deliveries VLCC Suezmax Fleet: 919 O.B.: 250I Fleet: 708 O.B.: 204 I 500 # vessels No. vessels 20+ yrs 350 # vessels No. vessels 20+ yrs No. vessels 25+ yrs No. vessels 25+ yrs Cumulative O.B. Cumulative O.B. 317 (inc. ytd deliveries) 440 (inc. ytd deliveries) 300 400 274
Slide 21: Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q1 2026 EARNINGS PRESENTATION MAY 14, 2026
Slide 22: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($m) Q1 2026 Q1 2025 Cash Flow from Operating Activities Net income $88.3 $12.6 Total reconciliation adjustments 21.6 19.7 Total changes in working capital (1.5) (20.3) Net cash provided by/(used in) operating activities $108.5 $12.0 Cash Flow from Investing Ac
Slide 23: 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 24: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com