Welcome to OET's first quarter 2026 financial results presentation. We will be in shortly. Aristides Alaphosa, CEO, and Heraklis Barounis, CFO of Oceani's Echo Tankers, will take you through the presentation. We 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 sets forward with these statements. Please read through the relevant disclaimer on slide two. I would like to advise you that the session is being recorded. Our students will begin their presentation now.

Thank you for taking the time to join our Q1 2026 call. Q1 was a record quarter for our company. And Q1 plus Q2 combined will be stronger than any previous year in our company's history. In fact, the potential distributions tied to this half year are approaching our original listing price in 2018. It definitely was and is an exciting, stressful, challenging and demanding quarter. This cumulative pressure surely overshadowed the pleasure of earning so much for our shareholders, which is regrettable. Q1 began with a sell-off in freight into mid-January, where the market turned by the continued exquisite fundamentals venezuela reopening india diversifying imports and most importantly the extremely rapid consolidation of the vlcc market by signing or aponte joint venture this strength continued until february 28th where the war in iran began and set off a two three four week period of unprecedented strength in the tanker market overall following this explosive and unbelievable period, the market found a balance at extremely elevated rates where the loss of cargo from Hormuz closure is offset by ton miles, inefficiencies, vessels trapped inside and vessels outside waiting for the Hormuz to reopen. Earlier this week, there were over 55 VLCCs in ballast waiting outside the high-risk area for a potential reopening. This doesn't include vessels waiting around Sri Lanka, off India, Singapore and the Sinopor fleet. Values and time chart rates have also seen consistent and profound strengthening throughout the quarter. We're in a period of record income and the anchoring bias on values, rate, time chart rates from 20 years ago doesn't hold anymore. The market needs to recognize this. What is the natural ceiling where rates and values can go? Internally at OAT and looking at Q2, one of our greatest challenges going forward is keeping tonnage available for the immediate exposure to a hormone's reopening while optimizing our performance. I hand you over to you to go through the financials.

Thanks, Aesthidi. Let's have a look at this record quarter. We achieved fleet-wide time shorter equivalent of about $93,000 per vessel per day. That's $106,000 per day on our spot and $104,000 on all operating VLCC days, and 82,000 on our Suosmax operating days, all being spotted. We report adjusted EBITDA of $110 million, adjusted net profit of $89 million, and adjusted EPS of $2.33. This is based on our average share count for the court. Our board declared a 16th consecutive quarterly dividend of $2 per share. This represents 88% of our reported net income, i.e. on our current fully diluted share count, post our January equity transaction. This is the highest quarterly dividend amount since the company's inception, although I assume everyone is already modeling our second quarter. Over the last four quarters, we have distributed $5 per share, or 96% of our reported net income for the patient. In January, we executed another successful and accreted equity base of 130 million dollars in gross proceeds against by five. Since our IPO in Oslo, we have distributed approximately two and a half times our initial market cap with over 550 million paid in dividends. Since we have had a fully delivered fleet in 2022, we have paid up 91 percent of our reported that income, clearly demonstrating our commitment to distributing value to our shareholders. Slide 6. We show the detail of our income statement for the quarter. TCE revenues stood at $132.2 million. At quarter end, we had $176.5 million of cash that included a portion of the equity earmarked for the acquisition of the Nisos Hikani and Nisos We also had almost 80 million dollars in trade disabilities. Our restricted cash figure as of March to the 1st includes an amount of 45 million we have deposited on short term against one of our loan facilities which has the features that it reduces the interest pay to just half a percent percent all-in. On a net basis providing a better return than what we can achieve under our time deposit rates. We may roll forward such cash, characterized as restricted, or a different amount, on a short-term basis, depending on our cash flow means and applicable rates. Our balance sheet debt was $683 million. Our book leverage stands at 41%, while our market-adjusted net MVP, basis latest broker values and pro forma for the acquisitions and recent transactions, is now just over 30%. On slide 8, looking at our fleets, I'm pleased to show the addition of our most recently acquired modern and high-spec vessels. We have a total of 16 vessels on the water, 8 sues, maxes, and 8 VLCCs, with an average age of only 6 years, which will further improve once we get delivery shortly of the initial tigami and initial boost currently under construction in South Korea. As a reminder, from a maintenance catholic perspective, our only dry dock for 2026 is that of the mid-loss 10 years ago. Slide nine, moving on to our capital structure. This is a quarterly update that I have been personally looking forward to for a while. We recently announced three new financings for four vessels as follows. We purchased back from its sale and leaseback and refinanced the Misurina with a new $50 million bank loan, maturing in seven years, priced at software plus 125 basis points. This transaction closed last week. We will purchase back from its saving leaseback and refinanced the Nisos Descopico with another 50 million bank loan maturing in nine years, priced at software plus 130 basis points. This transaction is expected to close in early June. We have also signed a 90 million bank loan for the Nisos Tigani and Nisos VOOS maturing in eight years, priced at software plus 120 basis points. The Tigani will close in a couple of weeks and the boost in early July. We have taken advantage of the very competitive financing market and our financier's appetite to transact with us. Our most recent transactions have demonstrated the relationships and track record we have developed in two key banking markets for us in Greece and in Taiwan. We now have staggered maturities all the way through 2035, extremely attractive pricing and we have finally put behind us all our latest on slide 10 we look at our pricing on a vessel by vessel all our loans are now priced below two percent with an with a weighted average margin of 1.47 that's an improvement of more than 200 basis bonds compared to where we were prior to the library to software transition in mid 2023 on a consolidated debt of over 750 million that's performed for the upcoming drop downs that's an impact of more than 15 million a year straight into the bottom line quarter on quarter for a while we have been seeing the material improvement into our interest expense and starting in q3 of this year when all this will have concluded we expect to see the full effect we're extremely happy with where we are today but of course by nature we continuously monitor the market for opportunities that make further optimize our structure trying to improve one or all aspects of our best structure, whether it's pricing, tenure, amortization profile, or other terms that might add flexibility and energy. I will now turn it back to Alistairis for the commercial market. Thank you, Reckley, and great job on the replies.

Now, as I said during the intro, Q1 was a record quarter of the company. Amazing fundamentals, Venezuela reopening, the consolidation of the VLCC market, and likely the biggest shock to oil trading in the past 50 years all converged in the same three months. We concluded fixtures in Q1, mostly realized in Q2, that we could never have previously fathomed. Absolutely remarkable. Fleetwide TCE came in at $93,100 per day with $106,400 on our spot DLCCs and $81,600 on the sewage maxes, and we achieved perfect utilization across the field. One commercial mistake I want to flag was fixing the Nisos Nicuria for one year at a net rate of $90,000 per day. With hindsight, the market gave us much more. Spot market, that is. Separately, the Nisos Queros is currently stuck inside the AG and we have an added additional line for her on the table. She is being compensated on a commercially agreed rate while she waits to get out. We took delivery of the Nisos and also in this quarter. The market was so firm that we were able to fix cargoes from West Africa on our first voyages and get them into our trading patterns. But the ballast voyage from Korea to West Africa was far longer than the Leyden, which did negatively impact our Suez Maxis earnings. On the Suez Maxis, we focused on trading the ships in the Atlantic Basics. We did not fix any vessels into the east and kept the voyages shorter while focusing on optimization in our preferred trades. On the VLCCs, early in the quarter, we committed to longer voyages to lock in higher earnings, balancing with some shorter voyages in the east to keep our fixing exposure intact within the quarter. The strategy is what ultimately led to poor Keros being trapped inside the Hormuz, but the same strategy is what set up the Q2 numbers. Comparing our Q1 against the peers who have already reported, we are at 28.5% higher on our VLCCs and 20% higher on our sewerage taxes. Looking at our guidance for Q2, I believe it is likely that our Q2 earnings will be larger than any previous year's annual earnings. And whether that holds up on Q2 alone or not, Q1 and Q2 certainly combined will be. As of today, 56% of our available VLCC spot days are fixed at $223,900 per day and 60% of our sewerage max days at $187,300 per day, giving us a fleet-wide average of about $202,900 per day on the fixed portion, roughly half of the quarter. Comparing Q2 against our peers with reported earnings, we are about 45% higher on our BLCCs and 24% higher on our suitcases. We were in the lucky position of having significant exposure right around the spike in mid-March for voyages that were affected in Q2. We were able to fix two ships to load in Yambo at huge rates, and we fixed the Nisos Despotico on a long-haul voyage right at the top of the market. On the Suez Max side, the short trading pattern allowed us to do multiple runs into a rapidly appreciating market. Some of the fixtures concluded those weeks were frankly unbelievable. One additional Suez Vax New Building, the Nisos Tirani, is scheduled for delivery during the quarter, which will further reinforce our exposure and give us exposure to a potential Hormuz reopening later in this quarter. Moving on to slide 14, we reuse this slide every quarter and I'm very proud of it. Almost as proud as Ida Cleese is of his refinancing slide. We had a gain quarter on quarter of over 25 million dollars just on our commercial outperformance. I hope an analyst or trade wins picks this up but if our fleet earned the average of our peers who have reported in q1 our eps would be over 65 cents less since q4 2019 we have generated approximately 256 million dollars of cumulative off performance versus our peers on slide 15 i take two things away from this chart firstly we've had it we have had consistently elevated earnings going back to september of last year that underpins the fundamental strength of the current market a strength that predates the geopolitical shock and has only amplified violence and secondly the consistent strength of the market following the loss of the ag barrels the message of this chart is that the disruption created the spike but the underlying underlying market has held the level to frame the scale of this roughly 14.9 million barrels per day of crude exports and and around 35% of global crew tonne-miles normally transit the Hormuz. This is the largest single choke point shock the tanker market has ever absorbed. The well-known effects are visible on this page, extended tonne-miles, vessels trapped inside the Eiji, and the redirection of Saudi and UAE volumes from Yambou and the Siobh Oman, which has been the signal biggest mitigating factor since the closure. But I want to highlight one factor that I think is underappreciated by the market, the number of BLCCs waiting outside the AG for a potential reopening. Earlier this week, we counted 55 BLCCs in ballast sitting outside the high-risk area, hoping for the reopening. And the figure does not include, as I mentioned earlier, vessels positioned further afield like Sri Lanka, off India, Singapore, or the Singapore League. When you put it all together, 63 laden VLCCs trapped inside the AG, over 55 waiting outside of the AG, and roughly 36 holding in Yahoo, this is 155 VLCCs effectively removed from spot supply. On a global VLCC fleet of 920 vessels, that is approximately 17% of the worldwide fleet either trapped or waiting. if we assume the compliance fee is around 700 vessels and this is what affects us that jumps to 22 percent that is a massive restriction on compliance supply and is very supportive of rate one more dynamic to note in recent read in recent weeks previously we have seen reduced interest from asian buyers for atlantic barrels which in my view reflects an expectation of the hormones reopening. The longer that reopening is delayed, the more those Asian buyers will force back into the market from the Atlantic, which we are seeing this week, which would tighten the supply further and push rates higher again. Now looking forward, on slide 17, we lay out three scenarios we see for how this resolves. I want to be clear up front, we do not take a view on the macro conditions that deteriorate. Our scenarios are about the shape of the Hormuz outcome and not about the an answer all three paths are supported to anchors what changes between them is the timing the shape and the duration of this strength before i walk through them the key number to anchor is that the pre-destruction hormones exports are around 14.9 million barrels per day the total pipeline rerouting capacity is only around 7.4 million barrels per day that leaves a structural shortfall of about seven and a half million barrels per day which we can only clear via long-haul tonne-miles by sea. That gap is what underwrites the demand backdrop in every scenario. Scenario 1. Continued closure. Pipeline rerouting stay maxed out, Asian inventories continue to drain, Western barrels reroute to Asia, and the trapped tonnage inside the AG persists. The result is long-haul tonne-miles maximized and the compliant fleet supply is structurally constrained. The only meaningful risk in this path is demand destruction if it drags on for too long. Scenario 2. Partial reopening. Iraqi exports are above, and others as well. There's roughly 3.1 million barrels per day of capacity that could come back relatively quickly. Flowing storage gradually releases into the market, and the Yangon-Fujara rerunings continue at capacity. There are less western barrels flowing east, but vessel repositioning will affect supply due to vessel repositioning.

The whole scenario demands on transit normalization holding.

Scenario 3 Full Reopening Middle East exports normalize over let's say about three months, and importantly, that is the same dynamic we saw with Venezuela. Any national oil company linked sanctioned heritage might find its way back but the broader fleet stays isolated. On top of that, you would see Asian and SPR restocking demand coming through. There is an initial spike as oil storage drains and restocking provides a ton mile tail and supported demand and returning supply moderates rates over the medium term. Support it. We assume that cargoes will only be lifted on conventional vessels. On slide 18, beyond the corn moves dynamic and directly linked to the current situation is another structural tailwind sitting in plain sight. Inventors. OECD commercial inventories have been drawing and are sitting well below the five-year range as you see on the right-hand side of the graph. And to this, the US Strategic Patrol and Reserve. Inventory bills translate directly into tanker demand, which we read as positive. Slide 19. The order book. A topic that is starting to become relevant and it wasn't just a few quarters ago. Yes, the order book is up. The BLCC is standing 27.5% of the fleet. SuezMax is at 28.5%, although about 3.3 percentage points of the SuezMax number is shuttle takers. On the face of it, that is a large number, and I understand the reflex. There is an old saying in shipping that, given enough time in a good market, owners will find a way to shoot themselves in the foot by overordering. And I will be first to admit, historically, this saying has not been wrong. But I would argue this cycle is slightly different, and the reason is on the right-hand side of the page, and is supported by the next page as well, where we dive a little bit deeper into the actual numbers. Even today, in 2016, 48% of the global VLCC fleet is over the age of 15. 22% is over 20. By 2030, those numbers grew to 61% over 15 and 41% over 20. The sewage magic picture is essentially the same. Now, if you also have the shadow or dark fleet, which sits within the higher age bracket of the above, up, we know for certainty that most of the vessels will never come back. When you take those vessels out of the supply equation altogether, and we should, because they are not competing for the same cargoes as we are, the compliance supply picture gets meaningfully tighter. So yes, the order book is up, but the aging fleet plus the dark fleet isolation gives you, in my view, a structurally tight and pliant market for the next couple of years. The numbers on the next slide make this clear. Slide 20 takes the point I just made and puts it into absolute numbers, which I think is the cleanest way to see it. On the BLCC's fleet of 919 vessels to date, order book of 250. By 2028, cumulative deliveries, including what has already arrived here to date, gets you to 184 vessels. But over the same period, 265 vessels will be over 15 years old, while 124 will be over 20, and 90 will be over 25. By 2030, you have 250 cumulative deliveries against 375 vessels over 15 and 180 20 plus. Put simply, 250 deliveries chasing a retirement queue of 375 ships. The order book doesn't catch the aging fleet. On the Suez Maxx, the same story. By 2030, 30, 204 deliveries against 274 vessels over the age of 20. That is the structurally tightness I was describing about in the previous slide, in absolute numbers. So to tie the above altogether, on the demand side we have the Hormuz ton-mile reset, inventory restocking ahead, plus all the fundamentals that existed prior to the Hormuz situation.

On the supply side we have a record or a book that still does not catch a wave of vessels reaching the end of their usual life both sides equation point towards the right now i'll pass it to the moderator for the q a we will now if you like to ask a question please try start one to raise your hand start one on a telephone key that to raise your hands please and buy while we compile the q a roster your first question comes to the line of even of christopher ski with Arctic. The lines are open, please go ahead.

Hello guys, thank you for taking my question and congrats on a record Q2 bookings, really impressive. It has been quite right to keep the fleet open but what we see now is the term rates are sort of creeping back up again now and And you see one-year TT on BLCCs around 120, so my question now is more commercial strategy. Would you be keen to add more coverage, given that you targeted quite right in 2020, would be interesting to get your take on it.

Hi, Christopher. Thank you for your question. Look, I mean, we even mentioned on the call the mistake of fixing the Nikolia on the 90 year and 90 000 per year so um i think at this point the the time charter market isn't that interesting for us and especially given the reopening of the horn moves and how aggressively the rates can go up in that case it will probably just one voyage at those rates you know it will it will outperform even in the moderated spot environment afterwards any one-year time charter But just to add some more color to your question, we're also seeing significant increase in longer term charter rates on all sizes. And I think the BLCC market for three years should be closer to the 70,000 mark.

Great. Okay. Thanks. I'm back.

Your next question comes in the line of Liam Burke with V-Riley Securities. Your line is now open. Please go ahead.

Yes, thank you. Can we go back to your scenario three of a post-Straight of Hormuz opening? Would you anticipate, whenever more normal times occur, that there'd be more demand out of the Atlantic because buyers of crude would like to diversify away from the Mideast? And what would that mean for the demand on the Suezmac side?

Sorry, Liam, can you repeat your question? It came in a bit muffled.

Okay, sure. In scenario three, you discussed a scenario where the straight or homos is completely reopened.

What I was asking was, is there a situation where buyers of crude would want to diversify away from the Mideast, even with an open straight, and buy more out of the Atlantic, and what that would mean for the suez max understanding the low order book relative to the age of the fleet thank you liam i got the question now it's a good question it's a good question and um i think the the we've also speaking to some refiners and charters but and reading news in the media it's obvious that the some of the asian countries that have a very high reliance on ag crude We'll need to diversify going forward. And like, for example, the Japanese have 90% of their crude imports from the AG. That will have to meanfully come down. And it may come from imports from West Africa or Brazil or the U.S. Gulf. So I think at the beginning, at least, of the hormones reopening, everyone will buy whatever crude they can get their hands on. but then as we move into more the medium term where there's like more strategic and medium term approach towards buying crude they're going to start diversifying their purchases. Now in terms of the sewage maxes, all this reopening and this diversification of crude purchases for strategic geopolitical reasons create inefficiencies and the sewage max is often a very versatile vessel that does well when the market is inefficient and there's trading patterns that you know are less accustomed to and people need options and there's different ports so i think that generally on a relative basis over the past five years we've been able to outperform the blccs in our suiz maxes and i do think that the suiz maxes will still be very

strong assets going forward compared to both the larger and smaller group tankers great thank you and then just quickly your operating cash flow was should should probably be stronger in the second quarter and i know you're taking two deliveries of uh two suez maxes later in the uh later in the year but post delivery your capital allocation i presume is going to remain the same with the priority on returning cash to shareholders or is there any thought about accelerating debt reduction?

Hi Liam, it's Heraklis. Absolutely. Hey, our capital allocation policy will remain the same. We have been committed to distributing out as much as possible within the constraints of our capital structure, of course. As we have explained in the past, it's not possible for us to maintain 100% of our EPS distribution given our capital structure and cash flow, but we aspire to increase that as much as possible and we have been averaging around 9% for a while. Obviously, you know, we have added already two series maxes at the beginning of the year. We're going to be adding a couple more over the next few weeks or through the middle of the summer. So our fleet has expanded a bit, and that should be reflected in how we approach our capital structure and balance it.

But having said that, we will, of course, continue to distribute as much Yeah and just add to that as a company we're very comfortable with our LTV and if anything it's probably on the lower side but we're very comfortable with that and we prefer given our comfort to return our profits to shareholders directly rather than paying down debt in advance of the normal repayments Great.

Thank you very much no thank you the next question comes to the line of even calls god for clots and securities your lines are open please go ahead thank you so my first question is about your second quarter bookings obviously it's super strong but if you look at if i look at your feed today you can see that most of them are actually or almost all of them if you look at these are now about things so could it give you some color on about a day for the many open days just give a get a sense of how good the second quarter could

become yeah even hi sorry I a part of your question was a bit muffled I think you you heard about uh our q2 guidance and the impact i guess of uh how our bookings are uh are recorded into our books and the impact of palestades is that right yeah okay perfect sure um so uh yes as we have explained in the past uh given given our accounting uh policies uh revenue recognition has an impact when we look at cut-off days between quarters. Rest assured that obviously when something is not booked in the previous quarter, we obviously pass it on and recognize it in the following quarter. And we have seen in the past certain instances where this came into play, And that was also the case a little bit with our Suez Maxes in Q1 with certain fixtures that came in late in the quarter. For Q2, it's a little bit early to be able to have visibility on the ballast days of the quarter. We still have a month and a half ahead of us. So, depending on how the vessel stays, there may be some impact, but obviously, if you look at it from a TCE perspective, you know, this gives up our spouse.

Yeah, that makes sense, and another one, which you touched upon briefly. So where do you want to position your fleet at the moment, and if you do see a reopening of or when you see a reopening of the trade companies you then want to argue take a risk and wait and see for a way that opens or do you rather want to trade in the Atlantic until you are certain that the trade companies is open sorry it's again it's a bit muffled your question is whether we want to trade in the Hormuz if it reopened as mayor do you want to take the risk can wait outside the hormones at the moment or do you prefer to just stay away until it actually is

open no like look that's a good question and if you take um well i mean one thing just to give you some numerical examples like if you open if one of our vlccs opens in singapore today and we ballast to the ag and we and we wait a whole month and we fix uh tv3 voyage so ag to china and where the futures are pricing i guess those would be july days the vessel would earn 300 000 a day i assume if you wait an extra 60 days you'd earn you know 200 000 a day a bit less so clearly at least where the futures the ffa market is pricing the ag reopening the market's going to be extremely firm just i mean the way that we kind of thought about it is that if you usually fix cargos from the ag three weeks ahead and there's around 160 cargos a month recently you know that's um about 110 cargos in the over three weeks so usually a cargo will fix three weeks ahead like i said but today is day zero and three weeks is day 21 you need to cover for 110 cargo so i think all these ships that are sitting outside will be absorbed very very quickly and um that doesn't even include whatever production or not production but whatever exports can be increased because of crude sitting in storage so i think the immediate reopening we'll see a huge um like sucking of whatever prompt tonnage is available in the area so i i mean you you need to be a bit careful because okay the future market might be wrong it could be a bit lower or it could stay closed for a lot longer but you know the 30 days waiting for to do a td3 and earning 300 000 while the market today on a car goes that we're looking at are between 120 and 150 000 is a big difference um i think you know we've seen companies like sinecore who are willing to just take the risk and look for the maximum upside and just wait on some ships or as a general charging strategy as a business as a company we've been a bit more pragmatic and looking to find the optimal cargos that we like and not have too much waiting so we we need to do a bit of a combination i mean we made a bit of a matrix internally and we want to make sure that we have ships there are at least a ship you know every week that could be in the area to do an ag cargo but i think it would be quite risky just to park everything outside of the ag and wait and then he at least would start yelling at me because we wouldn't we wouldn't recognize any income for the rest of Q2. So we have like a huge Q3 but the Q2 actually will come off of it. Evan will be asking questions about it but that's okay otherwise. So we're balanced I mean we're gonna try to make sure we don't lose all our exposure to you know reopening on any given date but we can't just sit everything off there and be completely risked on. The other good thing is that we have we have a sewage max that was fixed east so she'll be open in the east in you know in the next month and we also have the two new buildings which will be delivering end of may end of may so that's like mid mid late june dates for the ag and the other one is july so we have three sewage max in our whole blcc fleet that will have exposure to the reopening at some point in the next three months so i think we're in a relatively good position on the bigger That's a very good caller.

That's all for me.

Your next question comes to the line of Klima and Malone with Value Investments Edge. Your line is now open. Please go ahead.

Hi, good afternoon, and thank you for taking my questions. Most has already been covered, but I wanted to ask you about the G&A for the quarter. I'm guessing there was an impact due to the offering to acquire the last two set maxes as well as for bonuses. But where do you see the run rate for Q2 under, after, let's say, normalized basis?

Yeah, Clement, hi. You're right. This is more a timing issue. We currently expect to finish the year maybe slightly higher than last year, 10-15% higher, something like that. But obviously from a timing perspective, Q1 has been much more heavy than the rest of the quarters. The rest of the quarters I expect will go back to the usual run rate and spread relatively evenly at the moment. Just keep in mind, we also face, you know, because quite a lot of our expenses, including GMA, are in euros, so exchange rates, volatility on exchange rates also plays a role.

Makes sense. Thanks for the color. And this one is just to confirm regarding the vessel trapped inside the EAG, usual 39 days fixed in Q2, will the F74 pay per day be payable until it gets out?

Yeah, I mean, under our commercial agreement, yes, we obviously have to show the number as of the latest information, and so long as it remains in, that's the number to show for now.

Okay, thank you. I'll turn it over. Thank you for taking my questions.

There are no further questions at this time. I will now turn a call back to Iraklis for closing remarks.

Yeah, thanks everyone for dialing in. As you probably are, we're also looking forward to our next update in early August. Thank you very much.

This concludes today's call. Thank you for attending. You may now disconnect.