Okeanis Eco Tankers Corp. Announces Sale of Three-Vessel Aframax/LR2 Fleet

Okeanis Eco Tankers Corp. (the “Company”) announces that it has signed a memorandum of agreement for the sale of its Aframax/LR2 fleet comprising three vessels (Nissos Therassia, Nissos Schinoussa, Nissos Heraclea) all built in 2015 at H.H.I. South Korea to an unaffiliated third party for a total of $120.75 million. The sale is anticipated to be completed upon delivery of the final vessel to her new owners by latest October 2021.

Following a thorough evaluation of the Company’s net asset value based on current data points in the sale & purchase market and consistent with its Discount Control Mechanism, the Board of Directors (the “Board”) deemed that the magnitude of the Company’s discount to its intrinsic value on both an absolute and relative basis exceeded the acceptable threshold at this point in the tanker market cycle. Furthermore, the sale will remove debt maturities through 2025, reduce the already industry-low average age of the Company’s fleet and improve its emissions performance. The Company calculates that its Aframax/LR2 fleet will have generated a cumulative return on equity of 30% since the Company’s listing on the Euronext Growth exchange in July 2018.

The sale is expected to generate net proceeds of approximately $45 million after repayment of the Aframax/LR2 fleet’s vessel-specific and scrubber debt outstanding at delivery. Upon completion of the sale, the Board intends to propose a shareholder distribution(s) of the majority of the net proceeds. The distribution(s) will be achieved through a write-down of paid-in capital, which requires Board approval only and is not a taxable event.