ATHENS, Greece, Nov. 08, 2024 (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, which is classified as a return of capital for accounting purposes (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 deposi ...

ATHENS, Greece, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the third quarter and nine-month period of 2024, which are attached to this press release. Financial performance of the Third Quarter Ended September 30, 2024 Revenues of $84.9 million in Q3 2024, compared to $89.1 million in Q3 2023.Profit of $14.6 million in ...

ATHENS, Greece, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET”) (NYSE:ECO / OSE:OET), will report unaudited interim condensed results for the third quarter and nine-month period ended September 30, 2024, on Friday, November 8, 2024, and a webcast/teleconference will be held at 14:30 CET. Participants may access the webcast using the following link: https://events.q4inc.com/attendee/805202822 Or via conference call using the below dial-in details: Standard International A ...

Okeanis Eco Tankers (NYSE: ECO ) is a operationally advantaged shipper in the crude oil trade. The company offers a young fleet of VLCC and Suezmax vessels that are significantly younger than comparable investment options. The efficiency of these vesselsI am a Licensed Professional Engineer who works in the Nuclear Power industry. I use my professional working knowledge of the power/energy industries to aid in evaluating potential equities worthy of long-term investment. I invest in income producing equitie ...

Okeanis Eco Tankers (NYSE: ECO ) is, in my view, one of the most compelling plays in the crude tanker market today, as it provides investors exposure to superior operational performance in the space and the potential for He is a contributing author to the investing group Wheel of Fortune where they share actionable trading ideas across all asset-classes, sectors and industries. The goal of the service is to provide a one-stop-shop for investment and portfolio ideas, while educating the vibrant community of ...

t H 11 an i de t 1 THE real I III in 日 日 joeygil Note: I previously covered Okeanis Eco Tankers (NYSE:ECO) in April 2024. I highlighted the company's excellent fleet, which is 100% equipped with scrubbers, a healthy balance sheet, and an attractive dividend policy. Moreover, ECO has a young fleet with an average age of 5 years. Owning a new ship gives a significant advantage. The company is not pressed to renew its vessels. It can simply harvest cash flows while enjoying NAV appreciation caused by structura ...

ATHENS, Greece, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Reference is made to the key information relating to Q2 2024 dividend announced by Okeanis Eco Tankers Corp. ("OET" or the "Company") (NYSE: ECO / OSE: OET) on August 9, 2024. The Company's shares will be traded ex dividend USD 1.10 per common share on the Oslo Stock Exchange from today, August 20, 2024 and on the New York Stock Exchange from tomorrow, August 21, 2024. Contacts Company: Iraklis Sbarounis, CFO Tel: +30 210 480 4200 ir@okeanisecotankers.com In ...

Okeanis Eco Tankers Corp. (NYSE:ECO) Q2 2024 Earnings Conference Call August 9, 2024 8:30 AM ET Company Participants Aristidis Alafouzos - CEO Iraklis Sbarounis - CFO Conference Call Participants Liam Burke - B. Riley Petter Haugen - ABG Bendik Nyttingnes - Clarksons Securities Operator Welcome to OETs Second Quarter 2024 Financial Results Presentation. We will begin shortly. Aristidis Alafouzos, CEO; and Iraklis Sbarounis, CFO of Okeanis Eco Tankers will take you through the presentation. They will be plea ...

Revenue Performance - Revenue decreased by $9.2 million to $223.1 million in the six-month period ended June 30, 2024, from $232.4 million in the same period in 2023, primarily due to a decrease in fleetwide daily TCE to $64,254 from $71,416[25]. - Revenue for the six months ended June 30, 2024, was $223.1 million, a decrease of 3.4% from $232.4 million in the same period of 2023[31]. - Total revenue for the six months ended June 30, 2024, was $223,110,983, a decrease from $232,359,933 in the same period of 2023[119]. - Freight revenue for the six months ended June 30, 2024, was $183,616,930, compared to $185,530,482 in 2023, indicating a decrease of approximately 1%[120]. - Total revenue for the six months ended June 30, 2024, was $204,468,964, slightly down from $204,484,668 in the same period of 2023[120]. - Revenue generated in Europe increased to $109,045,145 in 2024 from $96,576,363 in 2023, representing an increase of approximately 13%[122]. - Revenue from North America rose to $30,690,207 in 2024, up from $20,609,204 in 2023, marking an increase of about 49%[122]. Operating Expenses - Voyage expenses increased by $10 million to $62.6 million in the six-month period ended June 30, 2024, compared to $52.7 million in the same period in 2023, attributed to higher spot exposure and bunker fuel costs[26]. - Vessel operating expenses increased by $1.1 million to $23.7 million in the six-month period ended June 30, 2024, compared to $22.6 million in the same period in 2023, mainly due to higher maintenance costs[26]. - General and administrative expenses increased by $2.4 million to $7.7 million in the six-month period ended June 30, 2024, compared to $5.3 million in the same period in 2023, reflecting increased costs associated with U.S. listing and shore-based employee costs[26]. - Total operating expenses increased to $114,336,518, up 13.7% from $100,575,696 in the prior year[75]. Profitability - Profit recorded was $81.1 million in the six-month period ended June 30, 2024, or $2.52 per basic and diluted share, compared to a profit of $104.5 million, or $3.25 per share in the same period in 2023[27]. - Operating profit increased by $23 million to $131.8 million in the six-month period ended June 30, 2024, compared to the same period in 2023[25]. - For the six months ended June 30, 2024, the profit for the period was $81,122,288, compared to $104,541,409 for the same period in 2023, representing a decrease of approximately 22.4%[79]. - Earnings per share decreased to $2.52, down from $3.25 in the previous year[75]. Cash Flow and Financial Position - Cash and cash equivalents at the end of the period increased to $92.8 million as of June 30, 2024, from $80.2 million as of June 30, 2023[42]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $125.3 million, an increase from $114.2 million in the same period in 2023[42]. - Working capital surplus increased to $51.4 million as of June 30, 2024, compared to $32.3 million as of December 31, 2023[39]. - The total outstanding long-term borrowings as of June 30, 2024, amount to $675,490,622, with an average interest rate of 2.35%[94]. - The company’s cash and cash equivalents at the end of the period were $92,798,770, up from $80,173,189 at the end of the same period in 2023, indicating an increase of about 15.5%[79]. Debt and Financing - The company secured a $103.2 million term loan facility with KEXIM Bank to finance the acquisition of vessels Nissos Sikinos and Nissos Sifnos, with a final maturity date of September 20232[46]. - A $125.7 million term loan facility was entered into with the National Bank of Greece to refinance existing indebtedness on vessels Nissos Kythnos and Nissos Donoussa, maturing on May 25, 2029[48]. - The company entered into a $60 million senior secured credit facility for the VLCC vessel Nissos Kythnos, priced at 140 basis points over Term SOFR, maturing in six years[50]. - A $113.0 million senior secured credit facility was established with ABN AMRO Bank to refinance debts on vessels Kimolos, Folegandros, and Nissos Keros, with a final maturity date of June 30, 2028[53]. - The company entered into an $84.0 million senior secured credit facility with CACIB to refinance debts on vessels Nissos Sikinos and Nissos Sifnos, maturing in September 2029[54]. - A $34.7 million senior secured term loan facility was secured to refinance debts on vessel Milos, with a final maturity date in February 2030[55]. - The company established a $31.11 million senior secured credit facility to finance the option to repurchase the Suezmax vessel Poliegos, maturing in six years[56]. Vessel Operations and Acquisitions - The company has a fleet of 14 vessels with an average age of 5 years and an aggregate capacity of approximately 3.5 million deadweight tons[68]. - The company repurchased the vessel Milos in February 2024, ending the previous sale and leaseback agreement[57]. - The company repurchased the vessel Poliegos in July 2024, concluding the prior sale and leaseback arrangement[58]. - Approximately $150.52 million in sale and leaseback agreements were entered into for vessels Nissos Rhenia and Nissos Despotiko[59]. - The company entered into a $145.5 million sale and leaseback agreement for Nissos Kea and Nissos Nikouria, with a charter period of 84 months and a fixed quarterly payment of $909,375 plus a variable amount based on Term SOFR[61]. - A $73.5 million sale and leaseback agreement for Nissos Anafi was established, with a fixed quarterly payment of approximately $1.2 million plus a variable amount priced at 190 basis points over Term SOFR[62]. Dividend Policy - The company has no written dividend policy, and dividend payments will depend on earnings, financial condition, and other factors[69]. - The ability to pay dividends is subject to the discretion of the board of directors and is influenced by the cash flows generated by subsidiaries[71]. - The company distributed dividends of approximately $35.4 million or $1.1 per share in June 2024, classified as a return of paid-in capital[117]. - The company declared a dividend of $1.10 per common share, payable on September 5, 2024, to shareholders of record as of August 21, 2024[125].

ATHENS, Greece, Aug. 09, 2024 (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, which is classified as a return of capital for accounting purposes (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 deposi ...