Okeanis Eco Tankers Corp. – Key Information relating to Q2 2024 dividend

Rhea-AI Summary

Okeanis Eco Tankers Corp. (NYSE: ECO / OSE: OET) has declared a Q2 2024 dividend of USD 1.10 per common share, classified as a return of capital. Due to the implementation of CSDR in Norway and different settlement periods between NYSE (T+1) and OSE (T+2), there are varying ex-dividend dates:

- Last day including right: OSE - August 19, 2024; NYSE - August 20, 2024
- Ex-date: OSE - August 20, 2024; NYSE - August 21, 2024
- Record date for both exchanges: August 21, 2024
- Payment date: September 5, 2024 (VPS shareholders expected around September 10, 2024)

Dividends for VPS-registered shares will be distributed in NOK. Shareholders are advised to contact their financial institutions for details on dividend crediting.

Positive

• Declaration of a substantial dividend of USD 1.10 per common share
• Consistent dividend policy indicates financial stability

Negative

• None.

Financial Analyst

The announcement of a $1.10 per share dividend by Okeanis Eco Tankers Corp. is significantly positive for shareholders. This substantial dividend, classified as a return of capital, suggests strong cash flow and a shareholder-friendly approach. The dividend yield is likely to be attractive, potentially boosting investor interest.

However, investors should note the complexity in payment dates due to different settlement cycles between NYSE (T+1) and OSE (T+2). This discrepancy creates different ex-dividend dates, which could lead to short-term price fluctuations between the two exchanges. Shareholders, especially those holding shares in VPS, should pay close attention to the specific dates to ensure they're eligible for the dividend.

The return of capital classification may have tax implications for investors, potentially offering a more tax-efficient distribution compared to regular dividends. This could enhance the after-tax return for shareholders, making the stock more attractive for income-focused investors.

Market Research Analyst

The $1.10 dividend announcement signals robust financial health for Okeanis Eco Tankers Corp. In the context of the shipping industry, which has seen volatile earnings, this substantial payout suggests the company is capitalizing on favorable market conditions, likely high charter rates or strong demand for eco-friendly tankers.

The dividend's size may indicate management's confidence in future cash flows. However, investors should consider whether this level of payout is sustainable long-term, given the cyclical nature of the shipping industry. The company's ability to maintain such dividends through market downturns will be important for long-term investor confidence.

The dual-listing on NYSE and OSE provides increased liquidity and market access, but the different settlement cycles (T+1 vs T+2) add complexity. This situation might create short-term arbitrage opportunities for sophisticated investors, while potentially causing confusion for retail shareholders.

ATHENS, Greece, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE: ECO / OSE: OET), announced today that the Company's board of directors (the “Board”) has declared a dividend on its common shares, which is classified as a return of capital for accounting purposes (the “Dividend”).

Due to implementation of the Central Securities Depository Regulation (“CSDR”) in Norway, shareholders who hold shares registered in Euronext Securities Oslo, the central securities depository in Norway (“VPS”) should please note the information on the payment date to the shares registered in VPS below.

Since May 28, 2024, the New York Stock Exchange (“NYSE”) has been settling its trades on a T+1 basis, while the Oslo Stock Exchange (“OSE”) continues to settle its trades on a T+2 basis. As a result, there will be different ex-dividend dates between the two exchanges, as set out below.

Key information relating to the Dividend:

• Dividend amount: USD 1.10 per common share.
  
• Declared currency: USD. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK.
  
• Date of Board approval: August 8, 2024.
  
• Last day including right OSE: August 19, 2024, the last date on which the Company’s common shares trading on the OSE will include the entitlement to the Dividend.
  
• Last day including right NYSE: August 20, 2024, the last date on which the Company’s common shares trading on the NYSE will include the entitlement to the Dividend.
  
• Ex-date OSE: August 20, 2024, the date on which the Company’s common shares will begin trading on the OSE without the entitlement to the Dividend.
  
• Ex-date NYSE: August 21, 2024, the date on which the Company’s common shares will begin trading on the NYSE without the entitlement to the Dividend.
  
• Record date OSE and NYSE: August 21, 2024.
  
• Payment date: September 5, 2024. Due to the implementation of 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 September 10, 2024.

The Company encourages you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your common shares credited to your account.

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 for Okeanis Eco Tankers Corp. (ECO) in Q2 2024?

Okeanis Eco Tankers Corp. (ECO) has declared a dividend of USD 1.10 per common share for Q2 2024.

When is the ex-dividend date for Okeanis Eco Tankers (ECO) on NYSE and OSE?

The ex-dividend date for Okeanis Eco Tankers (ECO) is August 20, 2024 on OSE and August 21, 2024 on NYSE.

What is the record date for Okeanis Eco Tankers' (ECO) Q2 2024 dividend?

The record date for Okeanis Eco Tankers' (ECO) Q2 2024 dividend is August 21, 2024 for both NYSE and OSE.

When will Okeanis Eco Tankers (ECO) pay its Q2 2024 dividend?

Okeanis Eco Tankers (ECO) will pay its Q2 2024 dividend on September 5, 2024, with VPS shareholders expected to receive it around September 10, 2024.