Okeanis Eco Tankers Q4 2025 Earnings Call - Accretive fleet buys meet a structurally tighter crude tanker market led by Venezuelan flows and Sinokor consolidation

Moderator/Operator: Welcome to OET’s fourth quarter 2025 financial results presentation. We will begin shortly. Aristidis Alafouzos, CEO, and Iraklis Sbarounis, CFO of Okeanis Eco Tankers, will take you through the presentation. They 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 2. I would like to advise you that this session is being recorded. Aristidis will begin the presentation now.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Thank you. Since August of last year, the large crude tanker market entered the freight cycle that we’ve been waiting for and prepared for all these years. This is a unique opportunity to have exposure to a fleet that is on the water and able to capitalize today. For a shipping investor, on-the-water exposal, exposure is critical in the current circumstances. As our conviction strengthened after the summer, we executed two opportunistic transactions and acquired four resale Suezmax new buildings from Korea. The first two have already delivered, one has loaded her first cargo, and the other one is about to load, while the remaining two will be delivered in the next two, three months. We have already had a structurally strong freight market with strong asset values.

But we added the Venezuelan barrels coming back to the normal fleet and the new trade flows that creates. India materially reducing Russian imports, the Iranian question looming, and likely, most importantly, Sinokor consolidating the VLCC market in a manner that has not been done before. They are currently owning and operating and waiting to be delivered a fleet of around 150 VLCCs. As a result, our NAV has been consistently and rapidly increasing and our NAV premium attempting to continue to catch up, but it has somewhat compressed, especially given these absolutely unique fundamentals in our market. We currently have no additional opportunistic transactions in play. Our focus is clear: disciplined outperformance and maximizing shareholder returns through both dividends and sustainable share price appreciation. We will catch up later, and I’ll hand you over to Ira right now.

Iraklis Sbarounis, CFO, Okeanis Eco Tankers: Thanks, Aristidis. Let’s dive into it. Starting on slide four and the executive summary, I’m pleased to present the highlights of the fourth quarter of 2025. We achieved fleet-wide time charter equivalent of about $77,000 per vessel per day. Our VLCCs were at $92,000, and our Suezmax is at $53,000. We report adjusted EBITDA of $79 million, adjusted net profit of $60 million, and adjusted EPS of $1.78. This is basis our average share count for the quarter. Continuing to deliver on our commitment to distribute value to our shareholders, our board declared the fifteenth consecutive quarter distribution in the form of a dividend of $1.55 per share.

With visibility on very strong Q1 fixtures and our outlook on the market, that figure represents 102% of our net income, i.e., on our current fully diluted share count, post our recent equity transactions. Total distributions over the last four quarters stand at $3.32 per share, or approximately 95% of our reported net income for the period. In November, we executed a successful and accretive equity raise of $115 million in gross proceeds against the acquisition of the Nissos Piperi and Nissos Serifopoula that were delivered by the yard in early January.

This quarter, we did another similar transaction, bringing the total amount of gross proceeds raised to $245 million, acquiring at the same time another two recent Suezmaxes, which are expected to be delivered to us in the second quarter. Moving on to slide 5. Since our IPO in Oslo, we have distributed over two times our initial market cap with over $461 million in dividends paid. Since we have had a fully delivered fleet in 2022, we have paid out 92% of our reported net income, clearly demonstrating our commitment to distributing value to our shareholders. On slide 6, we show the detail of our income statement for the quarter and the full year 2025.

TC revenue for the year stood at $265.4 million, EBITDA was almost $204 million, and the reported net income was about $130 million, or $3.77 per share. Moving on to slide 7 and our balance sheets. We ended the year with $122.5 million of cash. That included a portion of the equity earmarked for the acquisition of the Nissos Piperi and Nissos Serifopoula a couple of weeks after. We also had, at the end of the year, approximately $85 million in trade receivables. Our balance sheet debt was $605 million, and we subsequently drew $90 million for the two Suezmaxes.

Our book level stands at 46%, while our market-adjusted net FVP, based on latest broker values and pro forma for the acquisition and recent transactions, is around 35%. Slide 8, looking at our fleet. I’m pleased to show the addition of 4 modern and high-spec vessels. We have a total of 16 vessels on the water, 8 Suezmaxes and 8 VLCCs, with an average age of only 6 years, which will further improve once we get delivered in Q2 of our 2 Suezmax resales currently under construction in South Korea. With the Nissos Sifnos and Nissos Sikinos dry docks out of the way in Q4 of last year, our only dry dock for 2026 is that of the Nissos Milos ten-year survey. Slide 9, moving on to our capital structure.

I have been very pleased with how our capital structure has been shaping up with our recent refinancings and new financings for the recently acquired vessels. Our margin has improved by about 140 basis points, with meaningful further reduction expected once we decide how to refinance the Nissos Rhenia and Nissos Schinoussa. The Nissos Piperi and Nissos Serifopoula were financed by the Greek market at record terms at 130 basis points over SOFR for 7- and 8-year terms respectively. The debt financing market continues to be open and extremely competitive for us as we’re exploring our options for the four vessels in the second quarter. Slide 10. We wanted to spend some time going through the two transactions we executed since our last quarterly updates.

In November, we raised $115 million at 35.5 per share, priced at roughly 1.25 times our NAV at the time. In January, we followed with $130 million at $36 per share, priced at approximately 1.2 times our NAV at the time. Both transactions were heavily oversubscribed, executed a significant premium to NAV, and were completed with third-party vessels locked on subjects. That combination is extremely rare. Very few companies, particularly in shipping, have been able to raise equity at a significant premium to NAV, secure modern tonnage, execute cleanly, and immediately create value for shareholders, and we managed all four. And here’s the most important one: Since those two raises, shareholders have generated more than 20% return, plus dividends.

That is not theoretical accretion, that is realized value. We view it as a very strong statement of our shareholder-aligned capital allocation discipline. We do not raise equity to grow for growth’s sake. We decide to raise equity when it is accretive, it lowers break-even, it strengthens the balance sheet, it enhances per share value, and increase company share trading liquidity. Both transactions match those parameters. Slide 10, 11. Walking through the mechanics for the first transaction, vessel acquisition price was $97 million each. Imputed price, taking into account the NAV arbitrage on the equity portion of the funding of the transaction, implies $85.5 million. On the second transaction in January, vessel acquisition price, $99.3 million. Imputed price after the NAV arbitrage implies $88.5 million.

We effectively acquired recent vessels with prompt delivery at the cost of a new build. Now, the pure capital markets arbitrage. Above NAV acquisitions funded asset par, asset purchases at or below NAV, resulting in immediate NAV accretion. But it didn’t stop there, and as I briefly mentioned before, the raises also increased free float and liquidity, expanded and diversified the shareholder base, strengthened capital markets credibility, and reduced fleet-wide break-even levels. Importantly, we executed while asset values were rising. So not only did we buy accretively, we bought ahead of further appreciation. We consider this a textbook example of shareholder-friendly execution. Growth only makes sense when it improves per share economics, and that is the filter we apply. I will now pass over the presentation back to Aristidis for the commercial market update.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Thank you, Efthimios. Again, we had another great quarter. OET, Q4 was a fantastic quarter with a consistent strong freight market and appreciating asset values. We positioned our fleet to take advantage of the seasonal strong quarter, and this year it worked out for us quite well. The market dipped, aggressively right after Christmas on the VLCCs, but we were lucky to have limited exposure during this brief window. Fleet-wide TC came in around $76,700 per day, with $92,000 on our VLCCs and $53,100 on Suezmaxes, and we achieved 100% utilization across the fleet. Q4 looked like it would be a strong quarter since August, when rates in the spot market and futures started moving in a period that is usually quiet.

On the Suezmaxes, as usual, we tried to minimize waiting time, fix shorter voyages as the market was going up through the quarter, and triangulate as best as possible. We were penalized by dry docking our two 2020-built Suezmaxes in China. The freight rates to move out east were actually the discount to the local Western voyages, while the backhauls were also below round-trip economics. We have a Suezmax requiring dry dock this year, and we are strongly considering putting her into dry dock in Turkey, which is slightly more expensive as a dry dock cost, but we’ll be able to earn a lot more, as we do not have to position her and reposition her outside of our preferred trading areas. On the VLCCs, we were quite pragmatic.

On our western positions, we fixed long voyages to go east and capture the front-haul economics, and on the vessels in the east, we minimized waiting time to optimize time, TC, time charter equivalent, while also fixing a couple backhauls when we were able to find the cargo offer dates and achieve a triangulated outperformance over the equivalent round voyage. The Nissos Rhenia was lucky to fix a voyage loading in the Aegean and discharging in the US Gulf. Her next voyage had the no ballast passage. This was the first quarter where our VLCCs outperformed our Suezmaxes since Q2 2024.... Q1 started with a bang. We already had an excellent structural setup in crude tankers. Then, as a New Year’s gift and Christmas gift as well, two developments reinforced the market.

Venezuelan barrels returned exclusively to the compliant fleet, and Sinokor aggressively consolidating the VLCC market, controlling over 90 ships and now operating roughly 150 vessels. We will elaborate on both shortly. We think that our Q1 guidance is strong. We have very strong fixtures from Q4 flowing into Q1, and even stronger fixtures getting concluded in Q1. We fixed a 12-month charter at $91,000 and $140 on the Nissos Nikouria. While I strongly believe our spot vessels will outperform this over this year, we still have another 15, soon to be 17 spot ships, and we deemed it prudent.

In addition, the previous batch of fixtures in the mid-$70,000s were quite low, and we took the opportunity to set the bar higher, which has now been set even higher with multiple fixtures done at $100,000 per day for 12 months. At the moment, we do not have any interest to fix further ships on T/C, but with the volatility and rapidly appreciating market, this could change, even though we really like and want to continue our current spot exposure. As of today, we have 67% of our VLCC spot days fixed at $104,200 per day, and 64% of our Suezmax days fixed at $84,600 per day, giving us a fleet-wide average about $94,800 per day on the fixed portion, roughly two-thirds of the quarter.

On the VLCCs, we fixed a combination of longer and shorter voyages in order to structure their next fixing cargo fixing windows. The Suezmaxes have also been performing wonderfully, with many opportunities for them to earn over $100,000 a day. Take note that our Q1 guidance also includes repositioning our two new build vessels from South Korea into the West, where we like to trade our ships. We secured crude cargoes on both vessels from West Africa, where now they’re going to move up into our preferred areas. CPC Black Sea volumes have resumed at full force, as the SPM that was damaged a few earlier is back in use. This is a great support on the Suezmax market, as we see around 40 cargoes a month from that port alone.

While recently, we have seen these barrels also getting sold into the East, which has not been the case for months. This is very supportive ton miles, as a vast majority of the flows usually go into Europe. Another large factor in the strength of the market and our earnings has been the Venezuela being back in the open market. But again, we’ll talk about this Sinokor and sanctions in the following slides. We were able to capitalize on many opportunities in this quarter and look to do so going forwards. On slide 15, apologies for the repetitive slide, and I’ll keep this one brief. Since Q4 2019, we’ve generated approximately $235 million of cumulative outperformance versus our peers. So this is a 22% outperformance on our Vs and 39% outperformance on our Suezmaxes over a 5.5-year period.

This reflects consistent commercial execution, not just one strong quarter. On the following slide, we look a little bit at the order book and the fleet structure. The order book has grown on the VLCCs since our Q4 report, but context matters. If we consider the 20-year mark as the end of the useful life of a normal fleet vessel, the fleet is declining year by year. We saw an interesting development of how a change in sanctions affects oil flows and shipping flows with Venezuela. Oil sanctions are lifted, flows resume in the normal market. The world’s best traders and oil majors get involved in the trading and production. What else do we see? That the ships that were sanctioned or engaged in this dark trade remain isolated. They will not be coming back to compete against us.

As we look on the next weeks to Iran, is this how it plays out there? Eventually, when the Ukrainian conflict comes to an end, is that again the same pattern? I strongly believe that sanctions and dark fleet-tainted ships do not come back to the normal market. The only window, potentially for some to return, are those owned by national oil companies, whether it’s the National Iranian Tanker Company or Sovcomflot. But this is a very small number in the overall dark fleet. And looking at our fleet, we are sitting exactly where investors want to be. We have a young ECO design, fully scrubber-fitted fleet, and most importantly, in the water, earning today. In our opinion, what does a shipping investor want? Exposure and returns today. This is what OET delivers. And now for the more exciting slides.

We have over 20%, 20% of the fleet of large tankers sanctioned and even more engaged in the trade, tainted, but not yet sanctioned. Against all oil analysts and traders’ predictions, we do not have a massive oil glut in the market. What we see instead is an inability for sanctioned barrels to find a buyer and a lot of floating sanctioned cargoes. This inability has stretched the dark fleet, increased freight rates for them, and forces them to absorb more tonnage, which further restricts the size of the normal fleet. The result is simple: fewer ships available for the compliant market. That is structurally bullish.... Against this, we have three main non-compliant trades: Venezuela, Iran, and the non-price capped Russian business. Today, Venezuela is gone. The oil exporting from Venezuela is only on the normal fleet.

Every single barrel from Venezuela is a cargo that wasn’t around in 2025. This is extremely positive for tanker ton-mile demand. As the market settles and the trade grows, it will become even more pronounced. Another sign on the tightening, tightening enforcement of sanctions, which many respected oil and political analysts doubted, was Trump’s ability to impact oil flows. But he succeeded, and India has materially decreased their purchases of Russian crude. So instead, we are seeing constant market quotes from the Arabian Gulf, from West Africa, from Brazil, from the US Gulf, and even flows from Venezuela. Again, every cargo from these places is a new cargo from the compliant fleet that’s replacing the Russian crude. The final and most bullish part of our three-slide tanker dream section is the massive, unprecedented consolidation in the VLCC sector by a privately owned non-trader.

Sinokor has or will take control of over 85 ships since Christmas. Their total fleet footprint should be around 150 ships. This is just unbelievable. They control 17% of the total fleet, while almost 40% of the smaller part of the pie of the fleet, which we actually compete with in the spot market. They have been very effective at pushing up the market. Hats off and congratulations to Sinokor for this. They have done the heavy lifting and let the rest of the market reap the rewards. The market must, must understand that this is a seismic shift, and the biggest owner-operator of tonnage is not a charter or a state oil company. They are not trying to protect their own oil trading P&L, they are only trying to maximize freight for themselves.

Looking at utilization on slide 22, when I started my career, a good friend and a highly respected broker, Chuck Monson, always told me that as you move forward, as you move toward the high end of the utilization curve, rates don’t increase linearly, they move exponentially. That’s exactly what this slide illustrates. When the market tightens at these levels, even a small shift in utilization can translate into very meaningful move in earnings. With how fast the market has moved recently, I suspect that as we give this presentation, we are most likely out of the light blue box and perhaps one click to the right. This is precisely where modern, fully spot-exposed fleets like our, ours benefit the most. If this trajectory continues, I look forward to making our Q1 presentation even more exciting. Thank you for joining us today.

Moderator/Operator: We will now begin the question and answer session. If you’d like to ask a question. And now, if you have dialed into today’s call, please press star nine to raise your hand and star six to unmute. Please stand by while we compile the Q&A roster. Your first question comes from the line of Even Kolsgaard with Clarksons Securities. Your line is now open. Please go ahead.

Even Kolsgaard, Analyst, Clarksons Securities: Thank you. Thank you for your presentation. So you mentioned it yourself as well, but I’m interested in your take on the VLCC market versus the Suezmaxes, because I think the market today is mostly focused on the VLCCs. The rates are good, and you have this Sinokor event. But as you mentioned, the VLCC market has finally begun to outperform the Suezmaxes, reversing basically the trend we’ve seen for the last few years. So how do you think about the Suezmax versus VLCC market going forward, both for earnings and values?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Hi, Evan. Thanks for your question. I mean, even in Q4 and like potentially in, I mean, at least to our guidance in Q1, on a dollar per, you know, metric ton or on a relative basis, the Suezmax is still outperforming the VLCC. So I mean, you know, obviously, it’s a cheaper ship, but the delta between price and earnings isn’t still justified. So we think that the Suezmax is a really attractive asset, and as the VLCC market continues to tighten, and charters do their best to find ways to reduce the cost of transporting the oil from A to B, we think that the Suezmax will become a very versatile asset in order to do it.

So we could, you know, I mean, there’s some trades which will never make sense on a Suez instead of a VLCC, or rarely. You know, this is like the really long-haul business, US Gulf to China, or a lot of the AG business to China. But a lot of the voyages, you know, WAF, Med or backhauls and the shorter runs, Suezmaxes can easily jump in and, you know, find a lot of opportunities to do backhauls or non, you know, traditional Suezmax cargoes, which we would consider, you know, like a triangulated bonus over the normal Suezmax market. So for this reason, we think that the strength in VLCCs will be equally beneficial to the Suezmaxes, and for savvy owners, can give them even more opportunities to, you know, creatively trade their ships in this market.

Even Kolsgaard, Analyst, Clarksons Securities: Got it. Thanks. Just a follow-up, I guess you said you don’t want to get and take on any more time charter contracts at these rates, so you’re pretty bullish towards the market. When it comes to Sinokor, seems like they’re bidding for VLCCs from basically every owner. Have you been tempted to sell some of your ships to, to Sinokor?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: In Okeanis, and my personal view is that Sinokor will be successful in what he’s trying to achieve. So I think that the exposure to the spot market, and in the future, potentially TC market or a sales market, is what we want to have today. Now, going forwards, you know, once things continue to reprice higher, I can’t tell you what’s the best choice for us to do, but I think right now there’s a lot of upside left in what’s happening in the market. And, you know, right now we’ve seen rates move up 20 points a little bit more this week, and I still feel like that’s just the beginning of the current spike that we’re entering. So at the moment, you know, no, we haven’t seriously considered selling our Okeanis vessels to Sinokor.

Even Kolsgaard, Analyst, Clarksons Securities: Okay. Thank you. That’s all from me.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Thanks, Simon.

Moderator/Operator: Your next question comes from the line of Liam Burke with B. Riley. Your line is now open. Please go ahead.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Hi, Liam. Good morning.

Liam Burke, Analyst, B. Riley: Yes, thank you. You’re generating a lot of cash at this level. You’ve got a nice hefty cash balance to support the acquisition of the two new Suezmaxes. Is your capital allocation strategy gonna change from how it has been in the past?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Hey, Liam. It’s Iraklis here. I don’t think it has changed. I mean, it has been, for some time, a key priority for us to distribute as much value as possible to shareholders. You know, the transactions that we did were structured in a way where that was not jeopardized by any means. And, you know, this quarter and the distribution we’re giving is indicative of such strategy. So, not really. We’re trying to give out as much as possible, and we’re just focusing on extracting as much value as possible from the market to deliver that to shareholders.

Liam Burke, Analyst, B. Riley: Okay. Just to follow on the market, the prepared comments, the spot market is still continuing to move, I mean, exponentially at this point. But, is there any thought to taking some money off the table and moving some vessel or more vessels to term charters?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Hi, Liam. We answered that one during the presentation as well. At the moment, the answer is no. I think what we want is to have a vast majority of the fleet in the spot market, especially as we feel that there’s a lot more upside to spot rates and to the, you know, charters and owners’ expectations of spot rates over the next considerable period. So I think for now, we need to keep our ships in the spot market so we have all the optionality we need. And then, you know, in a few months, we look at it again, but for the time being, the answer is a clear no.

Liam Burke, Analyst, B. Riley: Great. Thank you very much.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Thanks, Liam.

Moderator/Operator: Your next question comes from the line of Frederick Dibwat with Firm News. Your line is now open. Please go ahead.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Hi, Frederick.

Moderator/Operator: As a reminder to unmute, please press star six on your telephone keypad.

Frederick Dibwat, Analyst, Firm News: Sorry, guys, I forgot to unmute, but yeah. Hello. Congratulations with the strong results and strong bookings. I was just, you know, trying to circle a bit back to the Sinokor. I was a bit interested in hearing your take on how... Can you guys hear me?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Yeah. You got cut off right when you were asking the question.

Frederick Dibwat, Analyst, Firm News: Okay. Sorry. Okay, yeah. I was just circling back to the Sinokor stuff. Interested in hearing your take about how, or in practical terms, how is he going to be able to corner the market? As we know, he hasn’t fixed that many ships yet. He has fixed a couple. And then lastly, how long do you think that can last if he’s successful?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: You know, I think that’s a better question for Sinokor than for Okeanis. I do see that his ships have been fixing, and I mean, I think that he has... The company has stated where they think the market should be, and they will fix at those levels, and they’ve been very consistent with that. So I assume once rates get to the levels that they want, they’ll fix some ships, they’ll assess where the market is, and they’ll continue to raise their expectations and put their rates higher and continue pushing this market higher. So I don’t know. Again, you know, the specific strategy of the company and it’s a question for Sinokor.

Liam Burke, Analyst, B. Riley: ... Yeah. Okay, thank you.

Moderator/Operator: Your next question comes from the line of Clement Moulin with Value Investors Edge. Your line is now open. Please go ahead.

Clement Moulin, Analyst, Value Investors Edge: Hey, guys. Thank you for taking my questions. First of all, congratulations on the two accretive offerings you pursued in recent months. I wanted to start by asking about where you see your maximum fleet size, say, on VLCCs and on Suezmaxes, where you can still capture this kind of premium you’ve been able to realize in recent years?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Hi, Clement. Thank you for the question and being on the call. You know, I think, I think we answered it on a previous call as well, that we would be comfortable for the fleet to continue to... Like, we, on, on a, you know, theoretical level, we’d be comfortable if the VLCC or Suezmax fleet was slightly larger, and we could still capture the same earnings. But what I can tell you for sure is that the fleet is the right size today for us to continue doing so. So it’s not just about fleet size, it’s also about the team and personnel and the, the technical manager. So it’s, there’s many facets to how we hope, how we have and hope to continue outperforming. But, I can tell you that currently our fleet size is perfect for us to keep doing so.

Clement Moulin, Analyst, Value Investors Edge: Makes sense. Thanks for the color. This one is a bit more on the modeling side, but you mentioned you were thinking about potentially doing a dry docking in Turkey. Could you talk a bit about the delta between doing that in Turkey versus, say, in China?

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Yeah, I mean, I think that depending on the type of paint specification you want, and maybe you have an expectation of like, you know, $250,000-$500,000 more expensive. But in a strong market, you save way more of that by being able to keep your earnings higher and not repositioning all the way out there and all the way back. You know, some owners prefer to trade in the East. Historically, as a company, you know, we’ve always... We started off on smaller ships as well, like before we were public on Aframaxes, and our strongest relationships are in the West and with the more Western-based oil companies and traders.

So we really feel that this is the area that we can outperform, and if we have a ship that goes in the East for dry docking, or she gets a, you know, a Suezmax gets an option declared out there, we never think, "Okay, let’s trade it in the East." It’s always about bringing her back home into the West. And by dry docking in Turkey, we can avoid the whole positioning out there and repositioning her back. Now, I think at times this can be easier. So let’s say now, like CPC Korea is $9.5 million in freight to go around the Cape. So those, those are great earnings to position your ship out there. But the CPC volumes that I mentioned during our call aren’t always flowing east. Sometimes they flow only into Europe.

Now, I assume that with Venezuela, you know, and all the knock-on effects of the Venezuelan oil and what displaces what, and down the line, perhaps that has something to do with why we see more CPC going east, but it’s not something consistent. Then you also have the issue of the backhaul. You know, in the, in, before the war started, before the war in, in, Gaza started, the Suezmaxes would be easy to go through the Suez Canal as well, and that was a way to have a backhaul, that it was always at a discount to the front haul. But because you’re going through the Suez Canal, it wasn’t such a long voyage. Now, being forced to go around the Cape both ways, it becomes an extremely long voyage.

You kind of lengthen those lower rate economics, which is something that we don’t prefer for the next dry dock.

Clement Moulin, Analyst, Value Investors Edge: Yeah, makes sense. The opportunity cost is simply too high. Thanks for the call again. I’ll turn it over.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: No problem. Thank you.

Moderator/Operator: There are no further questions at this time. I will now turn the call back to Iraklis for closing remarks.

Aristidis Alafouzos, CEO, Okeanis Eco Tankers: Thanks, thanks, everyone, for attending this call. We look forward to touching base in May for our first quarter update. Bye, everyone.

Moderator/Operator: This concludes today’s call. Thank you for attending. You may now disconnect.