Okeanis Eco Tankers Corp.

Welcome to OAT's third quarter 2021 financial results presentation. We will begin shortly. Aristides Alafouzos, COO, and Talia Calafati, Interim CFO, Ioannis Alafouzos, CFO of Okeanos 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 the session is being recorded. Thalia will begin the presentation now.

Welcome to the presentation of OET's results for the third 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 policies, 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 revenues of $24 million, adjusted EBITDA of $11.3 million, and adjusted loss of $4.5 million, or 14 cents per share. We brought forward the Special Survey of the Polyegos to benefit from higher spot rates in 2022. Lastly, our Board of Directors has decided to declare to return $15 million to the shareholders via a capital distribution of $10 million or $0.31 per share back to the shareholders, and the remaining $5 million will be in the form of share repurchases conducted in the market. I'll now hand it over to Aristidis for an overview of our commercial performance.

Thank you, Talia. Once again, OAT is trending as the top performer in the spot market for VLCCs in Q3. During Q3, we achieved a fleet-wide TCE rate of $19,100 per operating day, net of 5% technical off-hire days. Our VLCCs generated $16,400 per day in the spot market, a 65% outperformance relative to our tanker peers that have reported Q3 earnings. We were able to secure voyages that have substantial demurrage as well as excellent triangulation on the misoskeros. Our Suez Maxes generated $8,500 per spot day. We were adversely affected by positioning two of our spot Suez Maxes into the west for dry dock as well as having a negative IFRS impact. This will be counterbalanced in Q4 once the vessels have completed dry dock and are in position to fix a front haul voyage back to the east. Lastly, our sole remaining LR2 generated $15,800 per spot date. We delivered her to her new owners and benefited from long front haul on the vessel's last voyage. 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 few opportunities available to make money trading our fleet. However, OAT managed under such conditions to outperform the market. On slide five, we provide an overview of our guidance for Q4. So far in Q4, We had fixed 84% of our VLCC spot days at $17,700 per day and 73% of our Suezmax spot days at $17,600 per day. We positioned our fleet to have vessels available in late November, early December to capture unexpected seasonality. We benefited against our non-echo, non-scrubber piers due to extremely high bunker prices. High sulfur fuel oil, is trading at a price around $450 per metric ton and low sulfur fuel oil at a price around $620 per metric ton. This gives a substantial spread of $170 per metric ton. Our quality and well-approved fleet enables us to compete for every cargo, which is critical in these depressed markets. In a weaker scenario, where low rates persist which coincidentally we did not expect to occur, it is important to understand our cash position and liquidity runway looking forward. On the basis that spot rates average as OAT has performed in 2021, the company forecast to have an operational cash burn of approximately $500,000 per day. Per month, excuse me. inclusive of dry docking and financing of our two new building VLCC expenses. This is a figure that the company can comfortably sustain for the next 36 months, while still maintaining cash balance at that point of $20 million. 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 RUZMAXs and one of the eight VLCCs will be on time chart, leaving 79% of available days on the spot market to capitalize on what we believe will be a strong recovery in rates. Back to Talia to walk you through our financials.