Okeanis Eco Tankers Corp. Q4 FY2025 earnings call

• Since August of the previous year, the large crude tanker market entered a favorable freight cycle. The company executed 2 opportunistic transactions and acquired 4 resale Suezmax newbuildings. - In the fourth quarter, fleet - wide TCE was about $77,000 per vessel per day, with VLCCs at $92,000 and Suezmaxes at $53,000. Adjusted EBITDA was $79 million, adjusted net profit $60 million, and adjusted EPS $1.78. The Board declared a dividend of $1.55 per share. - Successfully raised equity in November and January, raising $115 million and $130 million respectively, acquiring recent vessels at accretive prices leading to immediate NAV accretion. - Q1 started strongly with robust fixtures, and fixed a 12 - month charter at $91,140 on the Nissos Nikouria. - Venezuelan barrels returned to the compliant fleet and Synacor was consolidating the VLCC market. - The fleet had 100% utilization, and modern, fully spot - exposed fleets like OET benefit from market tightening.

In the fourth quarter of 2025, fleet - wide time charter equivalent was approximately $77,000 per vessel per day. VLCCs achieved $92,000 per vessel per day and Suezmaxes $53,000. For the year, TCE revenue stood at $265.4 million, EBITDA was nearly $204 million, and reported net income was about $130 million or $3.77 per share. The company ended the year with $122.5 million in cash, around $85 million in trade receivables, and balance sheet debt of $605 million. Added 4 modern and high - spec vessels, with a total of 16 vessels on the water having an average age of just 6 years.

• Q1 guidance is strong with very strong fixtures from Q4 carrying over to Q1 and even stronger fixtures being concluded in Q1. Fixed a 12 - month charter at $91,140 on the Nissos Nikouria. As of now, 67% of VLCC spot days are fixed at $104,200 per day and 64% of Suezmax days at $84,600 per day, giving a fleet - wide average of about $94,800 per day on the fixed portion for roughly 2/3 of the quarter.

• Sanctioned and dark fleet - tainted ships may not re - enter the normal market, posing uncertainties. - Volatility in the spot market and changes in market dynamics can impact earnings. - Dry docking decisions in different locations have associated costs and implications for earnings and trading areas.

Q: Asked about the take on the VLCC market versus the Suezmaxes.

A: Aristidis stated that in Q4 and potentially Q1, on a dollar per metric ton or relative basis, the Suezmax is still outperforming the VLCC, and the Suezmax is an attractive asset as the VLCC market tightens, with Suezmaxes being versatile for certain trades.

Q: Inquired if been tempted to sell ships to Synacor.

A: Aristidis replied that at the moment, there's still a lot of upside in the market, so they haven't seriously considered selling OET's vessels to Synacor.

Q: Questioned about capital allocation strategy.

A: Iraklis said the strategy hasn't changed, with a key priority being to distribute value to shareholders.

Q: Asked about the thought on taking money off the table and moving vessels to term charters.

A: Aristidis said at the moment, the answer is no as they want a majority of the fleet in the spot market for more upside.

Q: Sought the take on Synacor cornering the market.

A: Aristidis said it's a question for Synacor, but Synacor has been consistent in fixing at certain levels and pushing the market higher.

Q: Inquired about the maximum fleet size.

A: Aristidis said the current fleet size is perfect for them to continue outperforming.

Q: Asked about the delta between dry docking in Turkey versus China.

A: Aristidis explained that dry docking in Turkey is slightly more expensive but avoids repositioning issues and keeps the ship in preferred trading areas.