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6-K 1 tm2529954d1_6k.htm FORM 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2025

 

Commission File Number: 001-41858

 

Okeanis Eco Tankers Corp.

(Translation of registrant’s name into English)

 

c/o OET Chartering Inc., Ethnarchou Makariou Ave., & 2 D. Falireos St., 185 47 N. Faliro, Greece

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F x         Form 40-F ¨

 

 

 


 

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

 

Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release published by Okeanis Eco Tankers Corp. (the “Company”) on November 12, 2025, titled “Okeanis Eco Tankers Corp. - Unaudited Condensed Financial Statements for the Third Quarter and Nine-Month Period of 2025.”

 

This Report and the exhibit(s) hereto are hereby incorporated by reference into the registrant’s registration statements: (A) on Form F-3 (File No. 333-287032), filed with the Securities and Exchange Commission on May 7, 2025 and declared effective on May 21, 2025 and (B) on Form F-3 (File No. 333-287036), filed with the Securities and Exchange Commission on May 7, 2025 and declared effective on May 21, 2025.

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  OKEANIS ECO TANKERS CORP.

 

  By: /s/ Iraklis Sbarounis
  Name: Iraklis Sbarounis
  Title: Chief Financial Officer

 

Date: November 12, 2025

 

 

 

EX-99.1 2 tm2529954d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the Third Quarter and Nine-Month Period of 2025

 

ATHENS, GREECE, November 12, 2025 – Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the third quarter and nine-month period of 2025, which are attached to this press release.

 

Financial performance of the Third Quarter Ended September 30, 2025

 

· Revenues of $90.6 million in Q3 2025, compared to $84.9 million in Q3 2024.
· Profit of $24.1 million in Q3 2025, compared to $14.5 million in Q3 2024.
· Vessel operating expenses of $11.7 million in Q3 2025, compared to $11.5 million in Q3 2024.
· Earnings per share of $0.75 in Q3 2025, compared to $0.45 in Q3 2024.
· Cash (including restricted cash) of $58.2 million as of September 30, 2025, compared to $56.0 million as of September 30, 2024.

 

Financial performance of the Nine Months Ended September 30, 2025

 

· Revenues of $264.7 million in 9M 2025, compared to $308.0 million in 9M 2024.
· Profit of $63.5 million in 9M 2025, compared to $95.7 million in 9M 2024.
· Vessel operating expenses of $33.8 million in 9M 2025, compared to $32.9 million in 9M 2024.
· Earnings per share of $1.97 in 9M 2025, compared to $2.97 in 9M 2024.

 

Alternative performance metrics and market development

 

· Time charter equivalent* (“TCE”, a non-IFRS measure*) revenue of $59.9 million in Q3 2025.
· EBITDA* and Adjusted EBITDA* (each non-IFRS measures*) of $44.9 million and $45.2 million, respectively, in Q3 2025.
· Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $24.7 million or $0.77 per basic and diluted share in Q3 2025.
· Fleetwide daily TCE rate* of $46,600 per operating day in Q3 2025; VLCC and Suezmax TCE rates of $45,500 and $48,200 per operating day, respectively, in Q3 2025.
· Daily vessel operating expenses* (“Daily Opex”, a non-IFRS measure*) of $10,014 per calendar day, including management fees, in Q3 2025.
· In Q4 2025 to date, 80% of the available VLCC spot days have been booked at an average TCE rate of $88,100 per day and 48% of the available Suezmax spot days have been booked at an average TCE rate of $60,800 per day.

 

Declaration of Q3 2025 dividend

 

The Company’s board of directors declared a dividend of $0.75 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on December 11, 2025, to shareholders of record as of December 2, 2025. The common shares will be traded ex-dividend on the NYSE as from and including December 2, 2025, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including December 1, 2025. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about December 16, 2025.

 

*The Company uses certain financial information calculated on a basis other than in accordance with International Financial Reporting Standards (“IFRS”) and generally accepted accounting principles, including TCE, Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the report attached to this press release.

 

1


 

Presentation

 

OET will be hosting a conference call and webcast at 13:30 CET on Thursday, November 13, 2025 to discuss the Q3 2025 and 9M 2025 results.

 

The webcast will include a slide presentation and will be available on the following link:

https://events.q4inc.com/attendee/564091800

 

An audio replay of the conference call will be available on our website:

http://www.okeanisecotankers.com/reports/

 

Contacts

 

Company:

Iraklis Sbarounis, CFO

Tel: +30 210 480 4200

ir@okeanisecotankers.com

 

Investor Relations / Media Contact:

Nicolas Bornozis, President

Capital Link, Inc.

230 Park Avenue, Suite 1540, New York, N.Y. 10169

Tel: +1 (212) 661-7566

okeanisecotankers@capitallink.com

 

About OET

 

OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

 

Forward Looking Statements

 

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

 

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

 

2


3


 

Okeanis Eco Tankers Corp. Reports Financial Results for the Third Quarter and Nine-Month Period of 2025

 

ATHENS, GREECE, November 12, 2025 – Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the third quarter and nine-month period of 2025.

 

Financial performance of the Third Quarter Ended September 30, 2025

 

· Revenues of $90.6 million in Q3 2025, compared to $84.9 million in Q3 2024.
· Profit of $24.1 million in Q3 2025, compared to $14.5 million in Q3 2024.
· Vessel operating expenses of $11.7 million in Q3 2025, compared to $11.5 million in Q3 2024.
· Earnings per share of $0.75 in Q3 2025, compared to $0.45 in Q3 2024.
· Cash (including restricted cash) of $58.2 million as of September 30, 2025, compared to $56.0 million as of September 30, 2024.

 

Financial performance of the Nine Months Ended September 30, 2025

 

· Revenues of $264.7 million in 9M 2025, compared to $308.0 million in 9M 2024.
· Profit of $63.5 million in 9M 2025, compared to $95.7 million in 9M 2024.
· Vessel operating expenses of $33.8 million in 9M 2025, compared to $32.9 million in 9M 2024.
· Earnings per share of $1.97 in 9M 2025, compared to $2.97 in 9M 2024.

 

Alternative performance metrics and market development

 

· Time charter equivalent* (“TCE”, a non-IFRS measure*) revenue of $59.9 million in Q3 2025.
· EBITDA* and Adjusted EBITDA* (each non-IFRS measures*) of $44.9 million and $45.2 million, respectively, in Q3 2025.
· Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $24.7 million or $0.77 per basic and diluted share in Q3 2025.
· Fleetwide daily TCE rate* of $46,600 per operating day in Q3 2025; VLCC and Suezmax TCE rates of $45,500 and $48,200 per operating day, respectively, in Q3 2025.
· Daily vessel operating expenses* (“Daily Opex”, a non-IFRS measure*) of $10,014 per calendar day, including management fees, in Q3 2025.
· In Q4 2025 to date, 80% of the available VLCC spot days have been booked at an average TCE rate of $88,100 per day and 48% of the available Suezmax spot days have been booked at an average TCE rate of $60,800 per day.

 

Declaration of Q3 2025 dividend

 

The Company’s board of directors declared a dividend of $0.75 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on December 11, 2025, to shareholders of record as of December 2, 2025. The common shares will be traded ex-dividend on the NYSE as from and including December 2, 2025, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including December 1, 2025. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about December 16, 2025.

 

4


 

Financial results overview – third quarter and nine months of 2025

 

        Q3 2025     Q3 2024     9M 2025     9M 2024     % Change  
Commercial   VLCC Daily TCE*   $ 45,500     $ 43,100     $ 44,400     $ 61,500       (28) %
Performance   Suezmax Daily TCE*   $ 48,200     $ 44,800     $ 46,300     $ 52,900       (12) %
USD per day   Fleetwide Daily TCE*   $ 46,600     $ 43,900     $ 45,200     $ 57,700       (22) %
    Fleetwide Daily Opex (incl. mgmt. fees)*   $ 10,014     $ 9,811     $ 9,740     $ 9,470       3 %

 

        Q3 2025     Q3 2024     9M 2025     9M 2024     % Change  
Income   TCE Revenue*   $ 59.9     $ 52.2     $ 172.5     $ 212.7       (19) %
Statement   Adjusted EBITDA*   $ 45.2     $ 37.9     $ 124.9     $ 167.0       (25) %
USDm excl. EPS   Adjusted Profit*   $ 24.7     $ 14.5     $ 62.8     $ 94.3       (33) %
    Adjusted Earnings Per Share*   $ 0.77     $ 0.45     $ 1.95     $ 2.93       (33) %

 

        September 30, 2025     December 31, 2024     % Change  
Balance Sheet   Total Debt   $ 616.6     $ 645.6       (4) %
USDm   Total Cash (incl. Restricted Cash)   $ 58.2     $ 54.3       7 %
    Total Assets   $ 1,067.1     $ 1,082.1       (1) %
    Total Equity   $ 429.8     $ 410.4       5 %
    Book Leverage**     57 %     59 %     (4) %

 

 

*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles and International Financial Reporting Standards (“IFRS”), including TCE, Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the end of this press release.

 

**Book Leverage is calculated as net debt over net debt plus equity.

 

Key information and management commentary

 

· The Company paid a dividend of approximately $22.5 million, or $0.70 per share, in September 2025.

 

· Voyage expenses for Q3 2025 of $29.7 million, down from $32.0 million in Q3 2024. The 7% decrease is mostly attributable to lower port expenses.

 

· Interest and finance costs for Q3 2025 of $11.0 million, down from $14.2 million in Q3 2024. The decrease is mainly due to a decrease in total indebtedness from $645.6 million as of December 31, 2024 to $616.6 million as of September 30, 2025, along with a decrease in the margin payable under our existing loans.

 

· The Company recorded a profit of $24.1 million in Q3 2025, compared to a profit of $14.5 million in Q3 2024. The increase derives mainly from the increased revenues generated from operations.

 

· TCE revenue in Q3 2025 increased by 15%, compared to Q3 2024, primarily due to a corresponding incline in TCE rates.

 

· In October 2025, the Company declared its option to repurchase the VLCC Nissos Rhenia under its sale and leaseback agreement.

 

· In November 2025, the Company declared its option to repurchase the VLCC Nissos Despotiko under its sale and leaseback agreement.

 

Fleet

 

As of September 30, 2025, the Company’s fleet was comprised of the following 14 vessels with an average age of 6.1 years and aggregate capacity of approximately 3.5 million deadweight tons:

 

· six Suezmax vessels with an average age of 7.0 years; and
· eight VLCC vessels with an average age of 5.4 years.

 

5


 

Presentation

 

OET will be hosting a conference call and webcast at 13:30 CET on Thursday, November 13, 2025 to discuss the Q3 2025 and 9M 2025 results.

 

The webcast will include a slide presentation and will be available on the following link:

https://events.q4inc.com/attendee/564091800

 

An audio replay of the conference call will be available on our website:

http://www.okeanisecotankers.com/reports/

 

6


 

Unaudited condensed consolidated statements of profit or loss and other comprehensive income

 

    For the Three months     For the Nine months  
    ended September 30,     ended September 30,  
USD   2025     2024     2025     2024  
Revenue   $ 90,602,272     $ 84,929,328     $ 264,697,058     $ 308,040,311  
                                 
Operating expenses                                
Commissions     (994,764 )     (750,877 )     (3,003,136 )     (3,156,029 )
Voyage expenses     (29,661,111 )     (31,993,266 )     (89,178,250 )     (92,232,091 )
Vessel operating expenses     (11,739,327 )     (11,476,934 )     (33,785,198 )     (32,875,819 )
Management fees     (1,159,200 )     (1,159,200 )     (3,439,800 )     (3,452,400 )
Depreciation and amortization     (10,436,705 )     (10,438,617 )     (31,002,227 )     (30,770,063 )
General and administrative expenses     (1,882,078 )     (1,678,488 )     (10,345,145 )     (9,347,498 )
Total operating expenses   $ (55,873,185 )   $ (57,497,382 )   $ (170,753,756 )   $ (171,833,900 )
Operating profit   $ 34,729,087     $ 27,431,946     $ 93,943,302     $ 136,206,411  
                                 
Other income / (expenses)                                
Interest income     563,460       814,301       1,379,063       2,788,683  
Interest and other finance costs     (11,008,312 )     (14,228,212 )     (34,046,375 )     (44,740,486 )
Unrealized (loss)/ gain, net on derivatives     (372,070 )     2,328       2,093,870       (441,006 )
Realized gain/ (loss), net on derivatives     207,772       28,253       604,940       (10,337 )
Loss on debt extinguishment     (257,817 )     -       (1,383,768 )     -  
Gain from modification of loans     -       -       -       1,828,959  
Foreign exchange gain     188,453       497,771       902,383       36,451  
Total other expenses, net   $ (10,678,514 )   $ (12,885,559 )   $ (30,449,887 )   $ (40,537,736 )
                                 
Profit for the period   $ 24,050,573     $ 14,546,387     $ 63,493,415     $ 95,668,675  
                                 
Other comprehensive income     -       -       -       -  
Total comprehensive income for the period   $ 24,050,573     $ 14,546,387     $ 63,493,415     $ 95,668,675  
                                 
Profit attributable to the owners of the Group   $ 24,050,573     $ 14,546,387     $ 63,493,415     $ 95,668,675  
Total comprehensive income attributable to the owners of the Group   $ 24,050,573     $ 14,546,387     $ 63,493,415     $ 95,668,675  
                                 
Earnings per share - basic & diluted   $ 0.75     $ 0.45     $ 1.97     $ 2.97  
Weighted average no. of shares - basic & diluted     32,194,108       32,194,108       32,194,108       32,194,108  

 

7


 

Unaudited condensed consolidated statements of financial position

 

    As of     As of  
USD   September 30, 2025     December 31, 2024  
ASSETS                
Non-current assets                
Vessels, net   $ 928,329,593     $ 958,597,520  
Other non-current assets     63,800       80,206  
Derivative financial instruments     494,746       -  
Restricted cash     4,510,000       4,510,000  
Total non-current assets   $ 933,398,139     $ 963,187,726  
Current assets                
Inventories   $ 20,809,128     $ 24,341,665  
Trade and other receivables     51,303,526       39,755,029  
Claims receivable     320,097       242,576  
Prepaid expenses and other current assets     5,685,670       4,794,022  
Derivative financial instruments     1,562,196       -  
Current account due from related parties     345,103       -  
Current portion of restricted cash     1,033,311       434,927  
Cash & cash equivalents     52,644,208       49,343,664  
Total current assets   $ 133,703,239     $ 118,911,883  
TOTAL ASSETS   $ 1,067,101,378     $ 1,082,099,609  
SHAREHOLDERS’ EQUITY & LIABILITIES                
Shareholders’ equity                
Share capital   $ 32,890     $ 32,890  
Additional paid-in capital     14,501,517       14,501,517  
Treasury shares     (4,583,929 )     (4,583,929 )
Other reserves     (35,913 )     (35,913 )
Retained earnings     419,899,838       400,512,351  
Total shareholders’ equity   $ 429,814,403     $ 410,426,916  
Non-current liabilities                
Long-term borrowings, net of current portion   $ 570,314,541     $ 598,957,333  
Retirement benefit obligations     54,150       44,795  
Total non-current liabilities   $ 570,368,691     $ 599,002,128  
Current liabilities                
Trade payables   $ 15,165,027     $ 19,479,005  
Accrued expenses and other current liabilities     5,394,433       5,909,316  
Current accounts due to related parties     -       530,030  
Derivative financial instruments     25,572       62,500  
Current portion of long-term borrowings     46,333,252       46,689,714  
Total current liabilities   $ 66,918,284     $ 72,670,565  
TOTAL LIABILITIES   $ 637,286,975     $ 671,672,693  
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES   $ 1,067,101,378     $ 1,082,099,609  

 

8


 

Unaudited condensed consolidated statement of changes in shareholders’ equity

 

                Additional                          
    Number     Share     paid-in     Treasury     Other     Retained        
USD, except share amounts   of shares     capital     capital     Shares     Reserves     Earnings     Total  
Balance - January 1, 2024     32,194,108     $ 32,890     $ 121,064,014     $ (4,583,929 )   $ (29,908 )   $ 291,649,081     $ 408,132,148  
Profit for the period                                   95,668,675       95,668,675  
Capital distribution                 (92,075,148 )                       (92,075,148 )
Balance - September 30, 2024     32,194,108     $ 32,890     $ 28,988,866     $ (4,583,929 )   $ (29,908 )   $ 387,317,756     $ 411,725,675  
                                                         
Balance - January 1, 2025     32,194,108     $ 32,890     $ 14,501,517     $ (4,583,929 )   $ (35,913 )   $ 400,512,351     $ 410,426,916  
Profit for the period                                   63,493,415       63,493,415  
Dividends ($1.37 per share)                                   (44,105,928 )     (44,105,928 )
Balance - September 30, 2025     32,194,108     $ 32,890     $ 14,501,517     $ (4,583,929 )   $ (35,913 )   $ 419,899,838       429,814,403  

 

9


 

Unaudited condensed consolidated statements of cash flows

 

    For the three months
ended September 30,
    For the nine months
ended September 30,
 
USD   2025     2024     2025     2024  
CASH FLOWS FROM OPERATING ACTIVITIES                                
Profit for the period   $ 24,050,573     $ 14,546,387     $ 63,493,415     $ 95,668,675  
                                 
Adjustments to reconcile profit to net cash provided by operating activities:                                
Depreciation and amortization     10,436,705       10,438,617       31,002,227       30,770,063  
Interest expense     10,474,518       12,894,811       32,322,256       41,546,139  
Amortization of loan financing fees and loan modification gain     306,213       549,663       944,060       1,934,284  
Unrealized loss/ (gain), net on derivatives     372,070       (2,328 )     (2,093,870 )     441,006  
Interest income     (563,460 )     (814,301 )     (1,379,063 )     (2,788,683 )
Unrealized foreign exchange (gain) /loss     (408,964 )     (509,863 )     (1,491,057 )     9,286  
Loss on debt extinguishment     257,817       -       1,383,768       -  
Gain from modification of loans     -       -       -       (1,828,959 )
Total reconciliation adjustments   $ 20,874,899     $ 22,556,599     $ 60,688,321     $ 70,083,136  
                                 
Changes in working capital:                                
Trade and other receivables     (6,866,273 )     (9,210,279 )     (11,436,491 )     13,465,296  
Prepaid expenses and other current assets and non-current assets     3,413,538       1,568,678       (891,648 )     64,013  
Inventories     1,168,101       230,976       3,532,537       (694,896 )
Trade payables     (1,415,155 )     (12,334,298 )     (2,770,488 )     (7,235,768 )
Accrued expenses and other current liabilities     (1,394,569 )     2,026,109       (598,690 )     1,788,872  
Claims receivable     -       -       (77,521 )     115,528  
Due to related parties     278,359       481,132       (345,103 )     (178,842 )
Due from related parties     -       101,383       (530,030 )     -  
Total changes in working capital   $ (4,815,999 )   $ (17,136,299 )   $ (13,117,434 )   $ 7,324,203  
Interest paid     (10,561,591 )     (13,109,776 )     (32,229,095 )     (40,879,461 )
Net cash provided by operating activities   $ 29,547,882     $ 6,856,911     $ 78,835,207     $ 132,196,553  
                                 
CASH FLOWS FROM INVESTING ACTIVITIES                                
Decrease in restricted cash     39,061       -       -       -  
Increase in restricted cash     -       (1,504,231 )     (598,384 )     (1,924,745 )
Payments for special survey and drydocking     (301,747 )     (2,965,062 )     (2,276,330 )     (5,666,772 )
Interest received     544,254       929,054       1,263,607       2,751,360  
Net cash provided by/ (used in) investing activities   $ 281,568     $ (3,540,239 )   $ (1,611,107 )   $ (4,840,157 )
                                 
CASH FLOWS FROM FINANCING ACTIVITIES                                
Proceeds from long-term borrowings     64,000,000       31,110,000       195,000,000       199,260,000  
Repayments of long-term borrowings     (78,392,715 )     (42,934,628 )     (225,012,136 )     (234,186,809 )
Dividends paid     (22,535,876 )     -       (44,105,928 )     -  
Capital distributions     -       (35,413,519 )     -       (92,075,148 )
Payments of loan financing fees     (416,000 )     (311,100 )     (1,300,000 )     (1,259,319 )
Net cash used in financing activities   $ (37,344,591 )   $ (47,549,247 )   $ (75,418,064 )   $ (128,261,276 )
Effects of exchange rate changes of cash held in foreign currency     405,930       576,957       1,494,508       55,641  
Net change in cash and cash equivalents     (7,515,141 )     (44,232,575 )     1,806,036       (904,880 )
Cash and cash equivalents at beginning of period     59,753,419       92,798,770       49,343,664       49,992,391  
Cash and cash equivalents at end of period   $ 52,644,208     $ 49,143,152     $ 52,644,208     $ 49,143,152  

 

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USE AND RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES

 

The Company together with its wholly owned subsidiaries, (the “Group”) evaluates its vessels’ operations and financial results principally by assessing their revenue generation (and not by the type of vessel, employment, customer, or type of charter). Among others, TCE, Daily TCE rate, EBITDA, Adjusted EBITDA, Daily Opex, Adjusted Profit/(loss) and Adjusted Earnings/(loss) per share are used as key performance indicators.

 

Daily TCE rate

 

In the shipping industry, economic decisions are based on vessels’ deployment upon anticipated TCE rates and time charter equivalent revenue, and industry analysts typically measure shipping freight rates in terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate cost. In a voyage charter contract, consideration is received for the use of a vessel between designated ports for the duration of the voyage only, at an agreed upon rate per volume of cargo carried. In a time charter contract, the customer (also known as the charterer) is responsible to pay for fuel consumed and port expenses incurred during the agreed period of time. In a voyage charter contract, the Company is responsible for maintaining the voyage, including vessel scheduling and routing, as well as any related voyage expenses, such as fuel, port and other expenses. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a time charter, such expenses are borne by the time charter operator. In a bareboat charter, the customer pays for all of the vessel’s operating expenses, and undertakes to maintain the vessel in a good state of repair and efficient operating condition and drydock the vessel during this period as per the classification society requirements. We may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during drydocking or due to other unforeseen circumstances. Because of the different nature of these types of arrangements, the amount of revenues earned by the Company can differ significantly between them.

 

The Daily Time Charter Equivalent Rate (“TCE rate”) is a measure of the average daily revenue performance of a vessel. The TCE rate and time charter equivalent revenue (TCE) are not measures of revenue under generally accepted accounting principles (i.e., they are non-GAAP measures) or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. We calculate the TCE rate by dividing revenues (time charter and/or voyage charter revenues), less commission and voyage expenses (which then equals “time charter equivalent revenue”), by the number of operating days (we define operating days as calendar days less any scheduled or unscheduled days that our vessels are off-hire due to unforeseen technical and commercial circumstances) during that period. Our calculation of the TCE rate and time charter equivalent revenue may not be comparable to that reported by other companies. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect the amount of expenses that we record during that period. We and other companies in the shipping industry use operating days to measure the aggregate number of days in a period that our vessels generate revenues. The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter is “off-hire”.

 

We use the TCE rate and time charter equivalent revenue because they provide a means of comparison between different types of vessel employment and, therefore, assists our decision-making process with regards to the operation and use of our vessels and in evaluating our financial performance. We believe the TCE rate and time charter equivalent revenue provide additional meaningful information to our investors, constituting a comparison to Revenue, the most directly comparable GAAP and IFRS measure, that also enables our management to evaluate the performance and deployment of our fleet and in evaluating their financial performance. The TCE rate and time charter equivalent revenue are measures used to compare period-to-period changes in a company’s performance, and management believes that the TCE rate and time charter equivalent revenue provide meaningful information to our investors.

 

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The following table sets forth our computation of TCE rates, including a reconciliation of revenues to the TCE rates (unaudited) for the periods presented:

 

    For the Three months     For the Nine months  
    ended September 30,     ended September 30,  
USD   2025     2024     2025     2024  
Revenue   $ 90,602,272     $ 84,929,328     $ 264,697,058     $ 308,040,311  
Voyage expenses     (29,661,111 )     (31,993,266 )     (89,178,250 )     (92,232,091 )
Commissions     (994,764 )     (750,877 )     (3,003,136 )     (3,156,029 )
Time charter equivalent revenue   $ 59,946,397     $ 52,185,185     $ 172,515,672     $ 212,652,191  
Calendar days     1,288       1,288       3,822       3,836  
Off-hire days     (3 )     (99 )     (9 )     (149 )
Operating days     1,285       1,189       3,813       3,687  
Daily TCE rate   $ 46,640     $ 43,877     $ 45,241     $ 57,680  

 

Daily Opex

 

Daily Opex per vessel is an alternative performance measure that provides meaningful information to our management with regards to our vessels’ efficiency and deployment. Daily Opex is not a measure under generally accepted accounting principles (i.e., it is a non-GAAP measure) or IFRS and should not be considered as an alternative to any measure of expenses and financial performance presented in accordance with IFRS. Our reconciliation of daily Opex, including management fees, may deviate from that reported by other companies. We believe Daily Opex provides additional meaningful information in conjunction with Vessel operating expenses, the most directly comparable GAAP and IFRS measure, because it provides meaningful information to our investors in evaluating our financial performance. Also, it is an alternative measure that provides meaningful information to our management with regards to our vessels’ efficiency and deployment.

 

Daily Opex is calculated as vessel operating expenses and technical management fees divided by calendar days, for the relevant periods.

 

The following table sets forth our reconciliation of daily Opex (unaudited) for the periods presented:

 

    For the Three months     For the Nine months  
    ended September  30,     ended September 30,  
USD   2025     2024     2025     2024  
Vessel operating expenses   $ 11,739,327     $ 11,476,934     $ 33,785,198     $ 32,875,819  
Management fees     1,159,200       1,159,200       3,439,800       3,452,400  
Total vessel operating expenses   $ 12,898,527     $ 12,636,134     $ 37,224,998     $ 36,328,219  
Calendar days     1,288       1,288       3,822       3,836  
Daily Opex   $ 10,014     $ 9,811     $ 9,740     $ 9,470  
Daily Opex excluding management fees   $ 9,114     $ 8,911     $ 8,840     $ 8,570  

 

EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share

 

Earnings before interest, tax, depreciation and amortization (EBITDA) is an alternative performance measure, derived directly from the statement of profit or loss and other comprehensive income by adding back to profit/(loss) depreciation, amortization, interest and finance costs and subtracting interest income. Adjusted EBITDA is defined as EBITDA before non-recurring items, unrealized losses/(gains) on derivatives, realized losses/(gains) on derivatives, foreign exchange (gains)/losses, (gain)/loss from loan modifications and loss on debt extinguishment. Adjusted profit/(loss) is defined as reported profit/(loss) before non-recurring items, unrealized losses/(gains) on derivatives, impairment loss, loan modification gain/(loss), loss on debt extinguishment and gain/(loss) on disposal of vessels, if any. Adjusted earnings/(loss) per share is defined as adjusted profit/(loss) divided by the weighted average number of common shares outstanding in the period.

 

Furthermore, EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share have certain limitations in use and should not be considered alternatives to reported profit/(loss), operating profit, cash flows from operations, earnings per share or any other GAAP or IFRS measure of financial performance. EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share exclude some, but not all, items that affect profit/(loss).

 

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EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share are not measures of profit under generally accepted accounting principles (i.e., they are non-GAAP measures) or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share are used as supplemental financial measures by management and external users of financial statements to assess our operating performance. We believe that EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share assist our management and our investors by providing useful information that increases the comparability of our operating performance from period to period and against our previous performance and the operating performance of other companies in our industry that provide relevant information. We believe EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings provide additional meaningful information in conjunction with profit, the most directly comparable GAAP and IFRS measure, because they provide meaningful information in evaluating our financial performance.

 

Our method of computing EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share may not be consistent with similarly titled measures of other companies and, therefore, might not be comparable with other companies.

 

The following table sets forth a reconciliation of profit to EBITDA (unaudited) and Adjusted EBITDA (unaudited) for the periods presented:

 

    For the Three months
ended September 30,
    For the Nine months
ended September 30,
 
USD   2025     2024     2025     2024  
Profit for the period   $ 24,050,573     $ 14,546,387     $ 63,493,415     $ 95,668,675  
Depreciation and amortization     10,436,705       10,438,617       31,002,227       30,770,063  
Interest and other finance costs     11,008,312       14,228,212       34,046,375       44,740,486  
Interest income     (563,460 )     (814,301 )     (1,379,063 )     (2,788,683 )
EBITDA   $ 44,932,130     $ 38,398,915     $ 127,162,954     $ 168,390,541  
Unrealized loss/ (gain), net on derivatives     372,070       (2,328 )     (2,093,870 )     441,006  
Realized (gain)/ loss, net on derivatives     (207,772 )     (28,253 )     (604,940 )     10,337  
Gain from modification of loans     -       -       -       (1,828,959 )
Loss on debt extinguishment     257,817       -       1,383,768       -  
Foreign exchange gain     (188,453 )     (497,771 )     (902,383 )     (36,451 )
Adjusted EBITDA   $ 45,165,792     $ 37,870,563     $ 124,945,529     $ 166,976,474  

 

The following table sets forth a reconciliation of profit to Adjusted profit (unaudited) and a computation of Adjusted earnings per share (unaudited) for the periods presented:

 

    For the Three months
ended September 30,
    For the Nine months
ended September 30,
 
USD   2025     2024     2025     2024  
Profit for the period   $ 24,050,573     $ 14,546,387     $ 63,493,415     $ 95,668,675  
Gain from modification of loans     -       -       -       (1,828,959 )
Loss on debt extinguishment     257,817       -       1,383,768       -  
Unrealized loss/ (gain), net on derivatives     372,070       (2,328 )     (2,093,870 )     441,006  
Adjusted Profit   $ 24,680,460     $ 14,544,059     $ 62,783,313     $ 94,280,722  
Weighted average number of common shares outstanding in the period     32,194,108       32,194,108       32,194,108       32,194,108  
Adjusted earnings per share, basic and diluted   $ 0.77     $ 0.45     $ 1.95     $ 2.93  

 

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Forward Looking Statements

 

This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.

 

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