Okeanis Eco Tankers Corp.

Welcome to OET's third quarter 2020 financial results presentation. We will begin shortly. Aristides Alafouzos, CEO, and John Papagioano, CFO of Okeanis EcoTankers, 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 you that this session is being recorded. John will begin the presentation now.

Hello, everyone, and welcome to the presentation of OET's results for the third quarter of 2020. 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 review the highlights of the quarter. We generated net revenue of $48 million, EBITDA of $36 million, and adjusted profit of $17 million, or 53 cents per share. Our board of directors declared a third consecutive cash dividend of 10 cents per share, or $3 million. Year-to-date, we'll have generated a 23% dividend yield for our investors. In September, we took delivery of our final two Suezmax new builds. and have thus concluded our growth program with our fleet now fully delivered and on the water. We also fixed one VLCC on a one-year time charter at $34,000 per day, a rate that is not repeatable today, and have thus considerably de-risked 2021 for our investors. Lastly, we hedged a significant portion of our floating rate debt exposure at 30 basis points all in for a term of three years. I'll now hand it over to Adi Steely for an overview of our industry-leading commercial performance on slide four.

Thanks, John. Once again, OAT is trending as the top performer in the spot market for VLCCs and SUISMAXs. During Q3, we achieved a fleet-wide PC of $35,600 per operating day, net of 5% technical off-hire days. Our VLCCs generated 48,000 per day in the spot market, a 17% outperformance relative to our tanker peers that have reported Q3 earnings. We fixed longer West Africa to China runs to lock in the prevailing strong rate, maximize our eco and scrubber benefits, and capture the TC arbitrage between the West Africa and AG markets. Our SUZMAXs generated $33,000 per day in the spot market, 32% higher, than the tanker peer group average. We continued our strategy of trading Mediterranean to China route and mixed in shorter voyages to avoid fixing longer at the market bottoms. Lastly, our Aftamax LR2 fleet generated $15,200 per spot day. We continue to be adversely impacted by relatively lower exposure to the more lucrative, clean LR2 sector than our peers, but still managed to outperform peers trading in the dirty market On slide 5, we provide guidance for our plan card equivalent revenue in the fourth quarter of 2020. We include only concluded fixtures in our guidance. We have covered all of our available VLCC spot days at $24,000 per day, 14% higher than the peer group average, basis 46% more coverage. Moving on to the sewage maxes. We have covered 70% of our available spot days at $17,000 per day, or 39% higher than the peer group average, with 23% more days coverage. We estimate current market TCEs of our next two is max fixtures to be in the mid 20s per day. Lastly, we have covered 40% of our after max spot days at $11,000 per day. We positioned the Nisus Kinusa for their first special surveys and scrubber retrofits, and minimize the opportunity cost of all hires. The Irakia will re-deliver to us X yard next week and embark on her first spot voyage of the quarter in a firming LR2 market. We have focused on competing for Libya cargoes on the Skinous and Sirasia. With the delivery of the Niso Sirakia, we have concluded our scrubber retrofit program. Our commercial performance ensures profitability in Q4. Back to John.