Okeanis Eco Tankers Corp.

Welcome to OIT's first quarter 2026 financial results presentation. We will be in shortly. Aristides Alafouzou, CEO and Herakles Barounis, CFO of Okeanis Ecotankers, will take you through the presentation. We will be pleased to address any questions raised at the end of the call. Matters that are forward-looking in nature will be discussed and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on slide two. I would like to advise you that the session is being recorded. I'd suggest we begin the presentation now.

Thank you for taking the time to join our Q1 2026 call. Q1 was a record quarter for our company. and q1 plus q2 combined will be stronger than any previous year in our company's history in fact the potential distributions tied to this half year are approaching our original listing price in 2018. it is definitely it definitely was and is an exciting stressful challenging and demanding quarter this cumulative pressure surely overshadowed the pleasure of earning so much for our shareholders which is regrettable Q1 began with a sell-off in freight into mid-January, where the market turned by the continued exquisite fundamentals, Venezuela reopening, India diversifying imports, and most importantly, the extremely rapid consolidation of the VLCC market by Sainik or Aponte joint venture. This strength continued until February 28th, where the war in Iran began, and set off a two-, three-, four-week period of unprecedented strength in the tanker market overall. Following this explosive and unbelievable period, the market found a balance at extremely elevated rates, where the loss of cargo from Hormuz closure is offset by ton miles, inefficiencies, vessels trapped inside, and vessels outside waiting for the Hormuz to reopen. Earlier this week, there were over 55 VLCCs in ballast waiting outside the high-risk area for a potential reopening. This doesn't include vessels waiting around Sri Lanka, off India, Singapore, and the Seneca fleet. Values and time chart rates have also seen consistent and profound strengthening throughout the quarter. We're in a period of record income and the anchoring bias on values, freight, time chart ratio 20 years ago doesn't hold anymore. The market needs to recognize this. What is the natural ceiling where rates and values can go? internally at OAT and looking at Q2, one of our greatest challenges going forward is keeping tonnage available for the immediate exposure to a hormones reopening while optimizing our performance. I hand you over to you to go through the financials.

Thanks. Let's have a look at this record quarterly. We achieved fleet-wide time-shutter equivalent of about $93,000 per vessel per day. That's $106,000 per day on our spot, and $104,000 on all operating VLCC days, and $82,000 on our Suezmax operating days, all being swapped. We report adjusted EBITDA of $110 million, adjusted net profit of $89 million, and adjusted EPS of $2.33. This is based on our average share count for the quarter. Our board declared a 16 consecutive quarterly dividend of $2 per share. This represents 88% of our reported net income, i.e. on our current fully diluted share count, post our January equity transaction. This is the highest quarterly dividend amount since the company's inception, although I assume everyone is already modeling our second quarter. Over the last four quarters, we have distributed $5 per share, or 96% of our reported net income for the future. In January, we executed another successful and accreted equity raise of $130 million in gross proceeds against... ...by five. Since our IPO in Oslo, we have distributed approximately two and a half times our initial market cap with over 550 million paid dividends. Since we have had a fully delivered fleet in 2022, we have paid out 91% of our reported debt income, clearly demonstrating our commitment to distributing value to our shareholders. Slide six, we show the detail of our income statement for the quarter. PC revenues stood at $132.2 million. At quarter end, we had $176.5 million of cash that included a portion of the equity earmarked for the acquisition of the Nisus Dikani and Nisus Busch. We also had almost $80 million in trade receivables. Our restricted cash figure, as of March 31st, includes an amount of $45 million we have deposited on short-term against one of our loan facilities, which has the feature that it reduces the interest rate to just 0.5% all in. On a net basis, providing a better return than what we can achieve under our time deposit rates. We may roll forward such cash, characterized as restricted or a different amount, on a short-term basis, depending on our cash flow needs and applicable rates. Our balance sheet debt was $683 million. Our book leverage stands at 41%, while our market-adjusted net MVP, base's latest broker values and pro forma for the acquisitions and recent transactions, is now just over 30%. On slide eight, looking at our fleets, I'm pleased to show the addition of our most recently acquired modern and high-spec vessels. We have a total of 16 vessels on the water, eight Suez Maxis and eight ELCCs, with an average age of only six years, which will further improve once we get delivery shortly of the Nisus-Tigani and Nisus-Boost currently under construction in South Korea. As a reminder, from a maintenance context perspective, our only dry dock for 2026 is that of the Milos 10-year series. Slide 9, moving on to our capital structure. This is a quarterly update that I have been personally looking forward to for a while. We recently announced three new financings for four vessels as follows. We purchased back from its saving leaseback and refinanced in Lithuania with a new $50 million bank loan maturing in seven years, priced at software plus 125 basis points. This transaction closed last week. We will purchase back from its saving leaseback and refinance the initials as put in code with another 50 million bank loan, maturing in nine years, priced at software plus 130 basis points. This transaction is expected to close in early June. We have also signed a 90 million bank loan for the Nisus Tigani and Nisus VOOS, maturing in eight years, priced at software plus 120 basis points. The Tigani will close in a couple of weeks and the VOOS in early July. We have taken advantage of the very competitive financing market and our financiers' appetite to transact with us. Our most recent transactions have demonstrated the relationships and track record we have developed in two key banking markets for us, in Greece and in Taiwan. We now have staggered maturities all the way through 2035, extremely attractive pricing, and we have finally put behind us all our legacy saving expense. On slide 10, we look at our pricing on a vessel by vessel. All our loans are now priced below 2% with a weighted average margin, of 1.47%. That's an improvement of more than 200 basis bonds compared to where we were prior to the LIBOR to SOFR transition in mid 2023. On a consolidated debt of over 750 million, that's for format for the upcoming drawdowns, that's an impact of more than 15 million a year, straight into the bottom line. Quarter on quarter for a while, we have been seeing the material improvement into our interest expense. starting in q3 of this year when all this will have concluded we expect to see the full effect we're extremely happy with where we are today but of course by nature we continuously monitor the market for opportunities that may further optimize our structure trying to improve one or all aspects of our best structure whether it's pricing tenure amortization profile or other terms that might add flexibility energy i will now turn it back to our cities for the commercial market