Okeanis Eco Tankers Corp. – Key Information relating to Q4 2024 dividend

Rhea-AI Summary

Okeanis Eco Tankers Corp. (NYSE: ECO / OSE: OET) has declared a quarterly dividend of USD 0.35 per common share. Due to different settlement periods between NYSE (T+1) and Oslo Stock Exchange (T+2), there will be different ex-dividend dates for the two exchanges.

Key dates include: Last trading day with dividend rights on OSE: February 27, 2025; on NYSE: February 28, 2025. Ex-dividend date for OSE: February 28, 2025; for NYSE: March 3, 2025. Record date for both exchanges: March 3, 2025. Payment date is set for March 17, 2025, with VPS shareholders expected to receive payment around March 20, 2025 due to CSDR implementation in Norway.

Positive

• Declared dividend of USD 0.35 per share, demonstrating strong shareholder returns

Negative

• None.

Insights

Financial Analyst

Okeanis Eco Tankers' Q4 2024 dividend of $0.35 per share represents an annualized dividend yield of approximately 5.8% at current market prices, positioning it competitively within the tanker sector. This consistent dividend payout signals strong cash flow generation and management's commitment to shareholder returns.

The complexity of managing dual-listed shares on NYSE and Oslo Stock Exchange, with their different settlement cycles (T+1 vs. T+2), creates a unique trading dynamic. This settlement disparity results in a three-day gap between ex-dividend dates, which could present arbitrage opportunities for sophisticated investors but also requires careful attention from shareholders to ensure proper dividend receipt.

For international investors, particularly those holding VPS-registered shares, the NOK-denominated payment introduces a currency exposure element. The March 17 payment date, with VPS shareholders receiving funds around March 20, reflects the additional processing time required for cross-border dividend distributions under the new CSDR regulations.

The structured approach to dividend distribution across multiple markets demonstrates Okeanis' robust financial infrastructure and commitment to maintaining equal treatment of shareholders across different trading venues, despite the technical complexities involved.

ATHENS, Greece, Feb. 19, 2025 (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 (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 0.35 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: February 19, 2025.
  
• Last day including right OSE: February 27, 2025, 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: February 28, 2025, the last date on which the Company’s common shares trading on the NYSE will include the entitlement to the Dividend.
  
• Ex-date OSE: February 28, 2025, the date on which the Company’s common shares will begin trading on the OSE without the entitlement to the Dividend.
  
• Ex-date NYSE: March 3, 2025, 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: March 3, 2025
  
• Payment date: March 17, 2025. 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 March 20, 2025.

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 (the “SEC”). 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 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 SEC. 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 SEC, which can be obtained free of charge on the SEC’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 announced by Okeanis Eco Tankers (ECO) for Q4 2024?

Okeanis Eco Tankers announced a dividend of USD 0.35 per common share for Q4 2024.

When is the ex-dividend date for ECO shares on NYSE and OSE?

The ex-dividend date is March 3, 2025 for NYSE and February 28, 2025 for OSE due to different settlement periods.

What is the payment date for ECO's Q4 2024 dividend?

The payment date is March 17, 2025, with VPS shareholders expected to receive payment around March 20, 2025.

Why are there different ex-dividend dates for ECO shares on NYSE and OSE?

Different ex-dividend dates exist because NYSE operates on a T+1 settlement basis while OSE operates on a T+2 basis.