Okeanis Eco Tankers Corp. – Key Information relating to 4Q23 capital distribution
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Insights
The announcement of Okeanis Eco Tankers Corp.'s dividend payment represents a direct financial incentive to shareholders and can influence investor sentiment. A substantial dividend of USD 0.66 per common share indicates a transfer of value from the company to its investors. This payout ratio should be evaluated against the company's earnings to assess sustainability. A high dividend yield can attract income-focused investors, potentially increasing demand for the stock. However, it's crucial to consider the company's cash flow and debt levels to ensure that such distributions do not compromise financial stability or future growth opportunities.
The declaration of a return of capital implies that the company is returning a portion of the investment back to shareholders, which could be interpreted as a sign of strong cash reserves or a lack of attractive reinvestment opportunities. The market often reacts to dividend announcements and the size of this dividend might lead to a positive short-term price movement. Nonetheless, the long-term effect on the stock price will largely depend on the underlying financial health of OET and the sustainability of its dividend policy amidst industry-specific challenges such as fluctuating oil prices and regulatory changes like the CSDR in Norway.
When a company like Okeanis Eco Tankers Corp. announces a return of capital to shareholders, it may reflect broader economic conditions. In a low-interest-rate environment, dividends become a more attractive source of income, which can drive investment towards dividend-paying stocks. Conversely, if this return of capital reflects an inability to find productive investments within the company or industry, it could signal a potential slowdown in sector growth. The impact on the stock market will depend on whether investors view the dividend as a sign of financial strength or a lack of growth prospects.
ATHENS, Greece, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “OET” or the “Company”) (NYSE: ECO / OSE: OET), will pay a dividend on its common shares, which is classified as a return of capital (the “Dividend”).
Key information relating to the Dividend to be paid by the Company for the fourth quarter of 2023 can be found below:
- Dividend amount: USD 0.66 per common share
- Declared currency: USD. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK
- Date of Board resolution: February 28, 2024
- Last day including right: March 7, 2024
- Ex-date: March 8, 2024
- Record date: March 11, 2024
- Payment date: March 22, 2024. Due to the implementation of Central Securities Depository Regulation (CSDR) in Norway, the Dividend payable on common shares that are registered in the Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about March 27, 2024.
Contacts
Company:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
ir@okeanisecotankers.com
Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
okeanisecotankers@capitallink.com
About OET
OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Børs under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.
Forward-Looking Statements
This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics (including COVID-19), including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the U.S. Securities and Exchange Commission, which can be obtained free of charge on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
This information is published in accordance with the requirements of the Continuing Obligations.
FAQ
What is the dividend amount per common share announced by Okeanis Eco Tankers Corp.?
In which currency will the dividends be paid by Okeanis Eco Tankers Corp.?
When is the ex-date set for the dividend payment by Okeanis Eco Tankers Corp.?
On which date is the payment of dividends scheduled by Okeanis Eco Tankers Corp.?
