Core Viewpoint - Okeanis Eco Tankers Corp. successfully raised approximately USD 115 million through the offering of 3,239,436 new common shares at a price of USD 35.50 per share [1] Group 1: Offering Details - The Offer Shares will be available for trading on the New York Stock Exchange on or around November 21, 2025, and can also be transferred to Euronext Securities Oslo for trading [2] - Following the issuance of the Offer Shares, the total number of common shares issued by the Company will be 36,129,436, with 35,433,544 shares deemed outstanding [2] - The Offer Shares are entitled to receive a cash dividend of USD 0.75 per common share, increasing the total dividend amount to be paid by the Company [3] Group 2: Management and Legal Counsel - Fearnley Securities AS acted as global coordinator and joint bookrunner, while Clarksons Securities AS served as joint bookrunner for the Offering [4] - Legal counsel for the Company included Advokatfirmaet BAHR AS in Norway and Watson Farley & Williams LLP in the US, while the Managers were advised by Advokatfirmaet Thommessen AS and Seward & Kissel LLP [4] Group 3: Regulatory and Filing Information - The Offer Shares were sold under a shelf registration statement on Form F-3, previously filed with the SEC, and the Offering was made via a prospectus [5] - A final prospectus supplement and accompanying prospectus were filed with the SEC on November 20, 2025, and can be obtained from the SEC's website [5]

Financial Data and Key Metrics Changes - For the nine months of 2025, the company generated $577 million in gross revenues and an operating income of $171 million, which included $12.5 million of capital gains from the sale of four older vessels [23][28] - The net income for the third quarter of 2025 was $38.3 million, translating to $1.05 in earnings per share, with adjusted EBITDA at about $96 million [32] - The fleet time charter equivalent rate for the first nine months of 2025 was $30,703, while the third quarter rate was $30,601 [24][30] Business Line Data and Key Metrics Changes - The fleet utilization increased from 92.2% to 96.2% during the nine months of 2025, and from 92.8% to 94.8% in the third quarter [24][28] - The number of vessels on fixed time charters and time charters with profit sharing increased by 12%, while spot market exposure declined by 32% [22][23] - Operating expenses per ship per day averaged $9,797 for the nine months and $9,904 for the third quarter, reflecting efficient management [25][31] Market Data and Key Metrics Changes - The tanker market has shown strong fundamentals, with a significant increase in demand for vessels, particularly in the VLCC segment [10][20] - The company has a backlog of approximately $4 billion in minimum fleet contracted revenue, indicating strong market positioning [12][19] Company Strategy and Development Direction - The company is focused on a record 20 vessel new building program, with deliveries starting in Q1 2026, aimed at maintaining a young and modern fleet [6][19] - The strategy includes selling older vessels to finance new builds and enhance fleet efficiency, with plans to divest from first-generation conventional tankers [19][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market, noting a 50% increase in spot market rates since September and a strong demand for vessels [9][10] - The geopolitical landscape and supply chain disruptions have created opportunities for the company to capitalize on its chartering strategy [35] Other Important Information - The company declared an additional $1 per share dividend, following a $0.60 interim dividend, reflecting a total annual dividend yield of over 4% [7][8] - The fair market value of the operating fleet is approximately $4 billion against $1.9 billion in debt, with a net debt to capital ratio of around 47% [19][27] Q&A Session Summary Question: Clarification on the employment terms for the DS1 and Ulysses vessels - Management noted a significant increase in profit sharing arrangements and a strong appetite for vessels, with further details to be provided later [38] Question: Plans for the Maria Energy vessel after its current contract - The vessel is fixed back to a long-term employment with no downtime expected between contracts [39] Question: Expectations for MR new builds delivering in early 2026 - Management indicated a strong appetite for these vessels, with ongoing negotiations for long-term contracts [40][41] Question: Future asset sales and fleet renewal plans - The company is negotiating the sale of five first-generation vessels, anticipating significant cash release to support the new building program [46]

Core Viewpoint - Euroholdings Ltd reported improved financial results for the third quarter of 2025, with a focus on growth in the tanker sector following a strategic shift after a change in shareholder base [4][5]. Financial Highlights Third Quarter 2025 Financial Highlights - Total net revenues were $3.0 million, a 29.4% decrease from $4.2 million in Q3 2024, attributed to a reduction in the average number of vessels operating [9]. - Net income for the quarter was $1.5 million, or $0.55 earnings per share, compared to $1.0 million or $0.34 per share in Q3 2024 [12][13]. - Adjusted EBITDA was $1.4 million, up from $1.0 million in the same quarter of the previous year [9][13]. Nine Months 2025 Financial Highlights - Total net revenues for the first nine months were $8.7 million, a 27.4% decrease from $12.1 million in the same period of 2024 [15]. - Net income for the nine-month period was $13.4 million, compared to $4.7 million in the first nine months of 2024 [22]. - Adjusted EBITDA for the nine months was $3.1 million, down from $4.8 million in the same period of 2024 [23]. Recent Developments - On November 3, 2025, Euroholdings signed a Memorandum of Agreement to acquire a medium-range product tanker vessel for $31.83 million, with delivery expected in mid-November 2025 [4]. - The company formed an independent committee to evaluate the acquisition, and on November 14, 2025, signed a loan agreement for $20.0 million to finance part of the purchase [4]. - The company declared a quarterly dividend of $0.14 per share for Q3 2025, maintaining an annualized yield of about 8% [4]. Operational Insights - The average time charter equivalent rate for vessels in Q3 2025 was $16,580 per day, a 17.7% increase from $14,087 in Q3 2024 [7]. - Average daily vessel operating expenses increased to $7,902 per vessel per day in Q3 2025 from $7,431 in Q3 2024, primarily due to higher general and administrative expenses [8]. - The fleet profile includes two feeder container carriers and one product tanker, with a total carrying capacity of 90,879 dwt after the acquisition of M/V Hellas Avatar [26].

Financial Data and Key Metrics Changes - The fleet-wide time charter equivalent was approximately $47,000 per vessel per day, with VLCCs at nearly $46,000 and Suezmaxes at $48,000 [2][4] - Adjusted EBITDA for the quarter was $45.2 million, adjusted net profit was $24.7 million, and adjusted EPS was $0.77 [2][4] - Total distributions over the last four quarters amounted to $2.12 per share, representing about 90% of earnings for the period [3] Business Line Data and Key Metrics Changes - The company reported TC revenue for the nine months at $172.5 million, with EBITDA close to $125 million and reported net income exceeding $63.5 million [4] - The average age of the fleet is six years, with a total of 14 vessels, including six Suezmaxes and eight VLCCs [5] Market Data and Key Metrics Changes - The company achieved near-perfect fleet utilization, with VLCCs earning $45,500 and Suezmaxes at $48,200 per day [9] - As of the call, 80% of VLCC spot days were fixed at $88,100 per day, and 48% of Suezmax days at $60,800 per day, leading to a fleet-wide average of $80,700 per day [11] Company Strategy and Development Direction - The company focuses on maximizing shareholder value through consistent dividend distributions, having declared a dividend of $0.75 per share for the quarter [2][3] - The management emphasized the importance of maintaining a young, eco-friendly fleet to outperform in a tightening market [18][25] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in a strong Q4, with rates continuing to strengthen and a bullish outlook for the tanker market driven by increased cargo flows and tightening sanctions [13][19] - The company noted that the effective supply of compliant crude is manageable, with OPEC Plus underproducing its quota [19][20] Other Important Information - The company has successfully refinanced its vessels, improving margins by 155 basis points since 2023, which translates to an annual benefit of about $8 million at current debt levels [6][39] - The management highlighted that over 40% of the global VLCC and Suezmax fleet is over 15 years old, indicating a shrinking compliant fleet [15][21] Q&A Session Summary Question: How do you see time charter opportunities now? - The management noted that the strength of the market has caught many charters off guard, and while there are opportunities for time charters, rates need to increase significantly for long-term deals to make sense [28][29] Question: Can you discuss your strategy regarding investments in today's market? - The focus remains on paying dividends, with the most attractive investments being assets that can deliver quickly. The management emphasized a cautious approach to selecting opportunities [31][34] Question: What are your thoughts on scaling into VLCCs and Suezmaxes? - The management indicated a preference for VLCCs and Suezmaxes, stating that they could comfortably grow the fleet without impacting trading strategies [33][35] Question: Will you continue trading clean or revert to crude? - The management plans to revert to crude trading after discharging current clean cargoes, as the crude market remains strong [37] Question: What opportunities do you see along the capital structure? - The management highlighted the successful refinancing efforts and the potential for further improvements in capital structure as market conditions remain favorable [39]

Financial Performance - Okeanis Eco Tankers achieved a fleetwide TCE of $46,600 per day in Q3 2025[16], compared to $57,700 in Q3 2024[16] - Adjusted EBITDA for Q3 2025 was $45.2 million[16], and $124.9 million for the first 9 months of 2025[16] - Adjusted earnings per share (EPS) for Q3 2025 was $0.77[17], and $1.95 for the first 9 months of 2025[16] - The company declared a dividend of $0.75 per share for the quarter[18] Balance Sheet - Total debt stood at $616.6 million[16] - Total cash was $58.2 million[16] - Total assets amounted to $1,067.1 million[16] - Total equity was $429.8 million[16], resulting in a book leverage of 57%[16] Commercial Strategy - 80% of available VLCC spot days for Q4 2025 were fixed at $88,100 per day[41] - 48% of available Suezmax spot days for Q4 2025 were fixed at $60,800 per day[41]

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]