Okeanis Eco Tank Stock Price, News & Analysis

Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) has announced its upcoming Q2 2024 results conference call and webcast, scheduled for August 9, 2024, at 14:30 CET. The company will report unaudited interim condensed results for the second quarter and first half year ended June 30, 2024. Participants can join via webcast or conference call, with dial-in details provided for international access, USA, and Norway. The presentation material will be available for download from the company's Investor Relations section prior to the event. For further information, investors can contact CFO Iraklis Sbarounis or reach out to Capital Link for investor relations and media inquiries.

Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) has secured a new $31.11 million senior secured credit facility from Bank SinoPac Co., to finance the repurchase of its Suezmax vessel Poliegos. The financing deal, expected to close in July 2024, carries an interest rate of Term SOFR plus 160 basis points, matures in six years, and includes quarterly repayments of $0.78 million and a balloon payment of $12.44 million at maturity. CFO Iraklis Sbarounis highlighted the transaction as a strategic move to improve the company's capital structure, noting a significant reduction in financing costs and access to new Asian markets. Since June 2023, Okeanis has refinanced its fleet, reducing banking debt costs by 125 basis points on over $550 million in principal and extending maturities to between 2028 and 2031. The company aims to continue optimizing financing for its vessels, including the Nissos Rhenia and Nissos Despotiko, by 2026.

Okeanis Eco Tankers Corp. (NYSE: ECO / OSE: OET), a prominent player in the tanker shipping industry, has announced that its shares will trade ex-dividend at USD 1.10 per common share. The ex-dividend date is June 4, 2024, on the Oslo Stock Exchange and June 5, 2024, on the New York Stock Exchange.

This follows the company's Q1 2024 dividend announcement on May 16, 2024. Shareholders who purchase the stock before these dates will qualify for the dividend payout. This move underlines Okeanis Eco Tankers' commitment to returning value to its investors.

Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) held its 2024 Annual Meeting of Shareholders on May 31, 2024, in Athens, Greece.

All agenda proposals were approved, including the election of seven directors and the ratification of Deloitte as the independent auditors for the year ending December 31, 2024.

The elected directors are Ioannis Alafouzos, Robert Knapp, Daniel Gold, Joshua Nemser, Charlotte Stratos, Francis Dunne, and Petros Siakotos Konstantinidis.

This meeting aligns with the disclosure requirements of the Norwegian Securities Trading Act.

Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) announced new financings for its fleet. The company secured a $60 million senior secured credit facility for the VLCC vessel Nissos Kythnos, provided by Danish Ship Finance A/S. This facility will close in May 2024 and is priced at 140 basis points over the Term SOFR until December 2026. The facility will be repaid in quarterly installments with a balloon payment at maturity. Additionally, a sustainability-linked margin adjustment will start in 2025.

OET also entered a supplemental agreement for the VLCC vessel Nissos Donoussa, reducing its margin to 165 basis points over Term SOFR. CFO Iraklis Sbarounis emphasized these transactions' role in reducing debt costs and enhancing capital structure. This development follows a series of refinancings and financing amendments over the last 10 months.

Okeanis Eco Tankers Corp. (NYSE: ECO / OSE: OET) announced a Q1 2024 dividend of USD 1.10 per common share, classified as a return of capital. The Board approved this dividend on May 15, 2024. Due to the Central Securities Depository Regulation in Norway, shareholders with shares registered in Euronext VPS will receive dividends in NOK. Key dates include:

Last day including right OSE: June 3, 2024.

Last day including right NYSE: June 4, 2024.

Ex-date OSE: June 4, 2024.

Ex-date NYSE: June 5, 2024.

Record date: June 5, 2024.

Payment date: June 20, 2024.

Due to CSDR, dividends to Euronext VPS shareholders will be distributed around June 25, 2024. For further details, shareholders are encouraged to contact their bank or broker.

Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) reported its unaudited financial statements for Q1 2024. The company achieved TCE revenue of $81.0 million and Adjusted EBITDA of $65.2 million. Adjusted profits were $39.6 million, with earnings per share at $1.23. The fleetwide daily TCE rate was $63,600, with VLCC and Suezmax rates at $68,800 and $56,700, respectively. Daily vessel operating expenses averaged $9,208 per calendar day.

For Q2 2024, 82% of VLCC spot days were booked at $75,900 per day, and 57% of Suezmax days were booked at $60,800. The company declared a Q1 dividend of $1.10 per share, payable on June 20, 2024, to shareholders of record as of June 5, 2024. The dividend will be classified as a return of paid-in capital. More details are available on the company's website.

Okeanis Eco Tankers Corp. (NYSE:ECO) will release its unaudited financial results for Q1 2024 on May 16, 2024. The company will host a webcast and teleconference at 13:30 CET to discuss the results. Participants can join the webcast through a provided link or via international conference call. Presentation materials for the event will be available on the company's investor relations website before the webcast. CFO Iraklis Sbarounis and Capital Link's President Nicolas Bornozis are the designated contacts for further inquiries.

Okeanis Eco Tankers Corp. announced its Annual Meeting of Shareholders on May 31, 2024, to elect directors and appoint an independent registered public accounting firm. John Kittmer will not seek re-election, and Mr. Francis Dunne will potentially fill the vacancy. The Company's executive management team remains unchanged. Mr. Dunne brings over 40 years of legal experience in maritime law, adding value to the board. The Company expressed gratitude for Mr. Kittmer's service and looks forward to continued success.