Okeanis Eco Tankers Corp.

Welcome to OET's fourth quarter 2020 financial results presentation. We will begin shortly. Ioannis Alefouzos, Chairman and CEO, Aristidis Alefouzos, COO, and John Papayouanou, 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.

Thank you. Welcome to the presentation of OET's results for the fourth 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 $41 million, adjusted EBITDA of $28 million, and adjusted profit of $8 million, or 25 cents per share. The top-line miss to our own guidance released in December was half-driven by the occurrence of off-hire on the time-chartered VLCC due to having the wrong type of COVID test for crews when entering Chinese ports. The other half of the MISH relates to an IFRS accounting charge on the ballast leg for sailing two Afromaxis in the shipyard for their first special survey in scrubber retrofits. Our board declared a fourth consecutive cash given of 10 cents per share, or $3 million. Since inception, we have returned $1.45 per share in cash to shareholders. As we have always promised, we recently uplisted to the Oslo Bourse from the Oslo Access Market. Towards the end of 2020, and as previously announced, we took some short coverage at rates that are currently well in the money on two VLCCs, one Suezmax, and one LR2. Lastly, we hedged the floating rate debt of the Nishan Nafi. I'll now hand it over to Adi Spili for an overview of our industry-leading commercial performance.

Thanks, John. Once again, OEC is trending as a top performer in the spot market for VLCCs and Suezmaxes. During Q4, we achieved a fleet-wide PCE rate of $28,500 per operating day, net of 9% technical off-hire days. Our VLCCs generated $27,000 per day in the spot market, a 37% outperformance relative to our tanker peers that have reported Q4 earnings. We continued fixing longer West Africa to China runs on our one VLCC trading in the spot market, the Nisosanaf. Our Suez Maxes generated $16,000 per day in the spot market, 40% higher than the tanker peer group average. We continued our strategy of trading the Med-China route and mixed in shorter voyages to avoid fixing long voyages at market bottoms. Lastly, our Aftermax LR2 fleet generated roughly $10,000 per spot day. Our Afromax fleet has now undergone its first special survey and been retrofitted with scrubbers, and we took some short-term time charter cover on our clean LR2, the Nisos Hirakia. Moving on to slide five, we provide guidance for our time charter equivalent revenue in the first quarter of 2021. We include only concluded fixtures in our guidance. We have covered all of our available VLCC spot days at $18,000 per day on a Brazil to China run. The VLCC market in the AG was flooded with older tonnage missing approvals, leading to discounted rates in that region and leading us to the Atlantic Basin. Moving on to Suez Maxis, we have covered 90% of our available spot days at $17,000 per day. The last 10% of available spot days are allocated to Políagos, which will be in a position to fix a front-haul voyage with minimum ballast. This voyage could conservatively make $30,000 per day for 40 days. Lastly, we covered 54% of our AfriMax spot days at $14,600 per day. We estimate the next spot voyage to be in the mid-teens per day. Our commercial performance and time chart coverage comfortably ensures profitability in Q1. In the past weeks, we have seen higher interest in echo scrubber tonnage for longer-term time charter business at increasingly higher rates. When the big trading houses are looking for and taking in longer-term tonnage, it is a clear indication of where freight rates are headed. We have also seen strong interest in the S&P market for echo scrubber vessels. We believe that the echo scrubber values have bottomed in Q3 2020 and have since appreciated by 10%. With the new EEXI regulations, as well as increasing bunker prices, buying interest will focus more and more on OET-type tonnage. On slide six, we quantify our commercial outperformance by taking the difference between our achieved spot rates and those of the tanker peer group, and by multiplying it by the number of spot days available to us. Our spot performance has generated more than $38 million in profit for our shareholders since inception. With our VLCCs outperforming, the peer group averaged by $14,000 per day, our SUIS maxes by $9,000 per day, and our AFRAs by $3,500 per day. OEC has consistently outperformed the peer group. And now back to John.