Okeanis Eco Tankers Corp.

Hello and welcome to OET's Q1 2020 Financial Results presentation. We will begin shortly. Ioannis Alaphousos, CEO and Chairman, Aristides Alaphousos, COO, and John Papuano, CFO of OET, will take you through the presentation. They will be pleased to address any questions raised at the end of the call. I would like to advise that this session is being recorded and John will now begin the presentation. Thank you.

Thank you. Welcome to the presentation of OET's results for the first quarter of 2020, the financial period ending 31st March. We appreciate your interest in our results and encourage questions at the end of the call. We will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events, including OET's commercial performance, dividend policy, projected dry dock schedules, and anticipated debt capital commitments. Actual results may differ materially from the expectations reflected in these forward-looking statements. Starting on slide three, we reviewed the highlights of the quarter. We generated net revenue of $73 million based on daily rates of $59,200 for the VLCC segment, $63,700 for our SUIS maxes, and $35,200 for our AFRA maxes, with total time charted coverage of 41%. EBITDA came in at $6,000. and we generated an exceptional profit of $41 million, or USD 126 per share. Our board of directors declared our first cash dividend of 50 USD cents per share, or approximately $16 million. Combined with the $3 million of share buyback since inception, OET has returned just shy of $20 million to its shareholders since listing in the summer of 2018. The dividend will be paid to shareholders on June 2nd. We capitalized on the recent market strength by fixing two VLCCs on a three-year and eight-month time charter, respectively. These two time charters will generate a combined $43 million of free cash flow to equity. Lastly, we have received firm commitment for debt financing of up to 70% loan-to-value for our two SUISMAX new buildings delivering in September. The LTV could rise to 80% depending on the vessel's employment. The cost of this financing will be the lowest in the company's debt stack. I'll now hand it over to Aristizzi for an overview of our outstanding commercial performance and cost control.

Thanks, John. I believe our chartering has been doing a fantastic job, so well done, Chris. Our technical manager has also kept the ships from missing crucial lay camps, and bravo to them as well. It's been very much a team effort. OET achieved a fleet-wide PCE rate of $56,200 per operating day in the first quarter, based on a utilization of 96% and net of technical off-hire days. Our VLTC generated $87,200 per day in the spot market, a 29% outperformance relative to our tanker peers. We capitalized on the attractive position of the Nisos Kipnos, opening in West Africa to fix the Brazil-China run near the peak of the market in early January. Our assumption was the market would weaken from its peak in early Q1 into the balance of January and February due to COVID-19 affecting Asian demand. We then decided to balance at full steam in order to catch the market before it weakened. The market bottomed out at below $40,000 a day. which would have been our natural loading date, but we were successful in positioning our vessels into earlier loading windows on all three fixtures that we had opened during this period. Moving into mid-March and after the Saudi announcement of the oil war, we were able to secure two very strong fixtures. Unfortunately, one of the two vessels opened during this period failed extremely strong subjects twice as the market began to weaken, and as a consequence, we missed earnings of $250,000 per day Then $200,000 a day, and we had to settle for $100,000 a day finally. Our Suez Maxis generated $72,000 a day in the spot market, 43% higher than our tanker peers. Our three spot Suez Maxis all discharged east of Suez in Q1. We were then able to secure three very strong fixtures in early January, locking in the firm market for long voyages. These long voyages put two ships back in position for fixing, after the market weakened through February and then firmed in mid-March, where we again secured two very strong fixtures on long voyages. Our third vessel that was spotted started in February in India, before the market strengthened, where we decided to fix our backhaul cargo from the Arabian Gulf into the Mediterranean. Opening in the mid-March, we were able to again secure a longer, strong voyage. Lastly, we are pleased with the spot performance on our AFMAX LR2 fleet, which generated $41,300 per day, or 43% higher than our tanker peers. We continued our strategy of fixing local voids in the Med on our AFMAXs. We chose longer runs loading from the Black Sea when we felt the market was at highs, and shifted to shorter runs loading in the Mediterranean when it was weakening. We positioned the Nisa Sirasiya into the Black Sea for her final spot voyage prior her first special survey and scrubber retrofit in Turkey. Due to COVID-19 and the developments in the spot market, we postponed the remaining dry docks until Q3 and Q4 of 2020. Overall, our ships were able to secure fixtures near the peaks and avoid the absolute troughs. The young age of our fleet and the high quality of the management has allowed the fleet to compete for every cargo and give us the ability to fix basis our charting strategy while also maximizing TCE. On slide five, we provide guidance for our time chart equivalent revenue in the second quarter of 2020 based on the number of days coverage as well as anticipated daily TCE rates. We include only concluded fixtures in our guidance. We have covered 68% of our available VLCC spot days at $105,500 per day. We estimate the next VLCC spot fixture to be in the high 50s to low 60s per day, depending on the positioning and route. Moving on to the sewage maxes, we have covered 67% of our available spot base at $56,700 per day. We estimate current market VCs for our next spot sewage max fixture to be in the high 30s or low 40s per day, as this will be a backhaul voyage, most probably loading in the HG and discharging in the west probably the Mediterranean. Lastly, we covered 64% of our AFRA max spot days at $35,800 per day. Early in Q2, we fixed two AFRAs on short TCs in the low 30s per day to secure coverage. We have one ship, the that is trading clean, and that will open in the spot market over the next few weeks, where she can earn around $60,000 per day if she bursts without too much delay. Moving on to slide six, We provide a snapshot of our historical spot market performance relative to our tanker peers based on publicly available information. OEC has been a top performer across all segments for multiple quarters. Now, lastly, on slide seven, we compare our daily operating costs per shift day, comprising vessel OPEX, including management fees and G&A for 2019 to those of our crew tanker peers. Our running costs are more than $2,000 per day lower than the peer group average. This translates to an annual cost savings of $11 million in 2020 for a fleet of 15 vessels. I'll now turn it back to John to walk you through our financials.