Q3 2025 EARNINGS PRESENTATION November 13, 2025 Disclaimer This presentation (this "Presentation") has been prepared by Okeanis Eco Tankers Corp. ("OET or the "Company"). This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whats ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **airlines**, **tanker shipping**, and **logistics** sectors within the **Hong Kong/China Transportation** industry [1][2][3][72]. Airlines - **Bullish Outlook**: There is a bullish sentiment regarding airlines, driven by supply-side dynamics and recovery in business demand since May 2025, despite disruptions in June to August [2][7]. - **Investor Sentiment**: Investors are generally supportive of the recovery narrative, although some express concerns about the sustainability of peak-cycle earnings [7]. - **Valuation Concerns**: Chinese airlines are perceived as expensive based on EV multiples due to high debt levels, but they are cheaper compared to global peers in terms of market cap per fleet [7]. Tanker Shipping - **Cautious Optimism**: Investors are skeptical about the tanker shipping up-cycle, citing a long-standing narrative of supply tightness. However, recent restrictions on the 'dark fleet' and potential geopolitical developments (e.g., a Russia-Ukraine peace deal) could support a continued up-cycle [2][3]. - **Demand Dynamics**: The demand for legitimate tankers is expected to increase, which could positively impact the sector [2]. Logistics and Express Delivery - **Consolidation Challenges**: There are doubts about the feasibility of consolidation in the Chinese express delivery market due to past disappointments. However, leading players are gaining market share at the expense of smaller competitors [3]. - **Positive Sentiment for Key Players**: Investors are increasingly optimistic about **ZTO** and **YTO**, with expectations of strong profit growth for **J&T** in Southeast Asia, although valuation expansion may take time [3][10]. Financial Projections and Risks - **Valuation Methodology**: The report employs a DCF model with varying probabilities for different scenarios (25% bull, 65% base, 10% bear) for J&T, reflecting its strong growth momentum despite competition [10]. - **Key Assumptions**: The DCF for J&T assumes a WACC of 13.3% and a terminal growth rate of 3.5% [11]. For YTO, the assumptions include a WACC of 10.8% and a terminal growth rate of 2% [13]. - **Risks**: Potential risks include intensified price competition, regulatory challenges, and market share losses for smaller players [12][14][20]. Conclusion - The conference call highlights a cautiously optimistic outlook for the airlines and tanker shipping sectors, while the logistics industry faces consolidation challenges. Key players in the express delivery market are expected to perform well, but risks remain due to competition and regulatory environments.

Core Viewpoint - Okeanis Eco Tankers Corp. has declared a dividend of USD 0.75 per common share, with specific payment details for shareholders registered in different exchanges [1][6]. Dividend Declaration - The dividend amount is set at USD 0.75 per common share, payable in NOK for shares registered in Euronext VPS [6]. - The Board approved the dividend on November 12, 2025 [6]. Payment and Ex-Dividend Dates - Last day including right on OSE is November 28, 2025, and on NYSE is December 1, 2025 [6]. - Ex-dividend date for OSE is December 1, 2025, and for NYSE is December 2, 2025 [6]. - Record date for both exchanges is December 2, 2025, with payment expected on December 11, 2025 [6]. - For Euronext VPS shareholders, the dividend is expected to be distributed around December 16, 2025 [6]. Company Overview - Okeanis Eco Tankers Corp. is a leading international tanker company specializing in the transportation of crude oil and refined products [4]. - The company operates a fleet of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers [4].

Core Viewpoint - Okeanis Eco Tankers Corp. reported its financial results for Q3 and the first nine months of 2025, showing a mixed performance with increased revenues in Q3 but a decline in revenues for the nine-month period compared to the previous year [1][2][6]. Financial Performance of the Third Quarter Ended September 30, 2025 - Revenues reached $90.6 million in Q3 2025, up from $84.9 million in Q3 2024, reflecting a year-over-year increase of approximately 20.0% [6] - Profit for Q3 2025 was $24.1 million, compared to $14.5 million in Q3 2024, indicating a significant increase of about 66.2% [6] - Earnings per share (EPS) rose to $0.75 in Q3 2025 from $0.45 in Q3 2024, marking a 66.7% increase [6] - Vessel operating expenses were $11.7 million in Q3 2025, slightly higher than $11.5 million in Q3 2024 [6] Financial Performance of the Nine Months Ended September 30, 2025 - Total revenues for the nine-month period were $264.7 million, down from $308.0 million in the same period of 2024, representing a decrease of approximately 14.0% [6] - Profit for the nine months was $63.5 million, a decline from $95.7 million in 2024, reflecting a decrease of about 33.5% [6] - Earnings per share for the nine-month period fell to $1.97 from $2.97, a decrease of approximately 33.7% [6] - Vessel operating expenses totaled $33.8 million for the nine months, compared to $32.9 million in the previous year [6] Alternative Performance Metrics and Market Development - Time charter equivalent (TCE) revenue for Q3 2025 was $59.9 million [6] - EBITDA and Adjusted EBITDA for Q3 2025 were reported at $44.9 million and $45.2 million, respectively [6] - Adjusted profit and Adjusted earnings per share for Q3 2025 were $24.7 million and $0.77 per share [6] - The fleetwide daily TCE rate was $46,600 per operating day in Q3 2025, with VLCC and Suezmax TCE rates at $45,500 and $48,200 per operating day, respectively [6] - Daily vessel operating expenses were $10,014 per calendar day in Q3 2025 [6] Dividend Declaration - The board of directors declared a dividend of $0.75 per common share, payable on December 11, 2025, to shareholders of record as of December 2, 2025 [4]

Core Viewpoint - Scorpio Tankers Inc. has signed letters of intent to construct two Very Large Crude Carriers (VLCCs) at a price of $128 million each, with expected deliveries in late 2028, reflecting a strong long-term outlook for the crude tanker market [1][3]. Company Developments - The company has sold 2,382,226 common shares of DHT Holdings Inc. at an average price of $13.25 per share, retaining ownership of 1,169,568 shares as of the press release date [2]. - Scorpio Tankers currently owns or finances 98 product tankers, including 38 LR2, 46 MR, and 14 Handymax tankers, with an average age of 9.6 years [3]. - The company has agreements to sell four MR and two LR2 product tankers, expected to close in Q4 2025 and Q1 2026, and has four MR newbuildings under construction for delivery in 2026 and 2027 [3]. Market Outlook - The CEO expressed confidence in the fundamentals of the crude tanker market, indicating that the newbuilding agreements are a strategic extension of the company's positive outlook [3].

Core Insights - Heidmar Maritime Holdings Corp. reported significant revenue growth in Q3 2025, with total revenues reaching $15.6 million, a 117% increase from $7.2 million in Q3 2024, primarily driven by an increased number of vessels commencing short-term charters [3][6] - The company achieved a net income of $1.2 million or $0.02 per share for Q3 2025, while the adjusted net income was $1.8 million, excluding $0.7 million in non-cash stock-based compensation [3][6] - For the nine-month period ended September 30, 2025, total revenues were $30.8 million, up from $23.6 million in the same period of 2024, with a net loss of $4.8 million or $0.08 per share [4][6] Financial Performance - Total revenues for Q3 2025 were $15.6 million, compared to $7.2 million in Q3 2024, marking an increase of $8.4 million [3][6] - For the nine months ended September 30, 2025, total revenues were $30.8 million, an increase of $7.2 million from $23.6 million in the same period of 2024 [4][6] - General and administrative expenses for Q3 2025 were $3.1 million, up from $2.7 million in Q3 2024, primarily due to stock-based compensation amortization [3][6] Operational Developments - The company completed the disposal of its loss-making subsidiary, Heidmar Trading DMCC, resulting in a gain of $0.06 million recognized in Q3 2025 [7] - Heidmar expanded its fleet with the addition of a new Suezmax tanker and two LR1 Super Eco newbuild vessels in August and September 2025 [7][9] - The CEO of Heidmar purchased 55,900 shares of the company's common stock in September 2025, reflecting confidence in the company's long-term strategy [7][10] Management Commentary - The CEO highlighted that Q3 2025 represented a strong step forward for Heidmar, with substantial revenue growth and successful execution of strategic priorities [8] - The company is focused on leveraging its integrated maritime platform to build a modern, energy-efficient fleet and drive sustainable value creation for shareholders [11]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated TCE revenues of $236 million, resulting in an EBITDA of $152 million and a net profit of $78 million, reflecting a $25 million increase in EBITDA compared to the previous quarter [15][16] - The fleet-wide TCE rates averaged $31,012 per day, with LR2s earning above $38,000, LR1s around $29,500, and MRs exceeding $28,000 per day, indicating strengthened freight rates supported by solid market fundamentals [15][16] - Earnings per share for Q3 came in at $0.79, with a declared dividend of $0.62 per share, representing a payout ratio of 78% [16][18] Business Line Data and Key Metrics Changes - The company advanced its fleet optimization strategy by acquiring five vessels, including four MR and one LR2, while divesting a 2007 built MR [2][3] - A three-year time charter was agreed for a 2009-built MR vessel at a daily rate of $22,234, which is above the prevailing market rate for such vintage [2][3] Market Data and Key Metrics Changes - Product tanker rates remained stable and attractive, with benchmark earnings for MR and LR2 vessels showing resilience [6][10] - Trade volumes increased significantly in Q3, driven by higher middle distillate flows from east to west, which lifted ton-miles above levels seen before the Red Sea disruption [6][7] - Two refineries in Northwest Europe closed, representing 6% of the region's refining capacity, increasing reliance on imported middle distillates [8][9] Company Strategy and Development Direction - The company is focused on maintaining a modern, high-quality fleet and is in negotiations for longer-term charters due to favorable market conditions [3][4] - The company aims to navigate the current market environment of elevated uncertainty with a strong capital structure and operational leverage [14][18] Management's Comments on Operating Environment and Future Outlook - Management noted that while the macro environment remains dynamic due to geopolitical uncertainty, market sentiment is broadly positive, with solid momentum supported by firm rates across all vessel segments [3][19] - The company increased the midpoint of its TCE guidance by $25 million to $900 million, reflecting secured coverage and current market expectations [19][20] Other Important Information - The company's net interest-bearing debt stands at $690 million, corresponding to around 24% of its capital structure, with only $122 million in borrowings maturing over the next 12 months [17][18] - The company has repurchased 13 out of 22 leaseback vessels, with additional purchase options exercised [18] Q&A Session Summary Question: How did the company manage to secure a long-term charter for an older vessel? - Management highlighted the integrated platform that allows for consistent service quality across all vessels, regardless of age, and noted ongoing negotiations for longer-term deals due to favorable market conditions [31][32] Question: What factors influenced the decision to acquire older vessels? - The company considers multiple metrics, including internal return hurdles and cash breakeven levels, ensuring that acquisitions meet their return requirements [34][35] Question: What is the company's approach to dividends going forward? - The dividend policy is designed to distribute free liquidity generated throughout the quarter, correlated to cash flow break-even levels, with a focus on maintaining a satisfactory payout ratio [53][56] Question: Why was the reported interest expense higher this quarter? - The increase was attributed to the accounting treatment of refinancing and upfront fees, which is expected to normalize in the following quarter [62][64]

Financial Data and Key Metrics Changes - Net income for Q3 2025 was $71 million, or $1.42 per diluted share, with adjusted net income of $57 million, or $1.15 per diluted share, and adjusted EBITDA of $108 million [5][15] - The company announced a combined dividend of $0.86 per share, marking the fifth consecutive quarter with a payout ratio of at least 75% [5][6] - Total liquidity at the end of Q3 was $985 million, with $413 million in cash and $572 million in undrawn revolver capacity [10][18] Business Line Data and Key Metrics Changes - The Lightering business generated approximately $9 million in revenue in Q3, contributing nearly $1 million in EBITDA [16] - TCE revenues from crude and products have been evenly balanced over the past year, with no fresh charters executed in Q3 [15][8] Market Data and Key Metrics Changes - Oil demand growth remains healthy at 1 million barrels per day for this year and next, with OPEC+ increasing production [11][12] - Tankers on order represent 14% of the fleet, with a significant number of removal candidates expected as the fleet ages [13][14] Company Strategy and Development Direction - The company continues to execute a balanced capital allocation strategy, focusing on fleet renewal and returning cash to shareholders [6][24] - The company aims to maintain a healthy balance sheet while adapting to industry conditions, with nearly $600 million in undrawn credit capacity [24][25] Management Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for seaborne transportation, with solid demand fundamentals supporting the tanker market [10][11] - The geopolitical intensity affecting tankers remains strong, with sanctions impacting trade routes and cargo flows [12][11] Other Important Information - The company sold five vessels in Q3 for proceeds of $67 million and plans to sell three more in Q4 for about $37 million [7][8] - The company has a strong financial position with net debt under $400 million, representing a low net loan to value of 13% [10][19] Q&A Session Summary Question: Market conditions and VLCCs - The fourth quarter has shown stronger rates, with VLCCs leading the way, benefiting midsize tankers as they return to normal trading patterns [30][31] Question: Crude and product rates - MR performance has been strong, with earnings of $29,000 per day in Q4, attributed to geopolitical factors and reduced diesel exports from Russia [32][34] Question: Crude inventory levels and offshore storage - Current oil on the water is high, but onshore inventories are not yet elevated, with a flat forward oil curve indicating limited offshore storage incentives [39] Question: S&P market and asset divestment - The company is seeing increased asset values and will continue to judiciously upgrade the fleet while divesting older vessels [40]

Financial Data and Key Metrics Changes - Net income for Q3 2025 was $71 million, or $1.42 per diluted share, with adjusted net income of $57 million, or $1.15 per diluted share, excluding gains on vessel sales [5][17] - Adjusted EBITDA for the third quarter was $108 million [5][17] - The company ended Q3 with total liquidity of $985 million, including $413 million in cash and $572 million in undrawn revolver capacity [11][20] Business Line Data and Key Metrics Changes - The lightering business generated approximately $9 million in revenue in Q3, contributing nearly $1 million in EBITDA after expenses [18] - TCE revenues from crude and products have been evenly balanced over the past year [17] Market Data and Key Metrics Changes - Oil demand growth remains healthy at 1 million barrels per day for this year and next [12] - Tankers on order represent 14% of the fleet that will deliver over the next four to five years, with a significant number of removal candidates expected as the fleet ages [14][15] Company Strategy and Development Direction - The company continues to execute a balanced capital allocation strategy, focusing on fleet renewal and returning cash to shareholders [5][16] - The company has extended its $50 million share repurchase program to the end of 2026 [5] - The company aims to maintain a healthy balance sheet while capitalizing on favorable market conditions [16][25] Management Comments on Operating Environment and Future Outlook - Management believes demand fundamentals are solid, supporting a constructive outlook for seaborne transportation [11] - The geopolitical intensity affecting tankers remains strong, with sanctions impacting trade routes and cargo flows [13] - The company expects to continue generating significant free cash flows and returning cash to shareholders [23][25] Other Important Information - The company sold five vessels in Q3 for proceeds of $67 million and plans to sell three additional older vessels in Q4 for about $37 million [7][9] - The company has nearly $600 million in undrawn credit capacity to support growth [25] Q&A Session Summary Question: Market conditions and tanker rates - The fourth quarter has shown stronger rates across all segments, with VLCCs leading the way, benefiting midsize tankers as well [31][32] Question: Crude inventory levels and offshore storage - There is currently a lot of oil on the water, but heightened inventories onshore have not yet been observed, and the forward oil curve is flat [40] Question: Opportunities in the S&P market - The company is seeing increased opportunities to divest older assets as asset values pick up, while continuing to upgrade the fleet [41]

International Seaways Inc. Third Quarter 2025 Earnings Presentation November 6, 2025 Disclaimer Forward-Looking Statements During the course of this presentation, the Company (International Seaways, Inc. (INSW)) may make forward-looking statements or provide forward-looking information. All statements other than statements of historical facts should be considered forward-looking statements. Some of these statements include words such as ''outlook,'' ''believe,'' ''expect,'' ''potential,'' ''continue,'' "gui ...