Okeanis Eco Tankers has entered into a time charter contract with a leading international energy company for one of its VLCC vessels, the Nissos Anafi or Nissos Kythnos (in OET’s option), for a period of three years firm (no extension options). The charter will generate approx. USD 17.5 million of gross annual revenue and will commence in mid-May 2020.

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

On April 6, 2020, the following transactions occurred:

A fund managed by Ironsides Partners (“Ironsides”) sold an aggregate 459,272 shares in Okeanis Eco Tankers Corp. (“OET”) at a price of NOK 57.5 per share. Ironsides hereafter owns 1,010,000 shares in OET, or 3.07% of the registered share capital. Ironsides’s CIO and founder, Robert Knapp, is a member of the board of directors of OET. For further information, please contact David Barnhart at Ironsides Partners LLC at +1 (617) 449-3129.

OET and two of its directors, Dan Gold and Joshua Nemser, purchased the entirety of the shares:

OET purchased 250,000 of its own shares for an aggregate consideration of ~USD 1,358,000 at an average price of NOK 57.5 per share. Following this transaction, OET owns 514,083 of its own shares representing approximately 1.56% of its issued share capital. The purchased shares will be held as treasury stock.

A fund managed by QVT Financial LP (“QVT”) purchased an aggregate 104,636 shares in OET at a price of NOK 57.5 per share. QVT hereafter owns 2,188,286 shares in OET, or 6.65% of the registered share capital. QVT’s CEO and founder, Dan Gold, is a member of the board of directors of OET. For further information, please contact Meg Eisner at QVT Financial LP at +1 (212) 705-6229.

VR Global Partners, L.P. and an affiliated entity, VR Capital Group, Ltd. (together, “VR Capital Group”) purchased an aggregate 104,636 shares in OET at a price of NOK 57.5 per share. VR Capital Group hereafter owns a total of 1,602,689 shares in OET, or 4.87% of the registered share capital. Joshua Nemser, a portfolio manager of VR Capital Group, is a member of the board of directors of OET. For further information, please contact Stephen Penner at VR Capital Group at +1 (646) 571-1870.

Chairman and Chief Executive Officer Ioannis Alafouzos commented:

“The board of directors of OET is of the firm belief that the intrinsic value of the company is not fully reflected in the quoted share price, and has thus authorized OET to opportunistically repurchase 250,000 of its own shares at what it calculates to be a deep discount to net asset value. Furthermore, the board has once again demonstrated its strong support of OET as evidenced by the market-leading level of insider ownership of the company. Lastly and following on from this morning’s announcement of a three year VLCC time charter, I would like to re-iterate the company’s commitment to crystallizing value for its shareholders. Discounts to net asset value of the magnitude implied by our quoted share price will be taken into careful consideration well before (and certainly after) our Discount Control Mechanism comes into effect by the end of the year.”

Source: Okeanis Eco Tankers