OKEANIS ECO TANKERS      2022 ANNUAL REPORT
ANNUAL 
REPORT 
 2022

2
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 TABLE OF CONTENTS
 TABLE OF
 CONTENTS								
03 Letter from the Chairman
07 History
  8 Fleet
  9 Presentation of the Board of Directors 
12 Board of Directors’ Report
23 Responsibility Statement
25 Corporate Governance Statement
38 Consolidated Financial Statements														
39 Directors’ Statement
40 Independent Auditor’s Report
45 Consolidated Statement of Profit or Loss and Other Comprehensive Income 
46 Consolidated Statement of Financial Position
47 Consolidated Statement of Changes in Equity
48 Consolidated Statement of Cash Flows
49 Notes to the Consolidated Financial Statements	
85 Parent Company Financial Statements												
86 Independent Auditor’s Report
89 Statement of Profit or Loss and Other Comprehensive Income 
90 Statement of Financial Position
91 Statement of Changes in Equity
92 Statement of Cash Flows
93 Notes to the Financial Statements
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS

3
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
 LETTER
 FROM THE
 CHAIRMAN
LETTER FROM THE CHAIRMAN

4
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
LETTER FROM THE CHAIRMAN
The past year demonstrates that the seaborne transportation of crude oil and natural gas 
is at the heart of global energy security. On behalf of the Board, I thank all our employees, 
especially the crews onboard our vessels, for their unwavering professionalism, dedication, 
and stamina during these uncertain times.
Our people’s hard work, commitment, and diligence proved critical in delivering industry-
leading operating results and record financial results in 2022, which translate to significant value 
creation for our shareholders. While our performance benefitted from a strong market rebound, 
especially in the second half of the year, our counter-cyclical investments in state-of-the-art, 
Eco and scrubber-fitted vessels set us apart from the competition and drive shareholder value 
both in absolute and relative terms. Our plan for 2023 calls for enhanced focus on strategic 
initiatives that include, first and foremost, operational safety, adroit vessel trading, solid financial 
performance, and shareholder value creation.
2022 started on a weak footing for our markets, mainly due to weak trade demand for 
global seaborne crude oil amid the rapid spread of the Omicron Covid-19 variant, renewed 
implementation of mobility restriction policies, primarily in China, and further lagging of the 
OPEC output versus quotas during the seasonally muted first quarter. In addition, the continued 
growth of tonnage supply, following the delivery of the remaining vessels ordered during the 
historically busy 2018 through 2020 period, further curtailed the short-term fundamentals for the 
large crude tanker market at the time.
Notwithstanding the soft start, the crude tanker market improved markedly since February 2022 
for the Suezmax and Aframax vessels, while gains in the VLCCs occurred during the second half 
of 2022. In particular, the Russian invasion of Ukraine during the first quarter and the subsequent 
imposition of Russian crude oil sanctions by the EU, UK, and the US, have resulted in significant 
trade complexity and rerouting of crude oil voyages. During the first months of the invasion, the 
Aframax and Suezmax vessels, the dominant pre-war asset classes chartered for the seaborne 
transportation of Russian oil, realized initial spikes in freight rates. By contrast, the large crude 
tanker fleet concentrated in the West as Europe rushed to secure non-Russian replacement 
barrels. Due to the Chinese lockdown, the combination of VLCC fleet dislocation in the West, 
and limited fronthaul cargoes towards the East resulted in downward pressure on charter rates 
that proved transitory.
Source: Company filings, OET.
VLCC
Suezmax
OET
Peer A
Peer B
Peer C
Peer D
OET
Peer A
Peer B
Peer C
Peer D
$37,937
$54,851
Full year 2022 Spot TCE performance ($/day)
60,000 $pd
55,000
50,000
45,000
40,000
35,000
30,000
25,000
20,000

5
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
LETTER FROM THE CHAIRMAN
Following the initial shock, new trade lanes emerged and absorbed tonnage. Europe replaced 
Russian barrels from remoter exporting regions, such as West Africa, the Middle East, and USG. 
At the same time, Russia shifted its oil exports to China and India. The collective impact was 
longer average distances per crude voyage that significantly enhanced the mile side of the crude 
tanker demand equation, which is expressed in tonne-miles. The lift in mobility restrictions in 
many parts of the world, together with significant US exports (amplified through the Strategic 
Petroleum Reserve (“SPR”) program), and reinstatement of OPEC+ production cuts established 
in 2021, resulted in historically elevated oil in transit volumes thus improving the second variable 
in identifying crude tanker demand.
In last year’s report, I argued that 2021 was the most challenging year ever recorded for the 
crude tanker market. However, we successfully navigated the downturn thanks to our young, 
fuel-efficient scrubber-fitted fleet, outperforming the market and our listed peers. Entering 2022 
with a fully delivered fleet, our results demonstrate that our competitive advantage is amplified 
in a strong market and provide the Company with the flexibility and optionality to allocate more 
trading days to spot charters to capture market momentum. Regarding the VLCCs, OET delivered 
daily spot earnings throughout the year of $37,900 per day, representing 29% outperformance 
relative to the average of the crude tanker peer group, while our Suezmax daily spot earnings 
came in at $54,850 per day, representing 65% outperformance relative to our listed peers.
 
The backbone of OET’s strategy has been to trade our vessels efficiently, maintain a strong capital 
structure with sufficient liquidity, and deliver value to our shareholders. We are delighted to have 
continued performing on all fronts. During the first half of the year and in uncertain times, we 
proactively bolstered our cash position through the refinancing, at very attractive terms, of VLCCs 
Nissos Kythnos and Nissos Donoussa, releasing approximately $29m from the transaction while 
maintaining c. 50% market LTV on a fleetwide basis at the end of the year. In addition, cognizant 
of our promises towards shareholder returns, we have declared distributions totaling $1.85 per 
share or c. $61m in the form of capital distributions and share buybacks over the past year.
 
Note: Peers average price indexed to OET price as of 30 December 2020 of NOK 50.8
Sources: Refinitiv, OET.
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
2020
2021
2022
2023
OET share price outperfomance relative to peers
 OET
 Peers average
250 NOK
200
150
100
50

6
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
LETTER FROM THE CHAIRMAN
Sustainability is at the heart of our operations. We have taken significant steps to be part of our 
industry’s efforts towards net zero carbon and comply with responsible investment practices. 
In May 2022, we signed our first senior secured sustainability linked loan (“SLL”), which includes 
customary environmental clauses and sustainability targets for the Company, which are linked to 
pricing. The execution of the SLL marks a significant milestone for the Company and aligns with 
our young Eco fleet and commitment towards sustainable growth. At the corporate level, we 
have endorsed our sustainability credentials by publishing our inaugural Environmental, Social, 
and Governance (“ESG”) report referring to 2021. As a result, our young fleet is well equipped 
to comply with upcoming Energy Efficiency Existing Ship Index (“EEXI”) and Carbon Intensity 
Index (“CII”) regulations. We expect such regulations to significantly impact the crude tanker 
fleet, forcing owners of older tonnage to undergo modifications, incur extra costs, and ultimately 
reduce speed to comply. Together with our managers, we will work on our sustainability targets 
through continuous monitoring, reporting, and improvement on all related ESG aspects.
Tanker market fundamentals appear very robust for the medium term thanks to a potent mix of 
supply and demand factors which we have not seen before, albeit uncertainty remains vis-à-vis 
global growth, inflationary dynamics, interest rates and geopolitical risks. The orderbook stands 
at a more than 20-year low, and the fleet’s average age is growing quickly, yet close to zero 
newbuilding contracting would suggest muted fleet growth in 2023 and negative in 2024/2025 
for the large crude tanker segment. The shipbuilding industry is constrained with fully booked 
capacity until 2025, and even an influx of deliveries by 2027 would not be enough to distort 
the current supply and demand balance. Oil demand is expected above pre-pandemic levels 
exceeding 100mbd in 2023 on the back of Chinese reopening, while the shift in trade patterns, 
since the Russian invasion of Ukraine, offers additional support to tonne-mile demand. 
  
As we move forward, the OET platform remains robust, with strong financial flexibility, a state-
of-the-art asset base eligible to capture the strong market momentum, and a clear focus on 
delivering shareholder value. 
Ioannis Alafouzos
Chairman & Director

OKEANIS ECO TANKERS      2022 ANNUAL REPORT
7
HISTORY
 HISTORY
APRIL 2013
Ordered 3x LR2 Aframaxes at HHI
FY 2015
Took delivery of Aframaxes and ordered  
2x Suezmaxes at JMU
FEBRUARY 2018
Ordered 2x scrubber-fitted VLCCs at HHI
JUNE 2018
Contributed Alafouzos family’s eco tanker 
fleet to OET in exchange for shares
DECEMBER 2018
Raised additional $30 million at NOK 66 per 
share
MAY 2019
Raised additional $15 million from Alafouzos 
family at NOK 83 per share
JANUARY 2020
Concluded VLCC NB program with HHI
DECEMBER 2020
Concluded scrubber retrofit program across 
entire fleet
OCTOBER 2021
Monetized 1x VLCC built 2019
JUNE 2021
Acquired 2x under construction ECO scrubber 
fitted built 2022 VLCCs at HSHI from the 
Sponsor - Monetized 2x Aframaxes built 2015
MARCH 2019
Uplisting of OET to Euronext Expand
OCTOBER 2019
Exercised free option to acquire 2x 2020-built 
Suezmaxes under construction at HSHI from 
sponsor (Mr Ioannis Alafouzos)
SEPTEMBER 2020
Concluded Suezmax NB program with HSHI
JANUARY 2021
Uplisted to Oslo Børs
AUGUST 2021
Monetized 1x Aframax built 2015
NOVEMBER 2021
Monetized 1x VLCC built 2019
MAY 2014
Ordered 2x Suezmaxes at SSME
DECEMBER 2017
Ordered 4x scrubber-fitted VLCCs at HHI
APRIL 2018
Ordered 2x scrubber-fitted VLCCs at HHI 
Established Okeanis Eco Tankers Corp. (OET)
JULY 2018
Listing of OET on Euronext Growth; raised 
$100 million at NOK 72 per share
OKEANIS ECO TANKERS      2022 ANNUAL REPORT

8
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
FLEET
 FLEET
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
No.	
Type	
Vessel	
Yard	
Country	
Built	
Age	
DWT	
Employment	
Eco-Design?	
Scrubber?	
BWTS?
  1	
	
Milos	
SSME	 Korea	
2016-10	
6	
157,539	
Time charter	
Yes	
Yes	
Yes
  2	
	
Poliegos	
SSME	 Korea	
2017-01	
6	
157,539	
Spot	
Yes	
Yes	
Yes
  3	
SUEZMAX	 Kimolos	
JMU	 Japan	
2018-05	
4	
159,159	
Spot	
Yes	
Yes	
Yes
  4	
	
Folegandros	
JMU	 Japan	
2018-09	
4	
159,221	
Spot	
Yes	
Yes	
Yes
  5	
	
Nissos Sikinos	
HSHI	 Korea	
2020-09	
2	
157,447	
Time charter	
Yes	
Yes	
Yes
  6	
	
Nissos Sifnos	
HSHI	 Korea	
2020-09	
2	
157,447	
Time charter	
Yes	
Yes	
Yes
	7	
	
Nissos Rhenia	
HHI	 Korea	
2019-05	
3	
318,744	
Spot	
Yes	
Yes	
Yes
	8	
	
Nissos Despotiko	
HHI	 Korea	
2019-06	
3	
318,744	
Time charter	
Yes	
Yes	
Yes
	9	
	
Nissos Donoussa	
HHI	 Korea	
2019-08	
3	
318,953	
Spot	
Yes	
Yes	
Yes
10	
VLCC	
Nissos Kythnos	
HHI	 Korea	
2019-09	
3	
318,953	
Spot	
Yes	
Yes	
Yes
11	
	
Nissos Keros	
HHI	 Korea	
2019-10	
3	
318,953	
Spot	
Yes	
Yes	
Yes
12	
	
Nissos Anafi	
HHI	 Korea	
2020-01	
3	
318,953	
Spot	
Yes	
Yes	
Yes
13	
	
Nissos Kea	
HHI	 Korea	
2022-03	
1	
300,323	
Spot	
Yes	
Yes	
Yes
14	
	
Nissos Nikouria	
HHI	 Korea	
2022-05	
1	
300,323	
Spot	
Yes	
Yes	
Yes
		
	
	
	
            3,463,090

9
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
 PRESENTATION
 OF THE BOARD  
 OF DIRECTORS
 PRESENTATION OF THE BOARD OF DIRECTORS

10
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 PRESENTATION OF THE BOARD OF DIRECTORS
Ioannis Alafouzos, Chairman & Director
Ioannis Alafouzos serves as Chairman of Okeanis Eco Tankers. Mr. Alafouzos 
began his career in shipping in 1981 and has over 40 years of experience 
in all facets of the industry. Mr. Alafouzos founded Kyklades Maritime 
Corporation’s tanker arm and has been the key strategist for the company’s 
cyclical asset plays. Mr. Alafouzos holds an MA from Oxford University in 
History of Economics. He was a member of the ABS Technical Committee 
from 2005-2009, a board member of Ionian and Popular Bank in the 
1990’s, and a board member of the Hellenic Chamber of Shipping in the 
1980’s.
Robert Knapp, Independent Director
Robert Knapp is the CIO of Ironsides Partners, an investment manager 
based in Boston, which he founded in 2007. Ironsides is an asset value 
investor with an emphasis on market dislocations or disruptions. Mr. Knapp 
serves as a director for several investment companies including Barings 
BDC listed on the NYSE and was a director of MPC Container Ships AS 
when it was founded. He is a graduate of Princeton University in the US 
and Oxford University in the UK.
Daniel Gold, Independent Director
Daniel Gold is the CEO of QVT Financial LP, an asset management 
company with offices in New York and New Delhi. QVT Financial, through 
its managed funds, is an experienced global investor in the shipping and 
offshore industries. Mr. Gold holds an AB in Physics from Harvard College.
 
Joshua Nemser, Independent Director
Joshua Nemser is a New York-based senior portfolio manager at VR Capital 
Group.  He oversees the portfolio and members of the firm’s NA+ team, which 
pursues performing and distressed credit and other special situations in 
North America and other developed markets as well as transportation and 
other hard asset sectors. Prior to joining VR, Mr. Nemser was an investment 
banking associate at Moelis & Company, where he advised on a range of 
mergers, acquisitions, recapitalizations, and restructurings. Prior to Moelis, 
he was an attorney in the Business Finance & Restructuring department of 
Weil, Gotshal & Manges. Prior to Weil, he was vice president and chief pilot 
of a federally certificated air carrier. Mr. Nemser holds a J.D. from the New 
York University School of Law, where he graduated magna cum laude, and 
a B.S. in business administration from the University of Southern California. 
He is a licensed airline transport pilot with over 2,000 flight hours.

11
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 PRESENTATION OF THE BOARD OF DIRECTORS
Charlotte Stratos, Independent Director
Charlotte Stratos has served as a Senior Advisor to Morgan Stanley’s 
Investment Banking Division-Global Transportation team from 2008 to 
2022.  From 1987 to 2007 Ms. Stratos was Managing Director and Head 
of Global Greek Shipping for Calyon Corporate and Investment Bank of 
the Credit Agricole Group.  Ms. Stratos served in various roles with Bankers 
Trust Company as Vice President of Greek shipping finance from 1976 to 
1987. She currently serves as an independent director of Costamare Inc. 
a containership company listed on the NY Stock Exchange. Previously 
she held the position of independent director for Hellenic Carriers Ltd. a 
shipping company listed on London’s AIM from 2007 until 2016 and as a 
board member of Emporiki Bank from 2006-2008.
John Kittmer, Independent Director
John Kittmer has held senior positions across the UK public sector. Between 
2013-2016, he was British Ambassador to Greece and responsible among 
other things for British commercial relations in Greece. He has served other 
senior roles in the UK Foreign and Commonwealth Office, the Department 
for Environment, Food and Rural Affairs, and the Cabinet Office. He holds a 
BA from the University of Cambridge, an MA from the University of London 
and a PhD from King’s College London. He is Chairman of The Anglo-
Hellenic League and the Gilbert Murray Trust, UK-registered charities 
working on educational and cultural issues.
Petros Siakotos, Independent Director
Petros Siakotos has spent most of his career in international banking, 
successively with Salomon Brothers, HSBC, Credit Suisse and as Managing 
Director at UBS Russia. He has advised the Greek and Russian governments 
in key privatisations and has helped corporate clients with numerous 
equity and debt raising and strategic transactions. He then served as Senior 
Advisor to EBRD for the Greek market until 2018. He is currently a director 
at NUR MINOS, a company developing renewable energy generation 
projects and is involved in several energy efficiency initiatives. Mr. Siakotos 
has a BA from Yale University and an MBA from the Anderson School of 
Management at UCLA.

12
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 BOARD OF DIRECTORS’ REPORT
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
 BOARD  
 OF DIRECTORS’ 
 REPORT

13
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Business Overview and Corporate Development
Okeanis Eco Tankers Corp. (the “Company”) was incorporated on April 30, 2018 under the laws 
of the Republic of the Marshall Islands. On June 28, 2018, all of the shares in fifteen single-
purpose companies (the “SPVs”) and OET Chartering Inc., were transferred to the Company 
from Okeanis Marine Holdings (“OMH”), a holding company controlled by the Alafouzos family. 
Control was established from the time the Company had the power to govern the financial 
and operating policies of the contributed SPVs, to accrue benefits from their activities. The eco 
fleet of OMH was contributed to the Company as a payment in-kind transaction where OMH 
received shares in the Company in return. The Alafouzos family fully owned OMH and, as of the 
date of this Annual Report, holds a stake of 56.88% in the Company.
The Company was admitted to trading on Euronext Growth (ex-Merkur Market) on July 3, 2018 
and from January 2021, the Company’s shares have been trading on Oslo Børs.
The Company is an international tanker company in the oil shipping industry. Its main activities 
are the ownership, chartering and operation of oil tanker vessels. The Company owns, through 
its vessel-owning subsidiaries, the SPVs, a fleet of fourteen tanker vessels comprising six modern 
Suezmax tankers and eight modern VLCC tankers.
Among the factors that are believed to differentiate the Company from its competitors are: 
a) its focus on “future proof” vessels built to eco standards that consume less bunker fuel than 
conventional tanker vessels; b) being equipped with exhaust gas cleaning systems (“scrubbers”) 
and; c) being built to comply with regulations for ballast water treatment. Furthermore, 
the Board is committed to crystallizing value for the Company’s shareholders via a clear 
monetization strategy: selling vessels at an opportune time in the cycle and implementing a 
full capital payout policy.
The following significant events occurred in 2022:
•	 In January 2022, the Company purchased 122,573 of its own shares at an average price of 
NOK 71.0 per share. 
•	 In March 2022, the Company took delivery of the VLCC vessel Nissos Kea. 
•	 On April 18 2022, the Company signed a loan agreement with Okeanis Marine Holdings S.A. 
(a company controlled by Mr. Ioannis Alafouzos – or the “Sponsor”) regarding the acquisition 
of VLCC vessels Nissos Kea and Nissos Nikouria. Under the agreement, the loaned amount 
of $17.6 million for each vessel, bears a fixed interest cost of 3.5% p.a. and is payable at OET’s 
sole discretion, up to any date within two years from the vessels’ delivery. 
•	 In May 2022, the Company signed its first senior secured, sustainability-linked loan (the 
“SLL”) with National Bank of Greece with an aggregate amount of $125.7 million to refinance 
its existing indebtedness of the VLCC vessels Nissos Kythnos and Nissos Donoussa and for 
general corporate purposes. The new loan bears a fixed interest of 2.5% p.a. plus LIBOR, 
amortizes over a 21-year profile and matures in 7 years. 
•	 In May 2022, the Company terminated three of its interest rate swap agreements. The net 
cash received from the transaction amounted to $4.1 million. 
•	 In June 2022, the Company took delivery of the VLCC vessel Nissos Nikouria. 
•	 On June 30 2022, the Company terminated its remaining five interest rate swap agreements. 
The net cash received from the said transactions amounted to $8.2 million. 
•	 In September 2022, the Company paid an amount of approximately $9.8 million or $0.30 
per share as return of paid in capital.
 BOARD OF DIRECTORS’ REPORT

14
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
•	 In December 2022, the Company paid an amount of approximately $9.8 million or $0.30 
per share as return of paid in capital.
As of December 31, 2022, the Company’s share capital is $32,890 divided into 32,890,000 shares, 
each with a nominal value of $0.001 per share. The following significant events occurred after 
the Statement of Financial Position date:
•	
The Board of Directors declared a return of capital of $1.25 per share to shareholders. The 
cash payment was recorded as a return of paid-in-capital and was paid on Friday March 
17, 2023 to shareholders of record as of March 13, 2023. The shares were traded ex-capital 
distribution as from and including March 10, 2023.
Environmental Footprint
The maritime industry faces the challenge of adopting new technologies and operational 
practices to comply with stricter international and local regulations in order to reduce climate 
intensity by 40% by 2040 and greenhouse gas emissions by 50% by 2050. In light of these 
challenges, the Company believes that this will be a strong distinguishing factor between 
tanker owner/operators going forward.
Adhering to ABS Monitoring Reporting and Verification Regulation and its strategy to reduce 
carbon emissions, the Company has one of the youngest fleets in operation, pursuing a strategy 
of investing only in Eco-design vessels, with the goal of reducing its environmental footprint, 
exceeding industry emission benchmarks and generating value for its shareholders.
The table below presents the Company’s emissions data:
Reporting period is January 1, 2022 through December 31, 2022.
REPORTING MEASURE	
CALCULATION	
VLCC	
SUEZMAX
Number of vessels reporting emissions data at end of reporting period	
	
8	
6
Fleet average age at end of reporting period	
	
2.67 yrs	
4.27 yrs
Percentage of vessels equipped with scrubbers 
 at end of reporting period	
	
100%	
100%
CO2 emissions generated from vessels (metric tons)
Laden Condition	
	
161,700	
107,800
All Conditions	
	
276,500	
144,900
Fleet Annual Efficiency Ratio (AER)1
CO2 emissions - all conditions (from above)	
A	
276,500	
144,900
Design deadweight tonnage (DWT)	
B	
319,000	
158,400
Total distance travelled (nautical miles) 	
C 	
532,800	
385,100
Fleet AER for the period 	
Ax106/(BxC)	 1.6g/ton-mile	
2.4g/ton-mile
Fleet Energy Efficiency Operational Indicator (EEOI)2
CO2 emissions - all conditions (from above)	
A	
276,500	
144,900
Weighted avg. cargo transported for the period (metric tons) 	
D	
109,400	
81,200
Total distance travelled (nautical miles)	
E	
532,800	
385,100
Fleet EEOI for the period	
Ax106/(DxE)	 4.7g/ton-mile	
4.6g/ton-mile
 BOARD OF DIRECTORS’ REPORT
NOTES 1) Annual Efficiency Ratio is a measure of carbon efficiency using the parameters of fuel consumption, distance travelled, and design deadweight tonnage.
            2) Energy Efficiency Operational Indicator is a tool for measuring the CO2 gas emissions in a given time period per unit transport work performed. This calculation is 
performed as per IMO MEPC.1/Circ684. Reporting period is January 1, 2022 through December 31, 2022.

15
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Our 2022 EEOI figures are well within the indicative EEOI Sea Cargo Charter guidance for 2022 
of 5.1g/ton-mile and 8.4 g/ton-mile for VLCCs and Suezmaxes respectively.
Climate Change
The energy transition to address climate change may lead to softer demand for oil and higher 
operating costs that could have a negative impact on the Company’s profitability. Climate 
change has prompted the enactment of new regulations forcing the shipping industry to 
adapt to this new business environment through the application of environmentally friendly 
policies and operations.
Since inception, the Company has controlled one of the most fuel-efficient and youngest fleets 
in the tanker industry with vessels that burn less fuel and emit industry low greenhouse gas 
emissions per nautical mile travelled, while it has taken significant steps required to monitor, 
report and minimize its environmental footprint ever since. 
The Company’s strategy is to comply with the current and future regulatory framework, and 
maintain and improve its sustainable investment practices through the ownership and 
operation of young vessels built to meet the strictest environmental standards.
Climate related risks
Within the scope of the Group’s Risk Assessment process, management has identified and 
assessed the following climate related risks:
•	 Energy transition having a negative impact on oil demand 
•	 Escalated operating costs associated with vessels’ maintenance and employability
•	 Enactment of new regulations 
•	 Introduction of new technologies
Management estimates that oil dependency will decrease in the coming decades, as the 
share of fossil fuels in the global energy mix drops and renewable energies substitute oil as the 
primary energy source. However, management has reached the conclusion that the Company 
will continue to be a key market player in the years to come and that its asset base is less likely 
to realize meaningful value impairments for the following reasons: a) the Company operates 
one of the youngest fleets in the industry, b) the current global crude tanker orderbook stands 
at historically low levels, c) shipyard capacity is very tight and new vessel orders could not 
deliver earlier than the second half of 2026, d) the average age of the global crude tanker fleet 
has grown by more than 2 years over the last decade. 
Furthermore, the Company’s Eco-designed vessels are fully equipped with exhaust gas cleaning 
(“scrubbers”) and Ballast Water Treatment Systems (“BWTS”). These technologies are relatively 
young and the Company has already benefited from their application, both financially and 
environmentally. It is the Company’s policy to be at the forefront of technological progress, 
adopting new technologies and undertaking all vessel improvements deemed necessary to 
sustain the Eco-friendly character of its ships and their competitiveness.
As a result of the above, the Company will incur increased operating and maintenance costs to 
preserve the operational performance and competitive advantage of its vessels relative to the 
 BOARD OF DIRECTORS’ REPORT

16
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
market. In particular, such incremental costs are taken into consideration when an indication 
of impairment arises, and are included in the Company’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 Dry-dock costs
•	 adjusted 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.
Management, also monitors closely all applicable environmental laws and regulations, as 
well as, those coming into effect, taking precautionary measures to assure compliance. 
Adhering to the EU, IMO and ABS Monitoring Reporting as well as the Verification Regulation, 
the Company has implemented a strategy to reduce climate intensity by 40% by 2040 
and greenhouse gas emissions by 50% by 2050. For more information, please consult the 
Company’s Annual ESG report, available on the Company’s site.
Finally, the Company’s strategy in investing only in young, Eco vessels, mitigates its exposure 
towards climate risk by reducing its overall environmental footprint, while it offers the Company 
variety and flexibility in sourcing its capital through “green”, sustainable borrowing from global 
banks and investors.
Consolidated Financial Statements
Income Statement
For the year ended December 31, 2022, the Company generated revenues of $271.0 million, 
up from $169.0 million in 2021 mainly due to a 73% increase in the daily fleet-wide time 
charter equivalent (TCE) earnings (TCE earnings are published on a quarterly basis. For further 
information visit the Company’s site www.okeanisecotankers.com).
Operating expenses inclusive of technical management fees amounted to $40.1 million, down 
from $46.1 million in 2021 mainly due to the US Dollar appreciation against the Euro, as well as, 
from reduced Covid-19 related expenses to off-shore personnel incurred in 2021. 
Commissions and voyage expenses came in at $77.5 million, up from $47.2 million in 2021 
mainly due to a 17% decrease in time charter coverage (from 48% in 2021 to 40% in 2022), 
counterbalanced by increased bunker fuel prices in the current year. 
General and administrative expenses amounted to $5.3 million, up from $5.1 million in 2021. 
Depreciation and amortization expense totaled $38.0 million, down from $38.7 million in 2021. 
Interest and other finance costs for the year ended December 31, 2022 amounted to $38.1 
million, up from $36.5 million in 2021 due to a 28% increase in gross indebtedness and the steep 
increase in LIBOR rates, from 21 basis points in 2021 to 477 basis points in 2022, counterbalanced 
by one-off finance costs of $6.9 million incurred in 2021 connected to the vessels’ disposal and 
the respective termination of the Company’s sale and lease-back agreements. 
 BOARD OF DIRECTORS’ REPORT

17
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Furthermore, the Company recorded an additional realized gain of $11.5 million in 2022, 
compared to an unrealized gain of $3.6 million, resulting mainly from the termination of its 
derivative instruments. 
The Company reported a profit for the year of $84.6 million or basic and diluted earnings of 
$2.63 per share, compared to a loss of $0.9 million or basic and diluted loss of $0.03 per share 
in 2021. 
Statement of Financial Position
Total assets as at December 31, 2022 were $1,183.4 million, up from $954.6 million in 2021 resulting 
mainly from the delivery of two VLCC vessels, Nissos Kea and Nissos Nikouria. Total liabilities 
amounted to $761.1 million, up from $596.3 million in 2021, attributed to additional long-term 
debt raised, associated with the abovementioned vessel acquisitions, while total equity was 
$422.2 million, up from $358.3 million in 2021 being the result of profitable operations for the 
year of $84.6 million, the cumulative capital distributions of $19.6 million and repurchase of 
own shares of $1.0 million, corresponding to an equity ratio of 36%. The Company’s cash and 
cash equivalents (including restricted cash) as at December 31, 2022 was $88.3 million, up from 
$45.5 million in 2021, as a result of the cash flow movements described below. 
Cash Flow
For the year ended December 31, 2022 net cash provided by operating activities was $82.5 
million (2021: $28.6 million) that was the result of profitable operations. Net cash used in 
investing activities was $178.7 million (2021: provided by $285.7 million), mainly reflecting 
vessels’ acquisition during the year of $178.6 million and scheduled five-year special surveys of 
$1.5 million. Net cash provided by financing activities was $139.0 million (2021: used in $299.4 
million), primarily reflecting proceeds from long-term borrowings of $306.3, repayments of 
long-term borrowings of $144.3 million, capital distribution of $19.6 million, acquisition of 
treasury stock of $1.0 million and payment for loan financing fees of $1.7 million.
Going Concern
The consolidated financial statements of the Company have been prepared on a going concern 
basis and in accordance with the IFRS. Based on the Company’s financial condition, together 
with the expected future cash flows from operations and the fact that there are no unfunded 
capital commitments, the Board of Directors confirms the going concern assumption.
Principal Risks
Interest Rate Risk
The Company’s vessels are financed by long-term financing facilities at a margin over LIBOR. 
Any increase or decrease in LIBOR will correspond to a change in the interest expense. From 
time to time, the Company enters into interest rate swaps agreements and books significant 
cash balances to short-term deposits, in order to hedge the risk arising from changes in LIBOR 
rates. The principal objective of these contracts is to mitigate the risks and minimize the costs 
associated with its floating-rate debt.
 BOARD OF DIRECTORS’ REPORT

18
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Currency Risk
USD is the functional currency of the Company. Some expenses largely relating to crewing 
are incurred in other currencies, mainly EUR. The Company is exposed to currency exchange 
rate fluctuations, which affect its costs in other currencies. Any adverse movements of the 
USD compared to other currencies negatively affect the financial condition of the Company. 
The Company has no hedging mechanisms in place as of December 31, 2022, however, when 
opportunity arise, it converts significant cash balances from USD to EUR to hedge against 
adverse fluctuations.
Market Risk 
The tanker shipping industry is cyclical with high volatility in charter rates and profitability. 
The Company 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 2022, the 
Company has entered into Forward Freight Agreements (“FFAs”) in order partially to mitigate 
its exposure to spot charter rate fluctuations and mitigate any adverse effect this may have in 
our operating cash flows and dividend policy. 
Credit Risk 
The Company only charters its vessels to international energy companies, national oil companies 
and top-tier trading houses with a proven track record of creditworthiness in the charter 
market. Any charterer that expresses a desire to trade on credit terms is subject to the Group’s 
policy of stringent credit verification procedures, including an extensive KYC process and proof 
of funds. Payments related to shipbuilding contracts are secured with refund guarantees from 
top-tier financial institutions. 
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 Company manages liquidity risk by maintaining sufficient cash and cash equivalents. 
Macroeconomic Conditions Risk 
Any changes in macroeconomic factors will affect the demand for tanker vessels. Such factors 
include international economic conditions, geopolitical changes and inflation levels on the 
demand side, as well as, OPEC decisions on the supply side. Any adverse change on either the 
demand for or supply of crude oil will affect seaborne oil demand, thus affecting oil tanker 
earnings.
The Company has also purchased and maintains a Directors and Officers Liability Insurance 
issued by a reputable, specialized insurer with appropriate rating.
Organisation and Personnel
The Company’s registered office is in the Republic of the Marshall Islands, and its corporate 
and commercial management is performed by its wholly owned subsidiary, OET Chartering 
Inc. that is based in Athens, Greece. Technical management of the fleet is outsourced to 
 BOARD OF DIRECTORS’ REPORT

19
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
the affiliated company Kyklades Maritime Corporation (“Kyklades” or “KMC” or “Management 
Company), which is wholly owned by the Alafouzos family. 
Working Environment
The Company is an equal opportunity employer and is committed to creating and fostering 
a diverse working environment by providing equal employment opportunities for all persons. 
The Company as at December 31, 2022 employed twelve persons, of whom five are women 
and seven are men. The Company’s Board of Directors comprises one woman and six men. 
The Company makes employment decisions on the basis of merit alone, and is committed to 
recruiting, training and promoting a diverse group of persons across all job ranks. Furthermore, 
all other personnel actions are enacted without regard to race, color, religion, creed, sexual 
orientation, ethnic origin, citizenship, gender, gender identity, age, disability, genetic 
information, parental status, marital status, or any other status. 
As clearly stated in the Company’s Corporate Governance policy: 
The Company forbids discrimination against any employee or any other individual in terms 
of, but not limited to, sex, color, race, religion, age, disability, pregnancy or maternity, sexual 
preference, nationality, political view and ancestry. 
The Company forbids harassment and bullying, and all employees are expected to treat 
every individual with respect and without discrimination and provide everyone with equal 
employment opportunities, training or promotion. 
In case an employee observes such harassment or suspects as much, they should report it 
immediately to their immediate supervisor or to the Board of Directors. The incident shall then 
be investigated immediately, meticulously and with confidentiality. 
The Company had no fatal or other accidents during the year and provided sickness absence 
to its employees when necessary.
Human Rights
The Company has also taken specific measures to combat human rights inequalities and has 
established its Slavery and Human Rights policy by which: 
The Company is committed to establishing a corporate culture within which business is 
conducted in an ethical, fair, honest and transparent manner. The Company emphasizes the 
importance of preventing any kind of slavery violations and that no violation took place in any 
of the supply chains that the Company is involved in. 
The Company is compliant with the Maritime Labour Convention 2006, ensuring decent 
working conditions for its seafarers covering almost every aspect of their work life on board 
vessels, such as: 
•	 A safe and secure workplace that complies with safety standards; 
•	 Fair terms of employment; 
•	 Decent working and living conditions on board vessels; and 
•	 Health protection, medical care, welfare measures and other forms of social protection.
 BOARD OF DIRECTORS’ REPORT

20
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Outlook
Following the most challenging year ever recorded for the crude tanker markets in 2021, 
2022 started similarly, signaling further delay in the long-anticipated, fundamentally driven, 
market recovery. The Russian invasion of Ukraine resulted in imposition of crude oil sanctions 
by the EU, UK and the US, which caused trade complexity and rerouting of crude oil voyages. 
Following the initial shock, new trade lanes emerged and absorbed tonnage, with longer 
average distances per crude voyage. The constructive mix of demand and supply metrics for 
our markets was further impacted by firmer oil demand and elevated global oil supply, which 
resulted in strong crude tanker tonne-mile demand growth of 5.7% year on year in 2022. 
The crude tanker fleet registered a 5.2% growth compared to 2021, primarily driven by vessel 
deliveries from vintage orders since 2020 and limited scrapping. The tight market balance led 
to improved utilization for our markets and strong charter rates, particularly since the second 
half of 2022.
Inheriting firm market conditions from the fourth quarter of 2022, we enter 2023 with 
positive sentiment across the board and expect such conditions to remain throughout the 
year, though we are vigilant about global economic slowdown, other macro and geopolitical 
risks. The very encouraging market outlook is attributable to a) clear demand side support 
notably from Russia-related shifts in trading patterns, that amplify tonne-mile demand, and 
rebounding Chinese oil demand on the back of lifted mobility restrictions relating to the 
Covid-19 pandemic, and b) potentially negative fleet growth in coming years.  
Oil demand is now projected to surpass the 100 mbd mark and grow by 2.0 mbd in 2023 
despite the soft macroeconomic outlook, according to the International Energy Agency (“IEA”). 
Oil demand growth is supported by the reopening in China that bolsters mobility and oil 
demand in China and elsewhere in Asia on the back of increased travel and trade activity with 
China. Non-OECD demand growth accounts for more than 70% of total, underpinning strong 
pent-up oil demand outside China relating to positive implications for travel and trade activity. 
For China, which has recently moved from a strict zero-Covid policy to practically none, pent-
up oil demand is expected at approximately 1.0 mbd accounting for c. 50% of the total. The 
Chinese reopening and a flattening oil price forward curve which reinstates arbitrage, are the 
predominant factors behind the current strong market on VLCCs and the optimistic outlook 
for the asset class.
Source: Energy Aspects.
Million barrels per day   18
16
14
12
10
8
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Chinese oil demand
 2016-2019 avg.
 2022
 2023
 2023E
 BOARD OF DIRECTORS’ REPORT

21
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 BOARD OF DIRECTORS’ REPORT
The oil market balance switched to oversupply during the second half of 2022 despite OPEC+ 
c. 1 mbd effective production cut driven by strong US exports and leading to oil price weakness 
over the same period. We believe that mild stocks built during the first months of the year will 
prove transitory and relate mainly to heavy maintenance in the US, winter storm Elliot, and 
softening arbitrage. The oil market balance is projected to shift to undersupply by the second 
half of 2023, on account of solid demand mainly from Asia, and recent voluntary cuts by OPEC+, 
returning inventories to 1H22 historical lows, supporting oil prices, and incentivizing crude oil 
flows and production. The voluntary cut of 1.1 mbd (excl. already announced Russian crude 
supply cuts of 0.5 mbd) until the end of the year by OPEC+, is considered a precautionary move 
to mitigate any potential demand weakness attributed to exogenous, macro-driven factors 
relating to contagion fears since the collapse of Silicon Valley Bank, which led to tremendous 
bond volatility and weak market liquidity, spiraling losses to the oil markets. 
Source: Energy Aspects.
Million barrels per day    1
0
(1)
(2)
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Crude and liquids stock changes
 Crude
 Liquids
The crude tanker market benefits from a supportive supply side following very limited ordering 
in recent years. The current orderbook to fleet ratio stands at levels never seen before, notably 
at 1.9% for the VLCC and 3.0% for the Suezmax fleet. Underlying crude tanker fleet growth is 
projected lower than 2.0% in 2023, with the potential to contract in 2024/2025. New orders 
may now only hit the water in mid-2026 as yards are occupied with other segments, mainly 
containerships and LNG carriers that also offer higher profitability margins, and it will take 
even longer to see a material shift given capacity limitations at the yards. Consequently, the 
average age of the fleet is growing quickly at a time when the industry enters into an enhanced 
environmental regulations framework. In particular, the adoption and testing of EEXI and CII, 
starting from 2023, is expected to result in meaningful speed reductions for older tonnage 
benefitting even further the supply side of the crude tanker market. We would also expect 
such speed reduction to limit chartering liquidity for that part of the fleet and negatively 
impact asset values.

22
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 BOARD OF DIRECTORS’ REPORT
Sources: Clarksons Research, OET.
No. of vessels    150
100
50
0
-50
-100
4%
-1%
-6%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023Ε
2024Ε
VLCC & Suezmax fleet profile
 Scrapping
 Deliveries
 Fleet growth
In summary, crude tanker demand growth is expected to outpace supply growth in coming 
years, suggesting a very constructive market environment on absolute and relative terms. 
We believe we are beginning a crude tanker bull cycle with a data-driven conviction for a 
meaningful duration this time, albeit for owners with young Eco vessels.

23
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 RESPONSIBILITY STATEMENT
 RESPONSIBILITY 
 STATEMENT
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS

24
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 RESPONSIBILITY STATEMENT
We confirm that, to the best of our knowledge, the consolidated financial statements as of and 
for the year ended December 31, 2022, have been prepared in accordance with the International 
Financial Reporting Standards published by the International Accounting Standards Board and 
give a true and fair view of the assets, liabilities, financial position and profit or loss of Okeanis Eco 
Tankers Corp. and its subsidiaries as a whole. 
We also confirm that, to the best of our knowledge, the Board of Directors’ Report includes a 
true and fair review of the development and performance of the business and the position of the 
Company taken as a whole, together with a description of the principal risks and uncertainties 
the Company faces.
 
 
Ioannis Alafouzos
Chairman & Director
Robert Knapp
Independent Director
Daniel Gold
Independent Director
Joshua Nemser
Independent Director
Charlotte Stratos
Independent Director
John Kittmer
Independent Director
Petros Siakotos
Independent Director

25
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
 CORPORATE 
 GOVERNANCE  
 STATEMENT

26
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
Introduction
In order to be a trustworthy business partner and service provider, Okeanis Eco Tankers Corp. 
has made a commitment to ensure trust in the Company and to enhance shareholder value 
through efficient decision-making and smooth communication between management, the 
board of directors (the “Board”) and shareholders. The Company’s corporate governance policy 
is intended to decrease business risk, facilitate transparency, maximize value, and utilize the 
Company’s resources in an efficient, sustainable manner, to the benefit of relevant stakeholders. 
The Company complies with the Norwegian Code of Practice for Corporate Governance 
(the “Corporate Governance Code”), last revised on October 14, 2021 (www.nues.no), with any 
deviations explained. The principal purpose of the Corporate Governance Code is to ensure 
(i) that listed companies implement corporate governance that clarifies the respective roles 
of shareholders, the Board and executive management more comprehensively than what is 
required by legislation, and (ii) effective management and control over activities with the aim 
of securing the greatest possible value creation over time in the best interest of companies, 
shareholders, employees and other parties concerned. Deviations from the Corporate 
Governance Code are discussed under the relevant item in question.  
The Company’s corporate governance policy was first adopted by the Board on February 26, 
2019 and was last updated on April 29, 2021.  The Company constantly monitors the Norwegian 
Code of Practice for Corporate Governance for any updates and amends its Corporate 
Governance Policy accordingly. Since April 29, 2021 there were no updates in the Norwegian 
Code of Practice for Corporate Governance that the Company should take into consideration.
The Company voluntarily reports on Environmental and Social issues in a separate ESG report, 
as set out in the Euronext guidance on such reporting as of January 2020.
All relevant documents are uploaded to the Company’s website (www.okeanisecotankers.
com) and are being reviewed and updated on a regular basis.
Implementation and Reporting on Corporate Governance
The Company is primarily governed by the Marshall Islands Business Corporations Act (BCA), its 
articles of incorporation (the “Articles of Incorporation”) and its bylaws (the “Bylaws”). In addition, 
the Company is required to comply with certain aspects of the Norwegian Securities Trading 
Act, the Norwegian Accounting Act, the Market Abuse Regulation (MAR) and The Issuer Rules 
for Oslo Børs (Rule Book I: Harmonized Rules and Oslo Rule Book II-Issuer Rules).
The Company’s corporate governance principles are determined by the Board and are set 
forth in the Company’s management documents. The purpose of the Company’s corporate 
governance policy is to ensure an appropriate separation of roles and responsibilities among 
the Company’s Board and its management and to make certain that the Company’s business 
activities are subject to satisfactory control. 
The Company’s key values are: integrity, accountability, innovation, reliability, quality 
consciousness and dedication. These values characterize the behavior of the Company and 
the Company’s employees, and form the basis for the Company’s ethical guidelines.

27
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
Business
The Company is an international crude tanker business within the shipping industry, with the 
ambition of owning, chartering out and operating modern shipping assets aiming to create 
value for its shareholders in a sustainable manner.
The Company’s objectives and principal strategies are further described on the Company’s 
website: www.okeanisecotankers.com. The Company has offices in Athens, Greece, through its 
wholly owned subsidiary OET Chartering Inc . 
Deviation: Marshall Islands law does not require the business activities of the Company to 
be narrowly defined in the Company’s Bylaws and the Company’s Articles of Incorporation. 
The Company may be organized for any lawful purpose. It is customary for Marshall Island 
companies to have general and expansive descriptions of permitted activities, but – as reflected 
in other documents issued by the Company – the Company has clear objectives and strategy 
for its business and seeks to create value for its shareholders in a sustainable manner.
Equity and Dividends
Equity
As of December 31, 2022, the Company’s consolidated equity was approximately $422.2 million, 
equivalent to approximately 36% of total assets. The Company’s equity level and financial 
strength is considered in light of its objectives, charter coverage and strategy. 
Dividend Policy - value creation for shareholders
During the year ended December 31, 2022 the Company distributed an amount of $19.6 
million through capital distributions. It is the intention of the Company that its shares shall 
offer a competitive yield and be reflective of the cash flows generated by the Company. The 
Company has selected to distribute/return dividends/paid-in capital close to its free cash flow 
adjusted for non-recurring items, working capital needs or other discretionary items as from 
time to time will be decided by the Board. The dividend payment or capital return frequency 
will be considered over time. The timing and amount of dividends is at the discretion of the 
Board, who will also take into account any applicable contractual and/or legal restrictions on 
such payments. 
The Company will be aligned with and committed to creating value for its shareholders. As 
part hereof, 
•	 the Board has adopted a policy effective as from January 2021 to calculate the Company’s 
Net Asset Value (“NAV”) per share and consider asset sales and capital reductions if there is 
a large discrepancy to its equity market capitalization (the “Discount Control Mechanism”), 
•	 a special sub-committee will handle inbound M&A interest and consider issuance of new 
shares and/or new vessel acquisitions, and 
•	 the Company will capitalize on an expected strengthening tanker market and pursue an 
opportunistic asset divestment policy.

28
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
Major Shareholders as at December 31, 2022
NAME	
HOLDING OF SHARES	
% STAKE
ALAFOUZOS FAMILY	
18,686,586	
56.82%
BNP PARIBAS	
2,101,386	
6.39%
THE BANK OF NEW YORK MELLON	
1,195,453	
3.63%
AVANZA BANK AB	
1,058,835	
3.22%
INTERACTIVE BROKERS LLC	
770,617	
2.34%
CLEARSTREAM BANKING S.A.	
619,310	
1.88%
BROWN BROTHERS HARRIMAN (LUX.) SCA	
490,052	
1.49%
CACEIS BANK SPAIN SA	
402,821	
1.22%
NORDNET BANK AB	
359,434	
1.09%
VERDIPAPIRFONDET KLP AKSJENORGE	
328,244	
1.00%
THE BANK OF NEW YORK MELLON	
302,600	
0.92%
AS CLIPPER	
299,500	
0.91%
NORDNET LIVSFORSIKRING AS	
240,901	
0.73%
MERRILL LYNCH, PIERCE, FENNER & SM	
235,986	
0.72%
MORGAN STANLEY & CO. INTERNATIONAL	
218,542	
0.66%
SKANDINAVISKA ENSKILDA BANKEN AB	
203,027	
0.62%
THE BANK OF NEW YORK MELLON SA/NV	
180,000	
0.55%
STAVANGER FORVALTNING AS	
175,000	
0.53%
SPESIALFONDET KLP ALFA GLOBAL ENER	
153,256	
0.47%
OTHER SHAREHOLDERS	
4,172,558	
12.69%
Top 20 Shareholders	
32,194,108	
97.88%
OKEANIS ECO TANKERS CORP.	
695,892	
2.12%
Total	
32,890,000	
100.00%
Share capital increases and issuance of shares
The Company may issue in the aggregate, over the course of its lifetime, without the consent 
of any shareholders, up to the 100,000,000 authorized shares as set forth in the Articles of 
Incorporation. To the extent the Company wishes to issue any number of shares that are in 
excess of such number of authorized shares (taking into account the number of shares that are 
issued and outstanding), the Articles of Incorporation must be amended by shareholder vote. 
Purchase of own shares
The Company may purchase its own shares out of surplus except if the Company is insolvent 
or would thereby be made insolvent. Accordingly and further, the Company may purchase its 
own shares out of stated capital, if the purchase is made for the purpose of: (a) eliminating 
fractions of shares; (b) collecting or compromising indebtedness to the corporation; or (c) 
paying dissenting shareholders entitled to receive payment for their shares. Shares that have 
been issued and have been purchased or otherwise redeemed by the Company shall be 
cancelled if they are redeemed out of stated capital, or if the Articles of Incorporation require 
that such shares be cancelled upon redemption. Any shares reacquired by the corporation 
and not required to be cancelled may be either retained as treasury shares or cancelled by the 
Board at the time of redemption or at any time thereafter. Shares cancelled after repurchase 
shall be restored to the status of authorized but unissued shares, except that if the Articles of 
Incorporation prohibit the reissue of any shares required or permitted to be cancelled.

29
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
Deviation: According to Marshall Islands law, the Board is authorized to issue additional shares 
at any time, up to the limits set by the Company’s authorized share capital. This authorization 
is not limited to specific purposes or limited in time and can be increased only upon the 
authorization of the shareholders.
Equal Treatment of Shareholders and Transactions with Related Parties
Neither the general meeting, nor the Board of Directors nor the chief executive may make any 
decision that is intended to give an unreasonable advantage to certain shareholders or other 
parties at the expense of other shareholders of the Company unless there is a factual basis for 
such discrimination.
Class of shares
The Company has one class of shares. All shares are vested with equal rights in the Company, 
and neither the Articles of Incorporation nor the Bylaws contain any provisions restricting the 
exercise of voting rights. 
Trading in own shares
In the event of a future share buy-back program, the Board will aim to ensure that all transactions 
pursuant to such program will be carried out through the trading system at Oslo Børs. 
Transactions with close associates
No contract or transaction between the Company and one or more of the Company’s 
directors or officers will be void or voidable solely because the director or officer is present at or 
participates in the meeting of the Board or committee thereof which authorizes the contract 
or transaction, or solely because his or her or their votes are counted for such purpose, if (1) the 
material facts as to such director’s interest in such contract or transaction and as to any such 
common directorship, officership or financial interest are disclosed in good faith or known to 
the Board or committee, and the Board or committee approves such contract or transaction 
by a vote sufficient for such purpose without counting the vote of such interested director, 
or, if the votes of the disinterested directors are insufficient to constitute an act of the Board, 
by unanimous vote of the disinterested directors; or (2) the material facts as to such director’s 
interest in such contract or transaction and as to any such common directorship, officership 
or financial interest are disclosed in good faith or known to the shareholders entitled to vote 
thereon, and such contract or transaction is approved by vote of such shareholders. 
The Board has adopted rules of procedures for the Board which, inter alia, includes guidelines 
for notification by members of the Board and executive management if they have any material 
direct or indirect interest in any transaction entered into by the Company. These procedures 
further ensure that the Company is made aware of possible conflicts of interests and handles 
such agreements in a sufficiently thorough manner, with the aim of preventing value from 
being transferred to related parties.
Deviation: According to the Articles of Incorporation, the shareholders do not have any pre-
emptive rights to subscribe for new shares. This is in line with Marshall Islands law and practice.

30
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
Guidelines for directors and executive management
Pursuant to Marshall Islands law, the Board is not required to obtain independent third party 
evaluations in the event that the Company enters into transactions with close associates. The 
Board may engage independent third parties to evaluate future transactions.
Shares and Negotiability
The shares of the Company are fully transferable. There are no restrictions on transferability of 
shares pursuant to the Articles of Incorporation or Bylaws. Pursuant to Article VI of the Bylaws, 
the Board shall have power and authority to make such rules and regulations as it may deem 
appropriate concerning the issuance, registration and transfer of certificates representing 
shares of the Company’s stock in uncertified form, and expects to issue all of its stock for the 
foreseeable future in uncertified form. 
Shareholder Meetings
General
The Board will make its best efforts with respect to the timing and facilitation of annual and 
special meetings of the shareholders to ensure that as many shareholders as possible may 
exercise their rights by participating in shareholder meetings, thereby making the shareholder 
meeting an effective forum for the views of shareholders and the Board. 
Special meetings of the shareholders may be called by the Board or by such person or persons 
as may be authorized by the Articles of Incorporation or the Bylaws. 
Notification
The notice for a general meeting, with reference to or attached support information on 
the resolutions to be considered at the general meeting, shall as a principal rule be sent 
to shareholders no later than 15 and no more than 60 days prior to the date of the general 
meeting. The Board will seek to ensure that the resolutions and supporting information are 
sufficiently detailed and comprehensive to allow shareholders to form a view on all matters to 
be considered at the meeting. The notice and support information, as well as a proxy voting 
form, will normally be made available on the Company’s website, www.okeanisecotankers.
com, no later than 15 and no more than 60 days prior to the date of the general meeting. 
Participation and execution
The Board of Directors can choose whether to hold a general meeting as a physical meeting 
or as an electronic meeting. Shareholders have the right to attend by electronic means unless 
the Board of Directors finds that there is sufficient cause for it to refuse to allow this.
The Board shall, as a general rule, be present at general meetings. The auditor will attend the 
annual shareholder meeting and any special shareholder meetings to the extent required by 
the agenda items or other relevant circumstances. The chairman of the Board or an individual 
appointed by the Chairman of the Board will chair shareholders’ meetings.

31
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
The Company will aim to prepare and facilitate the use of proxy forms which allows separate 
voting instructions to be given for each item on the agenda, and nominate a person who will be 
available to vote on behalf of shareholders as their proxy. The Board may decide that shareholders 
may submit their votes in writing, including by use of electronic communication, in a period prior 
to the relevant shareholder meeting. The Board should seek to facilitate such advance voting. 
To the extent deemed appropriate or necessary by the Board, the Board will seek to arrange 
for the shareholder meeting to vote separately on each candidate nominated for election to 
the Company’s corporate offices. 
Deviation: The Corporate Governance Code stipulates that at least 21 days’ notice must be 
given to call a general meeting. The procedures for notification (as set out above) are in line 
with Marshall Islands law and practice and believed to capture the intent thereof, and secure 
shareholders’ rights.
The Corporate Governance Code stipulates that the Board shall ensure that the shareholder 
meeting is able to elect an independent Chairman. However, having the Chairman of the 
Board or a person appointed by him chairing the annual shareholder meeting simplifies the 
preparations for the annual shareholder meeting significantly. 
Nomination Committee
The Company’s Bylaws allow for the establishment of a nomination committee; however, the 
Company has decided not to establish one.
Deviation: The Company’s Bylaws provide that Okeanis Eco Tankers Corp. may appoint 
a nomination committee. Shareholders have not expressed any desire yet to create such a 
body, which is also not required under Marshall Islands law, being the jurisdiction in which 
the Company is incorporated. The Company has based its solid operations, successful strategy 
and growth on the leadership and stewardship of its majority shareholder, Mr. Ioannis 
Alafouzos, who (together with affiliates) currently owns approximately 57% of the Company. 
Mr. Alafouzos acting in accordance with the remaining six independent directors, including 
three representing various funds that currently hold in aggregate approximately 8.7% of the 
outstanding shares in the Company, act for the best interest of the shareholders. The Board of 
Directors will listen to shareholder demands, as and if expressed, with a view to facilitating a 
Board going forward which continues to have the support of shareholders, aligning ownership 
interest, expertise, integrity and independence in accordance with the principles underlying 
the NUES recommendation.
Board of Directors: Composition and Independence
Pursuant to Section H of the Articles of Incorporation, the Company’s Board shall consist of at 
least one director, as fixed from time to time by the shareholder or by the Board. Any vacancies 
in the Board for any reason, and any created directorships resulting from any increase in the 
number of directors, may be filled by the vote of a majority of the members of the Board of 
Directors then in office, although less than a quorum, and any directors so chosen shall hold

32
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
office until the next election of directors. Pursuant to the Company’s ByLaws, the directors 
of the Company shall be elected by a plurality of the votes cast at the annual meeting of 
the shareholders by the holders of the shares entitled to vote in the election. Each Director, 
including the Chairman of the Board, shall be elected to serve for a term of maximum of two 
years and until his/her successor shall be elected and qualified. Any and all of the directors 
may be removed with or without cause by vote of the shareholders and any or all of the 
directors may be removed by the Board with cause.
The Board of Directors of the Company currently consists of seven directors, all being elected 
by the 2022 Annual General Meeting for a term of one year and until their successors shall be 
duly elected. The Chairman of the Company and Director, Mr. Ioannis Alafouzos, is the father 
of the Company’s CEO, Mr. Aristidis Alafouzos, and is connected to the Company’s largest 
shareholder, the Alafouzos family.  Board members Mr. Daniel Gold, Mr. Joshua Nemser and 
Mr. Robert Knapp are connected to shareholders of the Company (each and collectively being 
less than 10% of our common stock) and are not otherwise connected with the Company, its 
management, or main shareholders. Board Members Ms. Charlotte Stratos, Dr John Kittmer and 
Mr. Petros Siakotos are not otherwise connected with the Company, its management, or main 
shareholders nor do they hold any material ownership in our common stock. Consequently, 
the Board of Directors of the Company is in accordance with the recommendation of the 
Norwegian Corporate Governance Code (NUES).
All members of the Board are up for re-election in the upcoming 2023 Annual General Meeting.
As a listed company, the composition of the Board should ensure that it can attend to the 
common interests of all shareholders and meet the Company’s need for expertise, capacity 
and diversity. Attention should be paid to ensuring that the Board can function effectively 
as a collaborative body. The composition of the Board should ensure that it can operate 
independently of any special interests. At least two of the members of the Board should be 
elected by shareholders and should also be independent of the Company’s main shareholder(s). 
According to NUES the board of directors should not include executive personnel. If the Board 
does include executive personnel, the Company should provide an explanation for this and 
implement consequential adjustments to the organization of the work of the Board, including 
the use of board committees to help ensure more independent preparation of matters for 
discussion by the Board. The Company’s Board does not include executive personnel. 
The annual report provides information illustrating the expertise of the members of the Board, 
and information on their record of attendance at Board meetings. In addition, the annual 
report identifies which members are considered to be independent.
Deviation: The Company’s CEO, Mr. Aristidis Alafouzos is the son of the Chairman of the Board, 
Mr. Ioannis Alafouzos. In light of Mr. Ioannis Alafouzos’s unique experience and majority stake 
in the Company, it is the view of the Board that he is naturally aligned with shareholders 
and that it is advantageous that, he and his son, maintain the role of Chairman and CEO, 
respectively. The Company’s current shareholders and financiers share a similar view.

33
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
The Chairman of the Board should be elected at the general meeting
Each Director, including the Chairman of the Board, shall be elected to serve for a term of a 
maximum of two years and until his successor shall be elected and qualified. The annual report 
provides information illustrating the expertise of the members of the Board, and information 
on their record of attendance at Board meetings. In addition, the annual report identifies 
which members are considered to be independent. 
The Work of the Board of Directors
The rules of procedure for the Board of Directors
The Board is responsible for the overall management of the Company, and shall supervise the 
Company’s business and activities, in general. 
The Board has adopted rules of procedure, which provide regulation on, inter alia, the duties of 
the Board, the annual plan for the Board, notices of Board proceedings, and the shareholders 
and matters of confidentiality. 
The Board shall produce an annual plan for its work, with particular emphasis on objectives, 
strategy and implementation. The CEO shall at least once a month, by attendance or in writing, 
inform the Board about the Company’s activities, position and profit trend. 
The Board’s consideration of material matters in which the Chairman of the Board is, or has 
been, personally involved, shall be chaired by some other member of the Board. 
The Board of Directors shall act with sufficient clarity with regards to agreements with close 
associates ensuring that the Company is made aware of possible conflicts of interests and shall 
handle such agreements in a sufficiently thorough manner, with the aim of preventing value 
from being transferred to related parties.
The Board conducts an annual self-evaluation of its own work and competence, with input 
from various sources. The Board considers external investors’ perception of the Company’s 
operational performance, corporate governance reputation, financial transparency and 
effectiveness in communications with external stakeholders. The various Board committees 
are also reviewed for their effectiveness in executing their responsibilities. A factor that is 
believed to drive alignment between the Board and the Company’s shareholders is the Board’s 
significant, cumulative shareholding of approximately 68% in the Company.

34
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
The table below sets forth the number of shares beneficially owned by each of the Group’s 
Directors and key management personnel, as at December 31, 2022:
	
	
NUMBER OF	
SHAREHOLDING % 
NAME	
POSITION	
SHARES HELD	
(DIRECT AND INDIRECT)
Ioannis Alafouzos	
Chairman & Director	
18,658,786	
56.73%
Daniel Gold	
Independent Director	
2,516,386	
7.65%
Joshua Nemser	
Independent Director	
1,602,689	
4.87%
Robert Knapp	
Independent Director	
225,000	
0.07%
John Kittmer	
Independent Director	
—	
0.00%
Charlotte Stratos	
Independent Director	
—	
0.00%
Peter Siakotos	
Independent Director	
—	
0.00%
Aristidis Alafouzos	
CEO	
27,800	
0.08%
Iraklis Sbarounis	
CFO	
—	
0.00%
Konstantinos Oikonomopoulos	
CDO	
—	
0.00%
In 2022, six regular meetings of the Board of Directors were held. The majority of the Board 
actions were carried out either through means of telecommunication or written consents 
of the Board of Directors. Besides the formal meetings, the Board of Directors is in contact 
regularly via conference calls and email.
The decision-making process and the attendance rate of the members of the Board of 
Directors for 2022 was as follows:
	
	
	
UNANIMOUS 
NAME	
TITLE	
MEETINGS ATTENDED	
WRITTEN CONSENTS
Ioannis Alafouzos	
Chairman & Director	
6 out of 6	
12
Robert Knapp	
Independent Director	
4 out of 6	
12
Daniel Gold	
Independent Director	
5 out of 6	
12
Joshua Nemser	
Independent Director	
5 out of 6	
12
Charlotte Stratos	
Independent Director	
5 out of 6	
12
John Kittmer	
Independent Director	
6 out of 6	
12
Petros Siakotos	
Independent Director	
6 out of 6	
12
Audit Committee
The Company’s audit committee is governed by an instruction adopted by the Board. A 
majority of the members shall be independent of the Company’s operations, and at least 
one member who is independent of the Company shall have qualifications in accounting or 
auditing. Board members who are also members of the executive management cannot be 
members of the audit committee. The principal tasks of the audit committee are to:
(a)	 prepare the Board’s supervision of the Company’s financial reporting process;
(b)	 monitor the systems for internal control and risk management;
(c)	 maintain continuous contact with the Company’s auditor regarding the audit of the 
annual accounts; and
(d)	 review and monitor the independence of the Company’s auditor, including in particular 
the extent to which the auditing services provided by the auditor or the audit firm 
represent a threat to the independence of the auditor.
The Audit Committee consists of Charlotte Stratos and John Kittmer, both being independent 
Directors. Ms. Stratos has adequate financial literacy and is thus competent in accounting 
related matters.

35
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
Remuneration Committee
The members of the remuneration committee shall be independent of the Company’s 
executive management. The principal tasks of the remuneration committee are to prepare:
(a)	 the Board’s declaration on determination of salaries and other remuneration for executive 
management;
(b	
other matters relating to remuneration and other material employment issues in respect 
of the executive management;
The Remuneration Committee consists of Charlotte Stratos and John Kittmer, both being 
independent Directors.
Risk Management and Internal Control
Risk management and internal controls are given high priority by the Board to ensure 
that adequate systems are in place. The control system consists of interdependent areas, 
which include risk management, control environment, control activities, information and 
communication and monitoring. 
The Company’s management is responsible for establishing and maintaining sufficient internal 
control over financial reporting. The CEO and CFO supervise and oversee the external reporting 
and the internal reporting processes. This includes assessing financial reporting risks and 
internal controls over financial reporting within the Group. The consolidated external financial 
statements are prepared in accordance with International Financial Reporting Standards 
(IFRS) and International Accounting Standards as adopted by the EU. 
The Board ensures that the Company has sound internal controls and systems for risk 
management. If employees experience situations or matters that may be contrary to rules and 
regulations, they are urged to raise their concern with their immediate superior or another 
manager in the Company. The Company has established a whistle-blowing function that 
enables employees to alert the Company’s governing bodies about possible breaches of rules 
and regulations. 
The Board conducts an annual organizational risk review in order to identify real and potential 
risks, and remedy any incidents that have occurred. This year, the Company concluded an 
annual review in the most important areas of risk and implemented a series of internal controls 
and procedures. The Company has established an audit committee that regularly evaluates 
and discusses the various risk elements of the Company, and potential for improvement. The 
audit committee reports to the Board of Directors.
The Board conducts an annual organizational risk review in order to identify real and potential 
risks, and remedy any incidents that have occurred. This year, the Company concluded an 
annual review in the most important areas of risk and implemented a series of internal controls 
and procedures. The Company has established an audit committee that regularly evaluates 
and discusses the various risk elements of the Company, and potential for improvement. The 
audit committee reports to the Board of Directors.

36
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CORPORATE GOVERNANCE STATEMENT
Remuneration of the Board of Directors
Pursuant to the Company’s Bylaws, the remuneration of the Board is decided at the Company’s 
general meeting, and reflects the Board’s responsibility, expertise, time commitment and 
the complexity of the Company’s activities. The remuneration is not linked to the Company’s 
performance. 
Share options have not been granted to Board members. 
The annual report provides details of all elements of the remuneration and benefits of each 
member of the Board, which includes a specification of any remuneration in addition to 
normal fees to the members of the Board. If and to the extent members of the Board and/or 
companies with which they are associated are requested to take on specific assignments for 
the Company in addition to their appointment as a member of the Board, the appointment 
is being disclosed to the Board. 
The remuneration for such additional duties is approved by the Board.
For additional information around Board of Directors’ remuneration, please refer to note 14 to 
the consolidated financial statements. 
Remuneration of the Executive Management
The Board prepares separate guidelines for the stipulation of salary and other remuneration 
to key management personnel. The guidelines include the main principles applied in 
determining the salary and other remuneration of the executive management, and ensure 
alignment between executive management and shareholders. According to these, it is being 
made clear which aspects of the guidelines are advisory and which, if any, are binding, thereby 
enabling the general meeting to vote separately on each of these aspects. 
The Board makes sure that performance-related remuneration of the executive management 
in the form of annual bonus programs, share options or the like, if used, are linked to value 
creation for shareholders or the Company’s earnings performance over time. Performance-
related remuneration is subject to an absolute limit. Furthermore, the Company ensures that 
such arrangements are based on quantifiable factors that the employee in question can 
influence. 
In addition, the Company has appointed a remuneration committee in order to help ensure 
thorough and independent preparation of matters relating to compensation paid to the 
executive management. 
For additional information around executive management’s remuneration, please refer to 
note 14 to the consolidated financial statements.

37
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Information and Communications
The Board will seek to ensure that market participants receive correct, clear, relevant and 
up-to-date information in a timely manner, taking into account the requirement for equal 
treatment of all participants in the securities market. 
The Company each year publishes a financial calendar, providing an overview of the dates for 
major events such as its ordinary general meeting and publication of interim reports. 
Takeovers
In the event the Company becomes the subject of a takeover bid, the Board shall seek to ensure 
that the Company’s shareholders are treated equally and that the Company’s activities are not 
unnecessarily interrupted. The Board shall also ensure that the shareholders have sufficient 
information and time to assess the offer. With a view to secure a shareholder-friendly policy, 
the Board has appointed a special sub-committee, with solid shareholder representation, 
which will handle any inbound M&A interest and/or take-over initiatives.
There are no defense mechanisms against takeover bids in the Company’s Articles of 
Incorporation or Bylaws, nor have other measures been implemented to specifically hinder 
acquisitions of shares in the Company. The Board has not established written guiding principles 
for how it will act in the event of a takeover bid, as such situations are normally characterized 
by unique, non-recurring events that make a guideline challenging to prepare. In the event 
of a proposed takeover, the Board will consider relevant, specific recommendations in the 
Corporate Governance Code. 
Auditor
The Board requires the Company’s auditor to annually present to the Company a review of 
the Company’s internal control procedures, including identified weaknesses and proposals for 
improvement, as well as the main features of the plan for the audit of the Company. 
Furthermore, the Board requires the auditor to participate in meetings of the Board that deal 
with the annual accounts. A Board meeting with the auditor in which no member of the 
executive management is present is being held at the request of the auditor. 
The Board reviews and monitors the independence of the Company’s auditor, including in 
particular the extent to which services other than auditing provided by the auditor or the audit 
firm represents a threat to the independence of the auditor. 
The ordinary general meeting approves the remuneration of the auditor. The Board reports to 
the general meeting on details of fees for audit work and for other specific assignments.
 CORPORATE GOVERNANCE STATEMENT

38
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS							
 CONSOLIDATED 
 FINANCIAL  
 STATEMENTS
Index
39  Directors’ Statement
40  Independent Auditor’s Report
45  Consolidated Statements of Profit or Loss and Other Comprehensive Income, 
years ended December 31, 2022 and 2021
46  Consolidated Statements of Financial Position, as of December 31, 2022 and 2021
47  Consolidated Statements of Changes in Equity, years ended December 31, 2022 and 2021 
48  Consolidated Statements of Cash Flows, years ended December 31, 2022 and 2021
49  Notes to the Consolidated Financial Statements
OKEANIS ECO TANKERS CORP.
[Incorporated under the laws of the Republic of the Marshall Islands with registration number 96382]
Consolidated Financial Statements  
as of and for the Year Ended December 31, 2022  
and Independent Auditor’s Report

39
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
DIRECTORS’  STATEMENT
For the year ended December 31, 2022
The Directors present their statement to the members together with the audited financial 
statements of the Group for the financial year ended December 31, 2022. 
In the opinion of the Directors,
a)	 The consolidated financial statements of the Group as set out are drawn up as to give a true 
and fair view of the financial position of the Group as at December 31, 2022 and the financial 
performance, changes in equity and cash flows of the Group for the financial year covered by 
the consolidated financial statements.
b)	 As at the date of this report, the Board does not have any reason to believe that the Group’s 
shareholders do not support the going concern of the Group and it confirms that the 
conditions for continued operations as a going concern are present for the Group. These 
financial statements have been prepared under this assumption.

45
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
Okeanis Eco Tankers Corp.
Consolidated statement of profit or loss and other comprehensive income
For the years ended December 31, 2022 and 2021  
(All amounts expressed in U.S. Dollars)
 
	
	
FOR THE TWELVE MONTHS 
	
	
ENDED DECEMBER 31,
	
NOTE	
2022	
2021
Revenue	
24	
270,972,421 	
168,998,225 
Operating expenses	
	
 	
 
Commissions	
	
(3,382,419)	
(2,229,156)
Voyage expenses	
11	
(74,086,221)	
(45,006,762)
Vessel operating expenses	
10	
(35,740,460)	
(40,695,997)
Management fees	
14	
(4,381,200)	
(5,425,200)
Depreciation and amortization	
7	
(37,962,924)	
(38,666,266)
General and administrative expenses	
12	
(5,296,523)	
(5,094,940)
Impairment loss on classification of vessels  
 as held for sale	
7	
— 	
(3,932,873)
Net gain on disposal of vessels	
7	
— 	
4,076,668 
Total operating expenses, net	
	
(160,849,747)	
(136,974,526)
Operating profit	
 	
110,122,674 	
32,023,699 
Other income/(expenses)	
	
 	
 
Interest income	
22	
721,528 	
3,470 
Interest and other finance costs	
22	
(38,081,975)	
(36,465,423)
Unrealized gain on derivatives	
23	
45,960 	
4,156,933 
Realized gain/(loss) on derivatives	
23	
11,436,481 	
(558,916)
Foreign exchange gain/(loss)	
	
315,327 	
(62,662)
Total other expenses, net	
 	
(25,562,679)	
(32,926,598)
Profit/(loss) for the year	
 	
84,559,995 	
(902,899)
Other comprehensive income	
	
 	
 
Items that will not be reclassified to profit or loss:	
	
 	
 
Re-measurement of post-employment  benefit obligations	 	
(2,456)	
(203)
Total comprehensive income/(loss) for the year	
 	
84,557,539 	
(903,102)
Attributable to the owners of the Group	
	
84,557,539 	
(903,102)
Earnings/(loss) per share - basic & diluted	
18	
2.63 	
(0.03)
Weighted average no. of shares - basic & diluted	
	
32,202,394 	
32,372,393 
The accompanying notes are an integral part of these consolidated financial statements.

46
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
Okeanis Eco Tankers Corp.
Consolidated statement of financial position
As of December 31, 2022 and 2021
(All amounts expressed in U.S. Dollars)
AS OF DECEMBER 31,	
NOTE	
2022	
2021
Assets
Non-current assets 
Vessels, net	
7	
1,024,296,035 	
865,208,380 
Vessels under construction	
8	
— 	
18,193,257 
Other fixed assets	
7	
132,223 	
61,019 
Derivative financial instrument  	
23	
— 	
3,150,767 
Restricted cash	
	
4,510,000 	
5,410,000 
Total non-current assets	
	
1,028,938,258 	
892,023,423 
Current assets	
	
 	
 
Inventories	
6	
17,010,531 	
12,630,531 
Trade and other receivables	
	
49,630,484 	
7,448,390 
Claims receivable	
19	
108,391 	
261,093 
Prepaid expenses and other current assets	
	
3,245,055 	
1,032,640 
Current accounts due from related parties	
14	
449,629 	
1,070,101 
Derivative financial instruments	
23	
209,238 	
— 
Current portion of restricted cash	
	
2,417,779 	
1,939,443 
Cash & cash equivalents	
	
81,345,877 	
38,183,154 
Total current assets	
	
154,416,984 	
62,565,352 
Total assets	
	
1,183,355,242 	
954,588,775 
Shareholders’ equity & liabilities
Shareholders’ equity	
	
 	
 
Share capital	
15	
32,890 	
32,890 
Additional paid-in capital	
15	
280,424,849 	
300,019,846 
Treasury shares	
15	
(4,583,929)	
(3,571,790)
Other reserves	
	
(28,606)	
(26,150)
Retained earnings	
	
146,398,057 	
61,838,062 
Total shareholders’ equity	
	
422,243,261 	
358,292,858 
Non-current liabilities	
	
 	
 
Long-term borrowings, net of current portion	
13	
668,236,463 	
534,783,459 
Retirement benefit obligations	
	
23,937 	
17,294 
Total non-current liabilities	
	
668,260,400 	
534,800,753 
Current liabilities	
	
 	
 
Trade payables	
	
11,771,964 	
15,960,456 
Accrued expenses	
9	
6,024,899 	
2,623,745 
Deferred revenue	
	
4,255,500 	
— 
Current accounts due to related parties	
14	
— 	
698,153 
Current portion of long-term borrowings	
13	
70,799,218 	
42,212,810 
Total current liabilities	
	
92,851,581 	
61,495,164 
Total liabilities	
	
761,111,981 	
596,295,917 
Total shareholders’ equity & liabilities	
	
1,183,355,242 	
954,588,775 
 
The accompanying notes are an integral part of these consolidated financial statements.

47
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
Okeanis Eco Tankers Corp.
Consolidated statement of changes in equity
For the years ended December 31, 2022 and 2021
(All amounts, expressed in U.S. Dollars, except for number of shares)
	
	
	
	
ADDITIONAL	
	
	
	
	
NUMBER	
	
PAID IN	
	
	
	
	 	
	
	
OF	
SHARE	
CAPITAL	
TREASURY	
OTHER	
RETAINED
	
NOTE	 SHARES	
CAPITAL	
(NOTE 14)	
SHARES	
RESERVES	 EARNINGS	
TOTAL
Balance 
January 1, 2021	
 	32,375,917 	 32,890 	 334,328,863 	 (3,068,260)	 (25,947)	 65,960,647 	 397,228,193 
Acquisition  
 of treasury shares 	
15	
(59,236)	
— 	
— 	
(503,530)	
— 	
— 	
(503,530)
Loss for the year	
	
— 	
— 	
— 	
— 	
— 	
(902,899)	
(902,899)
Capital Distribution	
15	
— 	
— 	 (34,309,017)	
— 	
— 	
— 	 (34,309,017)
Dividend paid	
15	
— 	
— 	
— 	
— 	
— 	 (3,219,686)	
(3,219,686)
Other comprehensive  
 loss for the year	
	
— 	
— 	
— 	
— 	
(203)	
— 	
(203)
Balance 
December 31, 2021	
 	32,316,681 	 32,890 	 300,019,846 	 (3,571,790)	 (26,150)	 61,838,062 	 358,292,858 
Acquisition  
 of treasury shares 	
15	 (122,573)	
— 	
— 	 (1,012,139)	
— 	
— 	
(1,012,139)
Profit for the year	
	
— 	
— 	
— 	
— 	
— 	 84,559,995 	
84,559,995 
Capital Distribution	
15	
— 	
— 	 (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 
NOTE Acquisitions of treasury stocks in 2021 have been combined in one line for presentation purposes. An analysis of these combined transactions, can be found in Note 15. 
The accompanying notes are an integral part of these consolidated financial statements.

48
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
Okeanis Eco Tankers Corp.
Consolidated statement of cash flows
For the years ended December 31, 2022 and 2021  
(All amounts expressed in U.S. Dollars)
	
	
FOR THE TWELVE MONTHS 
	
	
ENDED DECEMBER 31,
	
NOTE	
2022	
2021
Cash flows from operating activities
Profit/(loss) for the year	
	
84,559,995 	
(902,899)
Adjustments to reconcile profit/(loss) to net cash  
 provided by operating activities:
Depreciation	
	
37,962,924 	
38,666,266 
Interest expense	
	
35,077,293 	
27,082,841 
Amortization of loan financing fees	
	
1,693,117 	
4,233,322 
Unrealized (gain)/loss on derivatives	
	
2,941,529 	
(4,156,933)
Interest income	
	
(721,528)	
(3,470)
Other non-cash items	
	
6,643 	
(44,084)
Net gain on disposal of vessels	
	
— 	
(4,076,668)
Impairment loss	
	
— 	
3,932,873 
Foreign exchange differences	
	
(339,622)	
— 
Total reconciliation adjustments	
 	
76,620,356 	
65,634,147 
Changes in working capital:	
	
 	
 
Trade and other receivables	
	
(42,241,830)	
7,184,671 
Prepaid expenses and other current assets	
	
(1,235,237)	
(173,406)
Inventories 	
	
(4,380,000)	
(6,863,047)
Trade payables	
	
(2,901,680)	
(2,945,453)
Accrued expenses	
	
871,637 	
469,704 
Deferred revenue	
	
4,255,500 	
(6,462,292)
Claims receivable	
	
152,702 	
(106,645)
Interest paid 	
	
(33,181,517)	
(27,240,486)
Total changes in working capital	
 	
(78,660,425)	
(36,136,954)
Net cash provided by operating activities	
 	
82,519,926 	
28,594,294 
Cash flows from investing activities	
	
	
Collections of amounts due from related parties	
	
620,472 	
5,993,518 
Payments for other fixed assets	
	
— 	
(20,000)
Proceeds from vessels’ disposal	
	
— 	
300,938,574 
Decrease in restricted cash	
	
421,664 	
1,051,938 
Dry-dock expenses	
	
(1,536,579)	
(1,921,472)
Payments for vessels and vessels under construction	
	
(178,601,323)	
(20,367,653)
Interest received	
	
375,636 	
3,470 
Net cash (used in)/provided by investing activities	
 	
(178,720,130)	
285,678,375 
Cash flows from financing activities	
	
	
Proceeds from long-term borrowings	
	
306,298,000 	
— 
Repayments of long-term borrowings	
	
(144,294,604)	
(261,713,694)
Capital distribution	
	
(19,594,997)	
(34,309,017)
Payment of amounts due to related parties	
	
(698,153)	
318,350 
Payment of loan financing fees	
	
(1,732,860)	
— 
Acquisition of treasury stock	
	
(1,012,139)	
(503,530)
Dividends paid	
	
— 	
(3,219,686)
Net cash provided by/(used in) financing activities	
 	
138,965,247 	
(299,427,577)
Effects of exchange rate changes of cash held in foreign currency	 	
397,680 	
— 
Net change in cash and cash equivalents	
	
42,765,043 	
14,845,092 
Cash and cash equivalents at beginning of year	
	
38,183,154 	
23,338,062 
Cash and cash equivalents at end of year	
 	
81,345,877 	
38,183,154 
Supplemental cash flow information	
 	
 	
 
Capital expenditures included in trade payables	
 	
— 	
235,000 
 
The accompanying notes are an integral part of these consolidated financial statements.

49
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
1. Incorporation and General Information
Okeanis Eco Tankers Corp. (“OET” or the “Company” or “Okeanis Eco Tankers” or “Group), was 
founded on April 30, 2018 as a private limited corporation under the laws of the Republic 
of the Marshall Islands having its registered offices at the following address: 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, had the 
majority control of OET until June 2022 through voting interests. In June 2022, the voting 
interests of Mr. Themistoklis Alafouzos were transferred to Hospitality Assets Corp. (“Hospitality”) 
and from June 2022, Glafki and Hospitality, each owned by Messrs. Ioannis and Themistoklis 
Alafouzos, respectively, hold the majority control of OET through voting interests.
Glafki and Hospitality currently own 33.5% and 20.2%, of the Company’s shares, respectively. 
The consolidated financial statements comprise the financial statements of Okeanis Eco 
Tankers Corp. and its wholly owned subsidiaries (collectively the “Group”).
The Alafouzos family currently holds a stake of 56.9% in the Company. The Company traded on 
the Merkur Market (currently named Euronext Growth) from July 3, 2018 until March 8, 2019, 
when it was then admitted for trading on the Oslo Axess (currently named Euronext Expand). 
In January 2021, the Company transferred its listing from Euronext Expand to Oslo Børs.
As at December 31, 2022 the Group comprises the following companies:
	
DATE OF	
	
INTEREST
	
CONTRIBUTION	
	
HELD BY
COMPANY NAME	
TO OET	
INCORPORATED	
OET
Therassia Marine Corp.	
June 28, 2018	
Liberia	
100%
Milos Marine Corp.	
June 28, 2018	
Liberia	
100%
Ios Maritime Corp.	
June 28, 2018	
Liberia	
100%
Omega One Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Omega Two Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Omega Three Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Omega Four Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Omega Five Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Omega Six Marine Corp.	
October 30, 2019	
Marshall Islands	
100%
Omega Seven Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Omega Nine Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Omega Ten Marine Corp.	
October 30, 2019	
Marshall Islands	
100%
Omega Eleven Marine Corp.	
June 28, 2018	
Marshall Islands	
100%
Nellmare Marine Ltd	
June 28, 2018	
Marshall Islands	
100%
Anassa Navigation S.A.	
June 28, 2018	
Marshall Islands	
100%
Arethusa Shipping Ltd	
June 28, 2018	
Marshall Islands	
100%
Moonsprite Shipping Corp.	
June 28, 2018	
Marshall Islands	
100%
Theta Navigation Ltd	
June 14, 2021	
Marshall Islands	
100%
Ark Marine S.A.	
June 14, 2021	
Marshall Islands	
100%
OET Chartering Inc.	
June 28, 2018	
Marshall Islands	
100%
Okeanis Eco Tankers Corp.	
April 30, 2018	
Marshall Islands	
—

50
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
COVID-19 Update
Impact on Operations
We have taken steps to protect our seafarers and shore employees and ensure uninterrupted 
service to our clients. Our operations are no longer materially affected by the outbreak of the 
Covid-19 virus. On occasion, our vessels may deviate from optimal trading routes in order to 
effect crew changes, however transportation and mobilization costs in connection with those 
crew changes have been minimized.
Okeanis Eco Tankers Corp. Response 
Our primary concern continues to be the wellbeing of our seafarers and shore-based 
employees, and, in tandem, providing safe and reliable services to our clients. In line with 
industry response standards, we have updated our vessels’ procedures and supplied our fleet 
with protective equipment. We have effected crew changes in permissible ports, a vaccination 
programme for all of our ships’ seamen approaching Greek ports, remote superintendent 
surveys and are complying with applicable local directives and recommendations. Shore-side, 
all our employees are fully vaccinated. Management has established a range of safety protocols 
in the working space, such as weekly Covid-19 testing for all office staff, regular cleaning/
disinfection of our premises, availability of hand sanitizer and surgical masks throughout our 
premises, limited on-site visitors, elimination of non-essential travel, mandatory self-isolation of 
personnel returning from travel and substitution of physical meetings with virtual meetings. 
We have secured our online communications and have enhanced monitoring of our network. 
Lastly, we have created an infectious disease preparedness and response plan that we have 
communicated to all of our staff.
War in Ukraine
Russia’s invasion in Ukraine is a continuously evolving and unpredictable situation both from 
a humanitarian and market perspective. The Group’s ultimate goal is to protect the lives of 
its seafarers, safeguard its vessels and comply with global sanctions framework. Forecasts 
and estimates around the outcome of this situation continue to be highly uncertain, and 
the Group recognizes that further escalation could adversely affect global shipping markets. 
In February 2022, both the European Union (“EU”) and the United States began leading 
economic sanctions against Russia vis-à-vis the conflict in Ukraine.
According to the latest sanctions package, the EU introduced a ban on the direct or indirect 
purchase, import, or transfer into the EU of crude oil or petroleum products originating in 
Russia or exported from Russia. Effective from 5 December 2022, the EU also bans the maritime 
transport to third countries of crude oil (as of 5 February 2023 for petroleum products) which 
originate in or are exported from Russia. The latest ban on maritime transport is effective unless 
the respective crude oil or petroleum products are purchased at or below a pre-established 
price cap, which has currently been set to $60 per barrel. 
The war has resulted in rerouting of crude oil voyages, leading to longer tonne-mile voyages. 
In particular, Europe is currently replacing Russian barrels from other exporting regions 
further away, such as, West and South Africa and the Middle East, while Russia is shifting its oil 
production to China and India. 
Currently, the disruption of trade flows has created inefficiencies resulting to longer tonne 
miles benefiting the tanker market, while on the other hand, the recent increases in bunker

51
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
fuel prices, following crude supply shortages, as well as the deterioration of economic general 
conditions could negatively affect the freight rates. These adverse economic factors might 
increase voyage costs for our fleet, albeit expected less severe than our industry peers that 
operate conventional, not equipped with scrubbers, vessels that consume more fuel and at 
higher prices per metric tonne.
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) published by the International Accounting 
Standards Board (the “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 U.S. 
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 have adequate resources to continue in 
operational existence for the foreseeable future.
Okeanis Eco Tankers annual consolidated financial statements were approved and authorized 
for issue by the Board of Directors on April 6, 2023.
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. 
On June 14, 2021 the Company established two Marshall Islands-based subsidiary owning 
companies, Ark Marine S.A. and Theta Navigation Ltd, that own and operate Nissos Kea and 
Nissos Nikouria. Each of the companies have 500 shares issued at par value, owned 100% by 
Okeanis Eco Tankers Corp.

52
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
NOTES  CONSOLIDATED FINANCIAL STATEMENTS
4. Summary of Significant Accounting Policies
Use of estimates
The preparation of the consolidated financial statements in conformity with International 
Financial Reporting Standards (“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 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 our 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. The charterer has the full discretion 
over the ports visited, shipping routes and vessel speed. The contract/charter party generally 
provides typical warranties regarding the speed and performance of the vessel. The charter 
party 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 carry 
only lawful or non-hazardous cargo. In a time charter contract, 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, canal tolls during the hire period. The performance obligations in a 
time charter contract are satisfied over the term of the contract, 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 contract period. The time charter contracts are 
considered operating leases accounted for in accordance with IFRS 16. Time charter contracts 
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 contract 
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.
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 charter party generally has a minimum amount of cargo. The charterer is liable 
for any short loading of cargo or “dead” freight. The voyage contract generally has standard 
payment terms, where freight is paid within certain days after the completion of discharge. 
The voyage charter party generally has a “demurrage” or “despatch” clause. As per this clause, 
the charterer reimburses the Group for any potential delays exceeding the allowed laytime

53
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
as per the charter party clause at the ports visited which is recorded as demurrage revenue. 
Conversely, the charterer is given credit if the loading/ discharging activities happen within the 
allowed laytime known as despatch resulting in a reduction in revenue. In a voyage charter 
contract, the performance obligations begin to be satisfied once the vessel begins loading the 
cargo. The Group determined that its voyage charter contracts 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 from the commencement of the loading of cargo to 
completion of discharge.
The voyage contracts 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.
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 statement 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 
statement of financial position date, is classified under current liabilities in the consolidated 
statement of financial position.
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 offhire. 
Vessel operating expenses
Vessel operating expenses comprise all expenses relating to the operation of the vessel, 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 from Kyklades 
Maritime Corporation (“Kyklades” or “KMC” or “Management Company) and are subsequently 
reimbursed by the Group to the Management Company.

54
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
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. At 
each statement of financial position date, the Group assesses its potential expected credit 
losses in accordance with IFRS 9. As of December 31, 2022 and 2021, the Group performed a 
respective exercise and concluded that the expected credit losses calculated were immaterial. 
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 loans or refinancing existing facilities such as arrangement, 
structuring, legal and agency fees are deferred and classified against long-term debt in 
the consolidated statement of financial position. Any fees incurred for loan 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 statement of financial position. These fees are 
classified against long-term debt on the loan drawdown date.
Deferred financing costs are deferred and amortized over the term of the relevant loan using 
the effective interest method, with the amortization expense reflected under interest and 
finance costs in the consolidated statement of profit or loss and other comprehensive income. 
Any unamortized deferred financing costs related to loans which are either fully repaid before 
their scheduled maturities or related to loans extinguished are written-off in the consolidated 
statement of profit or loss and other comprehensive income.
As of the date of this report, trade and other receivables’ fair value approximate their carrying 
amount.
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 value 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 dry-docking costs
Special survey and dry-docking costs are capitalized as a separate component of vessel cost. 
These costs are capitalized when incurred and amortized over the estimated period to the 
next scheduled dry-docking/special survey. The Group’s vessels are required to undergo dry-
docking approximately every 5 years, until a vessel reaches 10 years of age, after which a vessel 
is required to be dry-docked approximately every 2.5 years. If a special survey or dry-docking

55
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
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 vessels’, 
vessels under construction and right-of-use assets carrying amounts 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 capitalised interest at the statement of financial position date. 
On delivery of a vessel, the balance is transferred to vessels, net, in the consolidated statement 
of financial position.
is performed prior to the scheduled date, any remaining unamortized balances are written-
off and reflected in depreciation in the statement of profit or loss and other comprehensive 
income.
Vessels held for sale and discontinued operations
Vessels are classified as current assets in the statement 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 asset and 
the plan has been initiated and, further, that the Company is actively seeking to locate a buyer. 
The asset 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 statement of profit or loss is presented as if the operation had 
been discontinued from the start of the comparative period.
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.

56
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
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.
Interest bearing loans and borrowings
Loans and 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 loans and borrowings are subsequently measured at amortized cost using the 
effective interest method and classified as current and non-current based on their repayment 
profile. Any difference between the proceeds (net of transaction costs) and the settlement of 
the borrowings is recognized in the statement of profit or loss over the term of the borrowings.
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 gains/(losses) in the consolidated statement of profit or loss and other 
comprehensive income. The company presents its consolidated financial statements in U.S. 
dollars.
Segment Information
The Group reports financial information and evaluates its operations and operating results by 
total charter revenues and not by the type of vessel, length of vessel employment, customer 
or type of charter. As a result, management, including the CEO, who is the chief operating 
decision maker, reviews operating results solely by revenue per day and operating results of the 
fleet, and thus, the Company has determined that it operates under one reportable segment, 
that of operating tanker vessels. Furthermore, when the Company charters a vessel to a 
charterer, the charterer is free to trade the vessel worldwide, subject to restrictions as per the 
charter agreement, and, as a result, the disclosure of geographic information is impracticable.
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 obligation 
relating to such deposits is expected to be terminated within the next twelve months from 
the statement of financial position date, they are classified under current assets otherwise they 
are classified as non current assets on the statement of financial position. The Group classifies 
restricted cash separately from cash and cash equivalents in the consolidated statement of 
financial position. Restricted cash does not include general minimum liquidity requirement.
Inventories
Inventories consist of bunkers, lubricating oils 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, 2022 and 2021, 
refer to Note 6.

57
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Cash flow statement policy
The Group uses the indirect method to report cash flows from operating activities.
Earnings/(Loss) per share
Basic earnings/(loss) per share is calculated by dividing income/(loss) attributable to equity 
holders of OET by the weighted average number of common shares outstanding. Diluted 
earnings/(loss) per share is calculated by adjusting income/(loss) attributable to equity holders 
of OET and the weighted average number of common shares used for calculating basic 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 (loss)/earnings per share. This 
requires the assumption that all potential ordinary shares have been converted into ordinary 
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 ordinary shares are converted into ordinary shares 
during the period, the dividends, interest and other expense associated with those potential 
ordinary shares will no longer be incurred. The effect of conversion, therefore, is to increase 
income (or reduce losses) attributable to ordinary equity holders as well as the number of 
shares in issue. Conversion will not be assumed for purposes of computing diluted earnings 
per share if the effect would be anti-dilutive.
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 statement 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.

58
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Equity
The Company has one class of shares. All the shares rank in parity with one another. Each share 
carries the right to one vote in a meeting of the shareholders and all shares are otherwise 
equal in all respects.
The Company’s registered share capital is represented by 32,890,000 shares without par value. 
As of the date of this report the OET holds 695,892 own shares amounting to $4,583,929, 
measured at cost. 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.
Taxation 
All companies comprising the Group are not subject to 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 statement of profit or loss and other comprehensive income.
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 incur.
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.
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.
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.

59
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Sale and leaseback transactions 
In case 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. 
•	
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, interest rate swaps and forward agreements 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 statement of financial position for cash 
and cash equivalents, restricted cash, trade and other receivables, receivable claims, 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 USD LIBOR 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, 2022. LIBOR 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.
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 recognises 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,

60
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
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 recognised 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 recognised on a straight-line basis over 
the lease term. Amounts due from leases under finance leases are recognised 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 contract includes lease and non-lease components, the Group applies IFRS 15 to 
allocate the consideration under the contract to each component.
The Group has determined that the lease component is the 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.
These components are accounted for as follows:
•	 All fixed lease revenue earned under these arrangements is recognized on a straight-line 
basis over the term of the lease.
•	 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 statement 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

61
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
cash flow calculation. The resulting changes in fair value are recognized in the consolidated 
statement 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 statement of profit or loss depends on the nature of the hedge relationship. 
Derivatives are presented as assets when their valuation is favourable to the Group and as 
liabilities when unfavourable to the Group. Cash outflows and inflows resulting from derivative 
contracts are presented as cash flows from operations in the consolidated statement of cash 
flows. The Company has selected not to apply hedge accounting to record the effect from its 
interest rate swaps movement in its consolidated statement of profit or loss.
Forward Freight Agreements 
The Group enters into Forward Freight Agreements (the “FFAs”) to economically hedge its trading 
exposure in the spot market. FFAs are derivative financial instruments initially recognized at fair 
value on the consolidated statement of financial position on the date the derivative contracts 
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 statement 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 statement of profit or loss 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 non-current liabilities when 
unfavourable to the Group. Classification as current or non-current is determined based on 
the derivatives’ maturities. Cash outflows and inflows resulting from derivative contracts are 
presented as cash flows from operations in the consolidated statement of cash flows. Forward 
freight 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 statement of profit or loss and other comprehensive income.
The Company has selected not to apply hedge accounting to record the effect from its FFAs 
movement in its consolidated statement of profit or loss.
Adoption of new and revised IFRS
Standards and interpretations adopted in the current year
There are no IFRS standards and amendments issued by but not yet adopted that are expected 
to have a material effect on the Group’s financial statements.
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 
statement of profit or loss, using the effective interest rate method, as they accrue.

62
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Standards and amendments in issue not yet adopted
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 January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial 
Statements, to clarify that liabilities are classified as either current or non-current, depending 
on the rights that exist at the end of the reporting period. Classification is unaffected by the 
expectations of the entity or events after the reporting date (for example, the receipt of a 
waiver or a breach of covenant). The amendment also clarifies what IAS 1 means when it 
refers to the “settlement” of a liability as the extinguishment of a liability with cash, other 
economic resources or an entity’s own equity instruments. The amendment will be effective 
for annual periods beginning on or after January 1, 2024 and should be applied retrospectively 
in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. 
Earlier application is permitted. Management anticipates that this amendment will not have 
a material impact on the Group’s financial statements.
In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, IFRS Practice 
Statement 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to 
improve accounting policy disclosures and to help the users of the financial statements to 
distinguish between changes in accounting estimates and changes in accounting policies. 
The amendments will be effective for annual periods beginning on or after January 1, 2023. 
Management anticipates that these amendments will not have a material impact on the 
Group’s financial statements.
In September 2022, the IASB issued “Lease Liability in a Sale and Leaseback (Amendments to 
IFRS 16)”. The amendments require a seller-lessee to measure the lease liability arising from a 
leaseback in a way that it does not result in recognition of a gain or loss that relates to the right 
of use it retains, after the commencement date. The amendments will be effective for annual 
reporting periods beginning on or after 1 January, 2024 with earlier application permitted. 
Management anticipates that these amendments will not have a material impact on the 
Group’s financial statements.
In October 2022, the IASB has published “Non-current liabilities with covenants (Amendments 
to IAS 1)” to clarify how conditions with which an entity must comply within twelve months 
after the reporting period affect the classification of a liability. The amendments will be effective 
for annual reporting periods beginning on or after 1 January, 2024 with earlier application 
permitted. Management anticipates that this amendment will not have a material impact on 
the Group’s financial statements.
There are no other IFRS standards and amendments issued by but not yet adopted 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 International Financial Reporting 
Standards 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

63
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
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.
Deferred dry-docking costs
The Group recognizes dry-docking costs as a separate component from the vessels’ carrying 
amounts and amortizes them on a straight-line basis over the estimated period until the next 
dry-docking of the vessels. If a vessel is disposed of before the next scheduled dry-docking, the 
remaining unamortized 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 
dry-docking 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 dry-docking component as costs to be incurred during the first dry-docking at the dry-
dock 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. In fact, 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 Dry-dock costs
•	 adjusted 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.
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

64
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
years is management’s best estimate, that remains unchanged compared to prior year, and is 
also consistent with industry practice for similar types of vessels. 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 the current scrap prices assuming a vessel is already of age 
and condition 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 and extending it into later periods. 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 carrying amount of each vessel is evaluated at each statement of financial position date 
to determine whether there is any indication that this vessel has suffered an impairment loss. 
If any such indication exists, the recoverable amount of the vessel is estimated in order to 
determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. 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. 
The projection of cash flows related to the vessel is complex and requires management to 
make various estimates including future vessel earnings, operating expenses, dry-docking 
costs, management fees, commissions and discount rates. These items have been historically 
volatile. The vessels’ future cash flows from revenue are estimated based on a combination of 
the current contracted charter rates until their expiration and thereafter, until the end of the 
vessels’ useful life, the estimated daily hire rate for the first 5 years (from 2022 to 2026) is based 
on the prevailing spot and time charter market as of date of this report for year 1 and then 
linearly moving to the newbuilding parity curve in year 5, while being onwards estimated using 
the simple historical average rate. This change in estimate was effectuated from the fourth 
quarter of 2021. 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, 2022, the carrying amount of the vessels owned by the Group were 
lower than their respective fair values, as estimated by management with consideration to 
independent brokers’ valuations. Given the vessels’ recoverable amounts were lower than 
their respective fair values, the Group concluded that there was no requirement to record an 
impairment loss.

65
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
6. Inventories
Inventories are analysed as follows:
 
AS OF DECEMBER 31,	
2022	
2021
Bunkers	
	
13,914,723 	
10,427,636 
Lubricants	
	
2,740,559 	
1,925,361 
Provisions	
	
355,249 	
175,199 
Bonded stores	
	
— 	
102,336 
Total	
	
17,010,531 	
12,630,531 
Inventories’ carrying values approximate their fair values as at the reporting date.
7. Vessels, Net
Vessels, net are analysed as follows:	
  	 	
	
	
DRY-DOCKING
	
	
	
VESSELS’	
AND SPECIAL
	
	
	
COST	
SURVEY COSTS	
TOTAL
Cost
Balance - January 01, 2021	
1,279,838,895 	
15,902,325 	 1,295,741,220 
Disposal of Vessels	
(336,269,467)	
(4,991,532)	
(341,260,999)
Fully amortized Dry-Dock component	
— 	
(1,601,576)	
(1,601,576)
Additions	
— 	
2,028,634 	
2,028,634 
Balance - January 01, 2022	
943,569,428 	
11,337,851 	
954,907,279 
Transfers from Vessels under construction	
194,652,377 	
2,000,000 	
196,652,377 
Additions	
— 	
367,669 	
367,669 
Balance - December 31, 2022	
1,138,221,805 	
13,705,520 	 1,151,927,325 
Accumulated Depreciation	
 	
 	
 
Balance - January 01, 2021	
(91,806,113)	
(4,570,261)	
(96,376,374)
Disposal of Vessels	
46,473,065 	
1,201,972 	
47,675,038 
Impairment loss	
(3,932,873)	
— 	
(3,932,873)
Fully amortized Dry-Dock component	
—	
1,601,576 	
1,601,576 
Depreciation charge for the year	
(36,045,763)	
(2,620,503)	
(38,666,266)
Balance - January 01, 2022	
(85,311,684)	
(4,387,215)	
(89,698,899)
Depreciation charge for the year	
(35,353,891)	
(2,578,500)	
(37,932,391)
Balance - December 31, 2022	
(120,665,575)	
(6,965,715)	
(127,631,290)
Net Book Value - December 31, 2021	
858,257,744	
6,950,636	
865,208,380
Net Book Value - December 31, 2022	
1,017,556,230	
6,739,805	 1,024,296,035
As of December 31, 2021, the carrying amount of one vessel owned by the Group was higher 
than its respective fair value, as estimated by management with consideration to independent 
brokers’ valuations. As a result, the Group estimated the recoverable amount of this vessels to 
determine the extent of any impairment loss. Given the vessel’s recoverable amounts was higher 
than her respective carrying amount, the Group concluded that there was no requirement to 
record an impairment loss. On a second occasion, the Group recorded an impairment loss 
when it classified one of its vessels as a held-for-sale asset (for further information refer to Note 7).

66
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
In the year ended December 31, 2021, the Group disposed three Aframax vessels (Nissos 
Therassia, Nissos Schinoussa and Nissos Heraclea) and two VLCC vessels (Nissos Santorini and 
Nissos Antiparos) to unaffiliated parties. The first two Aframaxes were delivered to their new 
owners in June 2021 and the third one in August 2021. Additionally, the VLCCs were delivered 
to their new owners in October and November 2021, respectively. In connection with the 
completion of their sale, the Group recorded a net gain on disposal amounting to $4.1 million. 
The Group has pledged the above vessels to secure the loan facilities granted (see Note 13). 
An analysis of the net gain on disposal of vessels can be found in the following table:
VESSEL	
GAIN/(LOSS) ON DISPOSAL
Nissos Therassia	
(3,348,501)
Nissos Schinoussa	
(4,267,793)
Nissos Heraclea	
(173,004)
Nissos Santorini	
5,878,751 
Nissos Antiparos	
5,987,215 
Net gain on Vessels’ disposal	
4,076,668 	
AS OF DECEMBER 31,
OTHER FIXED ASSETS	
2022	
2021
Right-of-Use assets	
71,204 	
— 
Other fixed assets	
61,019 	
61,019 
Total	
132,223 	
61,019 
8. Vessels Under Construction
Vessels under construction are analysed as follows:
Balance - January 1, 2021	
—
Additions during the year			
18,193,257 
Balance - January 1, 2022	
18,193,257 
Additions during the period			
178,459,120 
Transfers during the period to vessels, net			
(196,652,377)
Balance - December 31, 2022	
—
Additions for the year 2021 concern the Hulls 3211 and 3212. On June 14, 2021 the Group 
established two Marshall Islands-based subsidiary owning companies, Ark Marine S.A. and 
Theta Navigation Ltd, that own and operate the abovementioned Hulls. Each of the companies 
have 500 shares issued at par value, owned 100% by Okeanis Eco Tankers Corp..
Further, an impairment loss of $3.9 million was recorded relating to the classification of Nissos 
Heraclea as available for sale on June 30, 2021, since the vessel’s carrying value was lower than 
her respective fair value less estimated selling expenses.
The Group has recognised Right-of-Use assets, pursuant to contracts for the lease of office 
space and a company car. For the year ended December 31, 2022 the Group recorded an 
amount of $30,533 as depreciation expense with regards to Right-of-Use assets recognised.

67
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
9. Accrued Expenses
Accrued expenses are analysed as follows:
AS OF DECEMBER 31,	
	
2022	
2021
Accrued payroll related taxes	
	
15,645	
15,842
Accrued voyage expenses	
	
1,021,539	
30,406
Accrued loan interest	
	
3,781,363	
1,254,301
Accrued social insurance contributions	
	
91,573	
94,530
Accrued operating expenses 	
	
1,036,952	
826,166
Sundry Liabilities	
	
77,829	
402,500
Total	
	
6,024,899	
2,623,745
10. Vessel Operating Expenses
Vessel operating expenses are analysed as follows:
FOR THE YEAR ENDED DECEMBER 31,	
	
2022	
2021
Crew cost	
	
23,283,420	
27,617,203
Insurances	
	
3,084,189	
3,332,394
Stores	
	
1,566,555	
1,206,306
Spares	
	
1,382,223	
1,450,609
Repairs and surveys	
	
1,826,758	
2,153,673
Flag expenses	
	
531,871	
417,241
Lubricants	
	
2,466,943	
2,282,815
Telecommunication expenses	
	
195,605	
280,937
Miscellaneous expenses	
	
1,402,896	
1,954,820
Total	
	
35,740,460	
40,695,997
11. Voyage Expenses
Voyage expenses are analysed as follows:
FOR THE YEAR ENDED DECEMBER 31,	
	
2022	
2021
Port expenses	
	
17,962,872	
13,678,442
Bunkers	
	
55,671,538	
31,070,105
Other voyage expenses	
	
451,811	
258,215
Total	
	
74,086,221	
45,006,762
Additions for the year 2022 also concern the construction of the abovementioned Hulls. Upon 
completion of the construction period with the respective delivery of the vessels, the total 
amount of vessels under construction is transfered to Vessels, net.

68
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
13. Long-Term Borrowings
The Companies have entered into loan agreements which are analysed as follows:
	
	
UNAMORTIZED	
OUTSTANDING	
INTEREST
	
OUTSTANDING LOAN	
DEFERRED	
NET OF LOAN	
RATE
	
BALANCE AS OF	
FINANCING FEES AS OF	 FINANCING FEES AS OF	
(LIBOR[L]+
VESSEL	
DECEMBER 31, 2022	
  DECEMBER 31, 2022	
  DECEMBER 31, 2022	
MARGIN)
Milos	
38,047,124	
289,344	
37,757,780	
L+5.62%
Poliegos	
34,729,699	
273,146	
34,456,553	
L+6.76%
Kimolos	
35,913,750	
203,849	
35,709,901	
L+2.50%
Folegandros	
33,810,750	
243,033	
33,567,717	
L+2.60%
Nissos Sikinos	
43,940,806	
224,537	
43,716,269	
L+1.96%
Nissos Sifnos	
43,940,806	
225,967	
43,714,839	
L+1.96%
Nissos Rhenia	
58,878,763	
1,139,918	
57,738,845	
L+5.28%
Nissos Despotiko	
59,425,570	
1,156,267	
58,269,303	
L+5.28%
Nissos Donoussa	
61,335,000	
453,797	
60,881,203	
L+2.50%
Nissos Kythnos	
61,335,000	
453,797	
60,881,203	
L+2.50%
Nissos Keros	
48,479,000	
259,781	
48,219,219	
L+2.50%
Nissos Anafi	
48,100,000	
300,154	
47,799,846	
L+2.09%
Nissos Kea	
86,691,250	
319,907	
86,371,343	
L+2.65%
Nissos Nikouria	
88,495,250	
329,550	
88,165,700	
L+2.65%
Scrubber Financing	
1,718,760	
8,559	
1,710,201	
L+2.00%
Total	
744,841,528	
5,881,606	
738,959,922	
L+3.25%
* Weighted average between primary lender margin & Sponsor debt fixed rate. 
 
*
*
Auditor remuneration for the years ended December 31, 2022 and December 31, 2021 
amounted to $180,042 and $177,787, respectively. The Group records audit fees as 
incurred. Expenditure related to auditor remuneration is reflected in professional fees 
which, for the year ended December 31, 2022 and December 31, 2021, amounted to 
$182,540 and $204,490, respectively.
Insurance cover, for certain Directors and executives of the Group, in respect to their 
potential liability towards the enterprise and third parties as of December 31, 2022 and 
2021 amounted to $164,200 and $200,000, respectively.
12. General & Administrative Expenses
General and administrative expenses are analysed as follows:
FOR THE YEAR ENDED DECEMBER 31,	
	
2022	
2021
Employee costs	
	
3,998,981	
3,896,025
Directors’ fees and expenses	
	
850,942	
875,506
Professional fees	
	
287,355	
262,332
Other expenses	
	
159,246	
61,077
Total	
	
5,296,523	
5,094,940

69
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Debt retired in connection with 2021 vessel sales
Up to December 31 2021, the Group retired a total outstanding principal amount of $209.9 
million in connection with the disposal of three Aframax and two VLCC vessels. Specifically, 
the Group retired $23.0 million of first mortgage debt outstanding on Nissos Therassia, $24.1 
million of first mortgage debt outstanding on Nissos Schinoussa, $25.8 million of first mortgage 
debt outstanding on Nissos Heraclea and $2.8 million of second mortgage scrubber debt 
outstanding, $67.1 million of first mortgage debt outstanding on Nissos Santorini and $67.1 
million of first mortgage debt outstanding on Nissos Antiparos. 
Okeanis Eco Tankers Corp. is the Corporate Guarantor for all bank loans as at December 31, 
2022.
Description of Group borrowing arrangements
Omega Two Marine Corp (the “Omega Two”) has entered into a debt financing transaction 
with OCY Knight AS. On June 8, 2017, Omega Two transferred Poliegos to OCY Knight AS (the 
“original buyer”) for $54,000,000, and, as part of the agreement, bareboat chartered the vessel 
back for a period of 14 years, with penalty free purchase options at the end of the seventh, 
tenth and twelfth year. Omega Two received $47,000,000 in cash as part of the transaction, 
with $7,000,000 to be retained by the original buyer as a deposit which can be used towards 
the repurchase of the vessel pursuant to the purchase options. This transaction is treated as a 
financing transaction and Poliegos continues to be recorded as an asset on the consolidated 
statement of financial position, since the risks and rewards of ownership have effectively 
remained with Omega Two, and it is probable that Omega Two Marine Corp. will exercise the 
purchase option by the end of year 12. Pursuant to a memorandum of agreement dated on 
August 23, 2018 the original buyer sold Poliegos to OCY Poliegos Limited (the “new buyer”) for 
an amount of $48,032,540. As a result, on the same date, both aforementioned parties and the 
Company accordingly novated the bareboat charter so that the new buyer could substitute 
the original buyer. Omega Two continues to technically manage, commercially charter, and 
operate Poliegos. Pursuant to this financing arrangement, Omega Two will pay a daily bareboat 
charter rate of $11,550, plus interest pursuant to USD LIBOR adjustment. 
On December 19, 2018, Anassa Navigation S.A. entered into a loan agreement with Credit 
Suisse AG for the financing of Nissos Kythnos. The total proceeds of the loan were $58,125,000. 
The loan bears annual interest of LIBOR plus a margin of 2.25%.
On January 24, 2019, Arethusa Shipping Corp. entered into a loan agreement with BNP Paribas 
for the financing of Nissos Keros. The total proceeds of the loan were $58,175,000. The loan 
bears annual interest of LIBOR plus a margin of 2.25%. 
On January 29, 2019, Omega One Marine Corp. entered into a debt financing transaction with 
Ocean Yield Malta for the refinancing of Milos. On January 29, 2019, Omega One Marine Corp. 
transferred Milos to Ocean Yield Malta (the “original buyer”) for an agreed consideration of 
$56,000,000, and, as part of the agreement, bareboat chartered the vessel back for a period of 
13 years, with purchase options at the end of the fifth, seventh, tenth and twelfth year. Omega 
One Marine Corp. received $49,000,000 in cash as part of the transaction, with $7,000,000 to 
be retained by the original buyer as a deposit which can be used towards the repurchase of 
the vessel pursuant to the purchase options.

70
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
On February 14, 2019, Nellmare Marine Ltd. entered into a loan agreement with ABN Amro for 
the financing of Nissos Donoussa. The total proceeds of the loan were $59,000,000. The loan 
bears annual interest of LIBOR plus a margin of 2.50%.
On February 27, 2019, Moonsprite Shipping Corp. entered into a loan agreement with CACIB 
and Export-Import Bank of Korea for the financing of Nissos Anafi. The total proceeds of the 
loan were $58,000,000. The loan bears annual interest of LIBOR plus a margin of 2.09%.
On May 3, 2019, Omega Five Marine Corp. entered into a debt financing transaction with OCY 
KNIGHT 1 LIMITED for the financing of Nissos Rhenia. On May 3, 2019, Omega Five Marine 
Corp. transferred Nissos Rhenia to OCY KNIGHT 1 LIMITED (the “original buyer”) for an agreed 
consideration of $83,750,000, and, loan related fees of $1,010,000, and, as part of the agreement, 
bareboat chartered the vessel back for a period of 15 years, with purchase options at the end 
of the seventh, tenth, twelfth and fourteenth year for an amount of $49,830,000, $36,300,000, 
$25,860,000 and $14,170,000 respectively. Omega Five Marine Corp. received $75,260,000 in 
cash as part of the transaction, with $9,500,000 to be retained by the original buyer as a deposit 
which can be used towards the repurchase of the vessel pursuant to the purchase options. This 
transaction was evaluated in accordance with IFRS 16, but treated as a financing transaction 
and Nissos Rhenia continues to be recorded as an asset on the consolidated statement of 
financial position, since control has effectively remained with Omega Five Marine Corp., and it 
is probable that Omega Five Marine Corp. will exercise the purchase option by the end of year 
14. Pursuant to this financing arrangement, Omega Five Marine Corp., had initially agreed to 
pay a daily bareboat charter rate of $18,600 (year 1-5)/$18,350 (year 6-15), plus interest pursuant 
to USD LIBOR adjustment. On June 28, 2021, the Company transferred the remaining 0.5 
year time charter from Nissos Donoussa to Nissos Rhenia and the following action resulted in 
the acceleration of debt repayments of Nissos Rhenia for two years beginning May 2, 2021 by 
revising onwards the daily bareboat charter rate to $25,000 (year 3-4)/$17,200 (year 5-15), plus 
interest pursuant to USD LIBOR adjustment. 
On June 10, 2019, Omega Seven Marine Corp. entered into a debt financing transaction with 
OCY KNIGHT 2 LIMITED for the financing of Nissos Despotiko. On June 10, 2019, Omega Seven 
Marine Corp. transferred Nissos Despotiko to OCY KNIGHT 2 LIMITED (the “original buyer”) for 
an agreed consideration of $83,750,000 and loan related fees $1,010,000, and, as part of the 
agreement, bareboat chartered the vessel back for a period of 15 years, with purchase options 
at the end of the seventh, tenth, twelfth and fourteenth year for an amount of $49,830,000, 
$36,300,000, $25,860,000 and $14,170,000 respectively. Omega Seven Marine Corp. received 
$75,260,000 in cash as part of the transaction, with $9,500,000 to be retained by the original 
buyer as a deposit which can be used towards the repurchase of the vessel pursuant to the 
purchase options. This transaction was evaluated in accordance with IFRS 16, but treated 
as a financing transaction and Nissos Despotiko continues to be recorded as an asset on 
the consolidated statement of financial position, since control has effectively remained with 
Omega Seven Marine Corp., and it is probable that Omega Seven Marine Corp. will exercise 
the purchase option by the end of year 14. Pursuant to this financing arrangement, Omega 
Seven Marine Corp., had initially agreed to pay a daily bareboat charter rate of $18,600 (year 
1-5)/$18,350 (year 6-15), plus interest pursuant to USD LIBOR adjustment. On June 28, 2021, 
the Company transferred the remaining 0.5 year time charter from Nissos Keros to Nissos 
Despotiko and the following action resulted in the acceleration of debt repayments of Nissos 
Despotiko for two years beginning June 9, 2021 by revising onwards the daily bareboat charter 
rate to $23,336 (year 3-4)/$17,200 (year 5-15), plus interest pursuant to USD LIBOR adjustment.

71
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
On June 27, 2019, the Company entered into a loan agreement with BNP Paribas for its scrubber 
retrofit program. The total proceeds of the loan were $11,000,000. The loan bears interest LIBOR 
plus a margin of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year after 
drawdown. As a result of the Group’s Aframax vessels (Nissos Schinoussa and Nissos Therassia) 
disposal and according to the relevant loan agreement clause, on June 16, 2021, the Company 
further retired the amount of $2,750,004 in connection to the said disposal.
On October 22, 2019, Omega Six and Omega Ten entered into a loan agreement with Alpha 
Bank for an amount of $45,901,000 for the 88.95% financing of pre-delivery yard instalments of 
Nissos Sikinos and Nissos Sifnos. The loan bore annual interest of LIBOR plus a margin of 3.50%. 
As at December 31, 2019 the Company had drawn the amount of $6,450,000. As of December 
31, 2020 the total amount of the financing had been drawn down and repaid in full.
On July 7, 2020 Omega Four Marine Corp. entered into a loan agreement with BNP Paribas for 
an amount of $39,150,000 in order to refinance the existing loan of the Folegandros. The loan 
bears annual interest of LIBOR plus a margin of 2.60%.
On July 8, 2020 Omega Three Marine Corp. entered into a loan agreement with ABN Amro for 
an amount of $42,168,750 in order to refinance the existing loan of the Kimolos. The loan bears 
annual interest of LIBOR plus a margin of 2.50%.
On September 9, 2020, Omega Six Marine Corp. and Omega Ten Marine Corp. entered into 
a loan agreement with Export-Import Bank of Korea, the BNK Busan Bank and the BNK 
Kyongnam Bank for the refinancing of the existing indebtedness of Nissos Sikinos and Nissos 
Sifnos and the financing of the vessels’ delivery instalments. The total proceeds of the loan 
were $103,208,000. The loan bears annual interest of LIBOR plus a margin of 1.96%.
ARK Marine S.A. entered into a debt financing transaction with SEA 289 LEASING CO. LIMITED 
for the financing of Nissos Kea. On March 31, 2022, ARK Marine S.A. transferred Nissos Kea to 
SEA 289 LEASING CO. LIMITED for an agreed consideration of $72,750,000 and loan related 
fees of $363,750, and, as part of the agreement, bareboat chartered the vessel back for a 
period of 7 years, with purchase options at the end of each year. ARK Marine S.A. received 
$72,750,000 in cash as part of the transaction. This transaction was evaluated in accordance 
with IFRS 16, and it was concluded that it should be treated as a financing transaction and 
Nissos Kea should continue to be recorded as an asset on the consolidated statement of 
financial position, since ARK Marine S.A has a substantive repurchase option with respect of 
the asset and the risks and rewards of ownership have effectively remained with ARK Marine 
S.A.. The Facility is repaid in quarterly instalments, amortizes over a 20-year profile, matures in 
7 years from drawdown and is priced at Libor plus 2.45%.
Theta Navigation Ltd entered into a debt financing transaction with SEA 290 LEASING CO. 
LIMITED for the financing of Nissos Nikouria. On June 3, 2022, Theta Navigation Ltd transferred 
Nissos Nikouria to SEA 290 LEASING CO. LIMITED for an agreed consideration of $72,750,000 
and loan related fees of $363,750, and, as part of the agreement, bareboat chartered the vessel 
back for a period of 7 years, with purchase options at the end of each year. Theta Navigation 
Ltd received $72,750,000 in cash as part of the transaction. This transaction was evaluated 
in accordance with IFRS 16, and it was concluded that it should be treated as a financing 
transaction and Nissos Nikouria should continue to be recorded as an asset on the consolidated

72
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
statement of financial position, since Theta Navigation Ltd has a substantive repurchase option 
with respect of the asset and the risks and rewards of ownership have effectively remained 
with Theta Navigation Ltd. The Facility is repaid in quarterly instalments, amortizes over a 20-
year profile, matures in 7 years from drawdown and is priced at Libor plus 2.45%.
In connection with the acquisition of Nissos Kea and Nissos Nikouria, OET and Mr. Ioannis 
Alafouzos (the “Sponsor”), have agreed that repayment of twenty percent of each of the vessel’s 
original contract price - amounting to $17,564,000 each - settled between the Sponsor and 
the shipyard may be deferred, at OET’s sole discretion, to any date two years from each vessel’s 
delivery at a fixed interest cost of 3.5% p.a. on the outstanding amount commencing from the 
date of the resale VLCCs’ delivery. The said transaction was formalized and documented by 
signing a respective loan agreement on April 18, 2022. 
Nellmare Marine Ltd and Anassa Navigation S.A. signed, on May 23, 2022, a new loan agreement 
with National Bank of Greece for a gross finance amount of $125,670,000 to refinance their 
existing indebtedness concerning the VLCC vessels Nissos Kythnos and Nissos Donoussa. The 
loan amount was evenly split between the two companies and the related loan related fees 
amounted to $1,005,360. The new facility bears a fixed interest cost of 2.50% plus LIBOR p.a., 
amortizes over a 21-year profile and matures 7 years from drawdown.
Lease liabilities connected to Right-of-Use assets
As of December 31, 2022 the Group has recognized the following finance lease liability with 
respect to the Right-of-Use assets:
As of December 31, 	
	
	
2022
Office rent	
	
	
36,249 
Company car	
	
	
39,510 
Total	
	
	
75,759 
The undiscounted cash outflows for the settlement of financial liabilities connected to the 
Right-of-Use assets as of December 31, 2022 are the following:
As of December 31, 	
	
	
2022
No later than one year	
	
	
50,599 
Later than one year and not later than five years	
	
	
29,516 
Total	
	
	
80,115 
Long-term debt net of current portion and current portion of long-term borrowings are 
analyzed as follows:
	
LONG-TERM	
CURRENT PORTION
	
BORROWINGS,	
OF LONG-TERM
AS OF DECEMBER 31, 2021	
NET OF CURRENT PORTION	
BORROWINGS	
TOTAL
Outstanding loan balance	
539,586,057 	
43,252,075 	
582,838,132 
Loan financing fees	
(4,802,598)	
(1,039,265)	
(5,841,863)
Total	
534,783,459 	
42,212,810 	
576,996,269 
AS OF DECEMBER 31, 2022
Outstanding loan balance	
673,022,123 	
71,819,405 	
744,841,528 
Loan financing fees	
(4,814,520)	
(1,067,086)	
(5,881,606)
Total	
668,207,603 	
70,752,319 	
738,959,922

73
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
The loans are repayable as follows:
	
	
AS OF DECEMBER 31,	
	
2022	
2021
No later than one year	
 	
71,819,405 	
43,252,075 
Later than one year and not later than five years	
	
298,690,490 	
336,790,145 
Thereafter	
 	
374,331,633 	
202,795,912 
Total	
 	
744,841,528 	
582,838,132 
Less: Amounts due for settlement within 12 months	
	
(71,819,405)	
(43,252,075)
Long-term borrowings, net of current portion	
	
673,022,123 	
539,586,057  
Cash flow reconciliation of liabilities arising from financing activities:
A reconciliation of the Group’s financing activities for the years ended December 31, 2022 and 
2021 are presented in the tables below:
Long-term borrowings - January 1, 2021	
	
	
834,476,641
Cash flows - repayments	
	
	
(261,713,694)
Non-cash flows - amortisation of loan financing fees	
	
	
4,233,322 
Long-term borrowings - December 31, 2021	
	
	
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
All loans are secured by first preferred mortgages of the Companies’ vessels and assignment 
of earnings and insurances.
The loan agreements include several ship finance covenants, amongst which are restrictions as 
to changes in management and ownership of the vessels; payment of dividends in the event 
of default; further indebtedness; mortgaging of vessels without the bank’s prior consent and a 
hull cover ratio as well as several financial covenants. These mainly consist of:
•	 A hull cover ratio, being the ratio of a mortgaged vessel’s fair market value over its respective 
outstanding debt, of no less than 130%. 
•	 A hull cover ratio, being the ratio of a mortgaged vessel’s excess fair market values due to the 
scrubber installations over the respective outstanding debt, of no less than 150%. 
•	 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 ratio of total liabilities to the carrying value of total assets (adjusted for the vessel’s fair 
market value) of no more than 75%. 
As at December 31, 2022, the Group was in compliance with its loan covenants.

74
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
14. Transactions and Balances with Related Parties
The Group has entered into management agreements with Kyklades Maritime Corporation 
(“Kyklades” or “KMC” or “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 statement of profit or loss and other comprehensive 
income. For the year ended December 31, 2022 and December 31, 2021, total technical 
management fees amounted to $4,381,200 and $5,425,200, respectively.
KMC acts and pays on behalf of the Group the majority of its operating expenses, including 
crew cost (for an analysis refer to Note 10). The Group subsequently reimburses KMC with the 
respective amounts paid.
Amounts due to the Board of Directors as at December 31, 2021 amounting to $698,153 
represent outstanding fees payable to Directors..
“FRPEs” are “Family Related Party Entities” vessel owning companies privately owned by the 
Alafouzos family. For the sake of operational convenience, various expenses or other liabilities 
paid by/for the FRPEs and recorded as unsecured amounts payable/receivables, with no 
fixed terms of payment. Examples of the types of expenses and liabilities giving rise to such 
payables/receivables due/from to the FRPEs include, without limitation: (i) bunker fuel (ii) port 
expenses; and, (iii) canal fees. 
The below table provides a reconciliation of the outstanding amounts due from the 
Management Company and from FRPEs:
	
AS OF DECEMBER 31,	
2022	
2021
Amounts due from Management Company	
449,629 	
389,925
Amounts due from FRPEs, net	
—	
680,176
Total	
449,629	
1,070,101
Amounts due from the Management Company as of December 31, 2022 of $449,629 as 
compared to December 31, 2021 of $389,925, represent payments made to the Management 
Company, per the terms of the respective vessel technical management agreements. 
Amounts due from FRPEs as at December 31, 2021 amounting to $680,176, represent amounts 
loaned to vessel owning companies privately owned by members of the Alafouzos family, for 
working capital purposes and to secure volumetric discounts on bunker procurement. 
All balances noted above are unsecured, interest-free, with no fixed terms of payment and 
repayable on demand.

75
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Related party balances’ analysis
The below table presents the Group’s outstanding balances due from/(to) related parties as of 
December 31, 2022 and 2021:
RELATED PARTY BALANCES	
2022	
2021
Kyklades Maritime Corporation	
449,629 	
389,925 
Danais Maritime Corp.	
— 	
449,510 
Athinais Maritime Corp.	
— 	
235,000 
Bigal Shipping Corporation	
— 	
291,275 
Zenith Maritime Corp.	
— 	
696,000 
Christianna Marine Corporation	
— 	
674,291 
Chantilly Enterprises Co.	
— 	
88,000 
Anafi Marine Corp.	
— 	
(620,000)
Clover Enterprises Co.	
— 	
(1,133,900)
Fees payable to the Board of Directors	
— 	
(698,153)
Total	
449,629 	
371,948 
Related party transactions’ analysis
The below table presents the Group’s transactions with its related parties as of December 31, 
2022 and 2021:
RELATED PARTY TRANSACTIONS	
2022	
2021
Management fees	
	
Kyklades Maritime Corporation	
4,381,200 	
5,425,200
Total	
4,381,200	
5,425,200
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.
For the above administrative, as well as, technical services provided during 2022 and 2021, 
KMC charged OET’s subsidiaries with a daily fee of $900, corresponding to $4,381,200 and 
$5,425,200 respectively (as depicted above).
The below table presents an analysis of all payments executed by KMC on behalf of the Group 
for the period ended December 31, 2022 and 2021:
PAYMENTS ON BEHALF OF THE GROUP	
2022	
2021
Crew wages	
18,572,373	
22,411,827
Other crew expenses	
3,357,800	
3,555,432
Stores	
3,098,044	
2,999,210
Technical expenses	
5,611,199	
6,274,107
Insurance	
3,193,137	
2,490,958
HSQE expenses 	
525,210	
672,704
Other	
931,952	
1,416,495
Total	
35,289,715 	
39,820,734

76
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
15. Share Capital and Additional Paid-in Capital
The Company’s common shares have been registered under the laws of the Republic of the 
Marshall Islands. Pursuant to an agreement with DNB Bank ASA (“DNB”), DNB is recorded 
as the sole shareholder in the records of the Company, as nominee on behalf of Euronext 
Securities Oslo and maintains, in its role as VPS registrar, a sub-register of shareholders in 
the VPS where the ownership of the shares is registered in book-entry form under their ISIN 
MHY641771016.
The Company has one class of shares. All shares rank in parity with one another and each one 
carries one vote in a meeting of the shareholders. All shares are equal in all respects.
On March 5, 2019, the board of directors of the Oslo Stock Exchange approved the Company’s 
listing application to trading on Oslo Axess. Trading in the shares on Oslo Axess commenced 
on March 8, 2019, under the trading symbol “OET”.	
On January 27, 2021, the board of directors of the Oslo Stock Exchange approved the Company’s 
listing application to transfer its listing from Euronext Expand to Oslo Børs. Trading in the 
shares on Oslo Børs commenced on January 29, 2021, under the trading symbol “OET”.
In March 2021, the Company paid a cash dividend to its shareholders of $0.10 per share, 
amounting to $3.2 million.
In June 2021, the Company distributed an amount of $24.3 million or $0.75 per share via a 
return of paid-in capital.
On December 6, 2021 the Company purchased 22,500 of its own shares for an aggregate 
consideration of $197,116 at an average price of NOK 75.3 per share.
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 year ended December 31, 2022 amounted 
to $450,000 (2021: $418,900). In addition, each director is entitled to a reimbursement for 
travelling and other minor out-of-pocket expenses. 
Furthermore, OET Chartering Inc. and OET provide compensation to members of its key 
management personnel, which currently comprise its CEO, CFO, and CDO. The remuneration 
structure comprises salaries, bonuses, insurance cover (covering also the members of the Board 
of Directors), telecommunications and other expenses which are minor in nature (e.g credit 
cards, travelling and accommodation expenditure etc). For the year ended December 31, 2022, 
key management personnel remuneration, covering all the above amounted to 1,704,665 
(2021: $2,071,165). There was no amount payable related to key management remuneration as 
of December 31, 2022 and 2021. 
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.

77
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
On December 9, 2021 the Company purchased 8,000 of its own shares for an aggregate 
consideration of $70,642 at an average price of NOK 75.9 per share.
On December 4, 2021 the Company purchased 28,736 of its own shares for an aggregate 
consideration of $235,773 at an average price of NOK 70.5 per share.
Also, in December 2021, the Company distributed an amount of $10.0 million or $0.31 per 
share via a return of paid-in-capital.
In January 2022, the Company purchased 20,000 of its own shares at the price of NOK 69.69 
per share.
Also in January 2022, the Company purchased 102,573 of its own shares at the price of NOK 
71.25 per share.
In September 2022, the Company distributed an amount of approximately $9.8 million or 
$0.30 per share via a return of paid-in-capital.
In December 2022, the Company distributed an amount of approximately $9.8 million or 
$0.30 per share via a return of paid-in-capital.
As of December 31, 2022, the Company had 32,194,108 shares outstanding (net of 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.
The table below shows the movement in the Company’s issued share capital up to and for the 
year ended on December 31, 2022 hereof:
	
	
	
	
	
	
No. OF ISSUED	
	
	
	
	
CHANGE IN	
NEW ISSUED	
(NET OF
	
	
	
	
ISSUED SHARE	
SHARE	
TREASURY)	
PAR VALUE
DATE	
	
TYPE OF CHANGE	
CAPITAL (USD)	
CAPITAL (USD)	
SHARES	
PER SHARE
March 9, 2020	
Share buy-back	
—	
—	
32,625,917	
0.001
April 6, 2020	
Share buy-back	
—	
—	
32,375,917	
0.001
December 6, 2021	
Share buy-back	
—	
—	
32,353,417	
0.001
December 9, 2021	
Share buy-back	
—	
—	
32,345,417	
0.001
December 14, 2021	
Share buy-back	
—	
—	
32,316,681	
0.001
January 24, 2022	
Share buy-back	
—	
—	
32,296,681	
0.001
January 26, 2022	
Share buy-back	
—	
—	
32,194,108	
0.001

78
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
16. Financial Risk Management
The Group’s principal financial instruments comprise long-term borrowings, interest rate swaps 
(terminated in 2022), forward freight agreements, cash and cash equivalents and restricted 
cash. The main purpose of these financial instruments is to finance the Group’s operations as 
well as 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.
The main risks arising from the Group’s financial instruments are credit risk, foreign currency 
risk, interest rate risk, liquidity risk and market 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. As of December 31, 2022, 
the Group has no hedging mechanisms in place, however, when opportunity arises, it 
coverts significant cash balances from USD to EUR 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 LIBOR. 
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 contracts is to manage the risks and costs associated with its floating-rate debt 
(Note 23). 
As an indication of the sensitivity from changes in interest rates, an increase by 50 basis 
points in interest rates would increase interest expense for the year ended December 31, 
2022 by $2,251,130 (2021: $ 1,948,856) assuming all other variables held constant and taking 
into consideration that the Group has entered into interest rate swap agreements for some 
of its loans, therefore partially economically hedging part of its floating-rate borrowings.
•	
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

79
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
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 2022, the Group entered into Forward Freight Agreements (“FFAs”) in order to 
minimize losses from charter rate fluctuations and eliminate any adverse effect this may 
have in our operating cash flows and dividend policy.
•	
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. 
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 LIBOR as of December 31, 2022 of 4.41%, plus the 
margin applicable to the Group’s loan at the end of the year presented.
	
WEIGHTED AVERAGE
	
EFFECTIVE	
LESS THAN	
1-3	
3-12	
1-5	
5+
	
INTEREST RATE	
1 MONTH	
MONTHS	
MONTHS	
YEARS	
 YEARS	
TOTAL
December 31, 2021
Derivative Liabilities
Derivative financial  
 instrument 	
	
95,636	
60,499	
316,507	
377,560	
—	
850,201
Non-Derivative Liabilities
Trade payables	
	
—	
—	 15,960,456	
—	
—	
15,960,456
Accrued expenses	
	
—	
—	
2,623,745	
—	
—	
2,623,745
Current accounts  
 due to related parties	
	
—	
—	
698,153	
—	
—	
698,153
Variable interest loans	
2.34%	 3,703,399	 5,306,980	 26,865,137	 335,093,434	 34,729,947	 405,698,896
Variable interest  
 for debt financing	
5.28%	 2,230,079	 4,338,378	 20,053,746	
88,237,974	 168,511,569	 283,371,746
Total	
	 6,029,115	 9,705,856	 66,517,745	 423,708,967	 203,241,516	 709,203,198
	
WEIGHTED AVERAGE
	
EFFECTIVE	
LESS THAN	
1-3	
3-12	
1-5	
5+
	
INTEREST RATE	
1 MONTH	
MONTHS	
MONTHS	
YEARS	
 YEARS	
TOTAL
December 31, 2022
Non-Derivative Liabilities	
 	
 	
 	
 	
 	
 	
 
Trade payables	
 	
—	
—	 11,771,964	
—	
—	
11,771,964
Accrued expenses	
 	
—	
—	
6,024,899	
—	
—	
6,024,899
Variable interest loans	
6.26%	 5,922,596	21,564,122	 65,076,153	 365,728,156	 241,508,738	 699,799,764
Variable interest  
 for debt financing	
10.02%	 2,823,905	 5,526,029	 22,237,116	 112,171,014	 167,665,884	 310,423,948
Total	
 	 8,746,500	 27,090,151	 105,110,132	 477,899,170	 409,174,622	 1,028,020,575

80
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
17. Commitments and Contingencies
Commitments under time charter agreements (Lessor)
As of December 31, 2022, future minimum contractual time charter revenue, based on vessels’ 
committed, non-cancellable, time charter agreements, net of address commissions for the 
next year amount to $24,416,000.
18. Earnings/(loss) per Share
Basic and diluted earnings/(loss) per share for the years ended December 31, 2022 and 2021, 
are presented below:
YEAR ENDED DECEMBER 31,	
2022	
2021
From continuing operations	
2.63 	
(0.03)
Earnings/(loss) per share, basic and diluted	
2.63	
(0.03)
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:
YEAR ENDED DECEMBER 31,	
2022	
2021
Profit/(loss) for the period attributable to the Owners of the Group	
84,559,995 	
(902,899)
Weighted average number of common shares outstanding in the period	
32,202,394 	
32,372,393 
Earnings/(loss) per share, basic and diluted	
2.63 	
(0.03)
During the years ended December 31, 2022 and 2021, 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.
19. Claims Receivable
As of December 31, 2022, the Group has recognized and presented under “Claims receivable” 
in the consolidated statement of financial position, receivable amounts from vessels’ insurers 
totaling $108,391 (2021: $261,093) regarding various claims. The recognition of the respective 
receivable claims in the consolidated statement of financial position was made since the 
Group has an unconditional right to receive the claimable amounts from the insurers.
20. 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.

81
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
21. Lease and Non-Lease Components of Revenue and voyage charter 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, we have 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:
•	 All fixed lease revenue earned under these arrangements will be recognized on a straight-
line basis over the term of the lease. 
•	 Lease revenue earned under Group’s time charter arrangements will be recognized as it is 
earned, since it is 100% variable. 
•	 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:
	
REVENUE FROM TIME CHARTER ARRANGEMENTS
FOR THE YEAR ENDED DECEMBER 31,	
2022	
2021
Lease Component 	
50,536,021	
59,098,416 
Non-Lease Component 	
15,817,114	
21,486,951
Total 	
66,353,135	
80,585,367
The Group monitors capital using gearing ratio, which is total debt divided by total equity plus 
total debt, and its calculation is presented below:
AS OF DECEMBER 31,	
2022	
2021
Total borrowings	
739,035,681	
576,996,269
Total equity	
422,243,261	
358,292,858
Gearing ratio	
64%	
62%
22. Interest income, Interest expense and Other Finance Costs
Interest and finance related costs for the years ended December 31, 2022 and 2021, are 
presented below:
FOR THE PERIOD ENDED DECEMBER 31,	
2022	
2021
Interest expense	
35,077,293	
27,082,841
Amortization and write-off of financing fees	
1,693,117	
4,233,322
Finance costs related to covenants of early termination	
—	
4,092,000
Bank charges and loan commitment fees	
729,711	
781,978
Other finance costs	
581,855	
275,282
Total	
38,081,975	
36,465,423

82
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Interest income for the years ended December 31, 2022 and 2021, are presented below:
FOR THE PERIOD ENDED DECEMBER 31,	
2022	
2021
Interest income from time deposits	
668,032	
—
Other interest income  	
53,496	
3,470
Total	
721,528	
3,470
23. Derivative Financial Instruments
Interest rate swaps
During the year ended December 31, 2022, the Group  terminated all of the interest rate 
swap agreements it had entered into 2021. The net cash received from the said transactions 
amounted to $12.3 million in total. Accordingly, the Group recorded an amount of $3,567,912 
as unrealized gain (net) as at December 31, 2021 and an amount of $9,274,553 as realized gain 
(net) as at December 31, 2022. 
An analysis of the effective interest rate swap agreements as of December 31, 2021, is presented 
in the following table:				
FAIR VALUE 		
EXPIRATION	
NOTIONAL	
DECEMBER 31, 
VESSEL	
DESCRIPTION	
DATE	
AMOUNT	
2021
Nissos Kythnos	
Swap pays 0.330%, receive floating	
19-09-23	
50,430,000 	
397,728 
Nissos Keros	
Swap pays 0.312%, receive floating	
11-10-23	
51,711,000 	
409,435 
Kimolos	
Swap pays 0.303%, receive floating	
09-10-23	
38,693,750 	
309,905 
Nissos Donoussa	
Swap pays 0.302%, receive floating	
26-08-23	
48,497,000 	
348,346 
Nissos Anafi	
Swap pays 0.385%, receive floating	
02-01-24	
51,700,000 	
497,979 
Folegandros	
Swap pays 0.346%, receive floating	
09-01-24	
36,183,750 	
352,638 
Nissos Sikinos	
Swap pays 0.336%, receive floating	
11-09-23	
47,346,670 	
336,317 
Nissos Sifnos	
Swap pays 0.338%, receive floating	
25-09-23	
47,346,670 	
358,315 				
371,908,840	
3,010,662 
Interest rate swap agreements are stated at fair value, which is determined using a discounted 
cash flow approach, based on market-based LIBOR swap yield rates. LIBOR swap rates are 
observable at commonly quoted intervals for the full terms of the swaps and, therefore, are 
considered Level 2 items in accordance with the fair value hierarchy as defined in IFRS 13 Fair 
Value Measurement. The fair value of the interest rate swap agreements approximates the 
amount that the Group would have to pay or receive for the early termination of the agreements.
As of December 31, 2022, the Group has no interest rate swaps. 
Forward freight agreements
As of December 31, 2022, the Group’s Forward Freight Agreements (“FFAs”), had a notional 
amount of $0.2 million (2021: $0.1 million) with maturities falling in the first quarter of 2023. 
As of December 31, 2022, the fair value of the derivative financial asset related to the FFAs 
amounted to $0.2 million (2021: $0.1 million). 
The realized gain on derivatives of $2,161,927, is included in the statement profit or loss and 
other comprehensive income.

83
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
NOTES
Forward freight derivatives 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 Statement of Profit or Loss	
2022	
2021
Unrealized gain on forward freight agreements	
45,960 	
30,105 
Unrealized gain on interest rate swaps	
— 	
4,126,828 
Total unrealized gain on derivatives	
45,960 	
4,156,933 
Realized gain/(loss) on forward freight agreements	
2,161,927 	
(558,916)
Realized gain on interest rate swaps	
9,274,554 	
— 
Total realized gain/(loss) on derivatives	
11,436,481 	
(558,916)
24. Revenue
The table below presents an analysis of revenue generated from voyage and time agreements 
as at December 31, 2022 and 2021:	
2022	
2021
Voyage Charter	
204,619,286	
88,412,858
Time Charter	
66,353,135	
80,585,367
Total	
270,972,421	
168,998,225
As of December 31, 2022 and 2021 the Group had, within the scope of IFRS 15, unearned 
revenue from voyage charter agreements related to undelivered performance obligations of 
$9,861,064 and $790,544 which will be/were recognized in the first quarter of 2023 and 2022, 
respectively.
Further, as of December 31, 2022 and 2021, capitalized contract fulfilment costs amounted to 
$1,646,450 and $477,732, respectively. 
As at December 31, 2022, the Group’s trade receivables amounted to $46,363,951 (2021: 
$7,448,390). Charterers, whose outstanding balance, exceed 10% of the total receivable amount 
are presented below:
CHARTERER		
%
Charterer A		
59%
Charterer B		
10%
Charterer C		
10%
25. Subsequent Events
On March 17, 2023, the Company distributed an amount of $1.25 per share, totaling $40.2 
million as a return of capital to its shareholders.

84
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 CONSOLIDATED FINANCIAL STATEMENTS
APPENDIX
APPENDIX
Mandatory information with respect to European Single Electronic Format requirements:
Name of reporting entity or other means 
of identification
Domicile of entity
Legal form of entity
Country of incorporation
 Address of entity’s registered office
Principal place of business
Description of nature of entity’s operations 
and principal activities
Name of parent entity
Name of ultimate parent of group
Okeanis Eco Tankers 
                                  
Republic of Marshall Islands
Corporation
Republic of Marshall Islands
Trust Company Complex, Ajeltake Road, 
Ajeltake Island, Majuro, Marshall Islands
International
                                                                          
Own, charter out and operate tanker vessels 
Okeanis Eco Tankers Corp.
Glafki Marine Corp.
The information below is also disclosed in Note 1 general Information.

85
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 PARENT COMPANY FINANCIAL STATEMENTS
LETTER FROM  
THE CHAIRMAN
HISTORY
& FLEET
PRESENTATION  
OF THE BOARD  
OF DIRECTORS
BOARD  
OF DIRECTORS’  
REPORT
RESPONSIBILITY STATEMENT
CORPORATE  
GOVERNANCE 
STATEMENT
CONSOLIDATED
FINANCIAL
STATEMENTS
PARENT COMPANY
FINANCIAL
STATEMENTS
 PARENT  
 COMPANY  
 FINANCIAL  
 STATEMENTS
OKEANIS ECO TANKERS CORP.
[Incorporated under the laws of the Republic of the Marshall Islands with registration number 96382]
Parent Company Financial Statements  
for the Year Ended December 31, 2022  
and Independent Auditor’s Report
Index												
 86 Independent Auditor’s Report
 89  Statement of Profit or Loss and Other Comprehensive Income, 
for the years ended December 31, 2022 and 2021
 90 Statement of Financial Position, as of December 31, 2022 and 2021
 91  Statement of Changes in Equity, for the years ended December 31, 2022 
and 2021
  92  Statement of Cash Flows, for the years ended December 31, 2022 and 2021          
Χ93  Notes to the Parent Company Financial Statements

89
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
 PARENT COMPANY FINANCIAL STATEMENTS
Okeanis Eco Tankers Corp.
Statement of profit or loss and other comprehensive income
For the year ended December 31, 2022 
(All amounts expressed in U.S. Dollars)
	
	
FOR THE TWELVE MONTHS ENDED DECEMBER 31,
	
NOTE	
2022	
2021
Expenses	
	
	
General and administrative expenses	
5 	
           (886,768)	
          (1,164,045)
Total expenses	
 	
           (886,768)	
          (1,164,045)
 	
	
 	
 
Operating loss	
 	
           (886,768)	
          (1,164,045)
 	
	
 	
 
Other income/(expenses)	
	
 	
 
Dividend income	
	
                         —   	
            3,904,000 
Interest and  other finance costs	
11	
           (332,450)	
              (349,015)
Unrealized gain on derivatives	
	
                45,960 	
                  30,105 
Realized profit on derivatives	
 	
          2,161,927 	
                            —   
Foreign exchange (loss)/gain	
	
           (153,501)	
                     6,387 
Total other income/(expenses), net	
 	
          1,721,936 	
            3,591,477 
Profit for the year	
 	
              835,168 	
            2,427,433 
Other comprehensive income	
 	
—	
—
Total comprehensive income for the year	
 	
              835,168 	
            2,427,433 
 	
	
 	
 
Earnings per share from continuing operations,  
 basic and diluted	
10	
                     0.03 	
                       0.07 
Weighted average no. of shares - basic & diluted	
 	
        32,202,394 	
          32,372,393 
The accompanying notes are an integral part of these financial statements.

90
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Okeanis Eco Tankers Corp.
Statement of financial position
For the year ended December 31, 2022
(All amounts expressed in U.S. Dollars)
	
	
AS OF DECEMBER 31,
	
NOTE	
2022	
2021
Assets
Non-current assets
Investment in subsidiaries	
4	
          255,718,980 	
        255,718,980 
Derivative financial instrument	
 	
                              —   	
                140,105 
Total non-current assets	
 	
          255,718,980 	
        255,859,085 
Current assets	
 	
 	
 
Other receivables	
 	
                             40 	
                           40 
Derivative financial instrument	
 	
                   209,238 	
                            —  
Current account due from related parties 	
6	
             28,966,101 	
          23,607,391 
Cash & cash equivalents	
 	
               2,405,768 	
          24,282,086 
Total current assets	
 	
             31,581,147 	
          47,889,517 
Total assets	 	
	
          287,300,127 	
        303,748,602 
 	
 	
 	
 
Shareholder’s equity & liabilities	
 	
 	
 
Shareholder’s equity	
 	
 	
 
Share capital	
7	
                     32,890 	
                   32,890 
Additional paid in capital	
7	
          280,451,624 	
        300,046,621 
Treasury Shares	
7	
             (4,583,929)	
          (3,571,791)
Retained earnings/(accumulated losses)	
 	
                   781,699 	
                (53,468)
Total-Shareholder’s equity	
 	
          276,682,284 	
        296,454,252 
Non-Current liabilities	
 	
 	
 
Long-term borrowings, net of current portion	
12	
                   342,147 	
             1,710,201 
Total non-current liabilities	
 	
                   342,147 	
             1,710,201 
Current Liabilities	
 	
 	
 
Trade payables	
8	
                     30,365 	
                147,590 
Current account due to related parties 	
6	
               8,877,277 	
             4,068,505 
Current portion of long-term borrowings	
12	
               1,368,054 	
             1,368,054 
Total current liabilities	
 	
             10,275,696  	
             5,584,149 
Total liabilities	
 	
             10,617,843 	
             7,294,350 
Total shareholder’s equity & liabilities	
 	
          287,300,127 	
        303,748,602 
The accompanying notes are an integral part of these financial statements.
 PARENT COMPANY FINANCIAL STATEMENTS

91
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Okeanis Eco Tankers Corp.
Statement of changes in shareholder’s equity
For the year ended December 31, 2022 
(All amounts, expressed in U.S. Dollars, except for number of shares)
	
	
	
	
	
	
RETAINED
	
	
	
	
ADDITIONAL	
	
EARNINGS/
	
	
NUMBER	
SHARE	
PAID IN	
TREASURY	 (ACCUMULATED
	
NOTE	 OF SHARES	 CAPITAL	
CAPITAL	
SHARES	
LOSSES)	
TOTAL
Balance - January 1, 2021	
	
32,375,917 	 32,890 	334,355,638 	 (3,068,260)	
738,785 	 332,059,053 
Acquisition of own stock	
7	
(59,236)	
— 	
— 	
(503,531)	
— 	
(503,531)
Profit for the year	
	
— 	
— 	
— 	
— 	 2,427,433 	
2,427,433 
Dividend paid	
7	
— 	
— 	
— 	
— 	 (3,219,686)	
(3,219,686)
Capital distribution	
7	
— 	
— 	(34,309,017)	
— 	
— 	 (34,309,017)
Balance - December 31, 2021	
 	 32,316,681 	 32,890 	300,046,621 	 (3,571,791)	
(53,468)	 296,454,252 
Acquisition of own stock	
7	
(122,573)	
 	
 —	 (1,012,139)	
 —	
(1,012,139)
Profit for the year	
	
 —	
 	
 —	
 —	
835,168 	
835,168 
Capital distribution	
7	
 —	
 	(19,594,997)	
 —	
 —	 (19,594,997)
Balance - December 31, 2022	
 	 32,194,108 	 32,890 	280,451,624 	 (4,583,930)	
781,699 	 276,682,284 
NOTE Acquisitions of treasury stocks in 2021 have been combined in one line for presentation purposes. An analysis of transactions combined, can be found in Note 15. 
The accompanying notes are an integral part of these financial statements.
 PARENT COMPANY FINANCIAL STATEMENTS

92
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Okeanis Eco Tankers Corp.
Statement of cash flows
For the year ended December 31, 2022  
(All amounts expressed in U.S. Dollars)
	
	
FOR THE YEAR ENDED DECEMBER 31,
	
NOTE	
2022	
2021
Cash flows from operating activities:
Profit for the year	
 	
                  835,168 	
                  2,427,433 
Adjustments to reconcile profit to net cash  
 provided by/(used in) operating activities:
Interest expense	
11	
                     92,962 	
                      117,461 
Amortization of loan financing fees	
 	
                       6,941 	
                        21,905 
Dividend income	
 	
                              —   	                 (3,904,000)
Unrealized gain on derivatives	
 	
                     45,960 	
                      (30,105)
Foreign exchange differences	
 	
                  153,502 	                                  —   
 	
 	
               1,134,533 	
                (1,367,306)
Changes in working capital:	
 	
 	
 
Other current assets	
 	
                (115,093) 	
                   (110,000)
Trade payables	
 	
                (117,22  3)	
                      (92,287)
Interest paid 	
 	
                  (92,962)	
                   (117,461)
Net cash provided by/(used in) operating activities	
 	
                  809,255  	                 (1,687,054)
 	
 	
 	
 
Cash flows from investing activities:	
 	
 	
 
Current account due from related parties	
 	
            (5,358,710)	
                (8,706,270)
Capital returns from subsidiaries	
 	
                              —   	                 90,936,600 
Investment in subsidiaries	
 	
                              —   	              (17,410,000)
Dividends received	
 	
                              —   	                   3,904,000 
Net cash (used in)/provided by investing activities	
 	
            (5,358,710)	
                68,724,330 
 	
 	
 	
 
Cash flows from financing activities:	
 	
 	
 
Repayments of long-term borrowings	
 	
            (1,374,996)	
                (4,354,166)
Current accounts due to related parties	
6	
               4,808,772 	
                (3,811,965)
Acquisition of treasury stock	
7	
            (1,012,138)	
                   (503,531)
Capital Distribution	
 	
          (19,594,997)	
             (34,309,017)
Dividends paid	
 	
                              —   	                 (3,219,686)
Net cash used in financing activities	
 	
          (17,173,359) 	
             (46,198,365)
 	
 	
 	
 
Effects of exchange rate changes  
 on the balance of cash held in foreign currency	
 	
                (153,503)	                                  —   
Net change in cash and cash equivalents	
 	
          (21,722,815)	
                20,838,911 
Cash and cash equivalents at beginning of the year	
 	
            24,282,086 	
                  3,443,176 
Cash and cash equivalents at the end of the year	
 	
               2,405,768 	
                24,282,087 
 
The accompanying notes are an integral part of these financial statements.
 PARENT COMPANY FINANCIAL STATEMENTS

93
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
1. Incorporation and General Information
Okeanis Eco Tankers Corp. (“OET” or the “Company” or “Okeanis Eco Tankers” or “Group), was 
founded on April 30, 2018 as a private limited corporation under the laws of the Republic 
of the Marshall Islands having its registered offices at the following address: 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, had the 
majority control of OET until June 2022 through voting interests. In June 2022, the voting 
interests of Mr. Themistoklis Alafouzos were transferred to Hospitality Assets Corp. (“Hospitality”) 
and from June 2022, Glafki and Hospitality, each owned by Messrs. Ioannis and Themistoklis 
Alafouzos, respectively, hold the majority control of OET through voting interests.
Glafki and Hospitality currently own 33.5% and 20.2%, of the Company’s shares, respectively.
The Company, as of the date of this report, owns fourteen vessels on the water. The principal 
activity of its subsidiaries is to own, charter out and operate tanker vessels on an international 
level. 
The consolidated financial statements comprise the financial statements of Okeanis Eco 
Tankers Corp. and its wholly owned subsidiaries (collectively the “Group”). 
The Alafouzos family currently holds a stake of 56.9% in the Company. The Company traded on 
the Merkur Market (currently named Euronext Growth) from July 3, 2018 until March 8, 2019, 
when it was then admitted for trading on the Oslo Axess (currently named Euronext Expand). 
In January 2021, the Company transferred its listing from Euronext Expand to Oslo Børs.
The table below sets forth an overview of the Company’s wholly owned subsidiaries:
	
	
	
INTEREST
	
	
	
HELD
COMPANY NAME	
DATE	
INCORPORATED	
BY OET
Therassia Marine Corp.	
June  28, 2018	
Liberia	
100%
Milos Marine Corp.	
June  28, 2018	
Liberia	
100%
Ios Maritime Corp.	
June  28, 2018	
Liberia	
100%
Omega One Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Omega Two Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Omega Three Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Omega Four Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Omega Five Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Omega Six Marine Corp.	
October 30, 2019	
Marshall Islands	
100%
Omega Seven Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Omega Nine Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Omega Ten Marine Corp.	
October 30, 2019	
Marshall Islands	
100%
Omega Eleven Marine Corp.	
June  28, 2018	
Marshall Islands	
100%
Nellmare Marine Ltd	
June  28, 2018	
Marshall Islands	
100%
Anassa Navigation S.A.	
June  28, 2018	
Marshall Islands	
100%
Arethusa Shipping Ltd.	
June  28, 2018	
Marshall Islands	
100%
Moonsprite Shipping Corp.	
June  28, 2018	
Marshall Islands	
100%
Theta Navigation Ltd	
June 14, 2021	
Marshall Islands	
100%
Ark Marine S.A.	
June 14, 2021	
Marshall Islands	
100%
OET Chartering Inc.	
June  28, 2018	
Marshall Islands	
100%
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

94
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
COVID-19 Update
Impact on Operations
We have taken steps to protect our seafarers and shore employees and ensure uninterrupted 
service to our clients. Our operations are no longer materially affected by the outbreak of the 
Covid-19 virus. On occasion, our vessels may deviate from optimal trading routes in order to 
effect crew changes, however transportation and mobilization costs in connection with those 
crew changes have been minimized.
Okeanis Eco Tankers Corp. Response 
Our primary concern continues to be the wellbeing of our seafarers and shore-based 
employees, and, in tandem, providing safe and reliable services to our clients. In line with 
industry response standards, we have updated our vessels’ procedures and supplied our fleet 
with protective equipment. We have effected crew changes in permissible ports, a vaccination 
programme for all of our ships’ seamen approaching Greek ports, remote superintendent 
surveys and are complying with applicable local directives and recommendations. Shore-side, 
all our employees are fully vaccinated. Management has established a range of safety protocols 
in the working space, such as weekly Covid-19 testing for all office staff, regular cleaning/
disinfection of our premises, availability of hand sanitizer and surgical masks throughout our 
premises, limited on-site visitors, elimination of non-essential travel, mandatory self-isolation of 
personnel returning from travel and substitution of physical meetings with virtual meetings. 
We have secured our online communications and have enhanced monitoring of our network. 
Lastly, we have created an infectious disease preparedness and response plan that we have 
communicated to all of our staff.
War in Ukraine
Russia’s invasion in Ukraine is a continuously evolving and unpredictable situation both from 
a humanitarian and market perspective. The Company’s ultimate goal is to protect the lives 
of its seafarers, safeguard its vessels and comply with global sanctions framework. Forecasts 
and estimates around the outcome of this situation continue to be highly uncertain, and the 
Company recognizes that further escalation could adversely affect global shipping markets. 
In February 2022, both the European Union (“EU”) and the United States began leading 
economic sanctions against Russia vis-à-vis the conflict in Ukraine.
According to the latest sanctions package, the EU introduced a ban on the direct or indirect 
purchase, import, or transfer into the EU of crude oil or petroleum products originating in 
Russia or exported from Russia. Effective from 5 December 2022, the EU also bans the maritime 
transport to third countries of crude oil (as of 5 February 2023 for petroleum products) which 
originate in or are exported from Russia. The latest ban on maritime transport is effective unless 
the respective crude oil or petroleum products are purchased at or below a pre-established 
price cap, which has currently been set to $60 per barrel. 
The war has resulted in rerouting of crude oil voyages, leading to longer tonne-mile voyages. 
In particular, Europe is currently replacing Russian barrels from other exporting regions 
further away, such as, West and South Africa and the Middle East, while Russia is shifting its oil 
production to China and India. 
Currently, the disruption of trade flows has created inefficiencies resulting to longer tonne 
miles benefiting the tanker market, while on the other hand, the recent increases in bunker 
NOTES  PARENT COMPANY FINANCIAL STATEMENTS

95
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
fuel prices, following crude supply shortages, as well as the deterioration of economic general 
conditions could negatively affect the freight rates. These adverse economic factors might 
increase voyage costs for our fleet, albeit expected less severe than our industry peers that 
operate conventional, not equipped with scrubbers, vessels that consume more fuel and at 
higher prices per metric tonne.
2. Basis of Preparation and Statement of Compliance
The financial statements of the Company have been prepared in accordance with International 
Financial Reporting Standards (IFRS) published by the International Accounting Standards 
Board (the “IASB”). The financial statements are presented in United States Dollars ($) since 
this is the currency in which the majority of the Company’s transactions are denominated. 
The financial statements have been prepared on the historical cost basis, except for derivatives 
measured at their fair value. 
The financial statements have been prepared on a going concern basis.
Okeanis Eco Tankers annual financial statements were approved and authorized for issue by 
the Company’s Board of Directors on April 6, 2023.
3. Summary of Significant Accounting Policies
Use of estimates
The preparation of the 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 financial statements, and the 
stated amounts of revenues and expenses during the reporting period. Actual results could 
differ from those estimates.
Cash and cash equivalents 
The Company 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 cash flow statement, cash and cash equivalents consist of cash and cash equivalents as 
defined above.
Dividend income
Dividend income is recognized when the right by the Company to receive payment of 
dividends is established. 
Interest income
The Company’s interest income comprises interest earned from short-term time deposits. 
Investment in subsidiaries
The Company’s investments in the wholly owned subsidiaries are recorded at cost. When 
necessary, the carrying amount of each of the Company’s investments separately, is tested for 
impairment in accordance with IAS 36 Impairment of Assets, by comparing the investment’s 
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

96
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
recoverable amount with its carrying amount. During the years ended December 31, 2022 and 
2021, no impairment charges were deemed necessary regarding the Company’s investments.
Interest bearing loans and borrowings
Loans and 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 loans and borrowings are subsequently measured at amortized cost using the 
effective interest method and classified as current and non-current based on their repayment 
profile.
Share capital, additional paid-in capital and dividends to the Company’s shareholders
Common shares issued are classified in equity, with the excess over par value classified under 
additional paid-in capital. Additional paid-in capital also includes the cost of the common 
shares issued in exchange for the historical acquisition of ownership in the Contributed 
Companies (refer note 1). Incremental costs directly attributable to the issuance of new 
common shares are deducted against additional paid-in capital. Dividends to the Company’s 
shareholders are recognized when the respective dividends are approved for payment by the 
Company’s Board of Directors.
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.
Foreign currency translation 
The functional currency of the Company is the U.S. dollar because the majority of the Company’s 
transactions are denominated 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. Monetary assets and liabilities denominated in foreign currencies are translated 
to U.S. Dollars at the rate of exchange prevailing at the statement of financial position date. 
Any resulting foreign exchange differences are reflected under foreign exchange gains/(losses) 
in the statement of profit or loss and other comprehensive income.
Cash flow statement policy
The Company uses the indirect method to report cash flows from operating activities.
Earnings/(Loss) per share
Basic earnings/(loss) per share is calculated by dividing income/(loss) attributable to equity 
holders of OET by the weighted average number of common shares outstanding. Diluted 
earnings/(loss) per share is calculated by adjusting income/(loss) attributable to equity holders 
of OET and the weighted average number of common shares used for calculating basic 
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 Company applies the if-converted method when determining diluted earnings/(loss) per 
share. This requires the assumption that all potential ordinary shares have been converted 
into ordinary 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 
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

97
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
which they are granted. Under this method, once potential ordinary shares are converted into 
ordinary shares during the period, the dividends, interest and other expense associated with 
those potential ordinary shares will no longer be incurred. The effect of conversion, therefore, 
is to increase income (or reduce losses) attributable to ordinary equity holders as well as the 
number of shares in issue. Conversion will not be assumed for purposes of computing diluted 
earnings per share if the effect would be anti-dilutive.
During the years ended December 31, 2022 and 2021, there were no potentially dilutive items. 
Taxation 
The Company is not subject to tax on international shipping income since its country of 
incorporation does not impose such taxes. 
Provisions and contingencies
Provisions are recognized when the Company 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 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 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 financial statements but are disclosed when an inflow of economic benefits 
is probable.
Fair value of financial assets and liabilities
The definitions of the levels, provided by IFRS 7 Financial Instruments Disclosure, 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 are considered Level 1 financial instruments. Variable rate long-
term borrowings and forward agreements (“FFAs” 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 statement of financial position for cash and cash 
equivalents, other receivables and other current liabilities, approximate their respective fair 
values due to the relatively short-term maturity of these financial instruments. 
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

98
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
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 loans or refinancing existing facilities such as arrangement, 
structuring, legal and agency fees are deferred and classified against long-term debt in the 
statement of financial position. Any fees incurred for loan facilities not yet advanced are 
deferred and classified under non-current assets in the consolidated statement of financial 
position. These fees are classified against long-term debt on the loan drawdown date.
Deferred financing costs are deferred and amortized over the term of the relevant loan using 
the effective interest method, with the amortization expense reflected under interest and 
finance costs in the consolidated statement of profit or loss and other comprehensive income. 
Any unamortized deferred financing costs related to loans which are either fully repaid before 
their scheduled maturities or related to loans extinguished are written-off in the consolidated 
statement of profit or loss and other comprehensive income.
Derivative financial instruments - Forward Freight Agreements 
The Company entered into Forward Freight Agreements (the “FFAs”) to economically hedge its 
trading exposure in the spot market. FFAs are derivative financial instruments initially recognized 
at fair value on the consolidated statement of financial position on the date the derivative 
contracts 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 statement 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 statement of profit or loss depends on the nature 
of the hedge relationship. FFA derivatives are presented as current or non-current assets or 
liabilities when their valuation is favourable to the Company and as non-current liabilities when 
unfavourable to the Company. Cash outflows and inflows resulting from derivative contracts are 
presented as cash flows from operations in the consolidated statement of cash flows. Forward 
freight 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 statement of profit or loss and other comprehensive income.
Adoption of new and revised IFRS
Standards and interpretations adopted in the current year
In August 2020, the IASB issued the Phase 2 amendments to IFRS 9 Financial Instruments, 
IFRS 7 Financial Instruments: Disclosures, IFRS 4 and IFRS 16 in connection with the Phase 
2 of the interest rate benchmark reform. The amendments address the issues arising from 
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

99
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
the implementation of the reforms, including the replacement of one benchmark with 
an alternative one. The amendments are effective for annual periods beginning on or after 
January 1, 2021 and did not have a material impact on the Company’s financial statements.
Standards and amendments in issue not yet adopted
In January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial 
Statements, to clarify that liabilities are classified as either current or non-current, depending 
on the rights that exist at the end of the reporting period. Classification is unaffected by the 
expectations of the entity or events after the reporting date (for example, the receipt of a 
waiver or a breach of covenant). The amendment also defines the “settlement” of a liability as 
the extinguishment of a liability with cash, other economic resources or an entity’s own equity 
instruments. The amendment is effective for annual periods beginning on or after January 
1, 2022 and should be applied retrospectively in accordance with IAS 8 Accounting Policies, 
Changes in Accounting Estimates and Errors. Earlier application is permitted. Management 
anticipates that this amendment will have no significant impact at the Company’s financial 
statements. There are no other IFRS standards and amendments issued by but not yet adopted 
that are expected to have a material effect on the Company’s financial statements. 
4. Investment in Subsidiaries
As of December 31, 2022 and 2021, the Company had the following investment in subsidiaries:
AS OF DECEMBER 31,	
2022	
2021
Contributed companies	
94,747,652	
94,747,652
Omega Four Marine Corp.	
8,138,670	
8,138,670
Omega Six Marine Corp.	
1,625,800	
1,625,800
Omega Five Marine Corp.	
6,259,302	
6,259,302
Omega Seven Marine Corp.	
14,724,074	
14,724,074
Omega Ten Marine Corp.	
1,125,800	
1,125,800
Moonsprite Shipping Corp.	
31,510,936	
31,510,936
Arethusa Shipping Corp.	
33,208,036	
33,208,036
Anassa Navigation S.A.	
23,872,230	
23,872,230
Nellmare Marine Ltd.	
23,096,480	
23,096,480
Ark Marine S.A.	
8,705,000 	
8,705,000 
Theta Navigation Ltd.	
8,705,000 	
8,705,000 
Total	
255,718,980	
255,718,979
5. General and Administrative Expenses
General and administrative expenses are analyzed as follows:
FOR THE YEAR ENDED DECEMBER 31,	
2022	
2021
Personnel insurances	
164,200	
200,000
Directors’ fees and expenses	
487,941	
475,506
Professional fees	
183,146	
207,484
Other expenses	
51,481	
281,054
Total	
886,768	
1,164,044
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

100
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Auditor remuneration for the years ended December 31, 2022 and December 31, 2021 
amounted to $180,042 and $177,787, respectively. The Company records audit fees as incurred. 
Expenditure related to auditor remuneration is reflected in professional fees which, for the 
year ended December 31, 2022 and December 31, 2021, amounted to $182,540 and $204,490, 
respectively.
Insurance cover, for certain Directors and executives of the Company, in respect to their 
potential liability towards the enterprise and third parties as of December 31, 2022 and 2021 
amounted to $164,200 and $200,000, respectively.
6. Transactions and Balances with Related Parties
	
Current accounts due from related parties are analyzed as follows:
AS OF DECEMBER 31,	
2022	
2021
Amounts due from FRPEs	
              48,000 	
         418,000 
Amounts due from vessel-owning subsidiaries	
     25,842,963 	
   23,189,391 
Amounts due from OET Chartering Inc.	
        3,075,138 	
                    —   
Total	
28,966,101	
23,607,391
Current accounts due from FRPEs - Family Related Party Entities principally non-eco vessel 
owning companies privately owned by the Alafouzos family amounting to $48,000 as at 
December 31, 2022 (2021: $418,000), represent amounts provided to vessel owning companies 
for working capital purposes.
Current accounts due from subsidiaries companies, amounting to $25,842,963 and $23,189,391 
as at December 31, 2022 and 2021, respectively, represent amounts provided to vessel owning 
companies for working capital purposes. 
Current accounts due from OET Chartering Inc., amounting to $3,075,138 as at December 31, 
2022 represent amounts transferred to a subsidiary Company for depository purposes. More 
specifically, the Company had transferred funds to a wholly owned subsidiary, where these are 
placed on time deposits to optimize capital management. These deposits are of a short-term 
nature and reset on a frequent basis, bearing market interest rates. 
Current accounts due to related parties are analyzed as follows:
AS OF DECEMBER 31,	
2022	
2021
Amounts due to vessel-owning subsidiaries	
8,877,277	
     2,445,490 
Amounts due to OET Chartering Inc.	
                       —   	
         924,862 
Amounts payable to Board of Directors members	
                       —   	
         698,153 
Total	
8,877,277	
4,068,505
Current accounts due to vessel-owning subsidiaries amounting to $8,877,277 and $2,445,490 
as at December 31, 2022 and 2021, respectively, represent amounts provided from vessel 
owning companies for working capital purposes and to fund other vessel owning subsidiaries’ 
operations. 
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

101
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
Current accounts due to OET Chartering Inc., amounting to $924,862 as at December 31, 2021 
represent amounts transferred from a subsidiary Company for depository purposes. More 
specifically, the subsidiary has transferred funds to the Company, where these are placed on 
time deposits to optimize capital management. These deposits are of a short-term nature and 
reset on a frequent basis, bearing market interest rates. 
Current accounts due to the Board of Directors members of $698,153 as at December 31, 2021, 
concern fees payable to the members of the Board of Directors as remuneration for services 
provided.
All balances noted above are unsecured, interest-free, with no fixed terms of payment and 
repayable on demand.
Key management and Directors’ remuneration
Each of the Company’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, 2022 and 2021 
amounted to $450,000 and $418,900, respectively. In addition, each director is entitled to 
a reimbursement for travelling and other minor out-of-pocket expenses. Furthermore, the 
Company provided compensation to a member of its key management personnel, pursuant 
to a remuneration agreement. For the years ended December 31, 2022 and 2021, such 
remuneration amounted to nil and $450,000, respectively. There was no amount payable 
related to this remuneration as of December 31, 2022 and 2021. 
7. Share Capital and Additional Paid-in Capital
The Company’s common shares have been registered under the laws of the Republic of the 
Marshall Islands. Pursuant to an agreement DNB Bank ASA (“DNB), DNB is recorded as the 
sole shareholder in the records of the Company, as nominee on behalf of Euronext Securities 
Oslo and maintains, in its role as VPS registrar, a sub-register of shareholders in the VPS where 
the ownership of the shares is registered in book-entry form under their ISIN MHY641771016.
The Company has one class of shares. All shares rank in parity with one another and each one 
carries one vote in a meeting of the shareholders. All shares are equal in all respects.
On March 5, 2019, the board of directors of the Oslo Stock Exchange approved the Company’s 
listing application to trading on Oslo Axess. Trading in the shares on Oslo Axess commenced 
on March 8, 2019, under the trading symbol “OET”.	
On January 27, 2021, the board of directors of the Oslo Stock Exchange approved the Company’s 
listing application to transfer its listing from Euronext Expand to Oslo Børs. Trading in the 
shares on Oslo Børs commenced on January 29, 2021, under the trading symbol “OET”.
In March 2021, the Company paid a cash dividend to its shareholders of $0.10 per share, 
amounting to $3.2 million.
In June 2021, the Company distributed an amount of $24.3 million or $0.75 per share via a 
return of paid-in capital.
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

102
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
On December 6, 2021 the Company purchased 22,500 of its own shares for an aggregate 
consideration of $197,116 at an average price of NOK 75.3 per share.
On December 9, 2021 the Company purchased 8,000 of its own shares for an aggregate 
consideration of $70,642 at an average price of NOK 75.9 per share.
On December 4, 2021 the Company purchased 28,736 of its own shares for an aggregate 
consideration of $235,773 at an average price of NOK 70.5 per share.
Also, in December 2021, the Company distributed an amount of $10.0 million or $0.31 per 
share via a return of paid-in-capital.
In January 2022, the Company purchased 20,000 of its own shares at the price of NOK 69.69 
per share.
Also in January 2022, the Company purchased 102,573 of its own shares at the price of NOK 
71.25 per share.
In September 2022, the Company distributed an amount of approximately $9.8 million or 
$0.30 per share via a return of paid-in-capital.
In December2022, the Company distributed an amount of approximately $9.8 million or $0.30 
per share via a return of paid-in-capital.
As of December 31, 2022, the Company had 32,194,108 shares outstanding (net of 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.
The table below shows the movement in the Company’s issued share capital up to and for the 
year ended on December 31, 2022 hereof:
	
	
	
	
	
	
No. OF ISSUED
	
	
	
	
CHANGE IN	
NEW ISSUED	
(NET OF
	
	
	
TYPE OF	
ISSUED SHARE	
SHARE	
TREASURY)	
PAR VALUE
DATE	
	
CHANGE	
CAPITAL (USD)	
CAPITAL (USD)	
SHARES	
PER SHARE
May 14, 2019	
Issuance of shares in third
	
	
	
offering at NOK 83 per share	
1,580	
32,890	
32,890,000	
0.001
August 30, 2019	
Share buy-back	
—	
—	
32,739,851	
0.001
March 9, 2020	
Share buy-back	
—	
—	
32,625,917	
0.001
April 6, 2020	
Share buy-back	
—	
—	
32,375,917	
0.001
December 6, 2021	
Share buy-back	
—	
—	
32,353,417	
0.001
December 9, 2021	
Share buy-back	
—	
—	
32,345,417	
0.001
December 14, 2021	
Share buy-back	
—	
—	
32,316,681	
0.001
January 24, 2022	
Share buy-back	
—	
—	
32,296,681	
0.001
January 26, 2022	
Share buy-back	
—	
—	
32,194,108	
0.001
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

103
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
8. Financial Risk Management
The Company’s principal financial instruments comprise long-term borrowings, forward 
freight agreements, cash and cash equivalents and restricted cash. The main purpose of these 
financial instruments is to finance the Company’s operations as well as mitigate its exposure 
to market and interest rate fluctuations. The Company has various other financial assets and 
liabilities such as trade receivables, current accounts with related parties and payables which 
arise directly from its operations.
The main risks arising from the Company’s financial instruments are credit risk, foreign currency 
risk, interest rate risk, liquidity risk and market risk. The Company’s policies for addressing these 
risks are set out below:
•	
Credit risk
The Company 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 Company’s exposure to bad debts is not significant. 
With respect to the credit risk arising from the Company’s cash and cash equivalents and 
restricted cash, the Company’s exposure arises from default by the counterparties, with a 
maximum exposure equivalent to the carrying amount of these instruments. The Company 
mitigates such risks by dealing only with high credit quality financial institutions.
•	
Foreign currency risk
The Company’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 Company does not consider the risk to be significant and takes no 
other steps to manage its currency exposure.
•	
Interest rate risk
The Company is exposed to the impact of interest rate changes primarily through its 
floating-rate borrowings that require the Company to make interest payments based 
on LIBOR. Significant increases in interest rates could adversely affect operating margins, 
results of operations and ability to service debt. 
As an indication of the sensitivity from changes in interest rates, an increase by 50 basis 
points in interest rates would increase interest expense for the year ended December 31, 
2022 by $10,322 (2021: $ 29,229) assuming all other variables held constant and taking into 
consideration that the Company has entered into interest rate swap agreements for some 
of its loans, therefore partially economically hedging part of its floating-rate borrowings. 
•	
Market risk
The tanker shipping industry is cyclical with high volatility in charter rates and profitability. 
The Company 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 2022, the Company entered into Forward Freight Agreements (“FFAs”) in order to 
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

104
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
minimize losses from charter rate fluctuations and eliminate any adverse effect this may 
have in our operating cash flows and dividend policy.
•	
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 Company minimizes liquidity risk by maintaining sufficient cash and cash 
equivalents. 
The following table details the Company’s expected cash outflows for its financial liabilities. 
The table has been drawn up based on the undiscounted cash flows of financial liabilities 
based on the earliest date on which the Company 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 LIBOR as of December 31, 2022 of 0.10%, plus 
the margin applicable to the Company’s loan at the end of the year presented.
	
WEIGHTED
	
AVERAGE
	
EFFECTIVE	
LESS THAN	
1-3	
3-12	
1-5	
5+ 
DECEMBER 31, 2022	
INTEREST RATE	
 1 MONTH	
MONTHS	
MONTHS	
YEARS	
 YEARS	
TOTAL
Trade payables	
— 	
—	
30,365	
— 	
— 	
— 	
30,365 
Current accounts  
 due to related parties	
 —	
— 	
— 	  8,877,277 	
— 	
—	 8,877,277 
Variable interest loan  
 (principal and interest)	
6.40%	
5,501	
354,751	 1,080,758	
354,767	
—	 1,795,777 
Total	
	
5,501	
385,116	 9,958,035	
354,767	
—	 10,703,419 
9. Commitments and Contingencies
The Company has joint and several liability over the below subsidiary loan agreements, 
through the guarantees provided over the respective subsidiaries loans:
•	
Omega Two Marine Corp.: lease agreement with OCY Knight AS dated June 8, 2017, 
with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$34,729,699. 
•	
Arethusa Shipping Corp.: loan agreement with BNP Paribas dated January 24, 2019 
with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$49,150,778.
•	
Omega One Marine Corp.: lease agreement with Ocean Yield Malta Limited dated 
January 29, 2019, with an outstanding balance as of December 31, 2022 (inclusive of 
accrued interest) of $38,047,124.
•	
Moonsprite Shipping Corp.: loan agreement with Credit Agricole dated February 27, 2019 
with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$48,790,190.
•	
Omega Five Marine Corp.: loan agreement with OCY Knight 1 Limited dated May 3, 2019, 
with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$58,878,763.
•	
Omega Seven Marine Corp.: loan agreement with OCY Knight 2 Limited dated June 
10, 2019, with an outstanding balance as of December 31, 2022 (inclusive of accrued 
interest) of $59,425,570.
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

105
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
•	
Omega Four Marine Corp.: loan agreement with BNP Paribas dated July 7, 2020, with an 
outstanding balance as of December 31, 2022 (inclusive of accrued interest) of $34,299,581.
•	
Omega Three Marine Corp.: loan agreement with ABN Amro dated July 8, 2020, with 
an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$36,424,905.
•	
Omega Six Marine Corp.: loan agreement with KEXIM dated September 9, 2020 with 
an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$44,080,322.
•	
Omega Ten Marine Corp.: loan agreement with KEXIM dated September 9, 2020 
with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$44,030,762.
•	
Anassa Navigation S.A.: loan agreement with National Bank of Greece dated May 23, 
2022 with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) 
of $61,335,000.
•	
Nellmare Marine Ltd: loan agreement with National Bank of Greece dated May 23, 2022, 
with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$61,335,000. 
•	
Ark Marine S.A.: loan agreement with Sea 289 Leasing Co. Limited dated March 31, 2022, 
with an outstanding balance as of December 31, 2022 (inclusive of accrued interest) of 
$70,021,875.
•	
Theta Navigation Ltd: loan agreement with Sea 290 Leasing Co. Limited dated June 
3, 2022, with an outstanding balance as of December 31, 2022 (inclusive of accrued 
interest) of $71,343,508.
The extent to which an outflow of funds will be required is dependent on the subsidiaries’ 
performance and compliance with the relevant terms included in the respective debt 
arrangements. 
10. Earnings per Share
Basic and diluted Earnings per share for the years ended December 31, 2022 and 2021, are 
presented below:
FOR THE YEAR ENDED DECEMBER 31,	
2022	
   2021
Earnings per share from continuing operations	
0.03	
0.07
Total Earnings per share, basic and diluted	
0.03	
0.07
The profit and weighted average number of common shares used in the calculation of basic 
earnings per share are as follows:
FOR THE YEAR ENDED DECEMBER 31,	
2022	
2021
Profit for the year	
835,168  	
       2,427,433 
Weighted average number of shares outstanding in the year	
       32,202,394  	
       32,372,393 
Earnings per share, basic and diluted	
0.03 	
0.07
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

106
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
During the year ended December 31, 2022 and 2021, 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. 
11. Interest and other finance cost
The following table summarizes the interest and other finance costs incurred:
FOR THE YEAR ENDED DECEMBER 31,	
2022	
2021
Interest expense	
92,962	
117,461
Other finance costs	
232,546	
209,649
Amortization of financing fees	
6,942	
21,905
Total	
332,450	
349,015
12. Borrowings
On June 27, 2019, the Company entered into a loan agreement with BNP Paribas for its scrubber 
retrofit project. The total proceeds of the loan were $11,000,000. The facility carries an interest 
rate over LIBOR of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year 
after drawdown. As a result of the Company’s Aframax vessels (Nissos Schinoussa and Nissos 
Therassia) disposal and according to the relevant loan agreement clause, on June 16, 2021, the 
Company further retired the amount of $2,750,004 in connection to the said disposal.
The loan agreement includes several ship finance covenants, amongst which are restrictions 
as to changes in management and ownership of the vessels, declaration of dividends; further 
indebtedness; mortgaging of vessels without the bank’s prior consent and a hull cover ratio as 
well as several financial covenants. These mainly consist of:
•	
A hull cover ratio, being the ratio of a mortgaged vessel’s excess fair market values due to the 
scrubber installations over the respective outstanding debt, of no less than the percentage 
of 150%. 
•	
Minimum corporate liquidity, being the lesser of $10,000,000, and $500,000 per vessel, in 
the form of free and unencumbered cash and cash equivalents. 
•	
A net worth, being the difference between the carrying value of total assets less the carrying 
value of total liabilities, being greater than $100,000,000 at all times.
•	
A ratio of outstanding total liabilities to the carrying value of total assets (adjusted for the 
vessel’s fair market value), of no more than 75%. 
As at December 31, 2022, the Company was in compliance with its loan covenants.
Long-term debt net of current portion and current portion of long-term borrowings are 
analyzed as follows:
	
LONG-TERM BORROWINGS,	
CURRENT PORTION
	
NET OF CURRENT PORTION	 LONG-TERM BORROWINGS
Outstanding loan balance	
343,764 	
1,374,996 
Loan financing fees	
(1,617)	
(6,942)
Total	
	
342,147	
1,368,054
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

107
OKEANIS ECO TANKERS      2022 ANNUAL REPORT
The future annual loan repayments are as follows:
FOR THE YEAR ENDED DECEMBER 31,	
2022	
2021
No later than 1 year	
1,374,996	
1,374,996
Later than 1 year and no later than 5 years	
343,764	
1,718,760
Total	
	
1,718,760	
3,093,756
Less: Amounts due for settlement within 12 months	
(1,374,996)	
(1,374,996)
Long-term borrowings, net of current portion	
343,764	
1,718,760
13. Capital risk management
The Company’s objectives when managing capital are to safeguard the Company’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. 
14. Subsequent Events
On March 17, 2023, the Company distributed an amount of $1.25 per share, totaling $40.2 
million as a return of capital to its shareholders.
 PARENT COMPANY FINANCIAL STATEMENTS
NOTES

Okeanis Eco Tankers Corp.
c/o OET Chartering Inc.
Ethnarchou Makariou av, & 2 D. Falireos str., 185 47, N. Faliro, Greece
Tel: +30 210480 4200
info@okeanisecotankers.com
www.okeanisecotankers.com
Contact
Iraklis Sbarounis, CFO
ir@okeanisecotankers.com