• The **FedEx** of crude oil.
• Imagine **Maersk**, but exclusively transporting crude oil in tankers.

• Crude Oil Tanker Services: Providing global seaborne transportation of crude oil and dirty petroleum products using a fleet of modern Very Large Crude Carriers (VLCCs) and Suezmax tankers.
• Vessel Chartering: Leasing its crude oil tankers to customers under time charter or spot market agreements for the transport of liquid bulk cargo.

Okeanis Eco Tankers (symbol: ECO) operates a fleet of modern crude oil and refined petroleum product tankers, providing seaborne transportation services globally. As such, the company sells its services primarily to other companies rather than individuals.

Due to the highly competitive and diversified nature of the tanker shipping market, where contracts often involve both spot market voyages and various duration time charters with a broad range of charterers, Okeanis Eco Tankers typically does not publicly disclose the specific names of its major customers in its financial reports or investor communications. Customer relationships are generally diversified, and no single customer consistently accounts for a significant portion of revenue that would necessitate individual disclosure under regulatory requirements.

However, based on the industry standard for crude oil and product tanker services, the major categories of companies that would constitute Okeanis Eco Tankers' customer base include:

• International Oil Companies (IOCs): These are large, integrated multinational energy companies involved in the entire oil and gas value chain, from exploration and production to refining and marketing.

  Examples of public companies that are major players in the global oil market and typically charter tankers (these are illustrative examples of potential customer types, not confirmed direct customers of ECO):

  • ExxonMobil (XOM)
  • Chevron (CVX)
  • Shell plc (SHEL)
  • BP p.l.c. (BP)
  • TotalEnergies SE (TTE)

• National Oil Companies (NOCs): State-owned entities that control and manage their respective countries' oil and gas resources. While many NOCs are not publicly traded, some are or have publicly traded subsidiaries.

  Examples of public companies/entities that are major players in the global oil market and typically charter tankers (these are illustrative examples of potential customer types, not confirmed direct customers of ECO):

  • Saudi Aramco (2222.SR - listed on Tadawul, Saudi Arabia)
  • Equinor ASA (EQNR) (majority state-owned, but publicly traded)
  • PetroChina Company Limited (PTR)

• Independent Oil Traders and Commodity Houses: Companies specializing in the global trading, storage, and logistical movement of crude oil and petroleum products, often acting as intermediaries between producers and refiners.

  Examples of public companies involved in large-scale commodity trading, including oil (these are illustrative examples of potential customer types, not confirmed direct customers of ECO):

  • Glencore plc (GLEN.L) (a diversified commodity trader with significant oil trading operations)
  • Other major players like Vitol and Trafigura are typically private companies.

• HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (KRX: 009540)
• Samsung Heavy Industries Co., Ltd. (KRX: 010140)

Aristidis Alafouzos, Chief Executive Officer

Aristidis Alafouzos has served as Okeanis Eco Tankers' Chief Executive Officer since December 2022, after previously holding the position of Chief Operating Officer from 2018. He has worked with Kyklades Maritime Corporation (KMC) for eight years, focusing on chartering, projects, and vessel sale and purchase. The Alafouzos family founded Okeanis Eco Tankers and has a long history in shipping, dating back to 1964, having established a shipping empire that includes Glafki Maritime and Kyklades Maritime, alongside interests in media and property. He holds an M.Sc. in Shipping Trade and Finance from Bayes Business School (formerly Cass Business School) and a degree in International Relations from Boston University. Mr. Alafouzos has been a board member of Gard P. & I. LTD since 2019.

Iraklis Sbarounis, Chief Financial Officer

Iraklis Sbarounis joined Okeanis Eco Tankers as Chief Financial Officer in January 2023. He brings extensive experience from his 14-year tenure at the TMS Shipping Group, where he most recently served as Group CFO. Prior to that, he was the CFO, Corporate Secretary, and Director of Ocean Rig UDW (formerly listed on NASDAQ) until its merger with Transocean in 2018, and also served as its VP Business Development. He began his career in investment banking with BNP Paribas. Mr. Sbarounis has broad experience in corporate finance, commercial, and investment matters within the shipping industry and capital markets. He is also a director in Res Capital S.A., a private equity firm. He holds a B.S. in Management Science from the Massachusetts Institute of Technology (MIT) and an M.Sc. in Finance and Economics from the London School of Economics and Political Science (LSE).

Christopher Papaioannou, Chief Commercial Officer

Christopher Papaioannou has served as Okeanis Eco Tankers' Chief Commercial Officer since May 2023. He started his career in the chartering department of Kyklades Maritime Corporation (KMC). Before becoming CCO, he was the Head of Chartering for OET Chartering Inc., a wholly-owned subsidiary of Okeanis Eco Tankers Corp., from June 2018. He holds a Bachelor's degree in Economics from New York University.

Michalis Moraitakis, Chief Operating Officer

Michalis Moraitakis serves as Okeanis Eco Tankers' Chief Operating Officer. He previously held the position of Bunkers & Special Projects Manager within the company. Before joining OET, Mr. Moraitakis was the Financial Controller at Kyklades Maritime. He began his career as an auditor at Deloitte and possesses expertise in financial modeling, budgeting, strategic decision-making, and auditing. He holds an M.Sc. in Shipping, Trade & Finance from Bayes Business School (formerly Cass Business School) and is ACCA qualified.

Alexandros Giannoulas, Chief Accounting Officer

Alexandros Giannoulas has been Okeanis Eco Tankers' Chief Accounting Officer since the company's inception in 2018. Prior to this, from 2005 to June 2018, he was the Head of the Accounting Department at Kyklades Maritime Corporation. His background includes serving as an auditor at Grant Thornton from 2000 to 2005 and as an internal auditor at KATHIMERINI S.A., a company listed on the Athens Stock Exchange, from 2011 to 2015. Mr. Giannoulas holds a degree in Economics from the National and Kapodistrian University of Athens.

The following are clear emerging threats for Okeanis Eco Tankers (ECO):

• Accelerated Global Decarbonization and Decline in Fossil Fuel Demand: The global energy transition towards renewable energy sources and electric vehicles represents a clear emerging threat. As countries and industries commit to net-zero targets and reduce their reliance on fossil fuels, the long-term demand for crude oil and refined petroleum products, which are the primary cargoes for Okeanis Eco Tankers, is projected to decline. This fundamental shift impacts the core business model by potentially reducing future cargo volumes available for transport, leading to oversupply in the tanker market and depressed freight rates.

• Increasing Stringency of Environmental Regulations and Carbon Pricing in Shipping: Beyond existing regulations such as IMO 2020, EEXI, and CII, there is a clear trend towards much stricter environmental regulations and the implementation of carbon pricing mechanisms for the maritime industry. Examples include the inclusion of shipping in the European Union's Emissions Trading System (EU ETS) and ongoing discussions within the International Maritime Organization (IMO) for a global carbon levy or fuel standard. These emerging regulations will impose significant operational costs on vessels, particularly those with higher emissions, or mandate costly investments in new propulsion technologies or alternative fuels, potentially accelerating the obsolescence of even modern conventional tankers and requiring substantial capital expenditure for upgrades or newbuilds compatible with future standards.

Okeanis Eco Tankers (ECO) primarily operates in the seaborne transportation of crude oil and refined products, utilizing a fleet that includes Very Large Crude Carriers (VLCCs) and Suezmax tankers.

The addressable markets for their main products and services are as follows:

• Global Crude Oil Carriers Market: This market, which encompasses VLCCs, was valued at approximately USD 257.37 billion in 2024 and is projected to reach nearly USD 357.68 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.2% from 2025 to 2032.
• Global Suezmax Oil Tanker Market: This market is projected to reach an estimated market size of $45 billion by 2025, with a CAGR of approximately 6.5% through 2033. Another estimate places the market size at $15 billion in 2025, with a projected CAGR of 5% from 2025 to 2033. The Suezmax oil tanker market is expected to grow at a CAGR of 2.50% during the forecasted period of 2025 to 2032.

Here are 3-5 expected drivers of future revenue growth for Okeanis Eco Tankers (ECO) over the next 2-3 years:

1. Strong Spot Market Performance and High Time Charter Equivalent (TCE) Rates: Okeanis Eco Tankers has consistently demonstrated strong operational performance, achieving fleet-wide TCE rates that have outperformed its peers. For instance, in Q3 2024, its VLCCs and Suezmaxes significantly outranked competitor performance in the spot market. Continued strength in the crude tanker spot market, driven by supply-demand dynamics, is expected to be a primary driver of revenue growth. Future positive booking rates, as seen with improved Q2 2025 VLCC and Suezmax spot bookings, indicate sustained strong market conditions that can boost revenue.
2. Modern, Eco-Friendly Fleet Offering a Competitive Advantage: The company's young and eco-friendly fleet provides a competitive edge in the market. With increasing environmental regulations and a global push for more sustainable shipping, Okeanis's modern vessels are well-positioned to command higher charter rates and secure favorable contracts due to their fuel efficiency and lower emissions. This operational advantage is expected to continue to attract customers and contribute to revenue growth.
3. Increased Ton-Mile Demand and Geopolitical Factors: The outlook for 2025 includes expectations of increased ton-mile demand, partly influenced by potential geopolitical shifts impacting global oil exports. Longer shipping routes, often a consequence of geopolitical realignments or sanctions, necessitate more vessel operating days and can lead to higher freight rates, thereby driving up revenue for tanker operators like Okeanis Eco Tankers.
4. Fleet Optimization and Operational Efficiency: Okeanis Eco Tankers prioritizes maintaining its fleet's operational efficiency through timely dry dock completions and strategic fleet management. A well-maintained and efficiently run fleet ensures high utilization rates and reliability, which are crucial for securing continuous employment for its vessels and maximizing revenue-generating days. This focus on operational excellence supports the company's ability to capitalize on strong market conditions.

Share Repurchases

• Okeanis Eco Tankers distributed $0.66 per share for Q4 2023, contributing to total shareholder returns of $140 million over the four quarters of 2023.
• In 2023, significant capital distributions included approximately $51.5 million ($1.60 per share) in June, $48.3 million ($1.50 per share) in September, and $19.3 million ($0.60 per share) in November, all classified as a return of paid-in-capital.
• For Q4 2022, a return of capital of $1.25 per share was declared and subsequently paid in March 2023.

Capital Expenditures

• The company undertook "five or six planned drydocks" in 2024, indicating ongoing capital expenditures for fleet maintenance and upgrades.
• In June 2025, Okeanis Eco Tankers secured a $65 million loan to finance the repurchase of the vessel Nissos Kea, a strategic move aimed at enhancing its capital structure and supporting future growth.
• Okeanis Eco Tankers operates a fleet of modern scrubber-fitted VLCC and Suezmax tankers, reflecting previous capital allocation towards fuel-efficient and environmentally compliant vessels.