Company Overview - Okeanis Eco Tankers Corp. (OET) is a leading international tanker company specializing in seaborne transportation of crude oil and refined products [2] - The company was incorporated on April 30, 2018, under the laws of the Republic of the Marshall Islands and is listed on both the Oslo Stock Exchange (symbol: OET) and the New York Stock Exchange (symbol: ECO) [2] - The sailing fleet consists of eight modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [2] Financial Reporting - The company announced the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission (SEC) [1] - The Annual Report is available for download from the SEC's website and the company's Investor Relations section [1] - Hard copies of the complete audited financial statements can be requested free of charge [1]

As filed with the Securities and Exchange Commission on March 20, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) Table of Contents ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ...

Core Viewpoint - U.S. stock markets began 2026 positively, but volatility emerged in February due to concerns over the sustainability of artificial intelligence (AI) investments, leading to a decline in the technology sector [1] Group 1: Stock Performance - A selection of stocks has demonstrated price strength, particularly those on a recent bull run, indicating potential for continued momentum [2] - Okeanis Eco Tankers Corp. (ECO) stock price increased by 36.2% over the past four weeks, with an expected earnings growth rate of 15.4% for the current year and a 74% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [7] - Seanergy Maritime Holdings Corp. (SHIP) stock price rose by 35.4% in the past four weeks, with an expected earnings growth of 46.1% for the current year and a 28.1% increase in the Zacks Consensus Estimate for earnings over the last 30 days [8] - Modine Manufacturing Co. (MOD) stock price surged by 30.3% over the past four weeks, with an expected earnings growth rate of 19% for the current year and a 4.1% improvement in the Zacks Consensus Estimate for earnings over the last seven days [10] - Suzano S.A. (SUZ) stock price rallied by 20.5% in the past four weeks, despite an expected earnings decline of 39.2% for the current year, with a 32.6% improvement in the Zacks Consensus Estimate for earnings over the last 60 days [11] - StoneX Group Inc. (SNEX) stock price advanced by 15.1% in the past four weeks, with an expected earnings growth of 34.1% for the current year and an 8.2% increase in the Zacks Consensus Estimate for earnings over the last 30 days [13] Group 2: Screening Parameters - Stocks selected for potential investment must show a percentage change in price greater than zero over the last four weeks, indicating upward movement [4] - Stocks must have a percentage change in price greater than 10% over the last 12 weeks to ensure sustained momentum [4] - Stocks must have a Zacks Rank of 1 (Strong Buy) and an average broker rating of 1, indicating strong future performance expectations [5] - Stocks must be trading at a minimum price of $5 and be within 85% of their 52-week high to ensure they are strong in terms of price [6]

Core Viewpoint - Navitas Petroleum LP has signed a definitive farm-in agreement with JHI Associates Inc, in which Eco (Atlantic) Oil & Gas Ltd holds a 6.6% interest [1] Group 1 - The agreement follows a previous announcement made by Eco on January 12, 2026 [1]

Core Viewpoint - Eco (Atlantic) Oil & Gas Ltd. has released its unaudited financial results for the three and nine months ending December 31, 2025, highlighting its focus on offshore Atlantic Margins in the oil and gas exploration sector [1] Financial Performance - The company reported its financial results for the three-month and nine-month periods, indicating ongoing operations and developments in its exploration activities [1]

Core Insights - Okeanis Eco Tankers (ECO) is considered an interesting investment opportunity due to its potential for significant returns during economic recovery and growth [1]. Company Analysis - The stock of Okeanis Eco Tankers has shown a total increase since the initial investment thesis was outlined [1]. - The company operates in cyclical industries, which are expected to perform well during periods of economic expansion [1]. Investment Strategy - The investment strategy focuses on maintaining a diversified portfolio that includes bonds, commodities, and forex, balancing risk while targeting cyclical sectors for higher returns [1].

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in short-term investing, highlighting that while price momentum can be profitable, it requires strong fundamentals to maintain that momentum. Group 1: Stock Performance - Okeanis Eco Tankers Corp. (ECO) has shown a solid price increase of 36.9% over the past 12 weeks, indicating investor confidence in its potential upside [4] - The stock has also increased by 29.2% over the last four weeks, suggesting that the upward trend is still intact [5] - ECO is currently trading at 101.7% of its 52-week high-low range, indicating a potential breakout [5] Group 2: Fundamental Strength - ECO holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [6] - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7] Group 3: Investment Strategy - The "Recent Price Strength" screen is a useful tool for identifying stocks like ECO that have the fundamental strength to maintain their recent uptrend [3] - The article suggests that there are several other stocks passing through this screen, indicating potential investment opportunities [8]

Core Viewpoint - Okeanis Eco Tankers Corp. (ECO) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Stock Ratings - The Zacks rating system is based solely on a company's changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The Zacks rating upgrade reflects an improvement in the company's earnings outlook, which is expected to positively impact its stock price [4][6]. - Rising earnings estimates correlate strongly with stock price movements, as institutional investors adjust their valuations based on these estimates [5][6]. Performance Metrics - Okeanis Eco Tankers Corp. is projected to earn $4.35 per share for the fiscal year ending December 2026, with no year-over-year change expected [9]. - Over the past three months, the Zacks Consensus Estimate for Okeanis Eco Tankers Corp. has increased by 74%, indicating a significant upward revision in earnings estimates [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade to Zacks Rank 1 places Okeanis Eco Tankers Corp. in the top 5% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10][11].

Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $77,000 per vessel per day, with VLCCs at $92,000 and Suezmax at $53,000 [4] - Adjusted EBITDA for the quarter was $79 million, adjusted net profit was $60 million, and adjusted EPS was $1.78 [4] - Total distributions over the last four quarters amounted to $3.32 per share, representing about 95% of reported net income [5] - Cash at the end of the year was $122.5 million, with total debt at $605 million [8] Business Line Data and Key Metrics Changes - The company achieved a fleet-wide time charter equivalent of about $76,700 per day in Q4, with 100% fleet utilization [15] - The performance of VLCCs outperformed Suezmaxes for the first time since Q2 2024, with VLCCs achieving higher earnings [18] Market Data and Key Metrics Changes - The return of Venezuelan barrels to the compliant fleet and the consolidation of the VLCC market by Sinokor are significant market developments [3][18] - The company noted a structural bullish trend in the tanker market due to fewer ships available for the compliant market [25] Company Strategy and Development Direction - The company is focused on disciplined outperformance and maximizing shareholder returns through dividends and sustainable share price appreciation [3] - The strategy includes maintaining a majority of the fleet in the spot market to capitalize on rising rates [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong Q1 guidance, with robust fixtures from Q4 flowing into Q1 [18] - The company believes that the current market conditions present significant upside potential, with rates expected to continue rising [33] Other Important Information - The company has executed two opportunistic transactions, acquiring four resale Suezmax newbuildings from Korea [2] - The capital structure has improved, with recent refinancings leading to a margin improvement of about 140 basis points [10] Q&A Session Summary Question: Thoughts on VLCC vs. Suezmax market - Management indicated that Suezmaxes are still outperforming VLCCs on a dollar per metric ton basis, and they see Suezmaxes as versatile assets in the current market [31][32] Question: Interest in selling ships to Sinokor - Management stated that they have not seriously considered selling vessels to Sinokor, emphasizing the upside potential in the current market [33] Question: Changes in capital allocation strategy - Management confirmed that their strategy remains focused on distributing value to shareholders while extracting maximum value from the market [39] Question: Thoughts on moving vessels to term charters - Management reiterated their preference to keep a majority of the fleet in the spot market due to expected upside in spot rates [40] Question: Sinokor's market strategy - Management suggested that Sinokor's strategy involves fixing ships at desired rates to push the market higher, but specifics were deemed better suited for Sinokor to address [48]

Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $77,000 per vessel per day, with VLCCs at $92,000 and Suezmaxes at $53,000 [4][15] - Adjusted EBITDA for the quarter was $79 million, adjusted net profit was $60 million, and adjusted EPS was $1.78 [4] - Total distributions over the last four quarters amounted to $3.32 per share, representing about 95% of reported net income [5] - Cash at the end of the year was $122.5 million, with total debt standing at $605 million [8] Business Line Data and Key Metrics Changes - The company executed two opportunistic transactions, acquiring four resale Suezmax new buildings from Korea, with two already delivered [2][3] - The company reported a strong freight market with high asset values, contributing to a consistent increase in NAV [3] Market Data and Key Metrics Changes - The return of Venezuelan barrels to the compliant fleet and the consolidation of the VLCC market by Sinokor are significant market developments [3][26] - The company noted a structural bullish trend in the tanker market due to fewer ships available for the compliant market [25] Company Strategy and Development Direction - The company aims for disciplined outperformance and maximizing shareholder returns through dividends and sustainable share price appreciation [3] - The focus remains on maintaining a fleet primarily exposed to the spot market to capitalize on rising rates [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong Q1 guidance, with robust fixtures from Q4 flowing into Q1 [18] - The company anticipates continued strength in the VLCC and Suezmax markets, with expectations of further rate increases [19][20] Other Important Information - The company has distributed over $461 million in dividends since its IPO, demonstrating a commitment to shareholder value [7] - The capital structure has improved, with recent refinancings leading to a margin improvement of about 140 basis points [10] Q&A Session Summary Question: Insights on VLCC vs. Suezmax market - Management indicated that Suezmaxes are still outperforming VLCCs on a dollar per metric ton basis, and they see Suezmaxes as versatile assets in the current market [31][32] Question: Thoughts on selling ships to Sinokor - Management has not seriously considered selling vessels to Sinokor, emphasizing the potential upside in the current market [33] Question: Changes in capital allocation strategy - Management confirmed that the strategy remains focused on distributing value to shareholders while extracting maximum value from the market [39] Question: Potential for moving vessels to term charters - Management reiterated the preference to keep the majority of the fleet in the spot market due to expected upside in spot rates [40] Question: Sinokor's market strategy - Management suggested that Sinokor's strategy involves fixing ships at desired rates to push the market higher, but specifics are better directed to Sinokor [48] Question: Maximum fleet size for capturing premiums - Management expressed comfort with the current fleet size, indicating it is optimal for continued performance [51]