Okeanis Eco Tankers Corp.

Welcome to OEC's third quarter and nine-month 2022 financial results presentation. We will begin shortly. Aristides Elaphoutos, CEO, and Konstantinos Economopoulos, 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. You can register your questions by pressing star 1 on your telephone keypad at any time. I would like to advise you that this session is being recorded. Konstantinos will begin the presentation now.

Thank you. Welcome to the presentation of Okeanis Ekotanger's results for the third quarter of 2022. We will discuss matters that are forward-looking in nature, and actual results may differ from the expectations reflected in these forward-looking statements. We will start now with slide four, and our executive summary, where we review the highlights of the quarter. The surge in crew tanker ton-mile demand is leading to firm trade recovery and profitability for the company. Our fleet-wide time charter equivalent came in at $38,400 per vessel per day, 28% up compared to the previous quarter, and over 100% compared to a year ago. Leveraging our commercial performance, we report net revenue of $49 million, 36% up compared to the previous quarter, adjusted EBITDA of $37.4 million, 51% up, and adjusted profit of $19 million, or 59 cents per share, more than double compared to the second quarter of the year. Our liquidity position stands at $76 million. Book leverage for the company came in at 64%, while market LTV, based on third quarter broker valuations, some below 60%. Consistent with the company's capital allocation policy, the board has declared a consecutive distribution to shareholders of 10 million or 30 cents per share. We have communicated to the market that our policy is to distribute anything above a cash buffer that we deem sufficient. That cash cushion is not static, but incorporates market and macro events. We will generate significant cash in the fourth quarter, and you can expect a material larger dividend distribution as things stand today. Moving now to slide five, you have seen this slide before, where we summarize our corporate debt and chartering structures. The company is now running on a fully delivered fleet and owns six Suez Maxis and eight PLCCs with an average age of three years. Our financing mix proves the group's financial flexibility and variety in sourcing its capital. Lastly, three of our vessels are currently on long-term contracts that end in the second and third quarter of next year, while the rest of the fleet is trading either sport or under a short-term time charter. I will now hand over to Aristide for our commercial and market update. Thank you, Costadine.

Q3 was the beginning of a great second half of the year. Strategically, we took a decision to reposition the majority of our spot VLCCs into the West. I have explained our logic in the past and hope not to bore you by repeating myself. Europe is replacing its Russian crude by importing backhaul VLCC cargoes from West Africa and the Aegean, among other cargoes. Given the echo and scrubber advantage of our fleet, we can fix these backhaul cargoes at rates that some of our competitors fix for natural round voyages. Due to the huge SPR release in 2022, we knew that the U.S. would have a consistent cargoes for export. These additional barrels coming out of the U.S., in our opinion, would be a key driver for a firm VLC market. And by having ships in the West, we would be in the most natural position to capitalize on it. We knew we would have slightly lower earnings in Q3 due to this repositioning, but it would pay off handsomely in Q4. We executed our strategy, and so far it has been very successful. The Suezmax market has been comparatively far firmer for the year than on the VLTCs. The backhaul and the triangulation potential of the Suezmax lead is far greater than the VLTCs, but with Europe replacing Russian crude from West Africa, NAG, this improved even further. During the quarter, we achieved a fleet YPCE of $38,400 per operating day. Our VLTC generated $27,700 per day in the spot market, a 21% outperformance relative to our tanker peers that have reported Q3 earnings. Taking a more focused look on the activity in our fleet, we brought the Renia West on a backhaul voice by loading in the AG and the Anafi West by loading in West Africa. The VLCC market continues to firm throughout Q3. In the West, we fixed our VLCCs on short West Africa or U.S. Gulf to Europe voyages in order to reopen quickly into what we expected to be a firming market. Anissa's care was also re-delivered from her short PC and entered into our spot fleet. Our Suez Max has generated 68,500 per day on 103 outperformings, percentile performance relative to our tanker peers that have reported Q3 rates. A great quarter on the sewage market. We were able to perform some excellent triangulations as well. On average, our scrubber benefit for the quarter was $275 per metric ton, and we had a quarterly saving across the spot fleet of $9 million. On slide 8, we provide an overview of our guidance for Q4. The positioning on the VLCCs in Q3 is now paying off. Overall, the market is extremely firm. On our ships, any fixture in the east is around $100,000 per day, while in the west, it would be from $105,000 to $125,000 per day, depending on whether you discharge in Europe or in the east. So far in Q4, we have fixed 85% of our VLCC spot days at $75,600 per day, a 34% outperformance relative to our tanker peers that have reported Q3 earnings. And 43% of our SWISMAX spot days at $71,400 per day, a 69% outperformance relative to our Tinker peers who have reported Q3 earnings. We're extremely happy with our performance and our ability to capture most of the current strong momentum. Having a smaller fleet than our peers and the volatility of the LCC market, fixing shorter voyages allows us to recycle the fleet quicker and capture upturns more often. We kept repositioning VLCCs into the west, bringing over the Nisos Nikuria as well. On our western positions, we fixed one VLCC on a long-haul voyage east, while we kept the rest short. We will have about another five VLCC fixtures, both in the west and the east, to charter before the end of Q4. Nisos Nikuria was redelivered to us by time charters and entered our spot fleet. We now have no VLCCs on time charter, other than the Nicios Municipalico, which is a charter from 2020, expiring in June of 2023. We continue to effectively triangulate the Sous-Max fleet as well. We took advantage of the firm market and fixed one vessel on a six-month charter early in the quarter that was open in the east. In the spot Sous-Max fleet, we have another two ships to fix this quarter. I am proud of the chartering team for the work they have done this quarter, which they have started preparing for in late Q1 and early Q2, especially with regard to repositioning the VLTCs in the West. Moving on to slide nine, we have discussed our absolute commercial performance and now moving to a relative commercial performance. The company is achieving best commercial results and outperforming peers since its inception and on average by 20% on the VLCCs and 42% on the Suez Maxis. It is also evident that in good markets, our competitive advantage grows further compared to softer markets. Moving on to slide 10, we focus on crude demand from Asia, in particular China, a major player for our trade. The combination of Chinese stock depletion, top left chart, elevated crude buying, top right, which is backed further through the recent spike in product export quotas on the bottom left, has resulted in significant ton-mile boosts benefiting largely our rail CCs, while it offers Suezmax opportunities in the West as well. On slide 11, we take a closer look at the EU embargo on the Russian crude and its effects on the market. Starting from the top left, the shift in trade patterns is now evident and has resulted in meaningful ton-mile demand, which is further amplified by a surge in crude exports from the Atlantic toward the East. The result of both is incrementally higher global oil on the water, translating to tighter utilization of the fleet and very strong freight rates. Moving on to the next slide, we look at the constructive fundamentals for crude tanker supply side. We believe the supply side is a differentiating factor between the cycles and previous ones. We are looking at the best medium-term supply fundamentals for our sector in more than a decade. In particular, the order book is at historically low levels. There have been almost zero orders so far in the past year. Yard capacity is extremely tight and any new orders are expected to hit the water 2025 the earliest. Based on current data points and conservative assumptions on scrapping, it is expected that 40% of the VLCC fleet and Suezmax fleet to be above the age of 15 years by 2025. That's 40% of the VLCC and Suezmax fleet to be above the age of 15 years by 2025. Regulatory pressures such as CII and EEXI are expected to amplify the positive supply outlook for our sector. My personal view is that meaningful orders cannot be delivered prior to 2026. There are a few yards which can still build a small number of shifts for delivery in 2025, But the large yards that are capable of building a large series of shifts are busy with the container and LNG orders that they currently have. I also believe that we will continue to see orders continuing both of the LNG and container segments going forward. Moving on to slide 13, you've seen this slide many times from us, but we calculate our competitive advantage based on the average bunker spread of around $300. which gives our VLCCs a benefit of $23,000 per day and our Suez Maxes of about $15,500 per day. OAT owns echo and scrubber fitted vessels and holds a significant competitive advantage against 73% of the VLCC fleet and 84% of the Suez Max fleet. Now I'll hand you back to Costadinos to give you a review of our financial information.