ATHENS, Greece, May 30, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE:ECO / OSE:OET) today announced that the 2025 Annual Meeting of the Shareholders of the Company (the “Annual Meeting”) was duly held on May 30, 2025 and that all proposals on the agenda were approved. At the Annual Meeting, the shareholders of the Company: (i) Elected the following eight directors to serve until the next annual meeting of shareholders or until their successors are elected and qualified: ...

Core Insights - Okeanis Eco Tankers Corp. reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, but down from $1.23 per share a year ago, indicating a 50% earnings surprise [1] - The company achieved revenues of $80.15 million for the quarter, surpassing the Zacks Consensus Estimate by 7.48%, but down from $111.12 million year-over-year [2] - The stock has gained approximately 14.9% since the beginning of the year, outperforming the S&P 500's gain of 0.1% [3] Earnings Performance - Okeanis Eco Tankers has surpassed consensus EPS estimates in all four of the last quarters [2] - The company is currently holding a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.47 on revenues of $85.46 million, and for the current fiscal year, it is $1.48 on revenues of $327.35 million [7] - The outlook for the Transportation - Shipping industry is currently in the bottom 19% of Zacks industries, which may impact stock performance [8]

ATHENS, Greece, May 14, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE: ECO / OSE: OET), announced today that the Company's board of directors (the “Board”) has declared a dividend on its common shares (the “Dividend”). Due to implementation of the Central Securities Depository Regulation (“CSDR”) in Norway, shareholders who hold shares registered in Euronext Securities Oslo, the central securities depository in Norway (“VPS”) should please note the information on the paym ...

Financial Performance - Revenues for Q1 2025 were $80.1 million, a decrease from $111.1 million in Q1 2024 [6] - Profit for Q1 2025 was $12.6 million, down from $41.6 million in Q1 2024 [6] - Earnings per share for Q1 2025 were $0.39, compared to $1.29 in Q1 2024 [6] - Cash (including restricted cash) as of March 31, 2025, was $43.0 million, down from $54.3 million as of December 31, 2024 [6] Operational Metrics - Time charter equivalent (TCE) revenue for Q1 2025 was $48.6 million [6] - EBITDA and Adjusted EBITDA for Q1 2025 were $33.8 million and $32.5 million, respectively [6] - Fleetwide daily TCE rate was $38,500 per operating day in Q1 2025, with VLCC and Suezmax TCE rates at $38,000 and $39,200 per operating day, respectively [6] - Daily vessel operating expenses were $9,233 per calendar day in Q1 2025 [6] Dividend Declaration - The board of directors declared a dividend of $0.32 per common share, payable on June 12, 2025, to shareholders of record as of June 3, 2025 [4] - Common shares will be traded ex-dividend on the NYSE from June 3, 2025, and on the Oslo Stock Exchange from June 2, 2025 [4] Market Development - As of Q2 2025 to date, 72% of available VLCC spot days have been booked at an average TCE rate of $46,700 per day, and 64% of available Suezmax spot days have been booked at an average TCE rate of $50,600 per day [6]

Core Viewpoint - Okeanis Eco Tankers Corp. (OET) is set to report its unaudited condensed results for Q1 2025 on May 14, 2025, with a subsequent webcast/teleconference scheduled for May 15, 2025 [1]. Company Overview - OET is a prominent international tanker company specializing in the 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 (OET) and the New York Stock Exchange (ECO) [2]. - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [2].

Core Viewpoint - Okeanis Eco Tankers Corp. has declared options to repurchase three VLCC vessels, enhancing its capital structure and resilience against industry risks [1][4]. Financing Details - The company has secured a $130 million senior secured credit facility with a Greek bank to finance the repurchase of Nissos Nikouria and Nissos Anafi, expected to close in June and August 2025 respectively [2][3]. - The credit facility features an interest rate of Term SOFR plus 140 basis points, matures in seven years, and includes quarterly installments of $1.9 million and balloon payments of $76.8 million for both vessels [2]. Future Financing Plans - The company is actively seeking debt financing for the Nissos Kea, with expectations to announce details in Q2 2025, aiming for similar financial terms as the other two vessels [3][5]. Strategic Positioning - The financing will provide competitive terms, with debt maturing in 2032, aimed at improving future daily debt service breakeven costs [6]. - The company emphasizes its modern fleet built in quality shipyards in South Korea and Japan, positioning itself as a preferred platform in the crude tankers market [6].

Core Viewpoint - Okeanis Eco Tankers Corp. has filed a shelf registration statement with the SEC to raise up to $500 million for various corporate purposes, including acquisitions and debt reduction [1][2]. Group 1: Shelf Registration Statement - The shelf registration statement allows the company to raise capital more efficiently in the future [1]. - The company has filed for up to $500 million in capital, which can be used for acquisitions, strategic initiatives, reducing outstanding debt, or other general corporate purposes [1]. - A separate resale registration statement has been filed for the resale of up to 18,102,286 common shares held by affiliates, which are currently not freely tradable in the U.S. [1]. Group 2: Current Intentions - The company has no current intention to utilize the shelf registration statement [2]. - There is no indication that the company's affiliates plan to sell any shares registered under the resale registration statement [2]. Group 3: Company Overview - Okeanis Eco Tankers Corp. is a leading international tanker company focused on seaborne transportation of crude oil and refined products [3]. - The company was incorporated on April 30, 2018, and is listed on both the Oslo Stock Exchange and the New York Stock Exchange [3]. - The fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [3].

Company Outlook - Okeanis Eco Tankers is well-positioned to benefit from favorable market dynamics heading into 2025, supported by a modern fleet, disciplined capital management, and strong industry fundamentals [1] - The company employs a focused fleet deployment strategy, prioritizing Mediterranean and Western trades for Suezmaxes and utilizing a triangulation strategy for VLCCs [4] Market Dynamics - The expansion of U.S. sanctions on Russian and Iranian oil exports has reshaped global crude flows, potentially removing up to 1.5 million barrels per day of Iranian exports, creating demand for approximately 45 additional VLCCs [2] - Aging fleet dynamics are expected to support the market outlook, with 35% of the global Suezmax fleet and 30% of VLCCs projected to be over 20 years old by 2027 [5] Financial Position - Okeanis has strengthened its balance sheet by refinancing most of its fleet at lower margins and expanding its lender base, while maintaining a disciplined capital allocation strategy [6] - The company remains committed to shareholder returns without pursuing aggressive expansion or equity dilution [6] Future Catalysts - Potential U.S. Strategic Petroleum Reserve refilling and shifts in geopolitical policy are expected to drive continued demand, with Mr. Trump expressing intentions to rebuild the SPR [7]

Core Points - Okeanis Eco Tankers Corp. has scheduled its Annual Meeting of Shareholders for May 30, 2025, with a record date of April 22, 2025, to elect eight directors and ratify the appointment of Deloitte as the independent public accounting firm for the fiscal year ending December 31, 2025 [1][2] - The board of directors has been expanded from seven to eight members, with a vacancy to be filled at the Annual Meeting [2] - Mr. Dimitrios Papalexopoulos has been nominated for election to fill the new board vacancy, bringing extensive experience in management and business development from previous roles at Google and Procter & Gamble [3] - The executive management team of the Company will remain unchanged and will continue to collaborate closely with the board of directors [4] - Okeanis Eco Tankers is a leading international tanker company specializing in seaborne transportation of crude oil and refined products, with a fleet of six Suezmax tankers and eight VLCC tankers [5]

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 Oslo Børs and the New York Stock Exchange [2] - OET's fleet consists of six 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, 2024, 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]