Okeanis Eco Tanker

Annual Report (ESEF) • Mar 31, 2025

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(Incorporated under the laws of the Republic of the Marshall Islands with registration number 96382) Consolidated Financial Statements and Report of Independent Registered Public Accounting Firm 2 Index to financial statements Pages Report of Independent Registered Public Accounting Firm Error! Bookmark not defined. Consolidated Statements of Profit or Loss and Other Comprehensive Income, years ended December 31, 2024, 2023 and 2022 5 Consolidated Statements of Financial Position, as of December 31, 2024 and 2023 6 Consolidated Statements of Changes in Equity, years ended December 31, 2024, 2023 and 2022 7 Consolidated Statements of Cash Flows, years ended December 31, 2024, 2023 and 2022 8 Notes to the Consolidated Financial Statements 9 Appendix 41 3 Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of Okeanis Eco Tankers Corp. Report on the Financial Statements Opinion on the Financial Statements We have audited the accompanying consolidated statements of financial position of Okeanis Eco Tankers Corp. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 4 Report on Other Legal and Regulatory Requirements — European Single Electronic Format As part of our assessment as to whether the financial statements are prepared, in all material respects, in accordance with the requirements set forth in the Commission Delegated EU Regulation 2019/815 as amended by EU Regulation 2020/1989 (“ESEF Regulation”) that are relevant to the Company, we have examined the digital file of the Company prepared in accordance with European Single Electronic Format (”ESEF”), defined by the ESEF Regulation, which includes the financial statements of the Company for the year ended December 31, 2024, in eXtensible HyperText Markup Language (XHTML) format as well as the XBRL file (213800U35RCYXTKVEM65-2024-12-31-0-en.zip) with the appropriate tagging on these financial statements. In connection with the Company’s listing requirements with the Oslo Børs, management is responsible for the preparation and submission of the financial statements of the Company in compliance with the requirements set forth in the ESEF Regulation and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the financial statements being prepared using XHTML format and iXBRL tagging of the financial statements. In our opinion, the financial statements of the Company for the year ended December 31, 2024 prepared in XHTML format as well as the XBRL file (213800U35RCYXTKVEM65-2024-12-31-0-en.zip) with the appropriate tagging on these financial statements, are prepared in all material respects in accordance with the requirements of ESEF Regulation. /s/ Deloitte Certified Public Accountants S.A. Athens, Greece March 31, 2025 We have served as the Company’s auditor since 2018. 5 Consolidated statements of profit or loss and other comprehensive income for the years ended December 31, 2024, 2023 and 2022 (amounts expressed in U.S. Dollars) NOTES 2024 2023 2022 Revenue 20,23 393,229,831 413,096,606 270,972,421 Operating expenses Commissions (3,997,596) (5,757,159) (3,382,419) Voyage expenses 10 (127,196,305) (109,559,239) (74,086,221) Vessel operating expenses 9 (42,434,258) (41,742,285) (35,740,460) Management fees - related party 13 (4,611,600) (4,599,000) (4,381,200) Depreciation and amortization 7 (41,134,237) (40,382,628) (37,962,924) General and administrative expenses 11 (10,910,862) (9,933,373) (5,296,523) Total operating expenses (230,284,858) (211,973,684) (160,849,747) Operating profit 162,944,973 201,122,922 110,122,674 Other income / (expenses) Interest income 21 3,445,203 4,104,564 721,528 Interest expense and other finance costs 21 (57,052,680) (61,179,066) (38,081,975) Unrealized (loss)/ gain, net on derivatives 22 (291,873) 229,373 45,960 Realized (loss)/ gain, net on derivatives 22 (1,264,750) 300,262 11,436,481 Gain from modification of loans 12 1,828,959 — — Foreign exchange (loss)/ gain (746,562) 672,969 315,327 Total other expenses (54,081,703) (55,871,898) (25,562,679) Profit for the year 108,863,270 145,251,024 84,559,995 Other comprehensive income Items that will not be reclassified to profit or loss: Re-measurement of post-employment benefit obligations (6,005) (1,302) (2,456) Total comprehensive income for the year 108,857,265 145,249,722 84,557,539 Earnings per share – basic & diluted 17 3.38 4.51 2.63 Weighted average no. of shares – basic & diluted 17 32,194,108 32,194,108 32,202,394 The accompanying notes are an integral part of these consolidated financial statements. 6 Consolidated statements of financial position as of December 31, 2024 and 2023 (amounts expressed in U.S. Dollars) NOTES 2024 2023 ASSETS Non-current assets Vessels, net 7 958,597,520 988,068,180 Other fixed assets 7 80,206 87,252 Restricted cash 4,510,000 3,010,000 Total non-current assets 963,187,726 991,165,432 Current assets Inventories 6 24,341,665 25,354,017 Trade and other receivables 39,755,029 57,336,089 Claims receivable 18 242,576 115,528 Prepaid expenses and other current assets 4,794,022 3,037,366 Derivative financial instruments 22 — 229,373 Current portion of restricted cash 434,927 1,884,852 Cash & cash equivalents 49,343,664 49,992,391 Total current assets 118,911,883 137,949,616 TOTAL ASSETS 1,082,099,609 1,129,115,048 SHAREHOLDERS’ EQUITY & LIABILITIES Shareholders’ equity Share capital 14 32,890 32,890 Additional paid-in capital 14 14,501,517 121,064,014 Treasury shares 14 (4,583,929) (4,583,929) Other reserves (35,913) (29,908) Retained earnings 400,512,351 291,649,081 Total shareholders’ equity 410,426,916 408,132,148 Non-current liabilities Long-term borrowings, net of current portion 12 598,957,333 615,333,863 Retirement benefit obligations 44,795 32,692 Total non-current liabilities 599,002,128 615,366,555 Current liabilities Trade payables 19,479,005 23,522,506 Accrued expenses 8 5,909,316 3,485,042 Derivative financial instruments 22 62,500 — Current accounts due to related parties 13 530,030 659,974 Current portion of long-term borrowings 12 46,689,714 77,948,823 Total current liabilities 72,670,565 105,616,345 TOTAL LIABILITIES 671,672,693 720,982,900 TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 1,082,099,609 1,129,115,048 The accompanying notes are an integral part of these consolidated financial statements. 7 Consolidated statements of changes in equity for the years ended December 31, 2024, 2023 and 2022 (amounts, expressed in U.S. Dollars, except for number of shares) ADDITIONAL PAID IN NUMBER OF SHARE CAPITAL TREASURY OTHER RETAINED Notes SHARES CAPITAL (NOTE 14) SHARES RESERVES EARNINGS TOTAL Balance – January 1, 2022 32,316,681 32,890 300,019,846 (3,571,790) (26,150) 61,838,062 358,292,858 Acquisition of common stock 14 (122,573) — — (1,012,139) — — (1,012,139) Profit for the year — — — — — 84,559,995 84,559,995 Capital distribution ($0.60 per share) 14 — — (19,594,997) — — — (19,594,997) Other comprehensive loss for the year — — — — (2,456) — (2,456) Balance - December 31, 2022 32,194,108 32,890 280,424,849 (4,583,929) (28,606) 146,398,057 422,243,261 Profit for the year 14 — — — — — 145,251,024 145,251,024 Capital distribution ($4.95 per share) — — (159,360,835) — — — (159,360,835) Other comprehensive loss for the year 14 — — — — (1,302) — (1,302) Balance – December 31, 2023 32,194,108 32,890 121,064,014 (4,583,929) (29,908) 291,649,081 408,132,148 Profit for the year — — — — — 108,863,270 108,863,270 Capital distribution ($3.31 per share) 14 — — (106,562,497) — — — (106,562,497) Other comprehensive loss for the year — — — — (6,005) — (6,005) Balance – December 31, 2024 32,194,108 32,890 14,501,517 (4,583,929) (35,913) 400,512,351 410,426,916 The accompanying notes are an integral part of these consolidated financial statements. 8 Consolidated statements of cash flows for the years ended December 31, 2024, 2023 and 2022 (all amounts expressed in U.S. Dollars) CASH FLOWS FROM OPERATING ACTIVITIES Notes 2024 2023 2022 Profit for the year 108,863,270 145,251,024 84,559,995 Adjustments to reconcile profit to net cash provided by operating activities: Depreciation and amortization 7 41,134,237 40,382,628 37,962,924 Interest expense 21 53,628,356 58,680,985 35,077,293 Amortization of loan financing fees and modification gain 12 2,263,416 1,994,191 1,693,117 Unrealized loss/ (gain), net on derivatives 22 291,873 (20,135) 2,941,529 Interest income 21 (3,445,203) (4,104,564) (721,528) Other non-cash items (6,005) (43,323) 6,643 Gain from modification of loans 12 (1,828,959) — — Unrealized foreign exchange loss/ (gain) 907,110 (712,765) (339,622) Total reconciliation adjustments 92,944,825 96,177,017 76,620,356 Changes in working capital: Trade and other receivables 17,674,147 (5,853,175) (42,241,830) Prepaid expenses and other current assets (1,902,362) (824,682) (1,235,237) Inventories 1,012,352 (8,343,486) (4,380,000) Trade payables (4,470,575) 10,958,162 (2,901,680) Accrued expenses 2,398,299 (530,625) 871,637 Deferred revenue — (4,255,500) 4,255,500 Claims receivable (127,048) (7,137) 152,702 Due to related parties (129,944) 659,974 — Due from related parties — 449,629 — Total changes in working capital 14,454,869 (7,746,840) (45,478,908) Interest paid (53,444,573) (59,649,091) (33,181,517) Net cash provided by operating activities 162,818,391 174,032,110 82,519,926 CASH FLOWS FROM INVESTING ACTIVITIES Current accounts due from related parties — — 620,472 Decrease in restricted cash 1,449,925 2,032,927 900,000 Increase in restricted cash (1,500,000) — (478,336) Payments for special survey and drydocking costs (11,189,402) (3,306,052) (1,536,579) Payments for vessels and vessels under construction — — (178,601,323) Interest received 3,299,288 2,233,711 375,636 Net cash (used in)/ provided by investing activities (7,940,189) 960,586 (178,720,130) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings 12 199,260,000 197,000,000 306,298,000 Repayments of long-term borrowings 12 (246,117,877) (243,355,165) (144,294,604) Capital distribution 14 (106,562,497) (159,360,835) (19,594,997) Current accounts due to related parties — — (698,153) Payment of long-term borrowing fees (1,259,319) (1,350,000) (1,732,860) Acquisition of common stock 14 — — (1,012,139) Net cash (used in)/provided by financing activities (154,679,693) (207,066,000) 138,965,247 Effects of exchange rate changes of cash held in foreign currency (847,236) 719,818 397,680 Net change in cash and cash equivalents 198,509 (32,073,304) 42,765,043 Cash and cash equivalents at beginning of year 49,992,391 81,345,877 38,183,154 Cash and cash equivalents at end of year 49,343,664 49,992,391 81,345,877 Supplemental cash flow information Capital expenditures included in trade payables 1,242,578 803,751 — The accompanying notes are an integral part of these consolidated financial statements. 9 Notes to the consolidated Financial Statements 1. Incorporation and General Information Okeanis Eco Tankers Corp. (“OET,” the “Company” or “Okeanis Eco Tankers” and together with its wholly owned subsidiaries, the “Group”) was incorporated on April 30, 2018 as a corporation under the laws of the Republic of the Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960. Glafki Marine Corp. (“Glafki”), owned by Messrs. Ioannis and Themistoklis Alafouzos, were the controlling shareholders of OET until June 2022. In June 2022, the voting interests of Mr. Themistoklis Alafouzos were transferred to Hospitality Assets Corp. (“Hospitality”) and as of June 2022, Glafki and Hospitality, each owned by Messrs. Ioannis and Themistoklis Alafouzos, respectively, collectively hold a controlling interest in OET. Glafki and Hospitality currently own 34.2% and 20.6% of the Company’s outstanding common shares, respectively. The Group, as of the date of this report, owns or bareboat charters-in under a finance lease fourteen vessels. The principal activity of its subsidiaries is to own, charter-out and operate tanker vessels in the international shipping market. The consolidated financial statements comprise the financial statements of the Group. The Company traded on the Euronext Growth Oslo (ex-Merkur Market) from July 3, 2018 until March 8, 2019, when it was then admitted for trading on the Euronext Expand (ex-Oslo Axess). On January 29, 2021, the Company transferred its listing from Euronext Expand to Oslo Børs. On December 11, 2023, the Company’s common shares began trading on the New York Stock Exchange (“NYSE”), simultaneously with their trading on the Oslo Børs, which is currently considered as the Company’s secondary listing. As at December 31, 2024 the Group comprises the following companies: Date of Acquisition of Interest by Company name OET Incorporated Interest held by OET Therassia Marine Corp. 28-Jun-18 Liberia 100 % Milos Marine Corp. 28-Jun-18 Liberia 100 % Ios Maritime Corp. 28-Jun-18 Liberia 100 % Omega One Marine Corp. 28-Jun-18 Marshall Islands 100 % Omega Two Marine Corp. 28-Jun-18 Marshall Islands 100 % Omega Three Marine Corp. 28-Jun-18 Marshall Islands 100 % Omega Four Marine Corp. 28-Jun-18 Marshall Islands 100 % Omega Five Marine Corp. 28-Jun-18 Marshall Islands 100 % Omega Six Marine Corp. 9-Oct-19 Marshall Islands 100 % Omega Seven Marine Corp. 28-Jun-18 Marshall Islands 100 % Omega Nine Marine Corp. 28-Jun-18 Marshall Islands 100 % Omega Ten Marine Corp. 9-Oct-19 Marshall Islands 100 % Omega Eleven Marine Corp. 28-Jun-18 Marshall Islands 100 % Nellmare Marine Ltd 28-Jun-18 Marshall Islands 100 % Anassa Navigation S.A. 28-Jun-18 Marshall Islands 100 % Arethusa Shipping Ltd. 28-Jun-18 Marshall Islands 100 % Moonsprite Shipping Corp. 28-Jun-18 Marshall Islands 100 % Theta Navigation Ltd 15-Jun-21 Marshall Islands 100 % Ark Marine S.A. 15-Jun-21 Marshall Islands 100 % OET Chartering Inc. 28-Jun-18 Marshall Islands 100 % Okeanis Eco Tankers Corp. — Marshall Islands — 10 2. Basis of Preparation and statement of compliance The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements are presented in United States Dollars ($) since this is the currency in which the majority of the Group’s transactions are denominated, thus the United States Dollar is the Group’s functional and presentation currency. The consolidated financial statements have been prepared on the historical cost basis, except for derivatives measured at their fair value. The consolidated financial statements have been prepared on a going concern basis as the directors have, at the time of approving the financial statements, reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group’s annual consolidated financial statements were approved and authorized for issue by the Board of Directors on March 31, 2025. 3. Basis of Consolidation Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss and other comprehensive income from the date the Company gains control until the date it ceases to control the subsidiary. Control is achieved when the Company: • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. The Company reassesses whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. 4. Summary of Material Accounting Policies Use of estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Vessel revenue recognition Revenues are generated from time charter and voyage charter agreements. Under a voyage charter agreement, the vessel transports a specific agreed-upon cargo for a single voyage which may include multiple load and discharge ports. The consideration is determined on the basis of a freight rate per metric ton of cargo carried, or on a lump sum basis. The voyage charter agreement generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The voyage charter agreement generally has standard payment terms, where freight is paid within certain days after the completion of discharge. The voyage charter agreement generally has a “demurrage” or “despatch” clause. The considerations received under the demurrage and despatch clauses are considered variable consideration and are recognized at contract inception and the estimates of initial recognition are updated throughout the period of the voyage charter agreement. 11 The consideration received under the demurrage clause represents damages paid to the shipowner for exceeded laytime (i.e., the charterer exceeds the amount of time specified in the contract for loading or discharging the cargo from the vessel, or both). Conversely, the shipowner may be required to pay despatch fees to the charterer as incentive for loading or discharging cargo in less time (i.e., for reducing the time a vessel must spend in port loading or discharging cargo). The consideration received under the demurrage and despatch clauses are calculated based on the number of days the charterer exceeds/reduces the loading/discharging time multiplied by the daily rate which is based on specific terms of the voyage charter agreement. Management makes a detailed assessment of demurrage and despatch amount expected to be received/ paid which is included in revenue only to the extent that it is highly probable that the amount will be collectible and not be subject to a significant reversal. In a voyage charter agreement, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Group determined that its voyage charter agreements consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and as a result revenue is recognized on a straight-line basis over the voyage days. The voyage charter agreements are considered service contracts which fall under the provisions of IFRS 15, because the Group as shipowner retains control over the operations of the vessel, such as directing the routes taken or the vessel’s speed. Under a voyage charter agreement, the Group bears all voyage related costs such as fuel costs, port charges and canal tolls, as applicable. Voyage related costs which are incurred during the period prior to commencement of cargo loading are accounted for as contract fulfilment costs when they (a) relate directly to a contract or anticipated contract, (b) generate or enhance resources that will be used in satisfying a performance obligation and (c) they are expected to be recovered. These costs are deferred and recorded under current assets, and are amortized on a straight-line basis as the related performance obligation to which they relate is satisfied. Under a time charter agreement, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is usually based on a daily hire rate. In addition, certain of the Group’s time charter arrangements may, from time to time, include profit-sharing clauses, arising from the sharing of earnings together with third parties and the allocation to the Group of such earnings based on a predefined methodology. Subject to any restrictions in the time charter agreement, the charterer has the full discretion over the ports visited, shipping routes and vessel speed. The time charter agreement generally provides typical warranties regarding the speed and performance of the vessel. The time charter agreement generally has some owner- protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carries only lawful or non-hazardous cargo. In a time charter agreement, the Group is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants. The charterer bears the voyage-related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter agreement are satisfied over the term of the agreement, beginning when the vessel is delivered to the charterer until it is redelivered back to the Group. The charterer generally pays the charter hire in advance of the upcoming period of the agreement. The time charter agreements are considered operating leases and are accounted for in accordance with IFRS 16. Time charter agreements do not fall under the scope of IFRS 15 Revenue from Contracts with Customers because (i) the vessel is an identifiable asset, (ii) the Group does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the agreement and derives the economic benefits from such use. Revenue from time charter agreements is recognized on a straight-line basis over the duration of the time charter agreement. In case of a time charter agreement with contractual changes in rates throughout the term of the agreement, any differences between the actual and the straight-line revenue in a reporting period is recognized as a straight-line asset or liability and reflected under current assets or current liabilities, respectively, in the consolidated statement of financial position. Address commissions are discounts provided to charterers under time and voyage charter agreements. Brokerage commissions are commissions payable to third-party chartering brokers for commercial services rendered. Both address and brokerage commissions are recognized on a straight-line basis over the duration of the voyage or the time charter period, and are reflected under Revenue and Commissions, respectively, in the consolidated statements of profit or loss and other comprehensive income. Deferred revenue represents revenue collected in advance of being earned. The portion of deferred revenue, which is recognized in the next twelve months from the consolidated statements of financial position date, is classified under current liabilities in the consolidated statements of financial position. 12 Vessel voyage expenses Vessel voyage expenses mainly relate to voyage charter agreements and consist of port, canal and bunker costs that are unique to a particular voyage, and are recognized as incurred. Under time charter arrangements, voyage expenses are paid by charterers, except when off-hire. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses should be recognized over the period of the contract to match the recognition of the respective hire revenues realized, and not at a certain point in time following the adoption of IFRS 15 Revenue from Contracts with Customers. All other voyage expenses are expensed as incurred, with the exception of commissions, which are also recognized on a pro-rata basis over the duration of the period of the time and voyage charter. Bunkers’ consumption included in voyage expenses include bunkers consumed during vessels’ unemployment and off-hire days. Vessel operating expenses Vessel operating expenses comprise all expenses relating to the operation of the vessel under time and voyage charter agreements, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. The majority of the Group’s operating expenses (such as crew costs, spares, stores, insurances, repairs, surveys, telecommunication and various other expenses) are paid on behalf of the vessels by Kyklades Maritime Corporation (“KMC”). Trade and other receivables Trade receivables include estimated recoveries from hire and freight billings to charterers, net of any provision for doubtful accounts, as well as interest receivable from time deposits. Trade receivables are written off when there is no reasonable expectation of recovery, such as in cases of bankruptcy or protracted default, after all reasonable recovery efforts have been exhausted. At each statement of financial position date, the Group assesses its potential expected credit losses (“ECLs”) in accordance with IFRS 9. The simplified approach is applied to trade and other receivables and the Group recognizes ECLs on trade receivables. Under the simplified approach, the loss allowance is always equal to ECLs. As of December 31, 2024 and 2023, the Group performed a respective exercise and concluded that the expected credit losses calculated were immaterial. As of the date of this report, trade and other receivables’ fair value approximates their carrying amount. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Deferred financing costs Fees incurred for obtaining new borrowings or refinancing existing facilities such as arrangement, structuring, legal and agency fees are deferred and classified against long-term borrowings in the consolidated statements of financial position. Any fees incurred for borrowing facilities not yet advanced, but it is considered certain that they will be drawn down, are deferred and classified under non-current assets in the consolidated statements of financial position. These fees are classified against long-term borrowings on the loan drawdown date. Deferred financing costs are deferred and amortized over the term of the relevant borrowing using the effective interest method, with the amortization expense reflected under interest and finance costs in the consolidated statements of profit or loss and other comprehensive income. Any unamortized deferred financing costs related to borrowings which are either fully repaid before their 13 scheduled maturities or related to borrowings extinguished are written-off in the consolidated statements of profit or loss and other comprehensive income. Vessels and depreciation Vessels are stated at cost, which comprises vessels’ contract price, major improvements, and direct delivery and acquisition expenses less accumulated depreciation and any impairment. Depreciation is calculated on a straight-line basis over the estimated useful life of the vessels, after considering their estimated residual value. Each vessel’s residual value is equal to the product of its lightweight tonnage and its estimated scrap rate. The scrap rate is estimated to be approximately $400 per ton of lightweight steel. The Group currently estimates the useful life of each vessel to be 25 years from the date of original construction. Special survey and drydocking costs Special survey and drydocking costs are capitalized as a separate component of vessel cost. These costs are capitalized when incurred and depreciated over the estimated period to the next scheduled special survey/drydocking. The Group’s vessels are required to undergo special survey/drydocking approximately every 5 years, until a vessel reaches 10 years of age, after which a vessel is required to be specially surveyed/drydocked approximately every 2.5 years. If a special survey or drydocking is performed prior to the scheduled date, any remaining balances are written-off and reflected in depreciation in the statements of profit or loss and other comprehensive income. Impairment of vessels, vessels under construction and right-of-use assets The Group assesses at each reporting date whether there are any indications that the carrying amounts of the vessels, vessels under construction and right-of-use assets may not be recoverable. If such an indication exists, and where the carrying amount exceeds the estimated recoverable amount, the vessels, vessels under construction and right-of-use assets, are written down to their recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. The fair value less costs to sell is the amount obtainable from the sale of a vessel in an arm’s length transaction, less any associated costs of disposal. In assessing value-in- use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessels. Advances for vessels under construction Advances for vessels under construction comprise the cumulative amount of instalments paid to shipyards for vessels under construction, other pre-delivery expenses directly related to the construction of the vessel and capitalized interest at the statements of financial position date. On delivery of a vessel, the balance is transferred to vessels, net, in the consolidated statements of financial position. Vessels held for sale and discontinued operations Vessels are classified as current assets in the statements of financial position when their carrying amount will be recovered through a sale transaction rather than continuing use. A vessel is classified as held for sale when it is available for immediate sale in its present condition and the sale is highly probable. A highly probable sale implies that, management is committed to a plan to sell the vessel and the plan has been initiated and, further, that the Company is actively seeking to locate a buyer. The vessel must be actively marketed for sale at a reasonable price and the sale is expected to be completed within one year from the date of classification as held for sale. Vessels classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell. A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal. When an operation is classified as a discontinued operation, the comparative statements of profit or loss and other comprehensive income is presented as if the operation had been discontinued from the start of the comparative period. 14 Foreign currency translations The functional currency of the Company and its subsidiaries is the U.S. dollar because the vessels operate in international shipping markets, which primarily transact business in U.S. dollars. Transactions denominated in foreign currencies are converted into U.S. dollars and are recorded at the exchange rate in effect at the date of the transactions. For the purposes of presenting these consolidated financial statements, monetary assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange prevailing at the consolidated statement of financial position date. Any resulting foreign exchange differences are reflected under foreign exchange gain/(loss) in the consolidated statement of profit or loss and other comprehensive income. The Company presents its consolidated financial statements in U.S. dollars. Interest-bearing borrowings Borrowings are initially recognized at fair value, being the fair value of the consideration received net of issue costs associated with the borrowing. After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost using the effective interest method and classified as current and non-current based on their repayment profile. The Company derecognizes a borrowing when it is repaid or refinanced (in case of the latter, when its terms are modified and the cash flows of the modified borrowing liability are substantially different, the new liability is being recognized based on the modified terms and is recognized at fair value). Vessels with an aggregate carrying amount of $702,526,997 as of December 31, 2024 (December 31, 2023: $ 802,677,503) have been pledged as collateral under the terms of the Group’s credit facilities (Note 12). Cash and cash equivalents The Group considers highly liquid investments such as time deposits and certificates of deposit with original maturities of three months or less to be cash equivalents. For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above. Restricted cash Restricted cash represents pledged cash deposits or minimum liquidity to be maintained with certain banks under the Group’s borrowing arrangements. In the event that the borrowing relating to such deposits is expected to be terminated within the next twelve months from the statements of financial position date, they are classified under current assets otherwise they are classified as non-current assets on the statements of financial position. The Group classifies restricted cash separately from cash and cash equivalents in the consolidated statements of financial position. Restricted cash does not include general minimum liquidity requirement. Segment Information 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, Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”), Operating expenses (“Opex”) and Gross profit (or otherwise referred to as “Time Charter Equivalent”), are used as key performance indicators. The CEO, who is the chief operating decision maker, reviews these performance metrics of the fleet in aggregate, and thus, the Group has determined that it operates under one reportable segment, that of operating tanker vessels transporting crude oil. Furthermore, due to the international nature of oil transportation, the vessels’ employability is on a worldwide scale, subject to restrictions as per the charter agreement, and, as a result, the Company discloses the revenue generated per continent, based on the Company’s customers’ headquarters. Inventories Inventories consist of bunkers, lubricating oils, urea and other items including stock provisions remaining on board and are owned by the Group at the end of each reporting period. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. For an analysis of inventories as of December 31, 2024 and 2023, refer to Note 6. 15 Cash flow statement policy The Group uses the indirect method to report cash flows from operating activities. Earnings per share Basic earnings per share is calculated by dividing profit attributable to common stock holders by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by adjusting profit attributable to common stock holders and the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. Such dilutive common shares are excluded when the effect would be to reduce a loss per share or increase earnings per share. The Group applies the if-converted method when determining diluted earnings per share. This requires the assumption that all securities or contracts to issue common shares have been exercised or converted into common shares at the beginning of the period or, if not in existence at the beginning of the period, the date of the issue of the financial instrument or the granting of the rights by which they are granted. Under this method, once potential common shares are converted into common shares during the period, the dividends, interest and other expense associated with those securities or contracts to issue common shares will no longer be incurred. The effect of conversion, therefore, is to increase income attributable to common shareholders as well as the number of shares issued. Conversion will not be assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. Common shares held in treasury are not deemed outstanding. Employee compensation — personnel Employee compensation is recognized as an expense, unless the cost qualifies to be capitalized as an asset. Defined contribution plans are post-employment benefit plan under which the Group pays fixed contributions into separate entities on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The Group’s contributions are recognized as employee compensation expenses when they are due. Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability of annual leave as a result of services rendered by employees up to the consolidated statements of financial position date. Termination benefits are those benefits which are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the statement of financial position date are discounted to present value. Pension and retirement benefit obligations — crew Crew on board is employed under short-term contracts (usually up to nine months) and, accordingly, the Group is not liable for any pension or other retirement benefits. Taxation A non-U.S. corporation such as the Company and its subsidiaries generally is subject to a 2% U.S. federal income tax (the “freight tax”) in respect of gross shipping income earned from voyages to or from the U.S. However, a corporation that qualifies for the benefits of Section 883 of the U.S. Internal Revenue Code (which depends, in part, on the ownership of the corporation) is exempt from this tax. The Group intends to take the position that it qualified for the Section 883 exemption in 2024, and therefore, that the freight tax should not be owed for such year. However, the freight tax could be owed in future years due to a change in circumstances. All companies comprising the Group are not subject to any other tax on international shipping income since their countries of incorporation do not impose such taxes. The Group’s vessels are subject to registration and tonnage taxes, which are included under vessel operating expenses in the consolidated statements of profit or loss and other comprehensive income. 16 Equity The Company has one class of common stock outstanding. All the shares rank in parity with one another. Each common share carries the right to one vote in a meeting of the shareholders and all common shares are otherwise equal in all respects. The Company’s share capital consists of 500,000,000 common shares, par value $0.001 per share, and 100,000,000 preferred shares, par value of $0.001 per share. The Company’s issued and outstanding share capital is represented by 32,194,108 common shares , par value $0.001 per share. In addition, as of the date of this report, OET holds 695,892 common shares in treasury (which are not deemed outstanding) amounting to $4,583,929, measured at cost. Dividends and capital distributions to shareholders are recognized in shareholder’s equity in the period when they are authorized. Share buybacks are recognized when they occur. Treasury shares Common share repurchases are recorded at cost based on the settlement date of the transaction. These shares are classified as treasury shares, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. Provisions and contingencies Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each consolidated statement of financial position date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable. Long-term Borrowings Long-term borrowings are initially recognized at fair value, net of transaction costs. Subsequently, they are measured at amortized cost using the effective interest rate (EIR) method. Any difference between the proceeds (net of transaction costs) and the settlement of the borrowings is recognized in the consolidated statement of profit or loss over the term of the borrowings. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.Long-term borrowings also include arrangements such as sale and leaseback transactions with an option or obligation to repurchase the asset. In such cases, the Group continues to recognize the asset and a financial liability for the amount of the consideration received from the customer. Modification of Long-term Borrowings The Group accounts for modifications of financial liabilities in accordance with IFRS 9 “Financial Instruments”. A financial liability is considered modified when the contractual terms of the loan are renegotiated or amended without leading to derecognition. Non-substantial Modification If the modification of a financial liability is non-substantial (i.e., does not result in a significant change in contractual terms), the liability is not derecognized. Instead: • The carrying amount of the liability is adjusted to the present value of the modified future cash flows, discounted at the original effective interest rate (EIR). 17 • Any difference between the carrying amount before modification and the remeasured liability is recognized as a modification gain or loss in profit or loss. • Any costs or fees incurred are adjusted against the carrying amount of the liability and amortized over the remaining term. A modification is considered non-substantial when the discounted present value of the revised cash flows does not differ by more than 10% from the carrying amount of the original liability. Substantial Modification A modification is deemed substantial if: • The revised contractual terms result in a significant change in the liability’s terms, or • The 10% test (quantitative assessment) indicates a significant difference. If a substantial modification occurs: • The original financial liability is derecognized, and a new financial liability is recognized at fair value. • The difference between the carrying amount of the original liability and the fair value of the new liability is recognized in profit or loss. • Any costs or fees incurred in the modification are included in the calculation of the gain or loss upon derecognition. Fair value of financial assets and liabilities The definitions of the levels, provided by IFRS 13 Fair Value Measurement, are based on the degree to which the fair value is observable. • Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities. • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Cash and cash equivalents and restricted cash are considered Level 1 financial instruments. Variable rate long-term borrowings and derivative financial instruments are considered Level 2 financial instruments. There are no financial instruments in Level 3, nor any transfers between fair value hierarchy levels during the periods presented. The carrying amounts reflected in the consolidated statements of financial position for cash and cash equivalents, restricted cash, trade and other receivables, claims receivable, current accounts due to related parties and other current liabilities, approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair value of variable rate long-term borrowings approximates their recorded value, due to their variable interest being the U.S. dollar SOFR (that substituted LIBOR from July 1, 2023 onwards) and due to the fact that financing institutions have the ability to pass on their funding cost to the Group under certain circumstances, which reflects their current assessed risk. The terms of the Group’s long-term borrowings are similar to those that could be procured as of December 31, 2024. SOFR rates are observable at commonly quoted intervals for the full term of the loans and hence variable rate long-term borrowings are considered Level 2 financial instruments. 18 Sale and leaseback transactions If a vessel is sold and subsequently leased back by the Group, pursuant to a memorandum of agreement (MoA) and a bareboat charter agreement, the Group determines when a performance obligation is satisfied in IFRS 15, to determine whether the transfer of a vessel is accounted for as a sale. If the transfer of a vessel satisfies the requirements of IFRS 15 to be accounted for as a sale, the Group measures the right-of- use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained and recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer- lessor. If the transfer of a vessel does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the Group continues to recognize the transferred vessel and shall recognize a financial liability equal to the transfer proceeds. All of the Group lease financing agreements as of December 31, 2024 and 2023 were of this type. Please refer to Note 12 for the description of the nature of these sale and leaseback arrangements, general terms, covenants included, any variable payments, if any, as well as the purchase options and/or obligations they provide for. Leases The Group as a Lessee The Group is a lessee, pursuant to contracts for the lease of office space and a Company car. The Group assesses whether a contract is, or contains a lease, at inception of the contract applying the provisions of IFRS 16, and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for instances where the Group makes use of the available practical expedients included in IFRS 16. These expedients relate to short-term leases (defined as leases with a lease term of twelve months or less) or leases of low value assets. For these leases, the Group continues to recognize the lease payments as an operating expense on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The Group as a lessor The Group enters into lease agreements as a lessor with respect to chartering out its vessels. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Lease classification is made at the inception date and is reassessed only if there is a lease modification. Changes in estimates (for example, changes in estimates of the economic life or of the residual value of the underlying asset), or changes in circumstances (for example, default by the lessee), do not give rise to a new classification of a lease. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the asset and recognized on a straight-line basis over the lease term. Amounts due from leases under finance leases are recognized as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. When a lease agreement includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the agreement to each component. The Group has determined that the lease component is the lease of a vessel and the non-lease component is the technical management services provided to operate the vessel. Each component is quantified on the basis of the relative stand-alone price of each lease component, and on the aggregate stand-alone price of the non- lease components. 19 These components are accounted for as follows: • All fixed lease revenue earned under these lease agreements is recognized on a straight-line basis over the term of the lease under IFRS 16. • The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized “over time” as the customer (i.e., the charterer) is simultaneously receiving and consuming the benefits of the service. Derivative financial instruments — Interest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposure to interest rate risk arising from its variable rate borrowings. Interest rate swaps are initially recognized at fair value on the consolidated statements of financial position on the date the derivative contracts are entered into and are subsequently remeasured to their fair value at each reporting date. The fair value of these derivative financial instruments is based on a discounted cash flow calculation. The resulting changes in fair value are recognized in the consolidated statements of profit or loss and other comprehensive income unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statements of profit or loss and other comprehensive income depends on the nature of the hedge relationship. Derivatives are presented as current or non-current assets when their valuation is favourable to the Group and as current or non-current liabilities when unfavourable to the Group. Cash outflows and inflows resulting from derivative contracts are presented as cash flows from operations in the consolidated statements of cash flows. The Company has selected not to apply hedge accounting and records the effect from its interest rate swaps movement in its consolidated statement of profit or loss. Derivative financial instruments — Forward Freight Agreements (FFAs) The Group enters into FFAs to economically hedge its trading exposure in the spot market. FFAs are derivative financial instruments initially recognized at fair value on the consolidated statements of financial position on the date the FFAs are entered into and are subsequently remeasured to their fair value at each reporting date. Upon settlement, if the contracted charter rate is less than the average of the rates, as reported by an identified index, for the specified route and time period, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. The resulting changes in fair value are recognized in the consolidated statements of profit or loss and other comprehensive income unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statements of profit or loss and other comprehensive income depends on the nature of the hedge relationship. FFA derivatives are presented as current or non-current assets when their valuation is favourable to the Group and as current or non- current liabilities when unfavourable to the Group. Classification as current or non-current is determined based on the FFA’s maturities. Cash outflows and inflows resulting from the FFAs are presented as cash flows from operations in the consolidated statements of cash flows. FFA derivatives are considered to be Level 2 items in accordance with the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting and therefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) on derivatives in the consolidated statements of profit or loss and other comprehensive income. Derivative financial instruments — Foreign Exchange Forward Swaps (FXSs) The Group enters into FXSs to economically hedge its exposure to floating foreign exchange rates arising from the Group’s exposure to Euro versus USD fluctuations. FXSs are initially recognized at fair value on the consolidated statement of financial position on the date the derivative contracts are entered into and are subsequently re-measured to their fair value at each reporting date. The fair value of these derivative financial instruments is based on a discounted cash flow calculation. The resulting changes in fair value are recognized in the consolidated statements of profit or loss and other comprehensive income. FXSs are presented as assets when their valuation is favorable to the Group and as liabilities when unfavorable to the Group. Cash outflows and inflows resulting from FXSs derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. Foreign exchange forward swap agreements are considered Level 2 financial instruments. 20 Interest income and finance cost Interest income comprise interest receivable from available bank balances and short-term deposits. Financing costs comprise interest payable on borrowings, various banks charges and bank related fees. Interest income and finance costs are recognized in the consolidated statements of profit or loss and other comprehensive income, using the effective interest rate method, as they accrue. Adoption of new and revised IFRS Standards and interpretations effective in the current year The following standards and amendments relevant to the Group were effective in the current year: In January 2020, the IASB issued amendments to IAS 1 — P resentation of Financial Statements: Classification of Liabilities as Current or Non-Current to clarify how to classify debt and other liabilities as current or non-current, and in particular how to classify liabilities with an uncertain settlement date and liabilities that may be settled by converting to equity. In September 2022, the IASB issued amendments to IFRS 16 — Leases: Liability in a Sale and Leaseback to improve the requirements for sale and leaseback transactions, which specify the measurement of the liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. In October 2022, the IASB issued amendments to IAS 1 — Presentation of Financial Statements: Non-current Liabilities with Covenants , that clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. In May 2023, the IASB issued amendments to IAS 7 — Statement of Cash Flows and IFRS 7 — Financial Instruments: Disclosures: Supplier Finance Arrangements , that introduce new disclosure requirements to enhance the transparency and usefulness of the information provided by entities about supplier finance arrangements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. All other IFRS standards and amendments that became effective in the current year were not relevant to the Group or were not material with respect to the Group’s financial statements. Standards and amendments in issue not yet effective At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Group were in issue but not yet effective: In April 2024, the IASB issued the new standard IFRS 18 — Presentation and Disclosure in Financial Statements , with the aim to give investors more transparent and comparable information about companies’ financial performance through the introduction of three sets of new requirements: improved comparability in the income statement; enhanced transparency of management-defined performance measures; more useful grouping of information in the financial statements. The new standard will affect all companies using IFRS Accounting Standards and will replace IAS 1 — Presentation of Financial Statements (while some of its requirements will be carried forward in IFRS 18 ). The standard is effective on or after January 1, 2027 but early adoption is possible. Management anticipates that this new standard will have a disclosure impact on the Group’s financial statements. In May 2024, the IASB issued amendments to IFRS 9 — Financial Instruments and IFRS 7 — Financial Instruments-Disclosure , with the aim to set financial liabilities using an electronic payment system and to assess contractual cash flow characteristics of financial assets, including those with environmental, social and governance (ESG)-linked features. They also amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. The amendments are effective for annual reporting periods beginning on or after 1 January 2026, but early adoption is possible. Management anticipates that this amendment will not have a material impact on the Group’s financial statements. In July 2024, the IASB published ‘ Annual Improvements to IFRS Accounting Standards — Volume 11’ . It contains amendments to five standards as result of the IASB’s annual improvements project ( IFRS 1 — First-time Adoption of International Financial Reporting 21 Standards, IFRS 7 — Financial Instruments: Disclosures, IFRS 9 — Financial Instruments, IFRS 10 — Consolidated Financial Statements, IAS 7 — Statement of Cash Flows ). The amendments are effective for annual reporting periods beginning on or after 1 January 2026, with earlier application permitted. The Group is currently assessing the impacts from the adoption of those five standards. There are no other IFRS standards and amendments issued by but not yet effective that are expected to have a material effect on the Group’s financial statements. 5. Critical Accounting Judgments and Key Sources of Estimation Uncertainty The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Management evaluates whether estimates should be in use on an ongoing basis by utilizing historical experience, consultancy with experts, and other methods it considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability in the future. The key sources of estimation uncertainty are as follows: Classification of lease contracts The classification of the leaseback element of a sale and leaseback transaction as either an operating or a finance leaseback requires judgment. The Group follows a formalized process to determine whether a sale of the vessel has taken place, in accordance with the criteria established in IFRS 15. In this determination, an assessment of the nature of any repurchase options is made. The outcome of the transaction (at option exercise dates in particular) may differ from the original assessment made at inception of the lease contract. Vessel lives and residual values The carrying value of the vessels represents their original cost at the time of purchase, less accumulated depreciation and any impairment. Vessels are depreciated to their residual values on a straight-line basis over their estimated useful lives. The estimated useful life of 25 years is management’s best estimate, that remains unchanged compared to prior year. The residual value is estimated as the lightweight tonnage of the vessel multiplied by a forecast scrap value per ton. The scrap value per ton is estimated using market scrap prices, assuming a vessel is already of age, and its condition is as expected at the end of its useful life at the statement of financial position date. The scrap rate is estimated to be approximately $400 per ton of lightweight steel. An increase in the estimated useful life of a vessel or in its scrap value would have the effect of decreasing the annual depreciation charge. A decrease in the useful life of a vessel or in its scrap value would have the effect of increasing the annual depreciation charge. When regulations place significant limitations over the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted to end at the date such regulations become effective. The estimated salvage value of the vessel may not represent the fair market value at any one time since market prices of scrap values tend to fluctuate. Impairment of vessels The Company evaluates the carrying amounts of the Group’s vessels to determine whether there is any indication that they have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, their recoverable amounts are estimated in order to determine the extent of the impairment loss, if any. Likewise, if there is an indication that an impairment loss recognized in prior periods no longer exists or may have decreased, the need for recognizing an impairment reversal is assessed by comparing the carrying amount of the vessels to the latest estimate of recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. As part of this evaluation, the Company considers both internal and external indicators of potential impairment, in accordance with IAS 36. Indicators of possible impairment 22 may include, but are not limited to, comparing the carrying amount of net assets to market capitalization, changes in interest rates, changes in the technological, market, economic, or legal environments in which the Group operates, changes in forecasted charter rates, and movements in external broker valuations. The Company also assesses whether any evidence suggests the obsolescence or physical damage of the Group’s assets, whether the Group has any plans to dispose of an asset before the end. In assessing value-in- use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. As part of the process of assessing the fair value less cost to sell for a vessel, the Group obtains valuations from independent ship brokers on a quarterly basis or when there is an indication that an asset or assets may be impaired. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessel to the higher of the fair value less cost to sell and the value-in-use. As of December 31, 2024 and 2023, the carrying amount of the vessels owned by the Group was lower than their respective fair values, as estimated by management with consideration to independent brokers’ valuations. As a result, there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its vessels. Deferred drydocking costs The Group recognizes drydocking costs as a separate component from the vessels’ carrying amounts and depreciates them on a straight-line basis over the estimated period until the next drydocking of the vessels. If a vessel is disposed of before the next scheduled drydocking, the remaining balance is written-off and forms part of the gain or loss recognized upon disposal of vessels in the period when contracted. Vessels are estimated to undergo drydocking every 5 years after their initial delivery from the shipyard, until a vessel reaches 10 years of age, and thereafter every 2.5 years to undergo special or intermediate surveys, for major repairs and maintenance that cannot be performed while in operation. However, this estimate might be revised in the future. Management estimates costs capitalized as part of the drydocking component as costs to be incurred during the first drydocking at the drydock yard for a special survey and parts and supplies used in making such repairs that meet the recognition criteria, based on historical experience with similar types of vessels. Climate and environmental risk factors The Group might incur increased operating and maintenance costs to maintain the operational performance and superiority of its vessels. These cost factors are taken into consideration when an indication of impairment arises, and included in the Group’s discounted cash flows calculations. Management adjusts its cash flows, accordingly with the following: • an increase in its operating costs both for inflation, as well as extra operating costs associated with the vessels operating effectiveness; • an increase associated with the vessels’ special surveys and future Drydock costs; and • an adjustment of its weighted average cost of capital calculation. Management has concluded that its vessels’ carrying values, as well as their useful lives, have not been impaired. 6. Inventories Inventories are analyzed as follows: As of December 31, 2024 2023 Bunkers 21,007,217 21,986,056 Lubricants 3,049,006 2,979,904 Provisions 285,442 351,307 Urea — 36,750 Total 24,341,665 25,354,017 Inventories’ carrying values approximate their fair values as at the reporting date. 23 7. Vessels, Net Vessels, net are analyzed as follows: Drydocking and Vessels’ cost special survey costs Total Cost Balance – January 1, 2023 1,138,221,805 13,705,520 1,151,927,325 Fully amortized Drydock component — (1,600,000) (1,600,000) Additions — 4,109,803 4,109,803 Balance - December 31, 2023 1,138,221,805 16,215,323 1,154,437,128 Fully amortized Drydock component — (6,000,000) (6,000,000) Additions — 11,628,230 11,628,230 Balance – December 31, 2024 1,138,221,805 21,843,553 1,160,065,358 Accumulated Depreciation Balance – January 1, 2023 (120,665,575) (6,965,715) (127,631,290) Fully amortized Drydock component — 1,600,000 1,600,000 Depreciation charge for the year (37,517,768) (2,819,890) (40,337,658) Balance - December 31, 2023 (158,183,343) (8,185,605) (166,368,948) Fully amortized Drydock component — 6,000,000 6,000,000 Depreciation charge for the year (37,494,282) (3,604,608) (41,098,890) Balance – December 31, 2024 (195,677,625) (5,790,213) (201,467,838) Net Book Value – December 31, 2023 980,038,462 8,029,718 988,068,180 Net Book Value – December 31, 2024 942,544,180 16,053,340 958,597,520 Vessels with an aggregate carrying amount of $702,526,997 as of December 31, 2024 (December 31, 2023: $802,677,503) have been secured under the Group’s credit facilities through, among other things, first priority mortgages. In the year ended December 31, 2024, the Group drydocked its VLCC vessels, for their first five-year scheduled special survey. The drydock cost amounted to $2.1 million for Nissos Despotiko, $2.0 million for Nissos Donoussa, $1.8 million for Nissos Kythnos, and $1.9 million for each of Nissos Rhenia, Nissos Keros and Nissos Anafi. In the year ended December 31, 2023, the Group drydocked its Suezmax vessels, Kimolos and Folegandros, for their first five- year scheduled special survey. The drydock cost amounted to approximately $1.9 and $2.0 million for Kimolos and Folegandros, respectively. Depreciation and amortization for the years ended December 31, 2024, 2023 and 2022 amounted to $41,098,890, $40,337,658 and $37,932,391, respectively. Other Fixed Assets As of December 31, 2024 2023 Right-of-Use assets 80,206 26,233 Other fixed assets — 61,019 Total 80,206 87,252 The Group has recognized Right-of-Use assets, pursuant to contracts for the lease of office space and a Company car. For the year ended December 31, 2024, 2023 and 2022, the Group recorded an amount of $35,347, $44,970 and $30,533, respectively as depreciation expense with regards to Right-of-Use assets recognized. 24 8. Accrued Expenses Accrued expenses are analyzed as follows: As of December 31, 2024 2023 2022 Accrued payroll related taxes 15,176 25,581 15,645 Accrued voyage expenses 1,869,834 456,344 1,021,539 Accrued loan interest 1,818,963 1,780,885 3,781,363 Accrued social insurance contributions 184,341 164,406 91,573 Accrued operating expenses 2,001,847 1,001,994 1,036,952 Other accrued expenses 19,155 55,832 77,827 Total 5,909,316 3,485,042 6,024,899 9. Vessel Operating Expenses Vessel operating expenses are analyzed as follows: For the year ended December 31, 2024 2023 2022 Crew costs 23,963,712 25,824,142 23,283,420 Insurances 3,213,131 3,273,552 3,084,189 Stores 3,798,246 1,874,962 1,566,555 Spares 3,139,300 2,556,623 1,382,223 Repairs and surveys 1,964,837 2,188,650 1,826,758 Flag expenses 875,347 643,661 531,871 Lubricants 3,225,877 3,250,710 2,466,943 Telecommunication expenses 397,166 450,040 195,605 Miscellaneous expenses 1,856,642 1,679,945 1,402,896 Total 42,434,258 41,742,285 35,740,460 10. Voyage Expenses Voyage expenses are analyzed as follows: For the year ended December 31, 2024 2023 2022 Port expenses 34,691,410 30,385,334 17,962,872 Bunkers 88,717,067 76,215,708 55,671,538 Other voyage expenses 3,787,828 2,958,197 451,811 Total 127,196,305 109,559,239 74,086,221 11. General and Administrative expenses General and administrative expenses are analyzed as follows: For the year ended December 31, 2024 2023 2022 Employee costs 7,665,227 5,816,591 3,998,981 Directors’ fees and expenses 1,200,219 906,598 850,942 Professional fees 1,625,369 2,032,332 287,355 Other expenses 420,047 1,177,852 159,245 Total 10,910,862 9,933,373 5,296,523 Insurance cover, for certain directors and executives of the Group, in respect to their potential liability towards the Group and third parties for the years ended December 31, 2024, 2023 and 2022, amounted to $481,696, $387,864 and $164,200, respectively. 25 12. Long-Term Borrowings The Companies have entered into borrowing agreements which are analyzed as follows: Outstanding Loan Applicable Balance as of Unamortized Interest Rate December Deferred Financing Outstanding Net of (SOFR(S) Loan Facility Vessel 31,2024 Fees Loan Financing Fees +Margin) $34.7 Million Secured Term Loan Facility Milos 32,525,000 163,529 32,361,471 S+1.75 % $31.1 Million Secured Term Loan Facility Poliegos 29,554,500 278,190 29,276,310 S+1.60 % $113.0 Million Secured Term Loan Facility Kimolos 29,500,000 136,181 29,363,819 S+1.90 % Folegandros 29,500,000 136,181 29,363,819 S+1.90 % Nissos Keros 40,800,000 188,352 40,611,648 S+1.90 % $84.0 Million Secured Term Loan facility Nissos Sikinos 38,062,500 256,324 37,806,176 S+1.85 % Nissos Sifnos 38,062,500 257,933 37,804,567 S+1.85 % $167.5 Million Sale and Leaseback Agreements Nissos Rhenia 51,947,183 856,267 51,090,916 S+5.55 % Nissos Despotiko 52,311,372 870,786 51,440,586 S+5.55 % $125.7 Million Secured Term Loan Facility Nissos Donoussa 55,135,000 1,173,326 53,961,674 S+1.65 % $60.0 Million Secured Term Loan Facility Nissos Kythnos 57,918,646 213,615 57,705,031 S+1.40 %** $73.5 Million Sale and Leaseback Agreements Nissos Anafi 69,908,661 298,125 69,610,536 S+1.90 % $194.0 Million Sale and Leaseback Agreements Nissos Kea 62,746,875 584,414 62,162,461 S+2.00 % Nissos Nikouria 63,656,250 649,055 63,007,195 S+2.00 % Total 651,628,487 6,062,278 645,566,209 S+2.41 % Other lease liabilities 80,838 Total 645,647,047 * Post the transition from LIBOR to SOFR as the base rate, these financings include an applicable Credit Adjustment Spread (“CAS”) on top of the SOFR base rate. Relates to the applicable margin as of December 31, 2024. ** Please refer to paragraph $60.0 Million Secured Term Loan Facility for more information. Transition from LIBOR to SOFR While the Group’s loan arrangements previously used LIBOR, including during the fiscal year ended December 31, 2023, in 2023 the Company amended those loan agreements to transition from LIBOR to SOFR. As a result, from July 1, 2023, none of the Group’s financing arrangements currently utilizes LIBOR, and those that have a reference rate use SOFR, in line with current market practice. Description of Group borrowing and other financing arrangements $44.0 Million Secured Credit Term Loan Facility On July 8, 2020, Omega Three Marine Corp. entered into a $44.0 million secured credit facility with ABN AMRO Bank N.V. to refinance then-existing indebtedness on the vessel Kimolos . The facility bore interest at LIBOR plus a margin of 2.50% per annum and had a final maturity date of July 9, 2026. Omega Three Marine Corp. drew down $42.2 million of this facility. The facility was repayable in 24 equal quarterly installments of $695,000, with a balloon payment of $25,488,750 due upon maturity. This facility was 26 secured by, among other things, a first priority mortgage on Kimolos and was guaranteed by the Company. This loan was prepaid in June 2023. $40.0 Million Secured Term Loan Facility On July 7, 2020, Omega Four Marine Corp. entered into a $40.0 million secured term loan facility with BNP Paribas to refinance then-existing indebtedness on the vessel Folegandros . The facility bore interest at LIBOR plus a margin of 2.60% per annum and had a final maturity date of July 9, 2026. The facility was repayable in 24 equal quarterly installments of $593,250, with a balloon payment of $24,912,000 due upon maturity. This facility was secured by, among other things, a first priority mortgage on Folegandros and was guaranteed by the Company. This loan was prepaid in June 2023. $103.2 Million Secured Term Loan Facility On September 9, 2020, Omega Six Marine Corp. and Omega Ten Marine Corp. entered into an approximately $103.2 million secured term loan facility with KEXIM Bank (UK) Limited to finance their acquisition of Nissos Sikinos and Nissos Sifnos , which agreement was amended and restated on July 6, 2023 to amend the provisions in relation to the calculation of interest from LIBOR to the Term SOFR, subject to (i) a mandatory switch mechanism to the daily non-cumulative compounded SOFR (“Compounded SOFR”) and (ii) the borrowers’ option to switch the interest rate to Compounded SOFR. The facility was comprised of a KEXIM facility of up to $61,924,800 and a commercial facility of up to $41,283,200. Each of the two tranches of the KEXIM facility bore interest at Term SOFR (previously LIBOR) plus a margin of 1.80% per annum and a credit adjustment spread (“CAS”) of 0.26161% per annum relating to the transition from LIBOR, was repayable in 48 equal consecutive quarterly installments of $645,050, and had a final maturity date of September 11 and September 23, 2032 (each tranche respectively). Each of the two tranches of the commercial facility bore interest at Term SOFR (previously LIBOR) plus a margin of 2.20% per annum and a CAS of 0.26161% per annum relating to the transition from LIBOR, was repayable in 20 equal consecutive quarterly installments of $206,416, with a balloon payment of $16,513,280 due upon maturity, and had a final maturity date of September 11 and September 23, 2025 (each tranche respectively). This facility was secured by, among other things, a first priority mortgage on each of Nissos Sikinos and Nissos Sifnos and was guaranteed by the Company. This loan was prepaid in September 2023. $125.7 Million Secured Term Loan Facility On May 23, 2022, Anassa Navigation S.A. and Nellmare Marine Ltd. entered into an approximately $125.7 million secured term loan facility with the National Bank of Greece to refinance the then-existing indebtedness on the vessels, Nissos Kythnos and Nissos Donoussa , which agreement was amended on June 29, 2023 to amend the provisions in relation to the calculation of interest from LIBOR to Term SOFR, subject to the borrowers’ option to switch the interest rate to the cumulative compounded SOFR. The facility has a final maturity date of May 25, 2029 and bears interest at SOFR (previously LIBOR) plus a margin of 2.50% per annum. The margin may be increased following discussions between the lender and the borrowers if it is determined that, pursuant to the sustainability certificate provided by the borrowers to the lender annually, (1) the weighted average of the efficiency ratio of all fleet vessels (using the parameters of fuel consumption, distance travelled and deadweight at maximum summer draught, reported in unit grams of CO 2 per ton per mile) for that calendar year, as certified by an approved classification society, is equal to or above the target set for the relevant year and (2) the weighted average percentage of the total waste incinerated on board for all fleet vessels in that calendar year (calculated in line with Class Approved Plans & Record Books, MARPOL Annex I — “Oil Record Book” (endorsed by Flag Administration) & “Fuel Management Plan” (approved by class) and MARPOL Annex V — “Garbage Record Book” & “Garbage Management Plan” (approved by class)) is equal to or above the target set for the relevant year. The amount of any increase in the margin will be based on discussions between the lender and the borrowers. Other than as set out above, there will be no other assessment of the information contained in any sustainability certificate and the sustainability certificates themselves will not be made publicly available unless the Company deemed them to be material. Each of the two tranches of the facility is repayable in 28 quarterly installments, the first 8 of which are $750,000 and the next 20 of which are $850,000, with a balloon payment of $39,835,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on the Nissos Donoussa and is guaranteed by the Company. The tranche relating to the Nissos Kythnos was repaid by Anassa Navigation S.A. on May 24, 2024. On May 21, 2024, Nellmare Marine Ltd. entered into a supplemental agreement to the existing senior secured credit facility financing the VLCC vessel Nissos Donoussa . The supplemental agreement provides for a reduction of the margin to 165 basis points over the applicable Term SOFR, through the duration of the facility. 27 $58.2 Million Secured Term Loan Facility On January 24, 2019, Arethusa Shipping Corp. entered into an approximately $58.2 million secured term loan facility with BNP Paribas to finance the acquisition of Nissos Keros . The facility bore interest at LIBOR plus a margin of 2.25% per annum and had a final maturity date of October 16, 2025. The facility was repayable in 24 equal quarterly installments of $808,000, with a balloon payment of $38,783,000 due upon maturity. This facility was secured by, among other things, a first priority mortgage on Nissos Keros and was guaranteed by the Company. This loan was prepaid in June 2023. $58.0 Million Secured Term Loan Facility On February 27, 2019, Moonsprite Shipping Corp. entered into a $58.0 million secured term loan facility with Crédit Agricole Corporate and Investment Bank (“CACIB”) and the Export-Import Bank of Korea (“KEXIM”) to finance the acquisition of Nissos Anafi , which agreement was amended and restated on November 11, 2020 in order to include a hedging mechanism and further amended and restated again on June 16, 2023 to amend the provisions in relation to the calculation of interest from LIBOR to Term SOFR. The facility consisted of a commercial facility by CACIB in the amount of $38 million and a KEXIM facility loan in the amount of $20 million. The commercial facility bore interest at Term SOFR (previously LIBOR) plus a margin of 2.25% per annum and the applicable CAS relating to the transition from LIBOR depending on the applicable interest period (namely, 0.26161% per annum for interest periods exceeding month and up to three months, 0.42826% per annum for interest periods exceeding three months and up to six months, or 0.71513% per annum for interest periods exceeding six months and up to twelve months), was repayable in 32 equal quarterly installments of $275,000, with a balloon payment of $29,200,000 due upon maturity and had a final maturity date of January 3, 2028. The KEXIM facility loan bore interest at Term SOFR (previously LIBOR) plus a margin of 1.80% per annum and a CAS of 0.26161% per annum relating to the transition from LIBOR, was repayable in 32 equal quarterly installments of $625,000 and had a final maturity date of January 3, 2028. The facility was secured by, among other things, a first priority mortgage on Nissos Anafi and was guaranteed by the Company. In December 2020, through an assignment agreement, CACIB transferred to Siemens Financial Services, Inc. 50% of its outstanding loan balance, i.e., $18,587,500. This loan was prepaid in February 2024. $113.0 Million Secured Term Loan Facility On June 27, 2023, Omega Three Marine Corp., Omega Four Marine Corp. and Arethusa Shipping Corp. entered into a $113.0 million senior secured credit facility with ABN AMRO Bank N.V. to refinance then-existing indebtedness on the vessels, Kimolos , Folegandros and Nissos Keros . The facility bears interest at Term SOFR, subject to a mandatory switch mechanism to Compounded SOFR, plus a margin of 1.90% per annum and has a final maturity date of June 30, 2028. The facility is repayable in 20 equal consecutive quarterly installments of $2,200,000, with a balloon payment of $69,000,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on each of Kimolos , Folegandros and Nissos Keros and is guaranteed by the Company. $84.0 Million Secured Term Loan Facility On September 8, 2023, Omega Six Marine Corp. and Omega Ten Marine Corp. entered into an $84.0 million senior secured credit facility with CACIB to refinance the then-existing indebtedness on the vessels, Nissos Sikinos and Nissos Sifnos . The facility bears interest at Term SOFR, plus a margin of 1.85% per annum, and has a final maturity date in September 2029. Each of the two tranches is repayable in 24 equal consecutive quarterly installments of $787,500, with a balloon payment of $23,100,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on each of Nissos Sikinos and Nissos Sifnos and is guaranteed by the Company. $34.7 Million Secured Term Loan Facility On January 31, 2024, Omega One Marine Corp. entered into an $34.7 million senior secured term loan facility with Kexim Asia Limited and Kexim Bank (UK) Limited to refinance the then-existing indebtedness on the vessel Milos . The facility bears interest at the applicable Term SOFR, plus a margin of 1.75% per annum, and has a final maturity date in February 2030. The facility is repayable in 24 equal consecutive quarterly installments of $725,000, with a balloon payment of $17,300,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on Milos and is guaranteed by the Company. 28 $56.0 Million Sale and Leaseback Agreement — Milos On January 29, 2019, Omega One Marine Corp. entered into a $49.0 million sale and leaseback agreement with Ocean Yield with respect to the vessel, Milos , which included a $7.0 million non-cash element. The charter period was 156 months from delivery and the charter hire was paid monthly, in advance, in a cash amount equal to $12,825 per day plus a non-cash amount of $1,475 per day (which is set off against the $7.0 million prepaid hire that Omega One Marine Corp. made). On April 27, 2023, an addendum to the bareboat charter to amend the provisions of the bareboat charter was entered into in relation to the calculation of charter hire from LIBOR to Term SOFR. The charter hire was subject to an adjustment based on Term SOFR (previously LIBOR) and a CAS of 0.26161% per annum. The charter was guaranteed by the Company, and the charterer permitted a mortgage to be filed regarding the finance lease, as well as entered into assignment of earnings, assignment of insurances, charter guarantee, pledge of account and a manager’s undertaking. Omega One Marine Corp. had the option to repurchase the vessel at the end of years 5, 7, 10, and 12, at purchase option prices that range from $34.7 million to $11.5 million at the end of year 12. The vessel was delivered in February 2019. Omega One Marine Corp. repurchased the Milos in February 2024, and therefore this sale and leaseback arrangement is no longer in effect. $54.0 Million Sale and Leaseback Agreement — Poliegos On June 8, 2017, Omega Two Marine Corp. entered into a $47.2 million sale and leaseback agreement with Ocean Yield with respect to the vessel, Poliegos , which included a $6.8 million non-cash element. The charter period was 168 months from the delivery date and the charter hire was paid monthly, in advance, in a cash amount equal to $11,550 per day plus a non-cash amount of $1,368.93 per day (which is set off against the $7.0 million prepaid hire that Omega Two Marine Corp. made). On April 27, 2023, the charterer entered into an addendum to the bareboat charter to amend the provisions of the bareboat charter in relation to the calculation of charter hire from LIBOR to Term SOFR. The charter hire was subject to an adjustment based on Term SOFR (previously LIBOR) and a CAS of 0.26161% per annum, relating to the transition from LIBOR. The charter was guaranteed by the Company, and Omega Two Marine Corp. permitted a mortgage to be filed regarding the finance lease, as well as entered into assignment of earnings, assignment of insurances, charter guarantee, pledge of account and a manager’s undertaking. Omega Two Marine Corp also had the option to repurchase the vessel at the end of years 7, 10, and 12, and at purchase option prices that range from $31.1 million to $17.2 million at the end of year 12. The vessel was delivered in June 2017. Omega Two Marine Corp repurchased the Poliegos in July 2024, and therefore this sale and leaseback arrangement is no longer in effect. $31.1 Million Secured Term Loan Facility On June 20, 2024, Omega Two Marine Corp. entered into a new $31.11 million senior secured credit facility to finance the option to purchase back the Suezmax vessel Poliegos from its sale and leaseback financier, Ocean Yield (the “Poliegos New Facility”). The Poliegos New Facility is provided by Bank SinoPac Co., Ltd, and the transaction closed on July 1, 2024. The Poliegos New Facility contains an interest rate of Term SOFR plus 160 basis points, matures in six years, and will be repaid in quarterly instalments of approximately $0.78 million each, together with a balloon instalment of approximately $12.44 million payable at maturity. The Poliegos New Facility is secured by, among other things, security (mortgage) over the Poliegos , and is guaranteed by the Company. $167.5 Million Sale and Leaseback Agreements — Nissos Rhenia and Nissos Despotiko On February 10, 2018, Omega Five Marine Corp. and Omega Seven Marine Corp. entered into approximate $150.52 million sale and leaseback agreements with Ocean Yield with respect to the vessels, Nissos Rhenia and Nissos Despotiko . The charter period for each of the Nissos Rhenia and Nissos Despotiko is 180 months from respective delivery and the charter hire for the each such ship is paid monthly, in advance, in a cash amount equal to $18,600 per day per ship for the first five years from the delivery date and $18,350 per day per ship from year six until the end of the charter period, subsequently amended to $18,600 per day per ship for the first two years, $25,200 per day for Nissos Rhenia and $23,336 for Nissos Despotiko for years three and four and $17,200 per day per ship for year five until the end of the charter, plus a non-cash amount of $1,734 per day per ship (which is set off against the $9.5 million prepaid hire that Omega Five Marine Corp. and Omega Seven Marine Corp. made for each ship, respectively). On April 27, 2023, Omega Five Marine Corp. and Omega Seven Marine Corp. entered into an addendum to each bareboat charter to amend the provisions of such bareboat charters in relation to the calculation of charter hire from LIBOR to Term SOFR. The charter hire is subject to an adjustment based on Term SOFR (previously LIBOR) and a CAS of 0.26161% per annum (for three-month periods) or 0.71513% per annum (for twelve-month periods), as applicable, relating to the transition from LIBOR. Each charter is guaranteed by us, and Omega Five Marine Corp. and Omega Seven Marine Corp. permitted a mortgage to be filed regarding the finance lease. Ocean Yield has registered mortgages on both vessels, with amounts not exceeding the lease outstanding amounts. Additionally, the Company, Omega Five Marine Corp. and Omega Seven Marine Corp., as applicable, have entered into assignment 29 of insurances, assignment of management agreement, charter guarantee, pledge of account, pledge of shares of the bareboat charterer, a manager’s undertaking and a time charter general assignment. Omega Five Marine Corp. and Omega Seven Marine Corp. also have the option to repurchase each or both vessels at the end of years 7, 10, 12 and 14, in varying amounts per ship from $49.8 million to $14.2 million. The Nissos Rhenia was delivered in May 2019 and the Nissos Despotiko was delivered in June 2019. $194.0 Million Sale and Leaseback Agreements — Nissos Kea and Nissos Nikouria On March 21, 2022, Ark Marine S.A. and Theta Navigation Ltd entered into an approximate $145.5 million sale and leaseback agreements with CMB Financial Leasing Co., Ltd. (“CMBFL”), with respect to the vessels, Nissos Kea and Nissos Nikouria . On June 29, 2023 and on January 26, 2024, respectively, Ark Marine S.A. and Theta Navigation Ltd entered into amendment and restatement agreements of each bareboat charter to amend certain provisions of the bareboat charters The charter period for each of the vessels is 84 months from December 31, 2023 (with respect to Nissos Kea ) and March 3, 2024 (with respect to Nissos Nikouria ) and charter hire is payable quarterly as follows: (a) from the delivery date of each vessel and up to and including December 31, 2023 (with respect to Nissos Kea ) and March 3, 2024 (with respect to the Nissos Nikouria) , a fixed amount equal to $909,375 plus a variable amount by priced at 260 basis points (being 2.45% as margin and 0.15% as CAS) over the applicable three-month Term SOFR, and (b) following December 31, 2023, with respect to Nissos Kea , and March 3, 2024, with respect to the Nissos Nikouria , a fixed amount equal to $909,375 plus a variable amount priced at 200 basis points over the applicable three-month Term SOFR. The first part of the sale and leaseback relating to the delivery of Nissos Kea was drawn on March 31, 2022 and matures on the date falling 84 months from December 31, 2023 and the second part of the sale and leaseback relating to the delivery of Nissos Nikouria was drawn on June 3, 2022 and matures on the date falling 84 months from March 3, 2024. According to each bareboat charter, the Company has a purchase option that it can exercise annually as from December 31, 2024 (with respect to Nissos Kea ) and March 3, 2025 (with respect to Nissos Nikouria ). If the purchase option date falls after the first but prior to the seventh anniversary of December 31, 2023 (with respect to Nissos Kea ) and March 3, 2024 (with respect to Nissos Nikouria ), the purchase option price for the relevant vessel is an amount equal to the opening capital balance i.e., $72,750,000 amount drawn per vessel (75% of the purchase price) minus charter hire paid (the “owner’s costs”), plus (a) accrued but unpaid charter hire, (b) break funding costs including any swap costs, (c) legal and other documented costs of the owner to sell the relevant vessel, and any other additional amounts due under the sale and leaseback documentation. If the purchase option date falls on the seventh anniversary of December 31, 2023 (with respect to Nissos Kea ) and March 3, 2024 (with respect to Nissos Nikouria ), the purchase option price for the relevant vessel is an amount equal to $40,921,875 (the “amended owner’s costs”), plus (a) accrued but unpaid charter hire, (b) and other documented costs of the owner to sell the relevant vessel, and (c) any other additional amounts due under the sale and leaseback documentation. Each charter is guaranteed by the Company, Ark Marine S.A. and Theta Navigation Ltd, as applicable, permitted a mortgage to be filed regarding the finance lease as well as entered into an account charge, general assignment, pledge of shares of the bareboat charterer, a builder’s warranties assignment, and a manager’s undertaking. $73.5 Million Sale and Leaseback Agreement — Nissos Anafi On January 29, 2024, Moonsprite Shipping Corp. entered into an approximately $73.5 million sale and leaseback agreements with CMBFL, with respect to the vessel Nissos Anafi . The charter period is 84 months from the vessel’s delivery date and charter hire is payable quarterly in a fixed amount equal to approximately $1.2 million plus a variable amount priced at 190 basis points over the applicable three-month Term SOFR. Moonsprite Shipping Corp. has the option to repurchase the vessel, such option being exercisable quarterly following the one-year anniversary of the vessel’s delivery. If the purchase option date falls prior to the seventh anniversary of the date of the vessel’s delivery, the purchase option price is an amount equal to the opening capital balance (i.e. $73,450,000 (being 65% of the purchase price) minus the fixed amount of charter hire paid on the purchase date (the “owners’ costs”), plus (a) accrued but unpaid charter hire, (b) legal and other documented costs of the owner to sell the vessel, (c) any break-funding costs, and (d) any other additional amounts due under the sale and leaseback documentation. The charter is guaranteed by the Company, and Moonsprite Shipping Corp. has permitted a mortgage to be filed regarding the finance lease and Moonsprite Shipping Corp. has also entered into an account charge and the Company has pledged of the shares of the bareboat charterer. 30 $11.0 Million Scrubber Financing On June 25, 2019, the Company entered into an $11.0 million facility agreement with BNP Paribas, with Therassia Marine Corp., Ios Maritime Corp., Omega Three Marine Corp. and Omega Four Marine Corp., acting as guarantors, in order to finance the installation of scrubbers on six vessels in the Group’s fleet, namely, Nissos Therassia , Nissos Schinoussa , Kimolos , Folegandros , Milos and Poliegos . In July 2020, the second priority mortgage over Kimolos and all the other additional second priority securities were released upon full repayment of the Kimolos tranche. In June 2021, the Nissos Therassia and Nissos Schinoussa were sold and the second priority mortgages and all the other additional second priority securities over these vessels were released upon full prepayment of their respective loan tranches. The facility bore interest at LIBOR plus a margin of 2.0% per annum and had a final maturity date of December 30, 2024. Each of the six tranches of the facility was for an amount of $1,833,333 and was repayable in 15 equal quarterly installments of $114,583 and a final quarterly payment of $114,588, in each case commencing 12 months after the date the relevant tranche is utilized. The facility was secured by, among other things, a second priority mortgage over Folegandros , a second priority security over the ship’s earnings, a first priority security over an earnings account and a second priority manager’s undertaking. This loan was prepaid in June 2023. $35.1 Million Unsecured Sponsor Loan On April 18, 2022, the Company (on behalf of two of the Company’s subsidiaries, Ark Marine S.A. and Theta Navigation Ltd), entered into an unsecured loan facility with Okeanis Marine Holdings S.A., an entity controlled by Mr. Ioannis Alafouzos (on behalf of its subsidiaries Felton Enterprises S.A. and Sandre Enterprises S.A.), relating to the acquisition of the vessels Nissos Kea and Nissos Nikouria . Under the agreement, the loaned amount of approximately $17.6 million for each vessel bears a fixed interest cost of 3.5% per annum and was repayable at the Company’s sole discretion without penalty, up to the maturity date of two years from the relevant vessel’s delivery. The Company repaid this facility in March and May 2024. $60.0 Million Secured Term Loan Facility On May 21, 2024, Anassa Navigation S.A. entered into a new $60.0 million senior secured credit facility for the VLCC vessel Nissos Kythnos with Danish Ship Finance A/S to refinance the Group’s existing facility and for general corporate purposes. The Nissos Kythnos New Facility is priced at 140 basis points over the applicable Term SOFR, until December 2026. Thereafter, a new applicable margin will be mutually agreed between the parties, for the remaining duration of the facility, which matures in six years. If the parties do not agree to a new applicable margin, Anassa Navigation S.A. will have the ability to prepay the facility at no additional cost. The facility will be repaid in quarterly instalments of approximately $1.041 million each, together with a balloon installment of approximately $35.024 million payable at maturity, is secured by, among other things, security (mortgage) over the Nissos Kythnos , and is guaranteed by the Company. The facility also includes a sustainability linked margin adjustment provision, starting in 2025, whereby the applicable margin may decrease or increase by 5 basis points per year, subject to the Group meeting certain sustainability linked targets. According to IFRS 9 “Financial Instruments”, the CMBFL lease amendment for vessel Nissos Kea and vessel Nissos Nikouria, as well as the National Bank of Greece supplemental agreement for vessel Nissos Donoussa, were assessed as modifications of existing financial liabilities.The carrying amount of the modified financial liabilities before the modification was $191.3 million. The remeasurement of the financial liabilities resulted in a modification gain of $1.8 million, which has been recognized as Gain from modification of loans in the statement of profit or loss and other comprehensive income. The modification gain was calculated based on the present value of the revised future cash flows discounted at the original effective interest rate (EIR). OET is the corporate guarantor for all bank loans as at December 31, 2024. 31 Lease liabilities connected to Right-of-Use assets OET Chartering Inc. leases office space in Piraeus from SINGLE MEMBER ANONYMOS TECHNIKI ETAIRIA ERGON, an entity owned by Themistoklis Alafouzos. On August 1, 2018, OET Chartering Inc. entered into a lease agreement for 165.28 square meters of office space for our operations with SINGLE MEMBER ANONYMOS TECHNIKI ETAIRIA ERGON at a monthly rate of Euro 890. The lease initially was to expire on July 31, 2024 and on July 1, 2024 OET Chartering Inc. entered into an amendment to such lease to extend the term until July 31, 2028. The Group has recognized the following lease liabilities with respect to the Right-of-Use assets: As of December 31, 2024 2023 Office space 80,838 14,518 Cars — 19,220 Total 80,838 33,738 The maturities of lease liabilities are the following: For the year ended December 31, 2024 2023 No later than one year 24,965 34,506 Later than one year and not later than five years 66,573 — Total undiscounted cash flows 91,538 34,506 Less: Imputed interest (10,700) (768) Carrying value of operating lease liabilities 80,838 33,738 Long-term debt net of current portion and current portion of long-term borrowings are analyzed as follows: Long-term borrowings, Current portion of As of December 31, 2023 net of current portion long-term borrowings Total Outstanding loan balance 619,582,782 78,903,582 698,486,364 Financing fees (4,282,657) (954,759) (5,237,416) Total 615,300,125 77,948,823 693,248,948 Long-term borrowings, Current portion of As of December 31, 2024 net of current portion long-term borrowings Total Outstanding loan balance 603,686,403 47,942,084 651,628,487 Financing fees (4,789,810) (1,272,468) (6,062,278) Total 598,896,593 46,669,616 645,566,209 The borrowings are repayable as follows: As of December 31, 2024 2023 No later than one year 47,942,084 78,903,582 Later than one year and not later than five years 335,178,782 278,087,160 Thereafter 268,507,621 341,495,622 Total 651,628,487 698,486,364 Less: Amounts due for settlement within 12 months (47,942,084) (78,903,582) Long-term borrowings, net of current portion 603,686,403 619,582,782 32 Cash flow reconciliation of liabilities arising from financing activities A reconciliation of the Group’s financing activities for the years ended December 31, 2024, 2023 and 2022 are presented in the tables below: Long-term borrowings – January 1, 2022 576,996,269 Cash flows – drawdowns 306,298,000 Cash flows – repayments (144,294,604) Loan financing fees (1,732,860) Other lease liabilities 75,759 Non-cash flows – amortisation of loan financing fees 1,693,117 Long-term borrowings – December 31, 2022 739,035,681 Cash flows – drawdowns 197,000,000 Cash flows – repayments (243,355,165) Loan financing fees (1,350,000) Other lease liabilities (42,021) Non-cash flows – amortisation of loan financing fees 1,994,191 Long-term borrowings – December 31, 2023 693,282,686 Cash flows – drawdowns 199,260,000 Cash flows – repayments (246,117,877) Loan financing fees (1,259,319) Other lease liabilities 47,100 Non-cash flows – amortisation of loan financing fees and modification gain 2,263,416 Non-cash flows – gain from modification of loans (1,828,959) Long-term borrowings – December 31, 2024 645,647,047 All borrowings are secured by first preferred mortgages of the Companies’ vessels and assignment of earnings and insurances. The borrowing agreements include several covenants, including restrictions as to changes in management and ownership of the vessels, payment of dividends in the event of default, further incurring indebtedness, mortgaging of vessels without the bank’s prior consent and several financial covenants including: • minimum corporate liquidity, being the higher of $10,000,000 and $750,000 per vessel, in the form of free and unencumbered cash and cash equivalents. • a consolidated net worth of more than $100,000,000; • a leverage ratio of total liabilities to the carrying value of total assets (adjusted for the vessel’s fair market value) of no more than 75%; and • the listed status of our common shares on an exchange operated by the Oslo Børs , the NYSE or on such other acceptable stock exchange. A number of the Group’s financing agreements require that we maintain a minimum fair value of the collateral for each credit facility, so that the aggregate fair value of the vessels collateralizing the credit facility is at least between 125% and 170% — depending on the credit facility — of the aggregate principal amount outstanding under such credit facility. Alternatively, if the relevant borrower does not meet these thresholds, the relevant borrower must prepay a portion of the loan or provide additional security to eliminate the shortfall. A number of the financing agreements limit the Company’s ability to declare, make or pay any dividends or other distributions (whether in cash or in kind) or repay or distribute any dividend or share premium reserve following the occurrence of an event of default under the relevant financing agreement or if such action would result in the occurrence of an event of default under the relevant financing agreement. 33 A number of the Group’s financing agreements require that the Alafouzos family maintain a minimum 35% ownership interest in us, and some of the Group’s financing agreements provide that a breach of the financing will occur if Mr. Ioannis Alafouzos and Mr. Themistoklis Alafouzos cease to control the Company and, in one instance, if Mr. Ioannis Alafouzos ceases to be the Company’s chairman. In addition, one agreement provides that the acquisition by a person or group of persons acting in concert (directly or indirectly) of more than 35% of the ultimate legal or beneficial ownership of the Company is a breach of that agreement, and certain of the Group’s guarantees on the Group’s sale and leaseback agreements provide that the Company may not permit certain changes in corporate or ownership structure or permit a new party or parties acting in concert to become owners of, or control, more than 51% of the Company’s shares and/or voting rights. As at December 31, 2024 and 2023, the Group was in compliance with its covenants. 13. Transactions and Balances with Related Parties The Group has entered into technical management agreements with Kyklades Maritime Corporation (“Kyklades,” “KMC” or the “Management Company”) as technical manager. Kyklades provides the vessels with a wide range of shipping services such as technical support, maintenance and insurance consulting in exchange for a daily fee of $900 per vessel, which is reflected under management fees in the consolidated statements of profit or loss and other comprehensive income. Related party balances’ analysis The below table presents the Group’s outstanding balances due to related parties: As of December 31, 2024 2023 Kyklades Maritime Corporation (530,030) (659,974) Total (530,030) (659,974) Amounts due to the Management Company as of December 31, 2024 of $530,030 as compared to December 31, 2023 of $659,974 represent expenses paid by the Management Company on behalf of the Company, per the terms of the respective vessel technical management agreements. All balances noted above are unsecured, interest-free, with no fixed terms of payment and repayable on demand. Related party transactions’ analysis The below table presents the Group’s transactions with its related parties: For the years ended December 31, 2024 2023 2022 Kyklades Maritime Corporation- management fees 4,611,600 4,599,000 4,381,200 Total 4,611,600 4,599,000 4,381,200 KMC solely administers the transactions on behalf of OET’s subsidiaries, without recharging any expenditure back to the ship owning companies. All operating expenses are being incurred and charged directly to OET’s subsidiary companies. On March 1, 2024, each of the Company’s vessel owning subsidiaries entered into an ETS Services Agreement with KMC, which agreement is effective as of January 1, 2024, pursuant to which KMC obtains, transfers and surrenders emission allowances under the EU Emissions Trading Scheme that came into effect on January 1, 2024, and KMC provides the vessel with emission data in a timely manner to enable compliance with any emission scheme(s) applicable to the vessel. No additional fee is payable under these agreements as the services are part of the technical management fee under the existing technical management agreements. These agreements may be terminated by either party for cause, immediately upon written notice or for any reason, upon two months’ written notice. These agreements shall also be deemed automatically terminated on the date of termination of the relevant technical management agreements. 34 The below table presents an analysis of all payments executed by KMC on behalf of the Group: For the years ended December 31, 2024 2023 2022 Crew wages 21,231,570 21,043,047 18,572,373 Other crew expenses 3,043,288 3,639,086 3,357,800 Stores 4,433,689 3,864,683 3,098,044 Technical expenses 9,641,650 8,647,728 5,611,199 Insurance 2,969,841 2,717,938 3,193,137 Health, Safety, Quality, Environmental (HSQE) expenses 614,855 592,246 525,210 Other 1,550,392 801,196 931,952 Total 43,485,285 41,305,924 35,289,715 Key management and Directors’ remuneration Each of the Group’s directors, except for the Chairman of the Board of Directors, is entitled to an annual fee of $75,000. Directors’ fees for the years ended December 31, 2024, 2023 and 2022 amounted to $450,000 for each year. In addition, each director is entitled to reimbursement for travelling and other minor out-of-pocket expenses. Furthermore, OET Chartering Inc. and OET provide compensation to members of key management personnel, which currently comprise of its Chief Executive Officer, Chief Financial Officer, and Chief Commercial Officer. The remuneration expenses comprise salaries, bonuses, directors and officers liability insurance cover, telecommunications, travel and other expenses. For the years ended December 31, 2024, 2023 and 2022, key management personnel remuneration, covering all the above amounted to $4,810,180, $3,588,185 and $1,704,665. There was no amount payable related to key management remuneration as of December 31, 2024, 2023 and 2022. None of the members of the administrative, management or supervisory bodies of the Group have any service contracts with Okeanis Eco Tankers Corp. or any of its subsidiaries in the Group providing for benefits upon termination of employment. Amendments to management agreements Technical management agreements On November 1, 2023, the Company amended and restated its technical management agreements with KMC. The amended and restated technical management agreements, among others, retain the right to terminate for convenience, subject to a 36-month advance written notice, in addition to either party being able to terminate for cause. Furthermore, KMC has the right to terminate each technical management agreement, subject to 30-days advance written notice, in the event of a change of control of the relevant shipowning entity without KMC’s consent. In each case, unless the cause for termination is KMC’s failure to meet its obligations under the relevant technical management agreement, the Company is required to continue payment of the management fees thereunder for 36 months from the termination date (or, if a notice of termination for convenience has preceded such for cause termination, 36 months from the date of such notice). If required by KMC, the daily fee may be increased in line with the relevant annual inflation rates. Shared Services Agreement On November 1, 2023, OET Chartering Inc. entered into a shared services agreement with KMC to document the mutual exchange of business support in respect of the management of the Group’s vessels by way of corporate, accounting, financial and other operational and administrative services. The shared services agreement does not provide for any additional fee payable. The agreement may be terminated by either party thereto (i) for cause, immediately upon written notice or (ii) for any other reason, upon two months’ written notice. 14. Share Capital and Additional Paid-in Capital On January 24, 2022, the Company purchased 20,000 of its own shares for an aggregate consideration of $162,117 at the price of NOK 69.7 or $8.11 per share. 35 On January 26, 2022, the Company purchased 102,573 of its own shares for an aggregate consideration of $850,022 at the price of NOK 71.3 or $8.29 per share. In September 2022, the Company distributed approximately $9.8 million or $0.30 per share via a dividend that was classified as a return of paid-in-capital. In December 2022, the Company distributed approximately $9.8 million or $0.30 per share via a dividend that was classified as a return of paid-in-capital. In March 2023, the Company distributed approximately $40.2 million or $1.25 per share via a dividend that was classified as a return of paid-in-capital. In June 2023, the Company distributed approximately $51.5 million or $1.60 per share via a dividend that was classified as a return of paid-in-capital. In September 2023, the Company distributed an amount of approximately $48.3 million or $1.50 per share via a dividend that was classified as a return of paid-in-capital. In November 2023, the Company paid approximately $19.3 million or $0.60 per share via a dividend that was classified as a return of paid-in-capital. In March 2024, the Company paid approximately $21.3 million or $0.66 per share via a dividend that was classified as a return of paid-in-capital. In June 2024, the Company paid approximately $35.4 million or $1.10 per share via a dividend that was classified as a return of paid-in-capital. In September 2024, the Company paid approximately $35.4 million or $1.10 per share via a dividend that was classified as a return of paid-in-capital. In December 2024, the Company paid approximately $14.5 million or $0.45 per share via a dividend that was classified as a return of paid-in-capital. As of December 31, 2024, the Company had 32,194,108 common shares outstanding (such amount does not include 695,892 treasury shares). Neither the Company nor any of its subsidiaries have issued any restricted shares, share options, warrants, convertible loans or other instruments that would entitle a holder of any such instrument to subscribe for any shares in the Company or its subsidiaries. Neither the Company nor any of its subsidiaries have issued subordinated debt or transferable securities other than the shares in the Company and the shares in the Company’s subsidiaries which are held directly or indirectly by the Company. 15. Financial Risk Management The Group’s principal financial instruments comprise long-term borrowings, interest rate swaps (terminated in 2022), forward freight agreements, foreign exchange forward swaps, cash and cash equivalents and restricted cash. The main purpose of these financial instruments is to finance the Group’s operations and mitigate its exposure to market and interest rate fluctuations. The Group has various other financial assets and liabilities such as trade receivables, current accounts with related parties and payables which arise directly from its operations. 36 The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk, credit risk, market risk and liquidity risk. The Group’s policies for addressing these risks are set out below: • Foreign currency risk The Group’s vessels operate in international shipping markets, which utilize the U.S. dollar as the functional currency. Although certain operating expenses are incurred in foreign currencies, the Group does not consider the risk to be significant. The Group has no hedging mechanisms in place, however, when opportunity arises, it converts significant cash balances from U.S. dollars to Euros, to hedge against adverse fluctuations. • Interest rate risk The Group is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Group to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. From time to time, the Group uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these interest rate swaps is to manage the risks and costs associated with its floating-rate borrowings (Note 22). As an indication of the sensitivity from changes in interest rates, an increase by 100 basis points in interest rates would increase interest expense for the year ended December 31, 2024 by $6,704,025 (2023: $6,894,010 and 2022: $2,251,130 increased by 50 basis points) assuming all other variables held constant. The Group had entered into interest rate swap agreements for some of its borrowings, thereby partially economically hedging part of its floating-rate borrowings; however, these agreements were terminated within 2022. As of December 31, 2023, and December 31, 2024, the Group has not economically hedged its variable rate interest exposure relating to its existing credit facilities and sale and leasebacks. • Credit risk The Group only trades with charterers who have been subject to satisfactory credit screening procedures. Furthermore, outstanding balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant. With respect to the credit risk arising from the Group’s cash and cash equivalents and restricted cash, the Group’s exposure arises from default by the counterparties, with a maximum exposure equivalent to the carrying amount of these instruments. The Group mitigates such risks by dealing only with high credit quality financial institutions. • Market risk The tanker shipping industry is cyclical with high volatility in charter rates and profitability. The Group charters its vessels principally in the spot market, being exposed to various unpredictable factors such as: supply and demand of energy resources, global economic and political conditions, natural or other disasters, disruptions in international trade, COVID-19 outbreak, environmental and other legal regulatory developments and so on. During 2023 and 2024, the Group entered into FFAs in order to minimize losses from charter rate fluctuations and eliminate any adverse effect charter rate fluctuations may have in the Group’s operating cash flows and dividend distributions. • Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Group minimizes liquidity risk by maintaining sufficient cash and cash equivalents. 37 The following table details the Group’s expected cash outflows for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities, on the earliest date on which the Group would be required to pay to settle. The table includes both interest and principal cash flows. Variable future interest payments were determined based on the one-month SOFR as of December 31, 2024, of 3.97% (2023: 3.41%), plus the margin applicable to the Group’s loans at the end of the year presented. Weighted average effective Less interest than 1 – 3 3 – 12 1 – 5 rate 1 month months months years 5+ years Total December 31, 2024 Non-Derivative Liabilities Trade payables — — 19,479,005 — — 19,479,005 Accrued expenses — — 5,909,316 — — 5,909,316 Current accounts due to related parties — — 530,030 — — 530,030 Variable interest borrowings 4.86 % 2,541,609 15,250,870 53,374,498 391,940,693 216,343,324 679,450,994 Variable interest for debt financing (Sale and Leaseback Agreements) 9.12 % 1,358,910 2,660,316 12,428,837 63,359,366 77,158,586 156,966,015 Total 3,900,519 17,911,186 91,721,686 455,300,059 293,501,910 862,335,360 Weighted average effective Less interest than 1 – 3 3 – 12 1 – 5 rate 1 month months months years 5+ years Total December 31, 2023 Non-Derivative Liabilities Trade payables — — 23,522,506 — — 23,522,506 Accrued expenses — — 3,485,042 — — 3,485,042 Current accounts due to related parties — — 659,974 — — 659,974 Variable interest borrowings 4.08 % 3,138,123 28,239,371 62,054,619 307,066,226 237,943,153 638,441,492 Variable interest for debt financing (Sale and Leaseback Agreements) 9.07 % 2,330,290 4,567,896 21,015,413 106,212,689 139,492,319 273,618,607 Total 5,468,413 32,807,267 110,737,554 413,278,915 377,435,472 939,727,621 16. Commitments and Contingencies Commitments under time charter agreements (Lessor) As of December 31, 2024 and 2023, future minimum contractual time charter revenue, based on the Group’s vessels’ committed, non-cancellable time charter agreements, net of address commissions were nil. 17. Earnings per Share The profit/(loss) and weighted average number of common shares used in the calculation of basic and diluted earnings/(loss) per share are as follows: As of December 31, 2024 2023 2022 Profit attributable to the owners of the Group 108,863,270 145,251,024 84,559,995 Weighted average number of shares outstanding in the period 32,194,108 32,194,108 32,202,394 Earnings per share, basic and diluted 3.38 4.51 2.63 During the years ended December 31, 2024, 2023 and 2022, there were no potentially dilutive instruments affecting weighted average number of shares, and hence diluted earnings per share equals basic earnings per share for the years presented. 38 18. Claims Receivable As of December 31, 2024, the Group has recognized and presented under “Claims receivable” in the consolidated statements of financial position, receivable amounts from vessels’ insurers totaling $242,576 (2023: $115,528) regarding various claims. The respective receivable claims were recognized in the consolidated statements of financial position since the Group has an unconditional right to receive the claimable amounts from the insurers. 19. Capital Risk Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value. The Group monitors capital using gearing ratio, defined as total debt (gross) divided by total equity plus total debt, and its calculation is presented below: As of December 31, 2024 2023 Total borrowings 651,628,487 698,486,364 Total shareholders’ equity 410,426,916 408,132,148 Gearing ratio 61 % 63 % 20. Lease and Non-Lease Components of Revenue IFRS 16 requires the identification of lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. Regarding time charter arrangements, the Company has concluded that the direct lease component concerns the vessel and indirectly, the non- lease component concerns the technical management services provided to operate the vessel. These components are being accounted for as follows: a. All fixed lease revenue earned under these arrangements will be recognized on a straight-line basis over the term of the lease. b. Lease revenue earned under Group’s time charter arrangements will be recognized as it is earned, since it is 100% variable. c. The non-lease component will be accounted for as services revenue under IFRS 15. This revenue is recognized ‘over time’ as the customer (i.e., the charterer) is simultaneously receiving and consuming the benefits of the service. The below table analyses revenue generated under time charter arrangements: December 31, 2024 2023 2022 Lease component 16,551,871 30,584,686 50,536,021 Non-lease component 2,090,148 8,817,934 15,817,114 Total 18,642,019 39,402,620 66,353,135 39 21. Interest income, Interest expense and Other Finance Costs Interest and finance related costs are presented below: For the years ended December 31, 2024 2023 2022 Interest expense 53,628,356 58,680,985 35,077,293 Amortization of loan financing and modification gain 2,263,416 1,994,191 1,693,117 Bank charges and loan commitment fees 364,929 33,939 729,710 Other finance costs 795,979 469,951 581,855 Total 57,052,680 61,179,066 38,081,975 Interest income are presented below: For the years ended December 31, 2024 2023 2022 Interest income from time deposits 2,575,741 3,428,321 668,032 Other interest income 869,462 676,243 53,496 Total 3,445,203 4,104,564 721,528 22. Derivative Financial Instruments Forward freight agreements and Foreign Exchange Forward Swaps The fair value of the Group’s derivative financial (liabilities)/ assets as of December 31, 2024 and 2023 related to FFAs and FXSs are presented below: Derivatives’ Fair values 2024 2023 FXSs (62,500) 207,488 FFAs — 21,885 Total (62,500) 229,373 FFAs and FXSs are considered to be Level 2 items in accordance with the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. Effect on the Consolidated Statements of Profit or Loss and Other Comprehensive Income For the year ended December 31, 2024 2023 2022 Unrealized (loss)/ gain, net on derivatives (291,873) 229,373 45,960 Total unrealized (loss)/ gain, net on derivatives (291,873) 229,373 45,960 For the year ended December 31, 2024 2023 2022 Realized (loss)/ gain, net on derivatives (1,264,750) 300,262 2,161,927 Realized gain, net on interest rate swaps — — 9,274,554 Total realized (loss)/ gain, net on derivatives (1,264,750) 300,262 11,436,481 23. Revenue The table below presents an analysis of revenue generated from voyage and time charter agreements: For the years ended December 31, 2024 2023 2022 Voyage Charter 374,587,812 373,693,986 204,619,286 Time Charter (see Note 20) 18,642,019 39,402,620 66,353,135 Total 393,229,831 413,096,606 270,972,421 40 IFRS 15 Revenue from Contracts with Customers As of December 31, 2024, 2023 and 2022, the Group had, within the scope of IFRS 15, unearned revenue from voyage charter agreements related to undelivered performance obligations of $14,416,473, $5,590,403 and $9,861,064 which will be/were recognized in the first quarter of 2025, 2024 and 2023, respectively. Further, as of December 31, 2024 and 2023, capitalized contract fulfilment costs amounted to $3,065,772 and $1,903,516, respectively. The table below presents an analysis of earned revenue under voyage charters: For the years ended December 31, 2024 2023 2022 Freight 336,057,387 338,979,059 192,579,493 Demurrages 38,530,425 34,714,927 12,039,793 Total 374,587,812 373,693,986 204,619,286 As at December 31, 2024 and 2023, the Group’s trade receivables amounted to $38,202,231 and $55,234,678, respectively. Charterers, whose outstanding balance, exceed 10% of the total trade receivable amount are presented below: Customer 2024 2023 Charterer A 20 % 17 % Charterer B 19 % 13 % Charterer C 12 % 10 % Charterer D 10 % — Credit concentration Customers individually accounting for more than 10% of the Group’s revenues during the years ended December 31, 2024, 2023 and 2022 were: Customer 2024 2023 2022 A 14 % — % 18 % B 13 % — % 14 % C — — 11 % Total 27 % — % 43 % Revenue by continent The below table presents revenue generated per continent, based on the Company’s customers’ headquarters, for the years ended December 31, 2024, 2023 and 2022: Continent 2024 2023 2022 Europe 172,520,562 167,047,840 110,356,905 Asia 162,109,986 156,744,760 118,995,899 South America 19,159,005 40,515,310 4,550,317 North America 37,989,863 48,788,696 37,069,299 Africa 1,450,415 — — Total 393,229,831 413,096,606 270,972,421 All of the revenues above are reported under the Group’s single segment, the crude oil tanker segment. 24. Subsequent Events In March 2025, the Company paid an amount of approximately $11.3 million, or $0.35 per share, via a dividend. 41 Appendix The information below is also disclosed in Note 1 general information. Mandatory information with respect to European Single Electronic Format requirements: Name of reporting entity or other means of identification Okeanis Eco Tankers Domicile of entity Republic of Marshall Islands Legal form of entity Corporation Country of incorporation Republic of Marshall Islands Address of entity’s registered office Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands Principal place of business International Description of nature of entity’s operations and principal activities Own, Charter out and operate tanker vessels Name of parent entity Okeanis Eco Tankers Corp. Name of ultimate parent of group Glafki Marine Corp.