Welcome to OET's fourth quarter 2025 financial results presentation. We will begin shortly. Aristides Alephoussus' CEO and Heraklis Varonis' CFO of Oceani's Echo 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 two I would like to advise you that the session is being recorded our studies will begin the presentation now 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 exposure is critical in the current circumstances. As our conviction strengthened after the summer, we executed two opportunistic transactions and acquired four resale Sewers-Max 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 2-3 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 in question looming, and likely, most importantly, Sinecor 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 Ida right now.

Thanks, Rishipi. Let's start that ring with 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-charger equivalent of about $77,000 per vessel per day. Our VLCCs were at $92,000, and our series maxes at $53,000. We report adjusted EBITDA of $79 million, adjusted net profit of $60 million, and adjusted EPS of $1.78. This is the basis of our average share-count report. Continuing to deliver on our commitment to distribute value for shareholders, our board declared a 15th consecutive quarterly 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 $3.52 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 profits against the acquisition of the initial pipaity and initial shift for pull-up 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 series maxes, 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 debt, 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. TCE 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 initials to bury a couple of weeks after. We also had at the end of the year approximately $85 million in trade disabilities. Our balance sheet bet was $605 million, and we subsequently drew $90 million for the two shares maxes. Our book level stands at 46%, while our market-adjusted net FPV, basis 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 four modern and high-spec We have a total of 16 buses on the water, 8 Series Maxes and 8 DS6s, with an average age of only 6 years, which will further improve once we get delivered in Q2 of our two Series Max V6s currently under construction in South Korea. With the initial sequence and initial seeking of dry docks out of the way in Q4 of last year, our only dry dock for 2026 is that of the middle of 10 years, sir. Slide 9, moving on to our captain structure. I have been very pleased with how our capital structure has been shaping up with the recent refinances and new financing for the recent reacquired business. Our margin has improved by about 140 basis points, with meaningful further reduction expected once we decide how to refinance the initials of the Scotty Global. The Piperia and Seripopula were financed by the Greek market at record terms at 130 basis points over Sokfer for seven and eight-year terms expected. 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 one and a quarter times our NAB at a time. In January, we followed with $130 million at $36 per share, priced at approximately 1.2 times our NAB at the time. Both transactions were heavily oversubscribed, executed a significant premium to NAB, 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 it with a significant premium to NAB, secure motor and tonnage, execute cleanly, and immediately creates value for shareholders. And we manage all four. And here's the most important point. Since those two raises, shareholders have generated more than 20% return, plus dividends. That is not theoretical accretion. That is realized value. We've used it as a very strong statement of our shareholder-reliant capital allocation We do not raise equity to grow for gold'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 increases company share trading liquidity. Both transactions match as parameters. Slide 11, walking through the mechanics for this 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 front delivery at the cost of a new bill, a mature capital markets arbitrage. Above NAV acquisitions, funded 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 flow and liquidity, expanded and diversified the shareholder base, strengthened capital market's credibility, and reduced leads while break-even levels. And importantly, we executed while asset buyers were rising. So not only did we buy accretically, 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 field that we apply. I will now pass over the presentation back to Elisadis for the commercial market update. Thank you, Esli.

Again, we had another great quarter. 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 quite well. The market did aggressively right after Christmas on the VLCCs, but we're lucky to have limited exposure during these brief windows. Fleet YTC came in around $76,700 per day with $92,000 on our VLCCs and $53,100 on the Suicide Maxes, and we achieved 100% utilization across the fleet. Q4 looked like it would be a strong quarter since August, when rates in the small 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 at a discount to the local western voyages, while the back tolls were also below round trip economics. We have a sewage max 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 were able to earn a lot more as we did 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 weight time to optimize time charter equivalent, while also fixing a couple back hauls when we were able to find the cargo offered dates and achieve a triangulated outperformance over the equivalent round voyage. The niece Chirinha was likely to fix a voyage loading in the AEG and his charging in the U.S. Gulf. Her next voyage had the no-ballast passage. This was the first quarter where our BLCCs outperformed our Suez Maxes since Q2 2024. Q1 started with a bang. We already had an excellent structural setup and crew tankers, then as a New Year's gift and Christmas gift as well, two developments reinforced the market. Venezuelan barrel returned exclusively to the compliant fleet, and Sinecor 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 computed in Q1. We fixed a 12-month charter at $91,140 on the Nisos-Nikuriya. While I strongly believe our spot vessels will outperform this over this year, we still have another 15 suit to these 17 spot ships and we deem the prudent. In addition, the previous batch of fixtures in the mid-70s 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 a hundred thousand dollars per day for 12 months. At the moment we do not have any interest to fix further ships on DC 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 sewage max days fixed at $84,600 per day, giving us a fleet-wide average of about $94,800 per day on the fixed portion, roughly two-thirds of the quarter. On the VLCCs, we fixed the combination of longer and shorter voyages in order to structure their next cargo fixing windows. The Suez Maxes 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 earlier is back in use. This is a great support on the Sewers-Max market as we see around 40 cargos 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 earnings has been the Venezuelan being back in the open market. But again, we'll talk about this signing forward and sanctions in the following slides. We were able to capitalize on many opportunities in this quarter and look to do so going forward. On slide 15, apologies for the repetitive slide, and I'll keep this one brief. Since Q419, 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 Suez Maxes over a five and a half 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 BLCCs 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 are 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 sanction and darkly 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 a national Iranian tanker company or Sofumflot. 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-designed, 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 percent of the fleet of large tanker tanker 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 blood in the market what we see instead is an an inability for sanctioned barrels to find a buyer in a lot of floating sanctioned cargos. 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 tonne mild demand as the market settles and the trade grows it will become even more pronounced another sign on the tightening and tightening enforcement of sanctions which many respected oil and political analysts got it 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 crew and the final and most bullish part of our three slide tanker dream section is the massive unprecedented consolidation in the BLCC sector by a privately owned non-trader Sinecor has or will take control of over 85 ships since Christmas their total fleet footprint should be around 156 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 sign a corporate list 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're 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. And that's exactly what this slide illustrates. When the market tightens at these levels, even a small shift in utilization can translate into a 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 ours benefit the most. And if this trajectory continues, I look forward to making our Q1 presentation even more exciting. Thank you for joining us today.

We will now begin the question and answer session. If you'd like to ask a question, answer now. If you have dialed into today's call, please press star 9 to raise your hand and star 6 to unmute. Please stand by while we compile the Q&A roster.

Your first question comes from your line of Even CallsGuard with Clarkson Securities. your line is now open please go ahead thank you so thank you for your presentation so you mentioned yourself as well but I'm interested in your take on the VFCC market versus the Suze Maxes because I think the market today is mostly focused on the VFCCs the rates are good and you have the SinoCore event but as you and as you mentioned the VFCC market has finally begun to outperform these series maxes um reversing basically trend we've seen for the last few years so how do you think about the series max versus bfcc market going forward both for earnings and

values hi evan thanks for your question i i mean even in q4 and like potentially if look i mean at least through our guidance in Q1, on a dollar per metric ton or on a relative basis, the Suze Max is still outperforming the VLCC. So, I mean, obviously it's a cheaper ship, but the delta between price and earnings isn't still justified. So we think that the Suze Max 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 Suez Max 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 the Suez instead of the VLCC, or rarely. And, you know, this is like the really long haul business, U.S. Gulf to China, or a lot of the AG business to China. But a lot of the voyages, you know, WAF, MED, or Bactols, and the shorter runs, the Suez Maxis can easily jump in and, you know, find a lot of opportunities to do Bactols or non-traditional SuezMax cargoes, which we would consider like a triangulated bonus over the normal SuezMax market. So for this reason, we think that the strength in BLCCs will be equally beneficial to the SuezMaxes and for savvy owners can give them even more opportunities to creatively trade their ships in this market.

Got it. Thanks. And just a follow-up. I guess you said you don't want to take on any more time charter contracts at these rates So you're pretty bullish towards the market But when it comes to SinoCore It seems like they're bidding for EVCs from basically every owner Have you been tempted to sell some of your chips to SinoCore?

In Oceania, Nese And my personal view is that SinoCore 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 Orcanist vessels to Sinecom Okay, thank you, that's all from me Excellent Your next question comes from the line of Liam Burke with B. Reilly.

Your line is now open. Please go ahead.

Hi, Liam.

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 Suez Maxes. Is your capital allocation strategy going to change from how it has been in the past?

Hey, 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 the firm of this.

Okay. And just to follow on 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?

Hi, Liam. We answered that 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 if we feel that there's a lot more upside to the 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. great thank you very much thank you your next question comes from the line of Frederick the board with families your line is now open please go ahead I really as a reminder to a mute please press star six on its other 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 Cynacore I was a bit interested in hearing your take on how Can you guys hear me? Yeah, you got cut off right when you're asking the question Okay, so I was just circling back to the Cynacore How interested in hearing your take about how in practical Goal 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?

You know, I think that's A better question for Sinecor than For Orkani 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 the rates get to the levels that they want, they'll fix some shifts, 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 the question for signing up.

Thank you.

Your next question comes in the line of Clément Moulin with Value Investors Edge Your line is now open, please go ahead Hey guys, thank you for taking my questions First of all, congratulations on the two accretive offerings you posted in recent months I wanted to start by asking about where you see your maximum fleet size Say on BLCCs and on SWFMAXs where you can still capture this kind of premium you've been able to realize in recent years?

Hi, Clement. Thank you for the question and being on the call. You know, I think we answered it on a previous call as well that we would be comfortable for the fleet to continue. On a theoretical level, we'd be comfortable if the VLCC or as soon as Max 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 technical manager. So 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 Makes sense, thanks for the color And 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?

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, a quarter to a half a million 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 Afromaxes, 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 Sewers Max 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 uh so let's say now like cpc korea is nine and a half million in trade to ground the cape so those are great earnings to positionership 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 places 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 and then you also have the issue of the backhaul you know in the in before the war started for the war and in Gaza started the The Suez Maxis would be easy to go through the Suez Canal as well. And that was a way to have a back haul that it was always at a discount in 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.

So you kind of, you lengthen those lower rate economics, which is something that we don't prefer for the next dry dock yeah makes sense the opportunity cost is simply too high thanks for the color again i'll turn it over no problem thank you there are no further questions at this time i will now turn the call back to iraqlis for closing remarks thanks uh thanks everyone for attending this call we look for the touch base in may for our first quarter update bye everyone this concludes today's call thank you for attending you may now disconnect