Okeanis Eco Tankers Corp.

Hello and welcome to the OET's second quarter 2021 financial results presentation. We will begin shortly. Araceli Zalafuso, COO, and John Babayuanu, CFO of Okeanos EcoTinkers, will take you through the presentation. They will be pleased to address any questions raised at the end of the call. I will advise you that this session is being recorded. John will now begin the presentation.

Welcome to the presentation of OET's results for the second quarter of 2021. 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 $35 million, adjusted EBITDA of $22 million, and adjusted profit of $4 million, or 11 cents per share, currently the only tanker company to post a profit in Q2. We distributed $24 million to our shareholders during the quarter. Since its inception, OET has generated a 35% total return for its shareholders. We took steps to optimize our VLCC fleet and charter portfolio. Specifically, we sold two 2019-built VLCCs, the Nisus Hadiparos and Nisus Andorini, for $90 million each, and acquired two 2022-built VLCCs for $97 million each. The three-year age-adjusted spread of $7 million per VLCC compares very favorably to a three-year straight-line depreciation-based spread of approximately $12 million per VLCC. thus making the transaction immediately accretive to NAV upon delivery of the ships in first half 2022. Furthermore, we replaced time charters on the VLCC's Nisos Seriña and Nisos de Spoticó with those on existing VLCCs, creating additional spot exposure for the company. Lastly, our Board of Directors has decided to postpone any further capital distributions until the aforementioned sale of the two VLCCs is completed. OET will distribute any excess cash buildup through the sale back to shareholders as it has done previously. I'll now hand it over to Taddy Steezy for an overview of our continued industry-leading commercial performance.

Thank you, John. Once again, OET is trending as the top performer in the spot market for VLCCs and Suez Maxes in Q2 and Q3. During Q2, we achieved a fleet-wide TCE rate of $27,200 per operating day, net of 5% technical off-hire days. Our VLCCs generated $14,300 per day in the spot market, a 22% outperformance relative to our tanker peers that have reported Q2 earnings. During the quarter, we took advantage of the weak market to make some light repairs on our VLCC fleet to prepare for uninterrupted winter trading. Our Suez Maxes generated $18,800 per spot day, 32% higher than the tanker peer group average. We benefited from several front haul voyages to the east as well as a positive IFRS impact. Lastly, generated $16,000 per spot day, 57% higher than the tanker peer group average. We delivered the to their new owners and benefited from long haul on the vessel's last voyages. we were also able to capture some of the upside from a spike in the MED early in the quarter on two voyages. Overall, the market was characterized by weak sentiment and low volatility, with an oversupply of ships prevailing in almost every trading basin. In this context, there were very few opportunities available to make money trading our fleet. On slide five, we provide an overview of our guidance for Q3. So far in Q3, We have fixed 43% of our VLCC spot days at $15,600 per day, with VLCC spot rates currently around $11,000 per day. 57% of our Suezmax spot days at $18,600 per day, with Suezmax spot rates currently around $9,000 per day. And all of our AfriMax spot days at $12,900 per day, with the IKEA to be delivered to our new owners next week. Faced with the guidance and current spot conditions, we expect our Q3TC revenue to be in the mid-low $20 million. The bad news is as bad as we've ever seen the market. The good news is the reason why it's bad. Inventory drawdowns. Refiners are choosing not to import expensive spot-owned cargoes, but instead are drawing down on cheap crude they bought last year and held in storage. The next round of refiner buying will have to be from the seaborne market, which will be very positive for tankers. On slide six, we provide an overview of our fleet and charter portfolio. For full year 2022, we will operate 14 vessels, six Suez Maxis and eight VLCCs. Two of the six Suez Maxis and one of the eight VLCCs will be on time charges. leaving 79% of available days on the spot market to capitalize on what we believe will be a very strong recovering rate. And now back to John to walk you through the financials.