Q4 & FY 2019 Presentation February 28, 2020 Disclaimer This - PowerPoint PPT Presentation

Q4 & FY 2019 Presentation February 28, 2020

Disclaimer This presentation (the “Presentation”) has been prepared by Okeanis Eco Tankers Corp. (the “Company”). The Presentation reflects the conditions and views of the Company as of the date set out on the front page of this Presentation. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecasted developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results . The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. 2 OKEANIS ECO TANKERS Q4 2019 PRESENTATION

Highlights Adjusted EBITDA of $38.9m. Q4 2019 Q4 2018 FY 2019 FY 2018 VLCC Daily TCE $38,400 n/a $35,700 n/a Net income of $17.7m. Suezmax Daily TCE $49,500 $20,260 $27,300 $20,000 Commercial Aframax/LR2 Daily TCE $41,200 $21,060 $25,300 $19,600 In January 2020, OET took delivery of its eighth Performance and final VLCC NB (Nissos Anafi). Fleetwide Daily TCE $41,700 $20,630 $29,300 $19,800 USD per day Fleetwide Daily Opex $7,540 $6,850 $7,300 $6,900 Also in early January 2020, OET completed its Timecharter Coverage 1 57% 63% 52% 62% scrubber retrofit program for the Suezmax fleet. TCE Revenue $49.5 $12.3 $100.3 $21.2 Remaining scrubber retrofits (in connection Income Adjusted EBITDA $38.9 $7.1 $70.4 $11.7 with first special survey): Statement Nissos Therassia – Feb. 2020 Net Profjt / (Loss) $17.7 ($0.7) $11.4 ($3.0) USDm exc. Nissos Schinoussa – Apr. 2020 EPS Earnings / (Loss) Per Share 2 $0.54 ($0.03) $0.35 ($0.14) Nissos Heraclea – May 2020 Total Interest Bearing Debt $732.7 $339.9 $732.7 $339.9 The Company lost its arbitration against Ocean Yield; Total Cash (inc. Restricted) $16.8 $21.1 $16.8 $21.1 Balance the four VLCCs will remain on bareboat charter. Sheet Total Assets $1,110.8 $668.5 $1,110.8 $668.5 USDm The Board of Directors has decided to postpone Total Equity $341.7 $316.4 $341.7 $316.4 implementation of dividend policy Leverage 3 68% 50% 68% 50% (please refer to slide 11). NOTES: 1) Timecharter Coverage calculated as time charter days divided by total operating days. 2) Earnings / (Loss) per share based on weighted average number of shares outstanding during the period. 3) Leverage calculated as net debt over net debt plus book equity. 3 OKEANIS ECO TANKERS Q4 2019 PRESENTATION

Commercial Performance – Q4 2019 Actuals Q4 2019 VLCC SUEZMAX AFRAMAX/LR2 FLEETWIDE Days % of Total TCE Rate 1 Days % of Total TCE Rate 1 Days % of Total TCE Rate 1 Days % of Total TCE Rate 1 Timecharter 487 78% $31,200 92 32% $23,200 92 33% $19,300 671 57% $28,500 Spot 138 22% $63,800 192 68% $62,100 184 67% $52,100 514 43% $59,100 Total 625 100% $38,400 284 100% $49,500 276 100% $41,200 1,185 100% $41,700 Calendar 628 368 276 1,272 Operating 2 625 284 276 1,185 Utilization 100% 77% 100% 93% All eight VLCCs have now All four Suezmaxes now Both Aframaxes in the OET took advantage of delivered, with four trading equipped with scrubbers. spot market continued market strength at the in the spot market. to trade predominantly start of the year and fixed All retrofits took place in the Mediterranean multiple longer voyages. Strategy of fixing AG-Korea in Turkey, placing our and Black Sea. runs allowed us to maximize Suezmaxes in optimal We are now taking distance of this route while position to load long-haul Strategy of fixing short advantage of current maintaining ability to re-fix Black Sea cargoes to the voyages with limited market weakness to Comments into a rising market. East. waiting time to maintain complete our scrubber a continuous presence retrofit program on our Our VLCCs were able to Sailing distances and East in a firming market Aframax/LR2 fleet. procure the cheapest runs have increased since throughout Q4. HSFO bunkers in Fujairah October 2019. OET has the optimal fleet to maximize our scrubber Both Aframaxes were fixed to capture upside of market benefit. into longer voyages end rebound in 2H20. Q4/early Q1 to lock in high rates. NOTES: 1) Daily TCE rates based on operating days and net of commissions and voyage expenses. 2) Operating days calculated as calendar days less aggregate technical off-hire days. 4 OKEANIS ECO TANKERS Q4 2019 PRESENTATION

Commercial Performance – Q1 2020 Guidance 278 days 77% 1Q20 TC - To Date I 1Q20 Spot - To Date I % of 1Q20 Spot Days Fixed $100,000 $90,000 220 days $80,000 83% $70,000 TCE Rates, USD/day $60,000 127 days $100,200 $50,000 92% $40,000 372 days $76,500 100% $30,000 91 days 91 days $46,500 100% 100% $20,000 $32,600 $10,000 $18,700 $18,600 - 4x Koch TCs & 1Q20 Milos TC 1 1Q20 Nissos 1Q20 1x Short TC Spot To Date Spot To Date Heraclea TC 2 Spot To Date Ex-Yard VLCC Suezmax Aframax/LR2 NOTES: 1) Daily TCE excluding profjt share and including impact of straight line accounting treatment of time charter revenue. 2) Daily TCE including impact of straight line accounting treatment of time charter revenue. 5 OKEANIS ECO TANKERS Q4 2019 PRESENTATION

Financial Review – Income Statement Q4 2019 Fleetwide TCE of Income Statement $41,700 per operating day USD Thousands, except per share amounts Q4 2019 Q4 2018 FY 2019 FY 2018 VLCC: $38,400 TCE Revenue $49,477 $12,246 $100,330 $21,214 per operating day Vessel operating expenses (8,827) (4,121) (24,452) (7,760) Suezmax: $49,500 per operating day Management fees (764) (387) (2,186) (736) Aframax/LR2: $41,200 General and administrative expenses (1,011) (608) (3,329) (1,068) per operating day EBITDA $38,875 $7,131 $70,362 $11,650 Fleetwide opex of $7,540 Depreciation and amortization (9,256) (3,921) (24,586) (7,325) per calendar day Other expenses (496) – (496) – (inc. mgmt. fees) EBIT $29,123 $3,210 $45,280 $4,325 G&A of $795 per calendar day Net fjnancial expense (11,420) (3,947) (33,896) (7,345) Adjusted EBITDA of $38.9m Net Profjt / (Loss) $17,703 ($737) $11,384 ($3,019) Earnings / (Loss) per share - basic & diluted $0.54 ($0.03) $0.35 ($0.14) Profit of $17.7m or $0.54 / NOK 4.91 per share Wtd. avg. shares - basic & diluted 32,739,851 28,590,000 32,263,264 21,250,898 NOTE: 1) Basis USD:NOK of 9.10 as of December 31, 2019 6 OKEANIS ECO TANKERS Q4 2019 PRESENTATION

Financial Review – Balance Sheet Total cash of $16.8m Balance Sheet USD Thousands Dec 31. 2019 Dec 31. 2018 Assets Total assets of $1,110.8m Cash & cash equivalents $13,396 $18,083 Restricted cash 3,410 3,000 Vessels, net 1,007,993 396,374 Total interest bearing debt of $732.7m Newbuildings 56,267 238,212 Other assets 29,768 12,830 Book leverage of 68% Total Assets $1,110,834 $668,499 Shareholders’ Equity & Liabilities Shareholders’ equity $341,694 $316,370 Total equity of $341.7m Interest bearing debt 732,706 339,888 Other liabilities 36,434 12,241 Total Shareholders’ Equity & Liabilities $1,110,834 $668,499 Book value of equity of $10.44 / NOK 95.0 1 per share NOTE: 1) Basis USD:NOK of 9.10 as of December 31, 2019 7 OKEANIS ECO TANKERS Q4 2019 PRESENTATION