Okeanis Eco Tankers (OET) US Virtual Non-Deal Roadshow May 2025 presentation summary

Market environment and industry dynamics

• Over 40% of the global tanker fleet is 15+ years old, with limited newbuilds and a low orderbook, tightening supply and supporting a constructive market outlook for 2025–2026.

• Sanctions and shifting trade flows, especially involving Iran and Russia, are redirecting volumes to compliant fleets, increasing utilization and supporting higher rates.

• Non-OPEC supply is forecast to rise by 2.0 mb/d by 2026, with OPEC+ curbs easing and Asia, particularly India, anchoring global oil demand.

• VLCC utilization has recently approached 90%, with potential to reach 93% as Middle East volumes increase, historically correlating with strong earnings.

• Iran’s potential return to mainstream trade could add 1.6 mb/d to seaborne flows, tightening VLCC supply and lifting asset values.

Fleet and operational performance

• Operates 14 eco-design, scrubber-fitted vessels with an average age of 5.6 years, making it the youngest and only listed pure eco and scrubber-fitted crude tanker platform.

• Achieved 21% spot market TCE outperformance for VLCCs and 39% for Suezmaxes versus listed peers over 22 quarters.

• Q2 2025 guidance: 72% of VLCC spot days fixed at $46,700/day and 64% of Suezmax spot days fixed at $50,600/day, with high utilization and strategic fleet positioning.

• Focus on operational efficiency, minimal waiting times, and global fleet allocation to capture market upturns.

• Eco and scrubber technology delivers daily fuel savings of $9,365 for VLCCs and $6,420 for Suezmaxes at current bunker spreads.

Financial strength and capital structure

• Maintains a well-capitalized balance sheet with net market LTV around 40% and no near-term maturities.

• Q1 2025: TCE revenue $48.6m, EBITDA $32.5m, net income $12.6m, cash and equivalents $37.1m, and interest-bearing debt $634.0m.

• Refinanced 12 of 14 vessels over two years, reducing average debt cost by ~110bps and saving $7m annually.

• Staggered loan maturities from 2028 to 2032 support long-term financial flexibility.