Okeanis Eco Tankers Corp.

results presentation. We will begin shortly. Aristides Alafouzos, CEO and Herakles Barounis, CFO of Okeanis EcoTankers, will take you through the presentation. And we're pleased to address any questions raised at the end of the call. I would like to advise you that this session is being recorded. Herakles will begin the presentation now.

Thank you. Welcome everyone to the presentation of Okeanis EcoTankers results for the second quarter of 2025. We will discuss matters of the forward-looking nature and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on slide two. Starting on slide four and the executive summary. I'm pleased to present the highlights of the second quarter of 2025. We achieved fleet-wide time charter equivalent of about $50,500 per vessel per day. Our VLCCs were almost at 50,000. and our series maxes at $51,500. We report adjusted EBITDA of $47.3 million, adjusted net profit of $26.7 million, and adjusted EPS of $0.83. Continuing to deliver on our commitment to distribute value to our shareholders, our board declared the 13th consecutive distribution in the form of a dividend of $0.70 per share. Total distributions over the last four quarters stand at $1.82 per share, or approximately 9% of our earnings for the period. On slide five, we show the detail of our income statement for the quarter and the first half of 2025. TC revenue for the six-month period stood at 113 million. EBITDA was almost 80 million, and reported net income was over 39 million, or $1.23 per share. Moving on to slide six and our balance sheets, we ended the quarter with 65 million of cash, Balance sheet debt was $631 million. Book leverage stands at 57%, while our market-adjusted net LTV, based on the most recent broker values, is around 40%. On slide 7, we go over our main driver behind our operational and commercial performance. That's our fleet. We have a total of 14 vessels, 6 series maxes and 8 VFCCs, with an average age of only 5.9 years. That's the youngest fleet. amongst listed crude tanker piers. All vessels are built in South Korea and Japan, are scrubber-fitted and eco-designed. From a capital expenditure perspective, we're in a very good spot, with only our two 2020 built Suez Maxes scheduled to undergo their five-year dry dock at the end of the third and beginning of the fourth quarter later this year. In 2026, we only have one Suez Max for the entire year. Slide 8. Moving on to our capital structure, in May we announced that we declared the option to purchase back our three Chinese lease vessels, the Nisos Nikurya, Nisos Kea, and Nisos Anafi. The Nisos Nikurya and the Nisos Anafi have been refinanced with a Greek bank at very attractive terms, priced at 140 basis points over software, seven years maturity, and competitive amortization profile. The Nisos Kea has been refinanced with a syndicate of Taiwanese banks led by ESAN, At similarly attractive terms, priced at 135 basis points over SOFR, with seven years maturity and also competitive amortization profile. The Nisos Nikouria and the Nisos Kea transactions closed in June within the second quarter, while the Nisos Anafi closed last week at the beginning of August. With respect to the Nisos Nikouria and the Nisos Kea, we recorded in our second quarter P&L a non-cash, non-recurring write-off of the unamortized portion of the previously recorded modification gain of approximately 1.1 million. This relates to a non-cash modification gain recorded in 2024 under our IFRS accounting policies due to the amendment of the then-applicable terms and reduction of margin negotiated with our financiers. No such modification gain was recorded with the NISO-SANAFE. As such, we do not expect a similar write-off in the third quarter. These recent refinancing transactions underscore the strong confidence our financiers have in Okeanese and the resilient, well-balanced capital structure we have built. They have lowered financing margins by 55 to 60 basis points, extended average maturities by roughly a year and a half per vessel, and further strengthened our cost efficiency. We expect to realize annual interest savings of around $1 million in the first year alone, while reducing our daily cash break even by more than $1,000 per vessel per day. Our loan maturities are now staggered between 2028 and 2032, and we are set to soon turn our attention to declaring and refinancing the last of our legacy leases on the Nisus Vigna and Nisus Despotiko in the first half of next year. If our last transactions are indicative of what we can achieve, buying back these two vessels will present a compelling opportunity to deliver another meaningful improvement in our capital structure, and drive break-even costs even lower. Before passing it on to Aristide, this taking the opportunity, and as we have been going through the highlights of the quarter, since our last call in May, I'm pleased with the further expansion of the universe of equity research coverage on our name. In the spring, the D&B merger with Carnegie closed, effectively getting us covered by the combined team. And recently, we had our second US analyst, Jeff Rees, initiating coverage. As we continue our work to expand our investor base and sell the story of our vision of becoming the public platform of choice within the crude oil tanker space for investors and other stakeholders, these are important milestones within our still young journey in the public capital markets. So thank you to the teams of the new and older analysts and the work that they put. I will now pass the presentation to Aristides for the commercial and market updates.

Thank you, Akhil. Q2 was a clear improvement from Q1. We had a fleet wide TC climbing over 12,000 per day, quarter on quarter. We had a 100% utilization in both our, in the segments we own on the VLCs and the SWOs Maxes. And I think what made the difference this quarter is how we use the fleet's flexibility to adapt to the market dynamics of that quarter. On the VLCC side, we kept our balance of east and west positions while capitalizing on front-haul voyages from the west to the east to lock in strong earnings. We fixed two vessels to go east on these long-haul voyages which were profitable, and then fixed them after they discharged in the east on, again, profitable westbound backhauls. We fixed another VLCC from Guyana to the Far East at attractive levels. And importantly, we cleaned up another VLCC that loaded diesel in the AG for discharge in Europe at attractive levels. And that gave us a dual benefit of strong earnings on the voyage itself, as well as optimizing back in the West ahead of before. So we put a lot of focus on both fixing ships to come from the West to the East that we positioned to lock in these like strong front haul earnings, but we need to keep bringing ships from the East to the West when we