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"value": "1. Incorporation and General InformationOkeanis Eco Tankers Corp. (\u201cOET\u201d or the \u201cCompany\u201d or \u201cOkeanis Eco Tankers\u201d or \u201cGroup), 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. (\u201cGlafki\u201d), 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. (\u201cHospitality\u201d) 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\u2019s shares, respectively. The consolidated financial statements comprise the financial statements of Okeanis Eco Tankers Corp. and its wholly owned subsidiaries (collectively the \u201cGroup\u201d).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 B\u00f8rs.As at December 31, 2022 the Group comprises the following companies: DATE OF INTEREST CONTRIBUTION HELD BYCOMPANY NAME TO OET INCORPORATED OETTherassia 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 \u2014COVID-19 UpdateImpact on OperationsWe 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\u2019 procedures and supplied our \ufb02eet with protective equipment. We have effected crew changes in permissible ports, a vaccination programme for all of our ships\u2019 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 UkraineRussia\u2019s invasion in Ukraine is a continuously evolving and unpredictable situation both from a humanitarian and market perspective. The Group\u2019s 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 (\u201cEU\u201d) and the United States began leading economic sanctions against Russia vis-\u00e0-vis the con\ufb02ict 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 $60 per barrel. The war has resulted in rerouting of crude oil voyages, leading to longer tonne-mile voyages. In particular, Europe is currently replacing Russian barrels from other exporting regions further away, such as, West and South Africa and the Middle East, while Russia is shifting its oil production to China and India. Currently, the disruption of trade \ufb02ows has created inefficiencies resulting to longer tonne miles benefiting the tanker market, while on the other hand, the recent increases in bunker 2. Basis of Preparation and statement of complianceThe consolidated financial statements are presented in United States Dollars ($) since this isthe currency in which the majority of the Group\u2019s transactions are denominated, thus the U.S.Dollar is the Group\u2019s functional and presentation currency.The consolidated financial statements have been prepared on the historical cost basis, exceptfor derivatives measured at their fair value.The consolidated financial statements have beenprepared on a going concern basis as the directors have, at the time of approving the financialstatements, reasonable expectation that the Group have adequate resources to continue inoperational existence for the foreseeable future.Okeanis Eco Tankers annual consolidated financial statements were approved and authorizedfor issue by the Board of Directors on April 6, 2023.3. Basis of ConsolidationConsolidation 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:\u2022 has power over the investee;\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 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.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 \ufb02eet, 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.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 \u201cIASB\u201d).Vessel revenue recognitionRevenues are generated from time charter and voyage charter agreements.Under a time charter agreement, the vessel is hired by the charterer for a specified periodof 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 Groupof such earnings based on a predefined methodology. The charterer has the full discretionover the ports visited, shipping routes and vessel speed. The contract/charter party generallyprovides typical warranties regarding the speed and performance of the vessel. The charterparty generally has some owner-protective restrictions such that the vessel is sent only to safeports by the charterer, subject always to compliance with applicable sanction laws, and carryonly lawful or non-hazardous cargo. In a time charter contract, the Group is responsible forall the costs incurred for running the vessel such as crew costs, vessel insurance, repairs andmaintenance and lubricants. The charterer bears the voyage related costs such as bunkerexpenses, port charges, canal tolls during the hire period. The performance obligations in atime charter contract are satisfied over the term of the contract, beginning when the vessel isdelivered to the charterer until it is redelivered back to the Group. The charterer generally paysthe charter hire in advance of the upcoming contract period. The time charter contracts areconsidered operating leases accounted for in accordance with IFRS 16. Time charter contractsdo not fall under the scope of IFRS 15 Revenue from Contracts with Customers because (i) thevessel 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 contractand derives the economic benefits from such use. Revenue from time charter agreements isrecognized on a straight-line basis over the duration of the time charter agreement. In caseof a time charter agreement with contractual changes in rates throughout the term of theagreement, any differences between the actual and the straight-line revenue in a reportingperiod is recognized as a straight-line asset or liability and re\ufb02ected under current assets orcurrent liabilities, respectively, in the consolidated statement of financial position.Under a voyage charter agreement, the vessel transports a specific agreed-upon cargo fora single voyage which may include multiple load and discharge ports. The consideration isdetermined on the basis of a freight rate per metric ton of cargo carried, or on a lump sumbasis. The charter party generally has a minimum amount of cargo. The charterer is liablefor any short loading of cargo or \u201cdead\u201d freight. The voyage contract generally has standardpayment terms, where freight is paid within certain days after the completion of discharge.The voyage charter party generally has a \u201cdemurrage\u201d or \u201cdespatch\u201d clause. As per this clause,the charterer reimburses the Group for any potential delays exceeding the allowed laytime4. Summary of Significant Accounting PoliciesUse of estimatesThe preparation of the consolidated financial statements in conformity with International Financial Reporting Standards (\u201cIFRS\u201d) 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.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 theallowed laytime known as despatch resulting in a reduction in revenue. In a voyage chartercontract, the performance obligations begin to be satisfied once the vessel begins loading thecargo. The Group determined that its voyage charter contracts consist of a single performanceobligation of transporting the cargo within a specified time period. Therefore, the performanceobligation is met evenly as the voyage progresses, and as a result revenue is recognized on astraight line basis over the voyage days from the commencement of the loading of cargo tocompletion of discharge.The voyage contracts are considered service contracts which fall under the provisions of IFRS15, because the Group as shipowner retains control over the operations of the vessel, such asdirecting the routes taken or the vessel\u2019s 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 duringthe period prior to commencement of cargo loading are accounted for as contract fulfilmentcosts when they (a) relate directly to a contract or anticipated contract, (b) generate or enhanceresources that will be used in satisfying a performance obligation and (c) they are expected tobe recovered. These costs are deferred and recorded under current assets, and are amortizedon a straight-line basis as the related performance obligation to which they relate is satisfied.Deferred revenue represents revenue collected in advance of being earned. The portion ofdeferred revenue, which is recognized in the next twelve months from the consolidatedstatement of financial position date, is classified under current liabilities in the consolidatedstatement of financial position.Vessel voyage expensesVessel 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 expensesVessel 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\u2019s operating expenses (such as crew costs, spares, stores, insurances, repairs, surveys, telecommunication and various other expenses) are paid from Kyklades Maritime Corporation (\u201cKyklades\u201d or \u201cKMC\u201d or \u201cManagement Company) and are subsequently reimbursed by the Group to the Management Company.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 re\ufb02ected under Revenue and Commissions, respectively, in the consolidated statement of profit or loss and other comprehensive income.Trade and other receivablesTrade receivables include estimated recoveries from hire and freight billings to charterers, netof any provision for doubtful accounts, as well as interest receivable from time deposits. Ateach statement of financial position date, the Group assesses its potential expected creditlosses in accordance with IFRS 9. As of December 31, 2022 and 2021, the Group performed arespective exercise and concluded that the expected credit losses calculated were immaterial.Trade payablesTrade 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 re\ufb02ected 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\u2019 fair value approximate their carrying amount.Vessels and depreciationVessels are stated at cost, which comprises vessels\u2019 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\u2019s 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 costsSpecial 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\u2019s 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 Impairment of vessels vessels under construction and right-of-use assetsThe Group assesses at each reporting date whether there are any indications that the vessels\u2019, 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\u2019s length transaction, less any associated costs of disposal. In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the vessels. Advances for vessels under constructionAdvances 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 re\ufb02ected in depreciation in the statement of profit or loss and other comprehensive income.Vessels held for sale and discontinued operationsVessels are classified as current assets in the statement of financial position when their carryingamount will be recovered through a sale transaction rather than continuing use. A vessel isclassified as held for sale when it is available for immediate sale in its present condition andthe sale is highly probable.A highly probable sale implies that, management is committed to a plan to sell the asset andthe 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 tobe 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 fairvalue less cost to sell.A discontinued operation is a component of the Company\u2019s business that represents aseparate major line of business or geographical area of operations that has been disposed ofor is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as adiscontinued operation occurs upon disposal. When an operation is classified as a discontinuedoperation, the comparative statement of profit or loss is presented as if the operation hadbeen discontinued from the start of the comparative period.Foreign currency translationsThe functional currency of the Company and its subsidiaries is the U.S. dollar because thevessels operate in international shipping markets, which primarily transact business in U.S.dollars.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 \ufb02ow statement, cash and cash equivalents consist of cash and cash equivalents as defined above.Interest bearing loans and borrowingsLoans 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 re\ufb02ected 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 InformationThe 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 \ufb02eet, 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 cashRestricted cash represents pledged cash deposits or minimum liquidity to be maintained with certain banks under the Group\u2019s 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.InventoriesInventories 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.Cash \ufb02ow statement policyThe Group uses the indirect method to report cash \ufb02ows from operating activities.Earnings/(Loss) per shareBasic 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 - personnelEmployee 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\u2019s 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.Pension and retirement benefit obligations \u2013 crewCrew 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.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. EquityThe 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\u2019s 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\u2019s subsidiaries which are held directly or indirectly by the Company.Taxation All companies comprising the Group are not subject to tax on international shipping incomesince their countries of incorporation do not impose such taxes. The Group\u2019s vessels are subjectto registration and tonnage taxes, which are included under vessel operating expenses in theconsolidated statement of profit or loss and other comprehensive income.Dividends and capital distributions to shareholders are recognized in shareholder\u2019s equity in the period when they are authorized. Share buybacks are recognized when they incur.Provisions and contingenciesProvisions are recognized when the Group has a present legal or constructive obligation asa result of past events and it is probable that an out\ufb02ow of resources embodying economicbenefits will be required to settle this obligation and a reliable estimate of the amount of theobligation can be made. Provisions are reviewed at each consolidated statement of financial position date and adjustedto re\ufb02ect 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 aredisclosed unless the possibility of an out\ufb02ow of resources embodying economic benefits isremote. Contingent assets are not recognized in the consolidated financial statements but aredisclosed when an in\ufb02ow of economic benefits is probable.Fair value of financial assets and liabilitiesThe definitions of the levels, provided by IFRS 13 Fair Value Measurement, are based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities.Treasury sharesCommon 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\u2019 equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares.\u2022 Level 2 fair value measurements are those derived from inputs other than quoted pricesincluded within Level 1 that are observable for the asset or liability, either directly (i.e. asprices) or indirectly (i.e. derived from prices).\u2022 Level 3 fair value measurements are those derived from valuation techniques that includeinputs for the asset or liability that are not based on observable market data (unobservableinputs).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 re\ufb02ected 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 re\ufb02ects their current assessed risk. The terms of the Group\u2019s 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.LeasesThe 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, 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. 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\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to re\ufb02ect a constant periodic rate of return on the Group\u2019s 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:\u2022 All fixed lease revenue earned under these arrangements is recognized on a straight-line basis over the term of the lease.\u2022 The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized \u201cover time\u201d as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the service.Derivative financial instrumentsInterest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposureto interest rate risk arising from its variable rate borrowings. Interest rate swaps are initiallyrecognized at fair value on the consolidated statement of financial position on the date thederivative contracts are entered into and are subsequently remeasured to their fair value at eachreporting date. The fair value of these derivative financial instruments is based on a discountedcash \ufb02ow calculation. The resulting changes in fair value are recognized in the consolidatedstatement of profit or loss and other comprehensive income unless the derivative is designatedand effective as a hedging instrument, in which event the timing of the recognition in theconsolidated 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 asliabilities when unfavourable to the Group. Cash out\ufb02ows and in\ufb02ows resulting from derivativecontracts are presented as cash \ufb02ows from operations in the consolidated statement of cash\ufb02ows. The Company has selected not to apply hedge accounting to record the effect from itsinterest rate swaps movement in its consolidated statement of profit or loss.Forward Freight Agreements The Group enters into Forward Freight Agreements (the \u201cFFAs\u201d) to economically hedge its tradingexposure in the spot market. FFAs are derivative financial instruments initially recognized at fairvalue on the consolidated statement of financial position on the date the derivative contractsare 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 reportedby an identified index, for the specified route and time period, the seller of the FFA is requiredto pay the buyer the settlement sum, being an amount equal to the difference between thecontracted rate and the settlement rate, multiplied by the number of days in the specifiedperiod covered by the FFA. Conversely, if the contracted rate is greater than the settlementrate, the buyer is required to pay the seller the settlement sum. The resulting changes in fairvalue are recognized in the consolidated statement of profit or loss and other comprehensiveincome unless the derivative is designated and effective as a hedging instrument, in whichevent the timing of the recognition in the consolidated statement of profit or loss depends onthe nature of the hedge relationship. FFA derivatives are presented as current or non-currentassets when their valuation is favourable to the Group and as non-current liabilities whenunfavourable to the Group. Classification as current or non-current is determined based onthe derivatives\u2019 maturities. Cash out\ufb02ows and in\ufb02ows resulting from derivative contracts arepresented as cash \ufb02ows from operations in the consolidated statement of cash \ufb02ows. Forwardfreight derivatives are considered to be Level 2 items in accordance with the fair value hierarchyas defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting andtherefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) onderivatives 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 FFAsmovement in its consolidated statement of profit or loss.Adoption of new and revised IFRSStandards and interpretations adopted in the current yearThere are no IFRS standards and amendments issued by but not yet adopted that are expected to have a material effect on the Group\u2019s financial statements.Interest income and finance cost Interest income comprise interest receivable from available bank balances and short-termdeposits. Financing costs comprise interest payable on borrowings, various banks chargesand bank related fees. Interest income and finance costs are recognized in the consolidatedstatement of profit or loss, using the effective interest rate method, as they accrue.Standards and amendments in issue not yet adoptedAt 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 \u201csettlement\u201d of a liability as the extinguishment of a liability with cash, other economic resources or an entity\u2019s 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\u2019s 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\u2019s financial statements.In September 2022, the IASB issued \u201cLease Liability in a Sale and Leaseback (Amendments to IFRS 16)\u201d. 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\u2019s financial statements.In October 2022, the IASB has published \u201cNon-current liabilities with covenants (Amendments to IAS 1)\u201d 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\u2019s 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\u2019s financial statements.5. Critical Accounting Judgments and Key Sources of Estimation UncertaintyThe 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 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 contractsThe 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 costsThe Group recognizes dry-docking costs as a separate component from the vessels\u2019 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 factorsThe 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\u2019s discounted cash \ufb02ows calculations. Management adjusts its cash \ufb02ows, accordingly with the following:\u2022 an increase in its operating costs both for in\ufb02ation, as well as, extra operating costs associated with the vessels\u2019 operating effectiveness\u2022 an increase associated with the vessels special surveys and future Dry-dock costs\u2022 adjusted its weighted average cost of capital calculation.Management has concluded that its vessels\u2019 carrying values, as well as, their useful lives have not been impaired.Vessel lives and residual valuesThe carrying value of the vessels represents their original cost at the time of purchase, less accumulated depreciation and any impairment. Vessels are depreciated to their residual values on a straight-line basis over their estimated useful lives. The estimated useful life of 25 years is management\u2019s 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\u2019s 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 \ufb02uctuate.Impairment of vesselsThe 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 \ufb02ows are discounted to their present value, using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash \ufb02ows have not been adjusted. The projection of cash \ufb02ows 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\u2019 future cash \ufb02ows 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\u2019 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\u2019 valuations. Given the vessels\u2019 recoverable amounts were lower than their respective fair values, the Group concluded that there was no requirement to record an impairment loss.6. InventoriesInventories are analysed as follows:AS OF DECEMBER 31, 2022 2021Bunkers 13,914,723 10,427,636 Lubricants 2,740,559 1,925,361 Provisions 355,249 175,199 Bonded stores \u2014 102,336 Total 17,010,531 12,630,531 Inventories\u2019 carrying values approximate their fair values as at the reporting date.7. Vessels, NetVessels, net are analysed as follows: DRY-DOCKING VESSELS\u2019 AND SPECIAL COST SURVEY COSTS TOTALCostBalance - 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 \u2014 (1,601,576) (1,601,576)Additions \u2014 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 \u2014 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) \u2014 (3,932,873)Fully amortized Dry-Dock component \u2014 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 6,950,636 865,208,380Net Book Value - December 31, 2022 1,017,556,230 6,739,805 1,024,296,035As 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\u2019 valuations. As a result, the Group estimated the recoverable amount of this vessels to determine the extent of any impairment loss. Given the vessel\u2019s 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).AS OF DECEMBER 31,OTHER FIXED ASSETS 2022 2021Right-of-Use assets 71,204 \u2014Other fixed assets 61,019 61,019 Total 132,223 61,019The Group has recognised Right-of-Use assets, pursuant to contracts for the lease of officespace and a company car. For the year ended December 31, 2022 the Group recorded anamount of $30,533 as depreciation expense with regards to Right-of-Use assets recognised.8. Vessels Under ConstructionVessels under construction are analysed as follows:Balance - January 1, 2021 \u2014Additions during the year 18,193,257Balance - January 1, 2022 18,193,257 Additions during the period 178,459,120Transfers during the period to vessels, net (196,652,377)Balance - December 31, 2022 \u2014Additions 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..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. An analysis of the net gain on disposal of vessels can be found in the following table:VESSEL GAIN/(LOSS) ON DISPOSALNissos Therassia (3,348,501)Nissos Schinoussa (4,267,793)Nissos Heraclea (173,004)Nissos Santorini 5,878,751Nissos Antiparos 5,987,215 Net gain on Vessels\u2019 disposal 4,076,668Further, 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\u2019s carrying value was lower than her respective fair value less estimated selling expenses.The Group has pledged the above vessels to secure the loan facilities granted (see Note 13). 9. Accrued ExpensesAccrued expenses are analysed as follows:AS OF DECEMBER 31, 2022 2021Accrued payroll related taxes 15,645 15,842Accrued voyage expenses 1,021,539 30,406Accrued loan interest 3,781,363 1,254,301Accrued social insurance contributions 91,573 94,530Accrued operating expenses 1,036,952 826,166Sundry Liabilities 77,829 402,500Total 6,024,899 2,623,74510. Vessel Operating ExpensesVessel operating expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Crew cost 23,283,420 27,617,203Insurances 3,084,189 3,332,394Stores 1,566,555 1,206,306Spares 1,382,223 1,450,609Repairs and surveys 1,826,758 2,153,673Flag expenses 531,871 417,241Lubricants 2,466,943 2,282,815Telecommunication expenses 195,605 280,937Miscellaneous expenses 1,402,896 1,954,820Total 35,740,460 40,695,99711. Voyage ExpensesVoyage expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Port expenses 17,962,872 13,678,442Bunkers 55,671,538 31,070,105Other voyage expenses 451,811 258,215Total 74,086,221 45,006,762Additions 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.13. Long-Term BorrowingsThe 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. 12. General & Administrative ExpensesGeneral and administrative expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Employee costs 3,998,981 3,896,025Directors\u2019 fees and expenses 850,942 875,506Professional fees 287,355 262,332Other expenses 159,246 61,077Total 5,296,523 5,094,940Auditor 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 re\ufb02ected 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.Debt retired in connection with 2021 vessel salesUp 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 arrangementsOmega Two Marine Corp (the \u201cOmega Two\u201d) has entered into a debt financing transaction with OCY Knight AS. On June 8, 2017, Omega Two transferred Poliegos to OCY Knight AS (the \u201coriginal buyer\u201d) 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 \u201cnew buyer\u201d) 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 \u201coriginal buyer\u201d) 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. On February 14, 2019, Nellmare Marine Ltd. entered into a loan agreement with ABN Amro forthe financing of Nissos Donoussa. The total proceeds of the loan were $59,000,000. The loanbears annual interest of LIBOR plus a margin of 2.50%.On February 27, 2019, Moonsprite Shipping Corp. entered into a loan agreement with CACIBand Export-Import Bank of Korea for the financing of Nissos Anafi. The total proceeds of theloan 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 OCYKNIGHT 1 LIMITED for the financing of Nissos Rhenia. On May 3, 2019, Omega Five MarineCorp. transferred Nissos Rhenia to OCY KNIGHT 1 LIMITED (the \u201coriginal buyer\u201d) for an agreedconsideration 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 endof 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 incash as part of the transaction, with $9,500,000 to be retained by the original buyer as a depositwhich can be used towards the repurchase of the vessel pursuant to the purchase options. Thistransaction was evaluated in accordance with IFRS 16, but treated as a financing transactionand Nissos Rhenia continues to be recorded as an asset on the consolidated statement offinancial position, since control has effectively remained with Omega Five Marine Corp., and itis probable that Omega Five Marine Corp. will exercise the purchase option by the end of year14. Pursuant to this financing arrangement, Omega Five Marine Corp., had initially agreed topay a daily bareboat charter rate of $18,600 (year 1-5)/$18,350 (year 6-15), plus interest pursuantto USD LIBOR adjustment. On June 28, 2021, the Company transferred the remaining 0.5year time charter from Nissos Donoussa to Nissos Rhenia and the following action resulted inthe acceleration of debt repayments of Nissos Rhenia for two years beginning May 2, 2021 byrevising onwards the daily bareboat charter rate to $25,000 (year 3-4)/$17,200 (year 5-15), plusinterest pursuant to USD LIBOR adjustment. On June 10, 2019, Omega Seven Marine Corp. entered into a debt financing transaction withOCY KNIGHT 2 LIMITED for the financing of Nissos Despotiko. On June 10, 2019, Omega SevenMarine Corp. transferred Nissos Despotiko to OCY KNIGHT 2 LIMITED (the \u201coriginal buyer\u201d) foran agreed consideration of $83,750,000 and loan related fees $1,010,000, and, as part of theagreement, bareboat chartered the vessel back for a period of 15 years, with purchase optionsat 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 originalbuyer as a deposit which can be used towards the repurchase of the vessel pursuant to thepurchase options. This transaction was evaluated in accordance with IFRS 16, but treatedas a financing transaction and Nissos Despotiko continues to be recorded as an asset onthe consolidated statement of financial position, since control has effectively remained withOmega Seven Marine Corp., and it is probable that Omega Seven Marine Corp. will exercisethe purchase option by the end of year 14. Pursuant to this financing arrangement, OmegaSeven Marine Corp., had initially agreed to pay a daily bareboat charter rate of $18,600 (year1-5)/$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 NissosDespotiko and the following action resulted in the acceleration of debt repayments of NissosDespotiko for two years beginning June 9, 2021 by revising onwards the daily bareboat charterrate to $23,336 (year 3-4)/$17,200 (year 5-15), plus interest pursuant to USD LIBOR adjustment.On June 27, 2019, the Company entered into a loan agreement with BNP Paribas for its scrubberretrofit program. The total proceeds of the loan were $11,000,000. The loan bears interest LIBORplus a margin of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year afterdrawdown. As a result of the Group\u2019s Aframax vessels (Nissos Schinoussa and Nissos Therassia)disposal and according to the relevant loan agreement clause, on June 16, 2021, the Companyfurther 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 AlphaBank for an amount of $45,901,000 for the 88.95% financing of pre-delivery yard instalments ofNissos 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 December31, 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 foran amount of $39,150,000 in order to refinance the existing loan of the Folegandros. The loanbears 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 foran amount of $42,168,750 in order to refinance the existing loan of the Kimolos. The loan bearsannual interest of LIBOR plus a margin of 2.50%.On September 9, 2020, Omega Six Marine Corp. and Omega Ten Marine Corp. entered intoa loan agreement with Export-Import Bank of Korea, the BNK Busan Bank and the BNKKyongnam Bank for the refinancing of the existing indebtedness of Nissos Sikinos and NissosSifnos and the financing of the vessels\u2019 delivery instalments. The total proceeds of the loanwere $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. LIMITEDfor the financing of Nissos Kea. On March 31, 2022, ARK Marine S.A. transferred Nissos Kea toSEA 289 LEASING CO. LIMITED for an agreed consideration of $72,750,000 and loan relatedfees of $363,750, and, as part of the agreement, bareboat chartered the vessel back for aperiod 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 accordancewith IFRS 16, and it was concluded that it should be treated as a financing transaction andNissos Kea should continue to be recorded as an asset on the consolidated statement offinancial position, since ARK Marine S.A has a substantive repurchase option with respect ofthe asset and the risks and rewards of ownership have effectively remained with ARK MarineS.A.. The Facility is repaid in quarterly instalments, amortizes over a 20-year profile, matures in7 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 transferredNissos Nikouria to SEA 290 LEASING CO. LIMITED for an agreed consideration of $72,750,000and loan related fees of $363,750, and, as part of the agreement, bareboat chartered the vesselback for a period of 7 years, with purchase options at the end of each year. Theta NavigationLtd received $72,750,000 in cash as part of the transaction. This transaction was evaluatedin accordance with IFRS 16, and it was concluded that it should be treated as a financingtransaction and Nissos Nikouria should continue to be recorded as an asset on the consolidatedstatement of financial position, since Theta Navigation Ltd has a substantive repurchase optionwith respect of the asset and the risks and rewards of ownership have effectively remainedwith 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. IoannisAlafouzos (the \u201cSponsor\u201d), have agreed that repayment of twenty percent of each of the vessel\u2019soriginal contract price - amounting to $17,564,000 each - settled between the Sponsor andthe shipyard may be deferred, at OET\u2019s sole discretion, to any date two years from each vessel\u2019sdelivery at a fixed interest cost of 3.5% p.a. on the outstanding amount commencing from thedate of the resale VLCCs\u2019 delivery. The said transaction was formalized and documented bysigning a respective loan agreement on April 18, 2022. Nellmare Marine Ltd and Anassa Navigation S.A. signed, on May 23, 2022, a new loan agreementwith National Bank of Greece for a gross finance amount of $125,670,000 to refinance theirexisting indebtedness concerning the VLCC vessels Nissos Kythnos and Nissos Donoussa. Theloan amount was evenly split between the two companies and the related loan related feesamounted 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 assetsAs of December 31, 2022 the Group has recognized the following finance lease liability withrespect to the Right-of-Use assets:As of December 31, 2022Office rent 36,249 Company car 39,510 Total 75,759The undiscounted cash out\ufb02ows for the settlement of financial liabilities connected to theRight-of-Use assets as of December 31, 2022 are the following:As of December 31, 2022No later than one year 50,599 Later than one year and not later than five years 29,516 Total 80,115Long-term debt net of current portion and current portion of long-term borrowings areanalyzed as follows: LONG-TERM CURRENT PORTION BORROWINGS, OF LONG-TERMAS OF DECEMBER 31, 2021 NET OF CURRENT PORTION BORROWINGS TOTALOutstanding 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, 2022Outstanding 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 The loans are repayable as follows:AS OF DECEMBER 31, 2022 2021No 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 \ufb02ow reconciliation of liabilities arising from financing activities:A reconciliation of the Group\u2019s financing activities for the years ended December 31, 2022 and 2021 are presented in the tables below:Long-term borrowings - January 1, 2021 834,476,641Cash flows - repayments (261,713,694)Non-cash flows - amortisation of loan financing fees 4,233,322 Long-term borrowings - December 31, 2021 576,996,269Cash 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 739,035,681All loans are secured by first preferred mortgages of the Companies\u2019 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\u2019s prior consent and a hull cover ratio as well as several financial covenants. These mainly consist of:\u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s fair market value over its respective outstanding debt, of no less than 130%. \u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s excess fair market values due to the scrubber installations over the respective outstanding debt, of no less than 150%. \u2022 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. \u2022 A ratio of total liabilities to the carrying value of total assets (adjusted for the vessel\u2019s fair market value) of no more than 75%. As at December 31, 2022, the Group was in compliance with its loan covenants.14. Transactions and Balances with Related PartiesThe Group has entered into management agreements with Kyklades Maritime Corporation (\u201cKyklades\u201d or \u201cKMC\u201d or \u201cManagement 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 re\ufb02ected 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..\u201cFRPEs\u201d are \u201cFamily Related Party Entities\u201d 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 2021Amounts due from Management Company 449,629 389,925Amounts due from FRPEs, net \u2014 680,176Total 449,629 1,070,101Amounts 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. Related party balances\u2019 analysisThe below table presents the Group\u2019s outstanding balances due from/(to) related parties as of December 31, 2022 and 2021:RELATED PARTY BALANCES 2022 2021Kyklades Maritime Corporation 449,629 389,925 Danais Maritime Corp. \u2014 449,510 Athinais Maritime Corp. \u2014 235,000 Bigal Shipping Corporation \u2014 291,275 Zenith Maritime Corp. \u2014 696,000 Christianna Marine Corporation \u2014 674,291 Chantilly Enterprises Co. \u2014 88,000 Anafi Marine Corp. \u2014 (620,000)Clover Enterprises Co. \u2014 (1,133,900)Fees payable to the Board of Directors \u2014 (698,153)Total 449,629 371,948 Related party transactions\u2019 analysisThe below table presents the Group\u2019s transactions with its related parties as of December 31, 2022 and 2021:RELATED PARTY TRANSACTIONS 2022 2021Management fees Kyklades Maritime Corporation 4,381,200 5,425,200Total 4,381,200 5,425,200KMC solely administers the transactions on behalf of OET\u2019s subsidiaries, without recharging any expenditure back to the ship owning companies. All operating expenses are being incurred and charged directly to OET\u2019s subsidiary companies.For the above administrative, as well as, technical services provided during 2022 and 2021, KMC charged OET\u2019s 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 2021Crew wages 18,572,373 22,411,827Other crew expenses 3,357,800 3,555,432Stores 3,098,044 2,999,210Technical expenses 5,611,199 6,274,107Insurance 3,193,137 2,490,958HSQE expenses 525,210 672,704Other 931,952 1,416,495Total 35,289,715 39,820,734 15. Share Capital and Additional Paid-in CapitalThe Company\u2019s common shares have been registered under the laws of the Republic of the Marshall Islands. Pursuant to an agreement with DNB Bank ASA (\u201cDNB\u201d), 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\u2019s listing application to trading on Oslo Axess. Trading in the shares on Oslo Axess commenced on March 8, 2019, under the trading symbol \u201cOET\u201d. On January 27, 2021, the board of directors of the Oslo Stock Exchange approved the Company\u2019s listing application to transfer its listing from Euronext Expand to Oslo B\u00f8rs. Trading in the shares on Oslo B\u00f8rs commenced on January 29, 2021, under the trading symbol \u201cOET\u201d.Key management and Directors remunerationEach of the Group\u2019s directors, except for the Chairman of the Board of Directors, is entitled to an annual fee of $75,000. Directors\u2019 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\u2019 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.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.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\u2019s subsidiaries which are held directly or indirectly by the Company.The table below shows the movement in the Company\u2019s 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 VALUEDATE TYPE OF CHANGE CAPITAL (USD) CAPITAL (USD) SHARES PER SHAREMarch 9, 2020 Share buy-back \u2014 \u2014 32,625,917 0.001April 6, 2020 Share buy-back \u2014 \u2014 32,375,917 0.001December 6, 2021 Share buy-back \u2014 \u2014 32,353,417 0.001December 9, 2021 Share buy-back \u2014 \u2014 32,345,417 0.001December 14, 2021 Share buy-back \u2014 \u2014 32,316,681 0.001January 24, 2022 Share buy-back \u2014 \u2014 32,296,681 0.001January 26, 2022 Share buy-back \u2014 \u2014 32,194,108 0.00116. Financial Risk ManagementThe Group\u2019s 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\u2019s operations as well as mitigate its exposure to market and interest rate \ufb02uctuations. 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\u2019s financial instruments are credit risk, foreign currency risk, interest rate risk, liquidity risk and market risk. The Group\u2019s policies for addressing these risks are set out below:\u2022 Foreign currency riskThe Group\u2019s 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 \ufb02uctuations. \u2022 Interest rate riskThe Group is exposed to the impact of interest rate changes primarily through its \ufb02oating-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 \ufb02oating-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 \ufb02oating-rate borrowings.\u2022 Credit riskThe 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\u2019s exposure to bad debts is not significant.With respect to the credit risk arising from the Group\u2019s cash and cash equivalents and restricted cash, the Group\u2019s 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.\u2022 Market riskThe tanker shipping industry is cyclical with high volatility in charter rates and profitability. The Group charters its vessels principally in the spot market, being exposed to various unpredictable factors such as: supply and demand of energy resources, global economic and political conditions, natural or other disasters, disruptions in international trade, COVID-19 outbreak, environmental and other legal regulatory developments and so on. During 2022, the Group entered into Forward Freight Agreements (\u201cFFAs\u201d) in order to minimize losses from charter rate \ufb02uctuations and eliminate any adverse effect this may have in our operating cash \ufb02ows and dividend policy.\u2022 Liquidity riskLiquidity risk is the risk that arises when the maturity of assets and liabilities does notmatch. An unmatched position potentially enhances profitability, but can also increase therisk of losses. The Group minimizes liquidity risk by maintaining sufficient cash and cashequivalents. The following table details the Group\u2019s expected cash out\ufb02ows for its financial liabilities.The table has been drawn up based on the undiscounted cash \ufb02ows of financial liabilities,on the earliest date on which the Group would be required to pay to settle. The tableincludes both interest and principal cash \ufb02ows. Variable future interest payments weredetermined based on the one month LIBOR as of December 31, 2022 of 4.41%, plus themargin applicable to the Group\u2019s 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 TOTALDecember 31, 2021Derivative LiabilitiesDerivative financial instrument 95,636 60,499 316,507 377,560 \u2014 850,201Non-Derivative LiabilitiesTrade payables \u2014 \u2014 15,960,456 \u2014 \u2014 15,960,456Accrued expenses \u2014 \u2014 2,623,745 \u2014 \u2014 2,623,745Current accounts due to related parties \u2014 \u2014 698,153 \u2014 \u2014 698,153Variable interest loans 2.34% 3,703,399 5,306,980 26,865,137 335,093,434 34,729,947 405,698,896Variable interest for debt financing 5.28% 2,230,079 4,338,378 20,053,746 88,237,974 168,511,569 283,371,746Total 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 TOTALDecember 31, 2022Non-Derivative Liabilities Trade payables \u2014 \u2014 11,771,964 \u2014 \u2014 11,771,964Accrued expenses \u2014 \u2014 6,024,899 \u2014 \u2014 6,024,899Variable interest loans 6.26% 5,922,596 21,564,122 65,076,153 365,728,156 241,508,738 699,799,764Variable interest for debt financing 10.02% 2,823,905 5,526,029 22,237,116 112,171,014 167,665,884 310,423,948Total 8,746,500 27,090,151 105,110,132 477,899,170 409,174,622 1,028,020,57517. Commitments and ContingenciesCommitments under time charter agreements (Lessor)As of December 31, 2022, future minimum contractual time charter revenue, based on vessels\u2019 committed, non-cancellable, time charter agreements, net of address commissions for the next year amount to $24,416,000.18. Earnings/(loss) per ShareBasic and diluted earnings/(loss) per share for the years ended December 31, 2022 and 2021, are presented below:YEAR ENDED DECEMBER 31, 2022 2021From 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 2021Profit/(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 ReceivableAs of December 31, 2022, the Group has recognized and presented under \u201cClaims receivable\u201d in the consolidated statement of financial position, receivable amounts from vessels\u2019 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 ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s 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. 21. Lease and Non-Lease Components of Revenue and voyage charter revenueIFRS 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:\u2022 All fixed lease revenue earned under these arrangements will be recognized on a straight-line basis over the term of the lease. \u2022 Lease revenue earned under Group\u2019s time charter arrangements will be recognized as it is earned, since it is 100% variable. \u2022 The non-lease component will be accounted for as services revenue under IFRS 15. This revenue is recognized \u2018over time\u2019 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 ARRANGEMENTSFOR THE YEAR ENDED DECEMBER 31, 2022 2021Lease Component 50,536,021 59,098,416 Non-Lease Component 15,817,114 21,486,951Total 66,353,135 80,585,367The 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 2021Total borrowings 739,035,681 576,996,269Total equity 422,243,261 358,292,858Gearing ratio 64% 62%22. Interest income, Interest expense and Other Finance CostsInterest and finance related costs for the years ended December 31, 2022 and 2021, are presented below:FOR THE PERIOD ENDED DECEMBER 31, 2022 2021Interest expense 35,077,293 27,082,841Amortization and write-off of financing fees 1,693,117 4,233,322Finance costs related to covenants of early termination \u2014 4,092,000Bank charges and loan commitment fees 729,711 781,978Other finance costs 581,855 275,282Total 38,081,975 36,465,423Interest income for the years ended December 31, 2022 and 2021, are presented below:FOR THE PERIOD ENDED DECEMBER 31, 2022 2021Interest income from time deposits 668,032 \u2014Other interest income 53,496 3,470Total 721,528 3,47023. Derivative Financial InstrumentsInterest rate swapsDuring 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 2021Nissos 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 \ufb02ow 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 agreementsAs of December 31, 2022, the Group\u2019s Forward Freight Agreements (\u201cFFAs\u201d), 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. 24. RevenueThe table below presents an analysis of revenue generated from voyage and time agreements as at December 31, 2022 and 2021:2022 2021Voyage Charter 204,619,286 88,412,858Time Charter 66,353,135 80,585,367Total 270,972,421 168,998,225As 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\u2019s 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%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 Loss2022 2021Unrealized gain on forward freight agreements 45,960 30,105 Unrealized gain on interest rate swaps \u2014 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 \u2014 Total realized gain/(loss) on derivatives 11,436,481 (558,916)25. Subsequent EventsOn 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.Okeanis Eco TankersRepublic of Marshall IslandsCorporationRepublic of Marshall IslandsTrust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall IslandsInternationalOwn, charter out and operate tanker vesselsOkeanis Eco Tankers Corp.Glafki Marine Corp.The information below is also disclosed in Note 1 general Information.APPENDIXMandatory information with respect to European Single Electronic Format requirements:Name of reporting entity or other means of identificationDomicile of entityLegal form of entityCountry of incorporationAddress of entity\u2019s registered officePrincipal place of businessDescription of nature of entity\u2019s operations and principal activitiesName of parent entityName of ultimate parent of group",
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"value": "1. Incorporation and General InformationOkeanis Eco Tankers Corp. (\u201cOET\u201d or the \u201cCompany\u201d or \u201cOkeanis Eco Tankers\u201d or \u201cGroup), 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. (\u201cGlafki\u201d), 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. (\u201cHospitality\u201d) 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\u2019s shares, respectively. The consolidated financial statements comprise the financial statements of Okeanis Eco Tankers Corp. and its wholly owned subsidiaries (collectively the \u201cGroup\u201d).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 B\u00f8rs.As at December 31, 2022 the Group comprises the following companies: DATE OF INTEREST CONTRIBUTION HELD BYCOMPANY NAME TO OET INCORPORATED OETTherassia 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 \u2014COVID-19 UpdateImpact on OperationsWe 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\u2019 procedures and supplied our \ufb02eet with protective equipment. We have effected crew changes in permissible ports, a vaccination programme for all of our ships\u2019 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 UkraineRussia\u2019s invasion in Ukraine is a continuously evolving and unpredictable situation both from a humanitarian and market perspective. The Group\u2019s 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 (\u201cEU\u201d) and the United States began leading economic sanctions against Russia vis-\u00e0-vis the con\ufb02ict 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 \ufb02ows has created inefficiencies resulting to longer tonne miles benefiting the tanker market, while on the other hand, the recent increases in bunker 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 \ufb02eet, 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.",
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"value": "As at December 31, 2022 the Group comprises the following companies: DATE OF INTEREST CONTRIBUTION HELD BYCOMPANY NAME TO OET INCORPORATED OETTherassia 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 \u2014",
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"value": "As at December 31, 2022 the Group comprises the following companies: DATE OF INTEREST CONTRIBUTION HELD BYCOMPANY NAME TO OET INCORPORATED OETTherassia 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 \u2014",
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"value": "2. Basis of Preparation and statement of complianceThe consolidated financial statements are presented in United States Dollars ($) since this isthe currency in which the majority of the Group\u2019s transactions are denominated, thus the U.S.Dollar is the Group\u2019s functional and presentation currency.The consolidated financial statements have been prepared on the historical cost basis, exceptfor derivatives measured at their fair value.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 \u201cIASB\u201d).",
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"value": "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 \u201cIASB\u201d).",
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"value": "The consolidated financial statements have beenprepared on a going concern basis as the directors have, at the time of approving the financialstatements, reasonable expectation that the Group have adequate resources to continue inoperational existence for the foreseeable future.",
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"value": "Okeanis Eco Tankers annual consolidated financial statements were approved and authorizedfor issue by the Board of Directors on April 6, 2023.",
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"value": "3. Basis of ConsolidationConsolidation 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:\u2022 has power over the investee;\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 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.",
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"value": "3. Basis of ConsolidationConsolidation 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:\u2022 has power over the investee;\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 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.",
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"pp-value-58-2": {
"value": "Use of estimatesThe preparation of the consolidated financial statements in conformity with International Financial Reporting Standards (\u201cIFRS\u201d) 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.5. Critical Accounting Judgments and Key Sources of Estimation UncertaintyThe 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 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 contractsThe 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 costsThe Group recognizes dry-docking costs as a separate component from the vessels\u2019 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 factorsThe 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\u2019s discounted cash \ufb02ows calculations. Management adjusts its cash \ufb02ows, accordingly with the following:\u2022 an increase in its operating costs both for in\ufb02ation, as well as, extra operating costs associated with the vessels\u2019 operating effectiveness\u2022 an increase associated with the vessels special surveys and future Dry-dock costs\u2022 adjusted its weighted average cost of capital calculation.Management has concluded that its vessels\u2019 carrying values, as well as, their useful lives have not been impaired.Vessel lives and residual valuesThe carrying value of the vessels represents their original cost at the time of purchase, less accumulated depreciation and any impairment. Vessels are depreciated to their residual values on a straight-line basis over their estimated useful lives. The estimated useful life of 25 years is management\u2019s 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\u2019s 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 \ufb02uctuate.Impairment of vesselsThe 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 \ufb02ows are discounted to their present value, using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash \ufb02ows have not been adjusted. The projection of cash \ufb02ows 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\u2019 future cash \ufb02ows 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\u2019 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\u2019 valuations. Given the vessels\u2019 recoverable amounts were lower than their respective fair values, the Group concluded that there was no requirement to record an impairment loss.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\u2019 valuations. As a result, the Group estimated the recoverable amount of this vessels to determine the extent of any impairment loss. Given the vessel\u2019s 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).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-3": {
"value": "Use of estimatesThe preparation of the consolidated financial statements in conformity with International Financial Reporting Standards (\u201cIFRS\u201d) 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.5. Critical Accounting Judgments and Key Sources of Estimation UncertaintyThe 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 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 contractsThe 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 costsThe Group recognizes dry-docking costs as a separate component from the vessels\u2019 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 factorsThe 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\u2019s discounted cash \ufb02ows calculations. Management adjusts its cash \ufb02ows, accordingly with the following:\u2022 an increase in its operating costs both for in\ufb02ation, as well as, extra operating costs associated with the vessels\u2019 operating effectiveness\u2022 an increase associated with the vessels special surveys and future Dry-dock costs\u2022 adjusted its weighted average cost of capital calculation.Management has concluded that its vessels\u2019 carrying values, as well as, their useful lives have not been impaired.Vessel lives and residual valuesThe carrying value of the vessels represents their original cost at the time of purchase, less accumulated depreciation and any impairment. Vessels are depreciated to their residual values on a straight-line basis over their estimated useful lives. The estimated useful life of 25 years is management\u2019s 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\u2019s 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 \ufb02uctuate.Impairment of vesselsThe 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 \ufb02ows are discounted to their present value, using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash \ufb02ows have not been adjusted. The projection of cash \ufb02ows 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\u2019 future cash \ufb02ows 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\u2019 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\u2019 valuations. Given the vessels\u2019 recoverable amounts were lower than their respective fair values, the Group concluded that there was no requirement to record an impairment loss.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\u2019 valuations. As a result, the Group estimated the recoverable amount of this vessels to determine the extent of any impairment loss. Given the vessel\u2019s 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).",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-2": {
"value": "Vessel revenue recognitionRevenues are generated from time charter and voyage charter agreements.Under a time charter agreement, the vessel is hired by the charterer for a specified periodof 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 Groupof such earnings based on a predefined methodology. The charterer has the full discretionover the ports visited, shipping routes and vessel speed. The contract/charter party generallyprovides typical warranties regarding the speed and performance of the vessel. The charterparty generally has some owner-protective restrictions such that the vessel is sent only to safeports by the charterer, subject always to compliance with applicable sanction laws, and carryonly lawful or non-hazardous cargo. In a time charter contract, the Group is responsible forall the costs incurred for running the vessel such as crew costs, vessel insurance, repairs andmaintenance and lubricants. The charterer bears the voyage related costs such as bunkerexpenses, port charges, canal tolls during the hire period. The performance obligations in atime charter contract are satisfied over the term of the contract, beginning when the vessel isdelivered to the charterer until it is redelivered back to the Group. The charterer generally paysthe charter hire in advance of the upcoming contract period. The time charter contracts areconsidered operating leases accounted for in accordance with IFRS 16. Time charter contractsdo not fall under the scope of IFRS 15 Revenue from Contracts with Customers because (i) thevessel 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 contractand derives the economic benefits from such use. Revenue from time charter agreements isrecognized on a straight-line basis over the duration of the time charter agreement. In caseof a time charter agreement with contractual changes in rates throughout the term of theagreement, any differences between the actual and the straight-line revenue in a reportingperiod is recognized as a straight-line asset or liability and re\ufb02ected under current assets orcurrent liabilities, respectively, in the consolidated statement of financial position.Under a voyage charter agreement, the vessel transports a specific agreed-upon cargo fora single voyage which may include multiple load and discharge ports. The consideration isdetermined on the basis of a freight rate per metric ton of cargo carried, or on a lump sumbasis. The charter party generally has a minimum amount of cargo. The charterer is liablefor any short loading of cargo or \u201cdead\u201d freight. The voyage contract generally has standardpayment terms, where freight is paid within certain days after the completion of discharge.The voyage charter party generally has a \u201cdemurrage\u201d or \u201cdespatch\u201d clause. As per this clause,the charterer reimburses the Group for any potential delays exceeding the allowed laytimeas 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 theallowed laytime known as despatch resulting in a reduction in revenue. In a voyage chartercontract, the performance obligations begin to be satisfied once the vessel begins loading thecargo. The Group determined that its voyage charter contracts consist of a single performanceobligation of transporting the cargo within a specified time period. Therefore, the performanceobligation is met evenly as the voyage progresses, and as a result revenue is recognized on astraight line basis over the voyage days from the commencement of the loading of cargo tocompletion of discharge.The voyage contracts are considered service contracts which fall under the provisions of IFRS15, because the Group as shipowner retains control over the operations of the vessel, such asdirecting the routes taken or the vessel\u2019s 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 duringthe period prior to commencement of cargo loading are accounted for as contract fulfilmentcosts when they (a) relate directly to a contract or anticipated contract, (b) generate or enhanceresources that will be used in satisfying a performance obligation and (c) they are expected tobe recovered. These costs are deferred and recorded under current assets, and are amortizedon a straight-line basis as the related performance obligation to which they relate is satisfied.Deferred revenue represents revenue collected in advance of being earned. The portion ofdeferred revenue, which is recognized in the next twelve months from the consolidatedstatement of financial position date, is classified under current liabilities in the consolidatedstatement of financial position.Address commissions are discounts provided to charterers under time and voyage charter agreements. Brokerage commissions are commissions payable to third-party chartering brokers for commercial services rendered. Both address and brokerage commissions are recognized on a straight-line basis over the duration of the voyage or the time charter period, and are re\ufb02ected under Revenue and Commissions, respectively, in the consolidated statement of profit or loss and other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "Vessel revenue recognitionRevenues are generated from time charter and voyage charter agreements.Under a time charter agreement, the vessel is hired by the charterer for a specified periodof 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 Groupof such earnings based on a predefined methodology. The charterer has the full discretionover the ports visited, shipping routes and vessel speed. The contract/charter party generallyprovides typical warranties regarding the speed and performance of the vessel. The charterparty generally has some owner-protective restrictions such that the vessel is sent only to safeports by the charterer, subject always to compliance with applicable sanction laws, and carryonly lawful or non-hazardous cargo. In a time charter contract, the Group is responsible forall the costs incurred for running the vessel such as crew costs, vessel insurance, repairs andmaintenance and lubricants. The charterer bears the voyage related costs such as bunkerexpenses, port charges, canal tolls during the hire period. The performance obligations in atime charter contract are satisfied over the term of the contract, beginning when the vessel isdelivered to the charterer until it is redelivered back to the Group. The charterer generally paysthe charter hire in advance of the upcoming contract period. The time charter contracts areconsidered operating leases accounted for in accordance with IFRS 16. Time charter contractsdo not fall under the scope of IFRS 15 Revenue from Contracts with Customers because (i) thevessel 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 contractand derives the economic benefits from such use. Revenue from time charter agreements isrecognized on a straight-line basis over the duration of the time charter agreement. In caseof a time charter agreement with contractual changes in rates throughout the term of theagreement, any differences between the actual and the straight-line revenue in a reportingperiod is recognized as a straight-line asset or liability and re\ufb02ected under current assets orcurrent liabilities, respectively, in the consolidated statement of financial position.Under a voyage charter agreement, the vessel transports a specific agreed-upon cargo fora single voyage which may include multiple load and discharge ports. The consideration isdetermined on the basis of a freight rate per metric ton of cargo carried, or on a lump sumbasis. The charter party generally has a minimum amount of cargo. The charterer is liablefor any short loading of cargo or \u201cdead\u201d freight. The voyage contract generally has standardpayment terms, where freight is paid within certain days after the completion of discharge.The voyage charter party generally has a \u201cdemurrage\u201d or \u201cdespatch\u201d clause. As per this clause,the charterer reimburses the Group for any potential delays exceeding the allowed laytime4. Summary of Significant Accounting PoliciesUse of estimatesThe preparation of the consolidated financial statements in conformity with International Financial Reporting Standards (\u201cIFRS\u201d) 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.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 theallowed laytime known as despatch resulting in a reduction in revenue. In a voyage chartercontract, the performance obligations begin to be satisfied once the vessel begins loading thecargo. The Group determined that its voyage charter contracts consist of a single performanceobligation of transporting the cargo within a specified time period. Therefore, the performanceobligation is met evenly as the voyage progresses, and as a result revenue is recognized on astraight line basis over the voyage days from the commencement of the loading of cargo tocompletion of discharge.The voyage contracts are considered service contracts which fall under the provisions of IFRS15, because the Group as shipowner retains control over the operations of the vessel, such asdirecting the routes taken or the vessel\u2019s 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 duringthe period prior to commencement of cargo loading are accounted for as contract fulfilmentcosts when they (a) relate directly to a contract or anticipated contract, (b) generate or enhanceresources that will be used in satisfying a performance obligation and (c) they are expected tobe recovered. These costs are deferred and recorded under current assets, and are amortizedon a straight-line basis as the related performance obligation to which they relate is satisfied.Deferred revenue represents revenue collected in advance of being earned. The portion ofdeferred revenue, which is recognized in the next twelve months from the consolidatedstatement of financial position date, is classified under current liabilities in the consolidatedstatement of financial position.Vessel voyage expensesVessel 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 expensesVessel 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\u2019s operating expenses (such as crew costs, spares, stores, insurances, repairs, surveys, telecommunication and various other expenses) are paid from Kyklades Maritime Corporation (\u201cKyklades\u201d or \u201cKMC\u201d or \u201cManagement Company) and are subsequently reimbursed by the Group to the Management Company.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 re\ufb02ected under Revenue and Commissions, respectively, in the consolidated statement of profit or loss and other comprehensive income.Trade and other receivablesTrade receivables include estimated recoveries from hire and freight billings to charterers, netof any provision for doubtful accounts, as well as interest receivable from time deposits. Ateach statement of financial position date, the Group assesses its potential expected creditlosses in accordance with IFRS 9. As of December 31, 2022 and 2021, the Group performed arespective exercise and concluded that the expected credit losses calculated were immaterial.Trade payablesTrade 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 re\ufb02ected 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\u2019 fair value approximate their carrying amount.Vessels and depreciationVessels are stated at cost, which comprises vessels\u2019 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\u2019s 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 costsSpecial 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\u2019s 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 Impairment of vessels vessels under construction and right-of-use assetsThe Group assesses at each reporting date whether there are any indications that the vessels\u2019, 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\u2019s length transaction, less any associated costs of disposal. In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the vessels. Advances for vessels under constructionAdvances 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 re\ufb02ected in depreciation in the statement of profit or loss and other comprehensive income.Vessels held for sale and discontinued operationsVessels are classified as current assets in the statement of financial position when their carryingamount will be recovered through a sale transaction rather than continuing use. A vessel isclassified as held for sale when it is available for immediate sale in its present condition andthe sale is highly probable.A highly probable sale implies that, management is committed to a plan to sell the asset andthe 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 tobe 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 fairvalue less cost to sell.A discontinued operation is a component of the Company\u2019s business that represents aseparate major line of business or geographical area of operations that has been disposed ofor is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as adiscontinued operation occurs upon disposal. When an operation is classified as a discontinuedoperation, the comparative statement of profit or loss is presented as if the operation hadbeen discontinued from the start of the comparative period.Foreign currency translationsThe functional currency of the Company and its subsidiaries is the U.S. dollar because thevessels operate in international shipping markets, which primarily transact business in U.S.dollars.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 \ufb02ow statement, cash and cash equivalents consist of cash and cash equivalents as defined above.Interest bearing loans and borrowingsLoans 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 re\ufb02ected 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 InformationThe 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 \ufb02eet, 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 cashRestricted cash represents pledged cash deposits or minimum liquidity to be maintained with certain banks under the Group\u2019s 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.InventoriesInventories 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.Cash \ufb02ow statement policyThe Group uses the indirect method to report cash \ufb02ows from operating activities.Earnings/(Loss) per shareBasic 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 - personnelEmployee 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\u2019s 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.Pension and retirement benefit obligations \u2013 crewCrew 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.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. EquityThe 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\u2019s 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\u2019s subsidiaries which are held directly or indirectly by the Company.Taxation All companies comprising the Group are not subject to tax on international shipping incomesince their countries of incorporation do not impose such taxes. The Group\u2019s vessels are subjectto registration and tonnage taxes, which are included under vessel operating expenses in theconsolidated statement of profit or loss and other comprehensive income.Dividends and capital distributions to shareholders are recognized in shareholder\u2019s equity in the period when they are authorized. Share buybacks are recognized when they incur.Provisions and contingenciesProvisions are recognized when the Group has a present legal or constructive obligation asa result of past events and it is probable that an out\ufb02ow of resources embodying economicbenefits will be required to settle this obligation and a reliable estimate of the amount of theobligation can be made. Provisions are reviewed at each consolidated statement of financial position date and adjustedto re\ufb02ect 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 aredisclosed unless the possibility of an out\ufb02ow of resources embodying economic benefits isremote. Contingent assets are not recognized in the consolidated financial statements but aredisclosed when an in\ufb02ow of economic benefits is probable.Fair value of financial assets and liabilitiesThe definitions of the levels, provided by IFRS 13 Fair Value Measurement, are based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities.Treasury sharesCommon 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\u2019 equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares.\u2022 Level 2 fair value measurements are those derived from inputs other than quoted pricesincluded within Level 1 that are observable for the asset or liability, either directly (i.e. asprices) or indirectly (i.e. derived from prices).\u2022 Level 3 fair value measurements are those derived from valuation techniques that includeinputs for the asset or liability that are not based on observable market data (unobservableinputs).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 re\ufb02ected 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 re\ufb02ects their current assessed risk. The terms of the Group\u2019s 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.LeasesThe 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, 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. 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\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to re\ufb02ect a constant periodic rate of return on the Group\u2019s 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:\u2022 All fixed lease revenue earned under these arrangements is recognized on a straight-line basis over the term of the lease.\u2022 The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized \u201cover time\u201d as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the service.Derivative financial instrumentsInterest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposureto interest rate risk arising from its variable rate borrowings. Interest rate swaps are initiallyrecognized at fair value on the consolidated statement of financial position on the date thederivative contracts are entered into and are subsequently remeasured to their fair value at eachreporting date. The fair value of these derivative financial instruments is based on a discountedcash \ufb02ow calculation. The resulting changes in fair value are recognized in the consolidatedstatement of profit or loss and other comprehensive income unless the derivative is designatedand effective as a hedging instrument, in which event the timing of the recognition in theconsolidated 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 asliabilities when unfavourable to the Group. Cash out\ufb02ows and in\ufb02ows resulting from derivativecontracts are presented as cash \ufb02ows from operations in the consolidated statement of cash\ufb02ows. The Company has selected not to apply hedge accounting to record the effect from itsinterest rate swaps movement in its consolidated statement of profit or loss.Forward Freight Agreements The Group enters into Forward Freight Agreements (the \u201cFFAs\u201d) to economically hedge its tradingexposure in the spot market. FFAs are derivative financial instruments initially recognized at fairvalue on the consolidated statement of financial position on the date the derivative contractsare 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 reportedby an identified index, for the specified route and time period, the seller of the FFA is requiredto pay the buyer the settlement sum, being an amount equal to the difference between thecontracted rate and the settlement rate, multiplied by the number of days in the specifiedperiod covered by the FFA. Conversely, if the contracted rate is greater than the settlementrate, the buyer is required to pay the seller the settlement sum. The resulting changes in fairvalue are recognized in the consolidated statement of profit or loss and other comprehensiveincome unless the derivative is designated and effective as a hedging instrument, in whichevent the timing of the recognition in the consolidated statement of profit or loss depends onthe nature of the hedge relationship. FFA derivatives are presented as current or non-currentassets when their valuation is favourable to the Group and as non-current liabilities whenunfavourable to the Group. Classification as current or non-current is determined based onthe derivatives\u2019 maturities. Cash out\ufb02ows and in\ufb02ows resulting from derivative contracts arepresented as cash \ufb02ows from operations in the consolidated statement of cash \ufb02ows. Forwardfreight derivatives are considered to be Level 2 items in accordance with the fair value hierarchyas defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting andtherefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) onderivatives 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 FFAsmovement in its consolidated statement of profit or loss.Interest income and finance cost Interest income comprise interest receivable from available bank balances and short-termdeposits. Financing costs comprise interest payable on borrowings, various banks chargesand bank related fees. Interest income and finance costs are recognized in the consolidatedstatement of profit or loss, using the effective interest rate method, as they accrue.5. Critical Accounting Judgments and Key Sources of Estimation UncertaintyThe 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 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 contractsThe 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 costsThe Group recognizes dry-docking costs as a separate component from the vessels\u2019 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 factorsThe 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\u2019s discounted cash \ufb02ows calculations. Management adjusts its cash \ufb02ows, accordingly with the following:\u2022 an increase in its operating costs both for in\ufb02ation, as well as, extra operating costs associated with the vessels\u2019 operating effectiveness\u2022 an increase associated with the vessels special surveys and future Dry-dock costs\u2022 adjusted its weighted average cost of capital calculation.Management has concluded that its vessels\u2019 carrying values, as well as, their useful lives have not been impaired.Vessel lives and residual valuesThe carrying value of the vessels represents their original cost at the time of purchase, less accumulated depreciation and any impairment. Vessels are depreciated to their residual values on a straight-line basis over their estimated useful lives. The estimated useful life of 25 years is management\u2019s 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\u2019s 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 \ufb02uctuate.Impairment of vesselsThe 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 \ufb02ows are discounted to their present value, using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash \ufb02ows have not been adjusted. The projection of cash \ufb02ows 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\u2019 future cash \ufb02ows 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\u2019 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\u2019 valuations. Given the vessels\u2019 recoverable amounts were lower than their respective fair values, the Group concluded that there was no requirement to record an impairment loss.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\u2019 valuations. As a result, the Group estimated the recoverable amount of this vessels to determine the extent of any impairment loss. Given the vessel\u2019s 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).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-4": {
"value": "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 re\ufb02ected under Revenue and Commissions, respectively, in the consolidated statement of profit or loss and other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-3": {
"value": "Vessel voyage expensesVessel 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 expensesVessel 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\u2019s operating expenses (such as crew costs, spares, stores, insurances, repairs, surveys, telecommunication and various other expenses) are paid from Kyklades Maritime Corporation (\u201cKyklades\u201d or \u201cKMC\u201d or \u201cManagement Company) and are subsequently reimbursed by the Group to the Management Company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-4": {
"value": "Vessel operating expensesVessel 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\u2019s operating expenses (such as crew costs, spares, stores, insurances, repairs, surveys, telecommunication and various other expenses) are paid from Kyklades Maritime Corporation (\u201cKyklades\u201d or \u201cKMC\u201d or \u201cManagement Company) and are subsequently reimbursed by the Group to the Management Company.Special survey and dry-docking costsSpecial 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\u2019s 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 is performed prior to the scheduled date, any remaining unamortized balances are written-off and re\ufb02ected in depreciation in the statement of profit or loss and other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-3": {
"value": "Trade and other receivablesTrade receivables include estimated recoveries from hire and freight billings to charterers, netof any provision for doubtful accounts, as well as interest receivable from time deposits. Ateach statement of financial position date, the Group assesses its potential expected creditlosses in accordance with IFRS 9. As of December 31, 2022 and 2021, the Group performed arespective exercise and concluded that the expected credit losses calculated were immaterial.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": "Trade and other receivablesTrade receivables include estimated recoveries from hire and freight billings to charterers, netof any provision for doubtful accounts, as well as interest receivable from time deposits. Ateach statement of financial position date, the Group assesses its potential expected creditlosses in accordance with IFRS 9. As of December 31, 2022 and 2021, the Group performed arespective exercise and concluded that the expected credit losses calculated were immaterial.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "Trade payablesTrade 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-3": {
"value": "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 re\ufb02ected 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.Interest income and finance cost Interest income comprise interest receivable from available bank balances and short-termdeposits. Financing costs comprise interest payable on borrowings, various banks chargesand bank related fees. Interest income and finance costs are recognized in the consolidatedstatement of profit or loss, using the effective interest rate method, as they accrue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-4": {
"value": "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 re\ufb02ected 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.Interest income and finance cost Interest income comprise interest receivable from available bank balances and short-termdeposits. Financing costs comprise interest payable on borrowings, various banks chargesand bank related fees. Interest income and finance costs are recognized in the consolidatedstatement of profit or loss, using the effective interest rate method, as they accrue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-3": {
"value": "As of the date of this report, trade and other receivables\u2019 fair value approximate their carrying amount.Fair value of financial assets and liabilitiesThe definitions of the levels, provided by IFRS 13 Fair Value Measurement, are based on the degree to which the fair value is observable. \u2022 Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities.\u2022 Level 2 fair value measurements are those derived from inputs other than quoted pricesincluded within Level 1 that are observable for the asset or liability, either directly (i.e. asprices) or indirectly (i.e. derived from prices).\u2022 Level 3 fair value measurements are those derived from valuation techniques that includeinputs for the asset or liability that are not based on observable market data (unobservableinputs).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 re\ufb02ected 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 re\ufb02ects their current assessed risk. The terms of the Group\u2019s 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.Derivative financial instrumentsInterest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposureto interest rate risk arising from its variable rate borrowings. Interest rate swaps are initiallyrecognized at fair value on the consolidated statement of financial position on the date thederivative contracts are entered into and are subsequently remeasured to their fair value at eachreporting date. The fair value of these derivative financial instruments is based on a discountedcash \ufb02ow calculation. The resulting changes in fair value are recognized in the consolidatedstatement of profit or loss and other comprehensive income unless the derivative is designatedand effective as a hedging instrument, in which event the timing of the recognition in theconsolidated 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 asliabilities when unfavourable to the Group. Cash out\ufb02ows and in\ufb02ows resulting from derivativecontracts are presented as cash \ufb02ows from operations in the consolidated statement of cash\ufb02ows. The Company has selected not to apply hedge accounting to record the effect from itsinterest rate swaps movement in its consolidated statement of profit or loss.Forward Freight Agreements The Group enters into Forward Freight Agreements (the \u201cFFAs\u201d) to economically hedge its tradingexposure in the spot market. FFAs are derivative financial instruments initially recognized at fairvalue on the consolidated statement of financial position on the date the derivative contractsare 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 reportedby an identified index, for the specified route and time period, the seller of the FFA is requiredto pay the buyer the settlement sum, being an amount equal to the difference between thecontracted rate and the settlement rate, multiplied by the number of days in the specifiedperiod covered by the FFA. Conversely, if the contracted rate is greater than the settlementrate, the buyer is required to pay the seller the settlement sum. The resulting changes in fairvalue are recognized in the consolidated statement of profit or loss and other comprehensiveincome unless the derivative is designated and effective as a hedging instrument, in whichevent the timing of the recognition in the consolidated statement of profit or loss depends onthe nature of the hedge relationship. FFA derivatives are presented as current or non-currentassets when their valuation is favourable to the Group and as non-current liabilities whenunfavourable to the Group. Classification as current or non-current is determined based onthe derivatives\u2019 maturities. Cash out\ufb02ows and in\ufb02ows resulting from derivative contracts arepresented as cash \ufb02ows from operations in the consolidated statement of cash \ufb02ows. Forwardfreight derivatives are considered to be Level 2 items in accordance with the fair value hierarchyas defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting andtherefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) onderivatives 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 FFAsmovement in its consolidated statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-3": {
"value": "Vessels and depreciationVessels are stated at cost, which comprises vessels\u2019 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\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-4": {
"value": "Depreciation is calculated on a straight line basis over the estimated useful life of the vessels, after considering their estimated residual value. Each vessel\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "Impairment of vessels vessels under construction and right-of-use assetsThe Group assesses at each reporting date whether there are any indications that the vessels\u2019, 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\u2019s length transaction, less any associated costs of disposal. In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the vessels. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-4": {
"value": "Impairment of vessels vessels under construction and right-of-use assetsThe Group assesses at each reporting date whether there are any indications that the vessels\u2019, 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\u2019s length transaction, less any associated costs of disposal. In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the vessels. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-5": {
"value": "Impairment of vessels vessels under construction and right-of-use assetsThe Group assesses at each reporting date whether there are any indications that the vessels\u2019, 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\u2019s length transaction, less any associated costs of disposal. In assessing value-in-use, the estimated future cash \ufb02ows are discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks specific to the vessels. Advances for vessels under constructionAdvances 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-3": {
"value": "Vessels held for sale and discontinued operationsVessels are classified as current assets in the statement of financial position when their carryingamount will be recovered through a sale transaction rather than continuing use. A vessel isclassified as held for sale when it is available for immediate sale in its present condition andthe sale is highly probable.A highly probable sale implies that, management is committed to a plan to sell the asset andthe 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 tobe 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 fairvalue less cost to sell.A discontinued operation is a component of the Company\u2019s business that represents aseparate major line of business or geographical area of operations that has been disposed ofor is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as adiscontinued operation occurs upon disposal. When an operation is classified as a discontinuedoperation, the comparative statement of profit or loss is presented as if the operation hadbeen discontinued from the start of the comparative period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-4": {
"value": "Vessels held for sale and discontinued operationsVessels are classified as current assets in the statement of financial position when their carryingamount will be recovered through a sale transaction rather than continuing use. A vessel isclassified as held for sale when it is available for immediate sale in its present condition andthe sale is highly probable.A highly probable sale implies that, management is committed to a plan to sell the asset andthe 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 tobe 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 fairvalue less cost to sell.A discontinued operation is a component of the Company\u2019s business that represents aseparate major line of business or geographical area of operations that has been disposed ofor is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as adiscontinued operation occurs upon disposal. When an operation is classified as a discontinuedoperation, the comparative statement of profit or loss is presented as if the operation hadbeen discontinued from the start of the comparative period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-3": {
"value": "Foreign currency translationsThe functional currency of the Company and its subsidiaries is the U.S. dollar because thevessels operate in international shipping markets, which primarily transact business in U.S.dollars.Transactions denominated in foreign currencies are converted into U.S. dollars and are recorded at the exchange rate in effect at the date of the transactions. For the purposes of presenting these consolidated financial statements, monetary assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange prevailing at the consolidated statement of financial position date. Any resulting foreign exchange differences are re\ufb02ected 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-4": {
"value": "Foreign currency translationsThe functional currency of the Company and its subsidiaries is the U.S. dollar because thevessels operate in international shipping markets, which primarily transact business in U.S.dollars.Transactions denominated in foreign currencies are converted into U.S. dollars and are recorded at the exchange rate in effect at the date of the transactions. For the purposes of presenting these consolidated financial statements, monetary assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange prevailing at the consolidated statement of financial position date. Any resulting foreign exchange differences are re\ufb02ected 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-126-3": {
"value": "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 \ufb02ow statement, cash and cash equivalents consist of cash and cash equivalents as defined above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-127-3": {
"value": "Interest bearing loans and borrowingsLoans 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.Derivative financial instrumentsInterest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposureto interest rate risk arising from its variable rate borrowings. Interest rate swaps are initiallyrecognized at fair value on the consolidated statement of financial position on the date thederivative contracts are entered into and are subsequently remeasured to their fair value at eachreporting date. The fair value of these derivative financial instruments is based on a discountedcash \ufb02ow calculation. The resulting changes in fair value are recognized in the consolidatedstatement of profit or loss and other comprehensive income unless the derivative is designatedand effective as a hedging instrument, in which event the timing of the recognition in theconsolidated 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 asliabilities when unfavourable to the Group. Cash out\ufb02ows and in\ufb02ows resulting from derivativecontracts are presented as cash \ufb02ows from operations in the consolidated statement of cash\ufb02ows. The Company has selected not to apply hedge accounting to record the effect from itsinterest rate swaps movement in its consolidated statement of profit or loss.Forward Freight Agreements The Group enters into Forward Freight Agreements (the \u201cFFAs\u201d) to economically hedge its tradingexposure in the spot market. FFAs are derivative financial instruments initially recognized at fairvalue on the consolidated statement of financial position on the date the derivative contractsare 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 reportedby an identified index, for the specified route and time period, the seller of the FFA is requiredto pay the buyer the settlement sum, being an amount equal to the difference between thecontracted rate and the settlement rate, multiplied by the number of days in the specifiedperiod covered by the FFA. Conversely, if the contracted rate is greater than the settlementrate, the buyer is required to pay the seller the settlement sum. The resulting changes in fairvalue are recognized in the consolidated statement of profit or loss and other comprehensiveincome unless the derivative is designated and effective as a hedging instrument, in whichevent the timing of the recognition in the consolidated statement of profit or loss depends onthe nature of the hedge relationship. FFA derivatives are presented as current or non-currentassets when their valuation is favourable to the Group and as non-current liabilities whenunfavourable to the Group. Classification as current or non-current is determined based onthe derivatives\u2019 maturities. Cash out\ufb02ows and in\ufb02ows resulting from derivative contracts arepresented as cash \ufb02ows from operations in the consolidated statement of cash \ufb02ows. Forwardfreight derivatives are considered to be Level 2 items in accordance with the fair value hierarchyas defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting andtherefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) onderivatives 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 FFAsmovement in its consolidated statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-127-4": {
"value": "Interest bearing loans and borrowingsLoans 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-3": {
"value": "Segment InformationThe 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 \ufb02eet, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-130-3": {
"value": "Restricted cashRestricted cash represents pledged cash deposits or minimum liquidity to be maintained with certain banks under the Group\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-3": {
"value": "InventoriesInventories 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-3": {
"value": "Cash \ufb02ow statement policyThe Group uses the indirect method to report cash \ufb02ows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-3": {
"value": "Earnings/(Loss) per shareBasic 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-3": {
"value": "Employee compensation - personnelEmployee 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\u2019s 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-136-4": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-3": {
"value": "EquityThe 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\u2019s 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\u2019s subsidiaries which are held directly or indirectly by the Company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-138-3": {
"value": "Taxation All companies comprising the Group are not subject to tax on international shipping incomesince their countries of incorporation do not impose such taxes. The Group\u2019s vessels are subjectto registration and tonnage taxes, which are included under vessel operating expenses in theconsolidated statement of profit or loss and other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-138-4": {
"value": "Taxation All companies comprising the Group are not subject to tax on international shipping incomesince their countries of incorporation do not impose such taxes. The Group\u2019s vessels are subjectto registration and tonnage taxes, which are included under vessel operating expenses in theconsolidated statement of profit or loss and other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-143-3": {
"value": "Dividends and capital distributions to shareholders are recognized in shareholder\u2019s equity in the period when they are authorized. Share buybacks are recognized when they incur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-3": {
"value": "Provisions and contingenciesProvisions are recognized when the Group has a present legal or constructive obligation asa result of past events and it is probable that an out\ufb02ow of resources embodying economicbenefits will be required to settle this obligation and a reliable estimate of the amount of theobligation can be made. Provisions are reviewed at each consolidated statement of financial position date and adjustedto re\ufb02ect 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 aredisclosed unless the possibility of an out\ufb02ow of resources embodying economic benefits isremote. Contingent assets are not recognized in the consolidated financial statements but aredisclosed when an in\ufb02ow of economic benefits is probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-4": {
"value": "Provisions and contingenciesProvisions are recognized when the Group has a present legal or constructive obligation asa result of past events and it is probable that an out\ufb02ow of resources embodying economicbenefits will be required to settle this obligation and a reliable estimate of the amount of theobligation can be made. Provisions are reviewed at each consolidated statement of financial position date and adjustedto re\ufb02ect 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 aredisclosed unless the possibility of an out\ufb02ow of resources embodying economic benefits isremote. Contingent assets are not recognized in the consolidated financial statements but aredisclosed when an in\ufb02ow of economic benefits is probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-157-3": {
"value": "Treasury sharesCommon 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\u2019 equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-3": {
"value": "LeasesThe 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, 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\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to re\ufb02ect a constant periodic rate of return on the Group\u2019s 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:\u2022 All fixed lease revenue earned under these arrangements is recognized on a straight-line basis over the term of the lease.\u2022 The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized \u201cover time\u201d as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the service.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-5": {
"value": "Derivative financial instrumentsInterest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposureto interest rate risk arising from its variable rate borrowings. Interest rate swaps are initiallyrecognized at fair value on the consolidated statement of financial position on the date thederivative contracts are entered into and are subsequently remeasured to their fair value at eachreporting date. The fair value of these derivative financial instruments is based on a discountedcash \ufb02ow calculation. The resulting changes in fair value are recognized in the consolidatedstatement of profit or loss and other comprehensive income unless the derivative is designatedand effective as a hedging instrument, in which event the timing of the recognition in theconsolidated 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 asliabilities when unfavourable to the Group. Cash out\ufb02ows and in\ufb02ows resulting from derivativecontracts are presented as cash \ufb02ows from operations in the consolidated statement of cash\ufb02ows. The Company has selected not to apply hedge accounting to record the effect from itsinterest rate swaps movement in its consolidated statement of profit or loss.Forward Freight Agreements The Group enters into Forward Freight Agreements (the \u201cFFAs\u201d) to economically hedge its tradingexposure in the spot market. FFAs are derivative financial instruments initially recognized at fairvalue on the consolidated statement of financial position on the date the derivative contractsare 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 reportedby an identified index, for the specified route and time period, the seller of the FFA is requiredto pay the buyer the settlement sum, being an amount equal to the difference between thecontracted rate and the settlement rate, multiplied by the number of days in the specifiedperiod covered by the FFA. Conversely, if the contracted rate is greater than the settlementrate, the buyer is required to pay the seller the settlement sum. The resulting changes in fairvalue are recognized in the consolidated statement of profit or loss and other comprehensiveincome unless the derivative is designated and effective as a hedging instrument, in whichevent the timing of the recognition in the consolidated statement of profit or loss depends onthe nature of the hedge relationship. FFA derivatives are presented as current or non-currentassets when their valuation is favourable to the Group and as non-current liabilities whenunfavourable to the Group. Classification as current or non-current is determined based onthe derivatives\u2019 maturities. Cash out\ufb02ows and in\ufb02ows resulting from derivative contracts arepresented as cash \ufb02ows from operations in the consolidated statement of cash \ufb02ows. Forwardfreight derivatives are considered to be Level 2 items in accordance with the fair value hierarchyas defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting andtherefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) onderivatives 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 FFAsmovement in its consolidated statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-6": {
"value": "Derivative financial instrumentsInterest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposureto interest rate risk arising from its variable rate borrowings. Interest rate swaps are initiallyrecognized at fair value on the consolidated statement of financial position on the date thederivative contracts are entered into and are subsequently remeasured to their fair value at eachreporting date. The fair value of these derivative financial instruments is based on a discountedcash \ufb02ow calculation. The resulting changes in fair value are recognized in the consolidatedstatement of profit or loss and other comprehensive income unless the derivative is designatedand effective as a hedging instrument, in which event the timing of the recognition in theconsolidated 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 asliabilities when unfavourable to the Group. Cash out\ufb02ows and in\ufb02ows resulting from derivativecontracts are presented as cash \ufb02ows from operations in the consolidated statement of cash\ufb02ows. The Company has selected not to apply hedge accounting to record the effect from itsinterest rate swaps movement in its consolidated statement of profit or loss.Forward Freight Agreements The Group enters into Forward Freight Agreements (the \u201cFFAs\u201d) to economically hedge its tradingexposure in the spot market. FFAs are derivative financial instruments initially recognized at fairvalue on the consolidated statement of financial position on the date the derivative contractsare 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 reportedby an identified index, for the specified route and time period, the seller of the FFA is requiredto pay the buyer the settlement sum, being an amount equal to the difference between thecontracted rate and the settlement rate, multiplied by the number of days in the specifiedperiod covered by the FFA. Conversely, if the contracted rate is greater than the settlementrate, the buyer is required to pay the seller the settlement sum. The resulting changes in fairvalue are recognized in the consolidated statement of profit or loss and other comprehensiveincome unless the derivative is designated and effective as a hedging instrument, in whichevent the timing of the recognition in the consolidated statement of profit or loss depends onthe nature of the hedge relationship. FFA derivatives are presented as current or non-currentassets when their valuation is favourable to the Group and as non-current liabilities whenunfavourable to the Group. Classification as current or non-current is determined based onthe derivatives\u2019 maturities. Cash out\ufb02ows and in\ufb02ows resulting from derivative contracts arepresented as cash \ufb02ows from operations in the consolidated statement of cash \ufb02ows. Forwardfreight derivatives are considered to be Level 2 items in accordance with the fair value hierarchyas defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting andtherefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) onderivatives 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 FFAsmovement in its consolidated statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-7": {
"value": "Derivative financial instrumentsInterest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposureto interest rate risk arising from its variable rate borrowings. Interest rate swaps are initiallyrecognized at fair value on the consolidated statement of financial position on the date thederivative contracts are entered into and are subsequently remeasured to their fair value at eachreporting date. The fair value of these derivative financial instruments is based on a discountedcash \ufb02ow calculation. The resulting changes in fair value are recognized in the consolidatedstatement of profit or loss and other comprehensive income unless the derivative is designatedand effective as a hedging instrument, in which event the timing of the recognition in theconsolidated 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 asliabilities when unfavourable to the Group. Cash out\ufb02ows and in\ufb02ows resulting from derivativecontracts are presented as cash \ufb02ows from operations in the consolidated statement of cash\ufb02ows. The Company has selected not to apply hedge accounting to record the effect from itsinterest rate swaps movement in its consolidated statement of profit or loss.Forward Freight Agreements The Group enters into Forward Freight Agreements (the \u201cFFAs\u201d) to economically hedge its tradingexposure in the spot market. FFAs are derivative financial instruments initially recognized at fairvalue on the consolidated statement of financial position on the date the derivative contractsare 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 reportedby an identified index, for the specified route and time period, the seller of the FFA is requiredto pay the buyer the settlement sum, being an amount equal to the difference between thecontracted rate and the settlement rate, multiplied by the number of days in the specifiedperiod covered by the FFA. Conversely, if the contracted rate is greater than the settlementrate, the buyer is required to pay the seller the settlement sum. The resulting changes in fairvalue are recognized in the consolidated statement of profit or loss and other comprehensiveincome unless the derivative is designated and effective as a hedging instrument, in whichevent the timing of the recognition in the consolidated statement of profit or loss depends onthe nature of the hedge relationship. FFA derivatives are presented as current or non-currentassets when their valuation is favourable to the Group and as non-current liabilities whenunfavourable to the Group. Classification as current or non-current is determined based onthe derivatives\u2019 maturities. Cash out\ufb02ows and in\ufb02ows resulting from derivative contracts arepresented as cash \ufb02ows from operations in the consolidated statement of cash \ufb02ows. Forwardfreight derivatives are considered to be Level 2 items in accordance with the fair value hierarchyas defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting andtherefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) onderivatives 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 FFAsmovement in its consolidated statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-205-2": {
"value": "Adoption of new and revised IFRSStandards and interpretations adopted in the current yearThere are no IFRS standards and amendments issued by but not yet adopted that are expected to have a material effect on the Group\u2019s financial statements.Standards and amendments in issue not yet adoptedAt 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 \u201csettlement\u201d of a liability as the extinguishment of a liability with cash, other economic resources or an entity\u2019s 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\u2019s 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\u2019s financial statements.In September 2022, the IASB issued \u201cLease Liability in a Sale and Leaseback (Amendments to IFRS 16)\u201d. 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\u2019s financial statements.In October 2022, the IASB has published \u201cNon-current liabilities with covenants (Amendments to IAS 1)\u201d 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\u2019s 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\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-205-3": {
"value": "Adoption of new and revised IFRSStandards and interpretations adopted in the current yearThere are no IFRS standards and amendments issued by but not yet adopted that are expected to have a material effect on the Group\u2019s financial statements.Standards and amendments in issue not yet adoptedAt 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 \u201csettlement\u201d of a liability as the extinguishment of a liability with cash, other economic resources or an entity\u2019s 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\u2019s 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\u2019s financial statements.In September 2022, the IASB issued \u201cLease Liability in a Sale and Leaseback (Amendments to IFRS 16)\u201d. 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\u2019s financial statements.In October 2022, the IASB has published \u201cNon-current liabilities with covenants (Amendments to IAS 1)\u201d 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\u2019s 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\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-206-5": {
"value": "Interest income and finance cost Interest income comprise interest receivable from available bank balances and short-termdeposits. Financing costs comprise interest payable on borrowings, various banks chargesand bank related fees. Interest income and finance costs are recognized in the consolidatedstatement of profit or loss, using the effective interest rate method, as they accrue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-2": {
"value": "6. InventoriesInventories are analysed as follows:AS OF DECEMBER 31, 2022 2021Bunkers 13,914,723 10,427,636 Lubricants 2,740,559 1,925,361 Provisions 355,249 175,199 Bonded stores \u2014 102,336 Total 17,010,531 12,630,531 Inventories\u2019 carrying values approximate their fair values as at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-2": {
"value": " DRY-DOCKING VESSELS\u2019 AND SPECIAL COST SURVEY COSTS TOTALCostBalance - 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 \u2014 (1,601,576) (1,601,576)Additions \u2014 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 \u2014 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) \u2014 (3,932,873)Fully amortized Dry-Dock component \u2014 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 6,950,636 865,208,380Net Book Value - December 31, 2022 1,017,556,230 6,739,805 1,024,296,035",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-3": {
"value": " DRY-DOCKING VESSELS\u2019 AND SPECIAL COST SURVEY COSTS TOTALCostBalance - 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 \u2014 (1,601,576) (1,601,576)Additions \u2014 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 \u2014 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) \u2014 (3,932,873)Fully amortized Dry-Dock component \u2014 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 6,950,636 865,208,380Net Book Value - December 31, 2022 1,017,556,230 6,739,805 1,024,296,035",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-252-2": {
"value": "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. An analysis of the net gain on disposal of vessels can be found in the following table:VESSEL GAIN/(LOSS) ON DISPOSALNissos Therassia (3,348,501)Nissos Schinoussa (4,267,793)Nissos Heraclea (173,004)Nissos Santorini 5,878,751Nissos Antiparos 5,987,215 Net gain on Vessels\u2019 disposal 4,076,668",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-252-3": {
"value": "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. An analysis of the net gain on disposal of vessels can be found in the following table:VESSEL GAIN/(LOSS) ON DISPOSALNissos Therassia (3,348,501)Nissos Schinoussa (4,267,793)Nissos Heraclea (173,004)Nissos Santorini 5,878,751Nissos Antiparos 5,987,215 Net gain on Vessels\u2019 disposal 4,076,668Further, 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\u2019s carrying value was lower than her respective fair value less estimated selling expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-251-2": {
"value": "8. Vessels Under ConstructionVessels under construction are analysed as follows:Balance - January 1, 2021 \u2014Additions during the year 18,193,257Balance - January 1, 2022 18,193,257 Additions during the period 178,459,120Transfers during the period to vessels, net (196,652,377)Balance - December 31, 2022 \u2014Additions 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..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.",
"dimensions": {
"concept": "OET:DisclosureOfVesselsUnderConstruction",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-2": {
"value": "9. Accrued ExpensesAccrued expenses are analysed as follows:AS OF DECEMBER 31, 2022 2021Accrued payroll related taxes 15,645 15,842Accrued voyage expenses 1,021,539 30,406Accrued loan interest 3,781,363 1,254,301Accrued social insurance contributions 91,573 94,530Accrued operating expenses 1,036,952 826,166Sundry Liabilities 77,829 402,500Total 6,024,899 2,623,745",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-257-2": {
"value": "10. Vessel Operating ExpensesVessel operating expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Crew cost 23,283,420 27,617,203Insurances 3,084,189 3,332,394Stores 1,566,555 1,206,306Spares 1,382,223 1,450,609Repairs and surveys 1,826,758 2,153,673Flag expenses 531,871 417,241Lubricants 2,466,943 2,282,815Telecommunication expenses 195,605 280,937Miscellaneous expenses 1,402,896 1,954,820Total 35,740,460 40,695,99711. Voyage ExpensesVoyage expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Port expenses 17,962,872 13,678,442Bunkers 55,671,538 31,070,105Other voyage expenses 451,811 258,215Total 74,086,221 45,006,76212. General & Administrative ExpensesGeneral and administrative expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Employee costs 3,998,981 3,896,025Directors\u2019 fees and expenses 850,942 875,506Professional fees 287,355 262,332Other expenses 159,246 61,077Total 5,296,523 5,094,940Auditor 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 re\ufb02ected 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-257-3": {
"value": "10. Vessel Operating ExpensesVessel operating expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Crew cost 23,283,420 27,617,203Insurances 3,084,189 3,332,394Stores 1,566,555 1,206,306Spares 1,382,223 1,450,609Repairs and surveys 1,826,758 2,153,673Flag expenses 531,871 417,241Lubricants 2,466,943 2,282,815Telecommunication expenses 195,605 280,937Miscellaneous expenses 1,402,896 1,954,820Total 35,740,460 40,695,99711. Voyage ExpensesVoyage expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Port expenses 17,962,872 13,678,442Bunkers 55,671,538 31,070,105Other voyage expenses 451,811 258,215Total 74,086,221 45,006,76212. General & Administrative ExpensesGeneral and administrative expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Employee costs 3,998,981 3,896,025Directors\u2019 fees and expenses 850,942 875,506Professional fees 287,355 262,332Other expenses 159,246 61,077Total 5,296,523 5,094,940",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-260-2": {
"value": "13. Long-Term BorrowingsThe 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. Debt retired in connection with 2021 vessel salesUp 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 arrangementsOmega Two Marine Corp (the \u201cOmega Two\u201d) has entered into a debt financing transaction with OCY Knight AS. On June 8, 2017, Omega Two transferred Poliegos to OCY Knight AS (the \u201coriginal buyer\u201d) 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 \u201cnew buyer\u201d) 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 \u201coriginal buyer\u201d) 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. On February 14, 2019, Nellmare Marine Ltd. entered into a loan agreement with ABN Amro forthe financing of Nissos Donoussa. The total proceeds of the loan were $59,000,000. The loanbears annual interest of LIBOR plus a margin of 2.50%.On February 27, 2019, Moonsprite Shipping Corp. entered into a loan agreement with CACIBand Export-Import Bank of Korea for the financing of Nissos Anafi. The total proceeds of theloan 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 OCYKNIGHT 1 LIMITED for the financing of Nissos Rhenia. On May 3, 2019, Omega Five MarineCorp. transferred Nissos Rhenia to OCY KNIGHT 1 LIMITED (the \u201coriginal buyer\u201d) for an agreedconsideration 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 endof 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 incash as part of the transaction, with $9,500,000 to be retained by the original buyer as a depositwhich can be used towards the repurchase of the vessel pursuant to the purchase options. Thistransaction was evaluated in accordance with IFRS 16, but treated as a financing transactionand Nissos Rhenia continues to be recorded as an asset on the consolidated statement offinancial position, since control has effectively remained with Omega Five Marine Corp., and itis probable that Omega Five Marine Corp. will exercise the purchase option by the end of year14. Pursuant to this financing arrangement, Omega Five Marine Corp., had initially agreed topay a daily bareboat charter rate of $18,600 (year 1-5)/$18,350 (year 6-15), plus interest pursuantto USD LIBOR adjustment. On June 28, 2021, the Company transferred the remaining 0.5year time charter from Nissos Donoussa to Nissos Rhenia and the following action resulted inthe acceleration of debt repayments of Nissos Rhenia for two years beginning May 2, 2021 byrevising onwards the daily bareboat charter rate to $25,000 (year 3-4)/$17,200 (year 5-15), plusinterest pursuant to USD LIBOR adjustment. On June 10, 2019, Omega Seven Marine Corp. entered into a debt financing transaction withOCY KNIGHT 2 LIMITED for the financing of Nissos Despotiko. On June 10, 2019, Omega SevenMarine Corp. transferred Nissos Despotiko to OCY KNIGHT 2 LIMITED (the \u201coriginal buyer\u201d) foran agreed consideration of $83,750,000 and loan related fees $1,010,000, and, as part of theagreement, bareboat chartered the vessel back for a period of 15 years, with purchase optionsat 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 originalbuyer as a deposit which can be used towards the repurchase of the vessel pursuant to thepurchase options. This transaction was evaluated in accordance with IFRS 16, but treatedas a financing transaction and Nissos Despotiko continues to be recorded as an asset onthe consolidated statement of financial position, since control has effectively remained withOmega Seven Marine Corp., and it is probable that Omega Seven Marine Corp. will exercisethe purchase option by the end of year 14. Pursuant to this financing arrangement, OmegaSeven Marine Corp., had initially agreed to pay a daily bareboat charter rate of $18,600 (year1-5)/$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 NissosDespotiko and the following action resulted in the acceleration of debt repayments of NissosDespotiko for two years beginning June 9, 2021 by revising onwards the daily bareboat charterrate to $23,336 (year 3-4)/$17,200 (year 5-15), plus interest pursuant to USD LIBOR adjustment.On June 27, 2019, the Company entered into a loan agreement with BNP Paribas for its scrubberretrofit program. The total proceeds of the loan were $11,000,000. The loan bears interest LIBORplus a margin of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year afterdrawdown. As a result of the Group\u2019s Aframax vessels (Nissos Schinoussa and Nissos Therassia)disposal and according to the relevant loan agreement clause, on June 16, 2021, the Companyfurther 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 AlphaBank for an amount of $45,901,000 for the 88.95% financing of pre-delivery yard instalments ofNissos 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 December31, 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 foran amount of $39,150,000 in order to refinance the existing loan of the Folegandros. The loanbears 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 foran amount of $42,168,750 in order to refinance the existing loan of the Kimolos. The loan bearsannual interest of LIBOR plus a margin of 2.50%.On September 9, 2020, Omega Six Marine Corp. and Omega Ten Marine Corp. entered intoa loan agreement with Export-Import Bank of Korea, the BNK Busan Bank and the BNKKyongnam Bank for the refinancing of the existing indebtedness of Nissos Sikinos and NissosSifnos and the financing of the vessels\u2019 delivery instalments. The total proceeds of the loanwere $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. LIMITEDfor the financing of Nissos Kea. On March 31, 2022, ARK Marine S.A. transferred Nissos Kea toSEA 289 LEASING CO. LIMITED for an agreed consideration of $72,750,000 and loan relatedfees of $363,750, and, as part of the agreement, bareboat chartered the vessel back for aperiod 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 accordancewith IFRS 16, and it was concluded that it should be treated as a financing transaction andNissos Kea should continue to be recorded as an asset on the consolidated statement offinancial position, since ARK Marine S.A has a substantive repurchase option with respect ofthe asset and the risks and rewards of ownership have effectively remained with ARK MarineS.A.. The Facility is repaid in quarterly instalments, amortizes over a 20-year profile, matures in7 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 transferredNissos Nikouria to SEA 290 LEASING CO. LIMITED for an agreed consideration of $72,750,000and loan related fees of $363,750, and, as part of the agreement, bareboat chartered the vesselback for a period of 7 years, with purchase options at the end of each year. Theta NavigationLtd received $72,750,000 in cash as part of the transaction. This transaction was evaluatedin accordance with IFRS 16, and it was concluded that it should be treated as a financingtransaction and Nissos Nikouria should continue to be recorded as an asset on the consolidatedstatement of financial position, since Theta Navigation Ltd has a substantive repurchase optionwith respect of the asset and the risks and rewards of ownership have effectively remainedwith 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. IoannisAlafouzos (the \u201cSponsor\u201d), have agreed that repayment of twenty percent of each of the vessel\u2019soriginal contract price - amounting to $17,564,000 each - settled between the Sponsor andthe shipyard may be deferred, at OET\u2019s sole discretion, to any date two years from each vessel\u2019sdelivery at a fixed interest cost of 3.5% p.a. on the outstanding amount commencing from thedate of the resale VLCCs\u2019 delivery. The said transaction was formalized and documented bysigning a respective loan agreement on April 18, 2022. Nellmare Marine Ltd and Anassa Navigation S.A. signed, on May 23, 2022, a new loan agreementwith National Bank of Greece for a gross finance amount of $125,670,000 to refinance theirexisting indebtedness concerning the VLCC vessels Nissos Kythnos and Nissos Donoussa. Theloan amount was evenly split between the two companies and the related loan related feesamounted 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 assetsAs of December 31, 2022 the Group has recognized the following finance lease liability withrespect to the Right-of-Use assets:As of December 31, 2022Office rent 36,249 Company car 39,510 Total 75,759The undiscounted cash out\ufb02ows for the settlement of financial liabilities connected to theRight-of-Use assets as of December 31, 2022 are the following:As of December 31, 2022No later than one year 50,599 Later than one year and not later than five years 29,516 Total 80,115Long-term debt net of current portion and current portion of long-term borrowings areanalyzed as follows: LONG-TERM CURRENT PORTION BORROWINGS, OF LONG-TERMAS OF DECEMBER 31, 2021 NET OF CURRENT PORTION BORROWINGS TOTALOutstanding 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, 2022Outstanding 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 The loans are repayable as follows:AS OF DECEMBER 31, 2022 2021No 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 \ufb02ow reconciliation of liabilities arising from financing activities:A reconciliation of the Group\u2019s financing activities for the years ended December 31, 2022 and 2021 are presented in the tables below:Long-term borrowings - January 1, 2021 834,476,641Cash flows - repayments (261,713,694)Non-cash flows - amortisation of loan financing fees 4,233,322 Long-term borrowings - December 31, 2021 576,996,269Cash 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 739,035,681All loans are secured by first preferred mortgages of the Companies\u2019 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\u2019s prior consent and a hull cover ratio as well as several financial covenants. These mainly consist of:\u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s fair market value over its respective outstanding debt, of no less than 130%. \u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s excess fair market values due to the scrubber installations over the respective outstanding debt, of no less than 150%. \u2022 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. \u2022 A ratio of total liabilities to the carrying value of total assets (adjusted for the vessel\u2019s fair market value) of no more than 75%. As at December 31, 2022, the Group was in compliance with its loan covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-260-3": {
"value": "13. Long-Term BorrowingsThe 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. Debt retired in connection with 2021 vessel salesUp 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 arrangementsOmega Two Marine Corp (the \u201cOmega Two\u201d) has entered into a debt financing transaction with OCY Knight AS. On June 8, 2017, Omega Two transferred Poliegos to OCY Knight AS (the \u201coriginal buyer\u201d) 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 \u201cnew buyer\u201d) 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 \u201coriginal buyer\u201d) 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. On February 14, 2019, Nellmare Marine Ltd. entered into a loan agreement with ABN Amro forthe financing of Nissos Donoussa. The total proceeds of the loan were $59,000,000. The loanbears annual interest of LIBOR plus a margin of 2.50%.On February 27, 2019, Moonsprite Shipping Corp. entered into a loan agreement with CACIBand Export-Import Bank of Korea for the financing of Nissos Anafi. The total proceeds of theloan 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 OCYKNIGHT 1 LIMITED for the financing of Nissos Rhenia. On May 3, 2019, Omega Five MarineCorp. transferred Nissos Rhenia to OCY KNIGHT 1 LIMITED (the \u201coriginal buyer\u201d) for an agreedconsideration 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 endof 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 incash as part of the transaction, with $9,500,000 to be retained by the original buyer as a depositwhich can be used towards the repurchase of the vessel pursuant to the purchase options. Thistransaction was evaluated in accordance with IFRS 16, but treated as a financing transactionand Nissos Rhenia continues to be recorded as an asset on the consolidated statement offinancial position, since control has effectively remained with Omega Five Marine Corp., and itis probable that Omega Five Marine Corp. will exercise the purchase option by the end of year14. Pursuant to this financing arrangement, Omega Five Marine Corp., had initially agreed topay a daily bareboat charter rate of $18,600 (year 1-5)/$18,350 (year 6-15), plus interest pursuantto USD LIBOR adjustment. On June 28, 2021, the Company transferred the remaining 0.5year time charter from Nissos Donoussa to Nissos Rhenia and the following action resulted inthe acceleration of debt repayments of Nissos Rhenia for two years beginning May 2, 2021 byrevising onwards the daily bareboat charter rate to $25,000 (year 3-4)/$17,200 (year 5-15), plusinterest pursuant to USD LIBOR adjustment. On June 10, 2019, Omega Seven Marine Corp. entered into a debt financing transaction withOCY KNIGHT 2 LIMITED for the financing of Nissos Despotiko. On June 10, 2019, Omega SevenMarine Corp. transferred Nissos Despotiko to OCY KNIGHT 2 LIMITED (the \u201coriginal buyer\u201d) foran agreed consideration of $83,750,000 and loan related fees $1,010,000, and, as part of theagreement, bareboat chartered the vessel back for a period of 15 years, with purchase optionsat 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 originalbuyer as a deposit which can be used towards the repurchase of the vessel pursuant to thepurchase options. This transaction was evaluated in accordance with IFRS 16, but treatedas a financing transaction and Nissos Despotiko continues to be recorded as an asset onthe consolidated statement of financial position, since control has effectively remained withOmega Seven Marine Corp., and it is probable that Omega Seven Marine Corp. will exercisethe purchase option by the end of year 14. Pursuant to this financing arrangement, OmegaSeven Marine Corp., had initially agreed to pay a daily bareboat charter rate of $18,600 (year1-5)/$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 NissosDespotiko and the following action resulted in the acceleration of debt repayments of NissosDespotiko for two years beginning June 9, 2021 by revising onwards the daily bareboat charterrate to $23,336 (year 3-4)/$17,200 (year 5-15), plus interest pursuant to USD LIBOR adjustment.On June 27, 2019, the Company entered into a loan agreement with BNP Paribas for its scrubberretrofit program. The total proceeds of the loan were $11,000,000. The loan bears interest LIBORplus a margin of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year afterdrawdown. As a result of the Group\u2019s Aframax vessels (Nissos Schinoussa and Nissos Therassia)disposal and according to the relevant loan agreement clause, on June 16, 2021, the Companyfurther 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 AlphaBank for an amount of $45,901,000 for the 88.95% financing of pre-delivery yard instalments ofNissos 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 December31, 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 foran amount of $39,150,000 in order to refinance the existing loan of the Folegandros. The loanbears 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 foran amount of $42,168,750 in order to refinance the existing loan of the Kimolos. The loan bearsannual interest of LIBOR plus a margin of 2.50%.On September 9, 2020, Omega Six Marine Corp. and Omega Ten Marine Corp. entered intoa loan agreement with Export-Import Bank of Korea, the BNK Busan Bank and the BNKKyongnam Bank for the refinancing of the existing indebtedness of Nissos Sikinos and NissosSifnos and the financing of the vessels\u2019 delivery instalments. The total proceeds of the loanwere $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. LIMITEDfor the financing of Nissos Kea. On March 31, 2022, ARK Marine S.A. transferred Nissos Kea toSEA 289 LEASING CO. LIMITED for an agreed consideration of $72,750,000 and loan relatedfees of $363,750, and, as part of the agreement, bareboat chartered the vessel back for aperiod 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 accordancewith IFRS 16, and it was concluded that it should be treated as a financing transaction andNissos Kea should continue to be recorded as an asset on the consolidated statement offinancial position, since ARK Marine S.A has a substantive repurchase option with respect ofthe asset and the risks and rewards of ownership have effectively remained with ARK MarineS.A.. The Facility is repaid in quarterly instalments, amortizes over a 20-year profile, matures in7 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 transferredNissos Nikouria to SEA 290 LEASING CO. LIMITED for an agreed consideration of $72,750,000and loan related fees of $363,750, and, as part of the agreement, bareboat chartered the vesselback for a period of 7 years, with purchase options at the end of each year. Theta NavigationLtd received $72,750,000 in cash as part of the transaction. This transaction was evaluatedin accordance with IFRS 16, and it was concluded that it should be treated as a financingtransaction and Nissos Nikouria should continue to be recorded as an asset on the consolidatedstatement of financial position, since Theta Navigation Ltd has a substantive repurchase optionwith respect of the asset and the risks and rewards of ownership have effectively remainedwith 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. IoannisAlafouzos (the \u201cSponsor\u201d), have agreed that repayment of twenty percent of each of the vessel\u2019soriginal contract price - amounting to $17,564,000 each - settled between the Sponsor andthe shipyard may be deferred, at OET\u2019s sole discretion, to any date two years from each vessel\u2019sdelivery at a fixed interest cost of 3.5% p.a. on the outstanding amount commencing from thedate of the resale VLCCs\u2019 delivery. The said transaction was formalized and documented bysigning a respective loan agreement on April 18, 2022. Nellmare Marine Ltd and Anassa Navigation S.A. signed, on May 23, 2022, a new loan agreementwith National Bank of Greece for a gross finance amount of $125,670,000 to refinance theirexisting indebtedness concerning the VLCC vessels Nissos Kythnos and Nissos Donoussa. Theloan amount was evenly split between the two companies and the related loan related feesamounted 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.Long-term debt net of current portion and current portion of long-term borrowings areanalyzed as follows: LONG-TERM CURRENT PORTION BORROWINGS, OF LONG-TERMAS OF DECEMBER 31, 2021 NET OF CURRENT PORTION BORROWINGS TOTALOutstanding 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, 2022Outstanding 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 The loans are repayable as follows:AS OF DECEMBER 31, 2022 2021No 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 \ufb02ow reconciliation of liabilities arising from financing activities:A reconciliation of the Group\u2019s financing activities for the years ended December 31, 2022 and 2021 are presented in the tables below:Long-term borrowings - January 1, 2021 834,476,641Cash flows - repayments (261,713,694)Non-cash flows - amortisation of loan financing fees 4,233,322 Long-term borrowings - December 31, 2021 576,996,269Cash 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 739,035,681All loans are secured by first preferred mortgages of the Companies\u2019 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\u2019s prior consent and a hull cover ratio as well as several financial covenants. These mainly consist of:\u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s fair market value over its respective outstanding debt, of no less than 130%. \u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s excess fair market values due to the scrubber installations over the respective outstanding debt, of no less than 150%. \u2022 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. \u2022 A ratio of total liabilities to the carrying value of total assets (adjusted for the vessel\u2019s fair market value) of no more than 75%. As at December 31, 2022, the Group was in compliance with its loan covenants.",
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"pp-value-260-4": {
"value": "13. Long-Term BorrowingsThe 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. Debt retired in connection with 2021 vessel salesUp 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 arrangementsOmega Two Marine Corp (the \u201cOmega Two\u201d) has entered into a debt financing transaction with OCY Knight AS. On June 8, 2017, Omega Two transferred Poliegos to OCY Knight AS (the \u201coriginal buyer\u201d) 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 \u201cnew buyer\u201d) 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 \u201coriginal buyer\u201d) 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. On February 14, 2019, Nellmare Marine Ltd. entered into a loan agreement with ABN Amro forthe financing of Nissos Donoussa. The total proceeds of the loan were $59,000,000. The loanbears annual interest of LIBOR plus a margin of 2.50%.On February 27, 2019, Moonsprite Shipping Corp. entered into a loan agreement with CACIBand Export-Import Bank of Korea for the financing of Nissos Anafi. The total proceeds of theloan 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 OCYKNIGHT 1 LIMITED for the financing of Nissos Rhenia. On May 3, 2019, Omega Five MarineCorp. transferred Nissos Rhenia to OCY KNIGHT 1 LIMITED (the \u201coriginal buyer\u201d) for an agreedconsideration 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 endof 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 incash as part of the transaction, with $9,500,000 to be retained by the original buyer as a depositwhich can be used towards the repurchase of the vessel pursuant to the purchase options. Thistransaction was evaluated in accordance with IFRS 16, but treated as a financing transactionand Nissos Rhenia continues to be recorded as an asset on the consolidated statement offinancial position, since control has effectively remained with Omega Five Marine Corp., and itis probable that Omega Five Marine Corp. will exercise the purchase option by the end of year14. Pursuant to this financing arrangement, Omega Five Marine Corp., had initially agreed topay a daily bareboat charter rate of $18,600 (year 1-5)/$18,350 (year 6-15), plus interest pursuantto USD LIBOR adjustment. On June 28, 2021, the Company transferred the remaining 0.5year time charter from Nissos Donoussa to Nissos Rhenia and the following action resulted inthe acceleration of debt repayments of Nissos Rhenia for two years beginning May 2, 2021 byrevising onwards the daily bareboat charter rate to $25,000 (year 3-4)/$17,200 (year 5-15), plusinterest pursuant to USD LIBOR adjustment. On June 10, 2019, Omega Seven Marine Corp. entered into a debt financing transaction withOCY KNIGHT 2 LIMITED for the financing of Nissos Despotiko. On June 10, 2019, Omega SevenMarine Corp. transferred Nissos Despotiko to OCY KNIGHT 2 LIMITED (the \u201coriginal buyer\u201d) foran agreed consideration of $83,750,000 and loan related fees $1,010,000, and, as part of theagreement, bareboat chartered the vessel back for a period of 15 years, with purchase optionsat 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 originalbuyer as a deposit which can be used towards the repurchase of the vessel pursuant to thepurchase options. This transaction was evaluated in accordance with IFRS 16, but treatedas a financing transaction and Nissos Despotiko continues to be recorded as an asset onthe consolidated statement of financial position, since control has effectively remained withOmega Seven Marine Corp., and it is probable that Omega Seven Marine Corp. will exercisethe purchase option by the end of year 14. Pursuant to this financing arrangement, OmegaSeven Marine Corp., had initially agreed to pay a daily bareboat charter rate of $18,600 (year1-5)/$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 NissosDespotiko and the following action resulted in the acceleration of debt repayments of NissosDespotiko for two years beginning June 9, 2021 by revising onwards the daily bareboat charterrate to $23,336 (year 3-4)/$17,200 (year 5-15), plus interest pursuant to USD LIBOR adjustment.On June 27, 2019, the Company entered into a loan agreement with BNP Paribas for its scrubberretrofit program. The total proceeds of the loan were $11,000,000. The loan bears interest LIBORplus a margin of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year afterdrawdown. As a result of the Group\u2019s Aframax vessels (Nissos Schinoussa and Nissos Therassia)disposal and according to the relevant loan agreement clause, on June 16, 2021, the Companyfurther 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 AlphaBank for an amount of $45,901,000 for the 88.95% financing of pre-delivery yard instalments ofNissos 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 December31, 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 foran amount of $39,150,000 in order to refinance the existing loan of the Folegandros. The loanbears 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 foran amount of $42,168,750 in order to refinance the existing loan of the Kimolos. The loan bearsannual interest of LIBOR plus a margin of 2.50%.On September 9, 2020, Omega Six Marine Corp. and Omega Ten Marine Corp. entered intoa loan agreement with Export-Import Bank of Korea, the BNK Busan Bank and the BNKKyongnam Bank for the refinancing of the existing indebtedness of Nissos Sikinos and NissosSifnos and the financing of the vessels\u2019 delivery instalments. The total proceeds of the loanwere $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. LIMITEDfor the financing of Nissos Kea. On March 31, 2022, ARK Marine S.A. transferred Nissos Kea toSEA 289 LEASING CO. LIMITED for an agreed consideration of $72,750,000 and loan relatedfees of $363,750, and, as part of the agreement, bareboat chartered the vessel back for aperiod 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 accordancewith IFRS 16, and it was concluded that it should be treated as a financing transaction andNissos Kea should continue to be recorded as an asset on the consolidated statement offinancial position, since ARK Marine S.A has a substantive repurchase option with respect ofthe asset and the risks and rewards of ownership have effectively remained with ARK MarineS.A.. The Facility is repaid in quarterly instalments, amortizes over a 20-year profile, matures in7 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 transferredNissos Nikouria to SEA 290 LEASING CO. LIMITED for an agreed consideration of $72,750,000and loan related fees of $363,750, and, as part of the agreement, bareboat chartered the vesselback for a period of 7 years, with purchase options at the end of each year. Theta NavigationLtd received $72,750,000 in cash as part of the transaction. This transaction was evaluatedin accordance with IFRS 16, and it was concluded that it should be treated as a financingtransaction and Nissos Nikouria should continue to be recorded as an asset on the consolidatedstatement of financial position, since Theta Navigation Ltd has a substantive repurchase optionwith respect of the asset and the risks and rewards of ownership have effectively remainedwith 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. IoannisAlafouzos (the \u201cSponsor\u201d), have agreed that repayment of twenty percent of each of the vessel\u2019soriginal contract price - amounting to $17,564,000 each - settled between the Sponsor andthe shipyard may be deferred, at OET\u2019s sole discretion, to any date two years from each vessel\u2019sdelivery at a fixed interest cost of 3.5% p.a. on the outstanding amount commencing from thedate of the resale VLCCs\u2019 delivery. The said transaction was formalized and documented bysigning a respective loan agreement on April 18, 2022. Nellmare Marine Ltd and Anassa Navigation S.A. signed, on May 23, 2022, a new loan agreementwith National Bank of Greece for a gross finance amount of $125,670,000 to refinance theirexisting indebtedness concerning the VLCC vessels Nissos Kythnos and Nissos Donoussa. Theloan amount was evenly split between the two companies and the related loan related feesamounted 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 assetsAs of December 31, 2022 the Group has recognized the following finance lease liability withrespect to the Right-of-Use assets:As of December 31, 2022Office rent 36,249 Company car 39,510 Total 75,759The undiscounted cash out\ufb02ows for the settlement of financial liabilities connected to theRight-of-Use assets as of December 31, 2022 are the following:As of December 31, 2022No later than one year 50,599 Later than one year and not later than five years 29,516 Total 80,115Long-term debt net of current portion and current portion of long-term borrowings areanalyzed as follows: LONG-TERM CURRENT PORTION BORROWINGS, OF LONG-TERMAS OF DECEMBER 31, 2021 NET OF CURRENT PORTION BORROWINGS TOTALOutstanding 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, 2022Outstanding 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 The loans are repayable as follows:AS OF DECEMBER 31, 2022 2021No 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 \ufb02ow reconciliation of liabilities arising from financing activities:A reconciliation of the Group\u2019s financing activities for the years ended December 31, 2022 and 2021 are presented in the tables below:Long-term borrowings - January 1, 2021 834,476,641Cash flows - repayments (261,713,694)Non-cash flows - amortisation of loan financing fees 4,233,322 Long-term borrowings - December 31, 2021 576,996,269Cash 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 739,035,681All loans are secured by first preferred mortgages of the Companies\u2019 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\u2019s prior consent and a hull cover ratio as well as several financial covenants. These mainly consist of:\u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s fair market value over its respective outstanding debt, of no less than 130%. \u2022 A hull cover ratio, being the ratio of a mortgaged vessel\u2019s excess fair market values due to the scrubber installations over the respective outstanding debt, of no less than 150%. \u2022 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. \u2022 A ratio of total liabilities to the carrying value of total assets (adjusted for the vessel\u2019s fair market value) of no more than 75%. As at December 31, 2022, the Group was in compliance with its loan covenants.23. Derivative Financial InstrumentsInterest rate swapsDuring 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:As of December 31, 2022, the Group has no interest rate swaps. Forward freight agreementsAs of December 31, 2022, the Group\u2019s Forward Freight Agreements (\u201cFFAs\u201d), 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. 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 Loss2022 2021Unrealized gain on forward freight agreements 45,960 30,105 Unrealized gain on interest rate swaps \u2014 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 \u2014 Total realized gain/(loss) on derivatives 11,436,481 (558,916)",
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"pp-value-262-4": {
"value": "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 re\ufb02ected 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.",
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"pp-value-261-4": {
"value": "12. General & Administrative ExpensesGeneral and administrative expenses are analysed as follows:FOR THE YEAR ENDED DECEMBER 31, 2022 2021Employee costs 3,998,981 3,896,025Directors\u2019 fees and expenses 850,942 875,506Professional fees 287,355 262,332Other expenses 159,246 61,077Total 5,296,523 5,094,940Auditor 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 re\ufb02ected 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.",
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},
"pp-value-270-5": {
"value": "On May 3, 2019, Omega Five Marine Corp. entered into a debt financing transaction with OCYKNIGHT 1 LIMITED for the financing of Nissos Rhenia. On May 3, 2019, Omega Five MarineCorp. transferred Nissos Rhenia to OCY KNIGHT 1 LIMITED (the \u201coriginal buyer\u201d) for an agreedconsideration 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 endof 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 incash as part of the transaction, with $9,500,000 to be retained by the original buyer as a depositwhich can be used towards the repurchase of the vessel pursuant to the purchase options. Thistransaction was evaluated in accordance with IFRS 16, but treated as a financing transactionand Nissos Rhenia continues to be recorded as an asset on the consolidated statement offinancial position, since control has effectively remained with Omega Five Marine Corp., and itis probable that Omega Five Marine Corp. will exercise the purchase option by the end of year14. Pursuant to this financing arrangement, Omega Five Marine Corp., had initially agreed topay a daily bareboat charter rate of $18,600 (year 1-5)/$18,350 (year 6-15), plus interest pursuantto USD LIBOR adjustment. On June 28, 2021, the Company transferred the remaining 0.5year time charter from Nissos Donoussa to Nissos Rhenia and the following action resulted inthe acceleration of debt repayments of Nissos Rhenia for two years beginning May 2, 2021 byrevising onwards the daily bareboat charter rate to $25,000 (year 3-4)/$17,200 (year 5-15), plusinterest pursuant to USD LIBOR adjustment. On June 10, 2019, Omega Seven Marine Corp. entered into a debt financing transaction withOCY KNIGHT 2 LIMITED for the financing of Nissos Despotiko. On June 10, 2019, Omega SevenMarine Corp. transferred Nissos Despotiko to OCY KNIGHT 2 LIMITED (the \u201coriginal buyer\u201d) foran agreed consideration of $83,750,000 and loan related fees $1,010,000, and, as part of theagreement, bareboat chartered the vessel back for a period of 15 years, with purchase optionsat 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 originalbuyer as a deposit which can be used towards the repurchase of the vessel pursuant to thepurchase options. This transaction was evaluated in accordance with IFRS 16, but treatedas a financing transaction and Nissos Despotiko continues to be recorded as an asset onthe consolidated statement of financial position, since control has effectively remained withOmega Seven Marine Corp., and it is probable that Omega Seven Marine Corp. will exercisethe purchase option by the end of year 14. Pursuant to this financing arrangement, OmegaSeven Marine Corp., had initially agreed to pay a daily bareboat charter rate of $18,600 (year1-5)/$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 NissosDespotiko and the following action resulted in the acceleration of debt repayments of NissosDespotiko for two years beginning June 9, 2021 by revising onwards the daily bareboat charterrate to $23,336 (year 3-4)/$17,200 (year 5-15), plus interest pursuant to USD LIBOR adjustment.ARK Marine S.A. entered into a debt financing transaction with SEA 289 LEASING CO. LIMITEDfor the financing of Nissos Kea. On March 31, 2022, ARK Marine S.A. transferred Nissos Kea toSEA 289 LEASING CO. LIMITED for an agreed consideration of $72,750,000 and loan relatedfees of $363,750, and, as part of the agreement, bareboat chartered the vessel back for aperiod 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 accordancewith IFRS 16, and it was concluded that it should be treated as a financing transaction andNissos Kea should continue to be recorded as an asset on the consolidated statement offinancial position, since ARK Marine S.A has a substantive repurchase option with respect ofthe asset and the risks and rewards of ownership have effectively remained with ARK MarineS.A.. The Facility is repaid in quarterly instalments, amortizes over a 20-year profile, matures in7 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 transferredNissos Nikouria to SEA 290 LEASING CO. LIMITED for an agreed consideration of $72,750,000and loan related fees of $363,750, and, as part of the agreement, bareboat chartered the vesselback for a period of 7 years, with purchase options at the end of each year. Theta NavigationLtd received $72,750,000 in cash as part of the transaction. This transaction was evaluatedin accordance with IFRS 16, and it was concluded that it should be treated as a financingtransaction and Nissos Nikouria should continue to be recorded as an asset on the consolidatedstatement of financial position, since Theta Navigation Ltd has a substantive repurchase optionwith respect of the asset and the risks and rewards of ownership have effectively remainedwith 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%.Lease liabilities connected to Right-of-Use assetsAs of December 31, 2022 the Group has recognized the following finance lease liability withrespect to the Right-of-Use assets:As of December 31, 2022Office rent 36,249 Company car 39,510 Total 75,759The undiscounted cash out\ufb02ows for the settlement of financial liabilities connected to theRight-of-Use assets as of December 31, 2022 are the following:As of December 31, 2022No later than one year 50,599 Later than one year and not later than five years 29,516 Total 80,11521. Lease and Non-Lease Components of Revenue and voyage charter revenueIFRS 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:\u2022 All fixed lease revenue earned under these arrangements will be recognized on a straight-line basis over the term of the lease. \u2022 Lease revenue earned under Group\u2019s time charter arrangements will be recognized as it is earned, since it is 100% variable. \u2022 The non-lease component will be accounted for as services revenue under IFRS 15. This revenue is recognized \u2018over time\u2019 as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the service. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-400-2": {
"value": "14. Transactions and Balances with Related PartiesThe Group has entered into management agreements with Kyklades Maritime Corporation (\u201cKyklades\u201d or \u201cKMC\u201d or \u201cManagement 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 re\ufb02ected 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..\u201cFRPEs\u201d are \u201cFamily Related Party Entities\u201d 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 2021Amounts due from Management Company 449,629 389,925Amounts due from FRPEs, net \u2014 680,176Total 449,629 1,070,101Amounts 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. Related party balances\u2019 analysisThe below table presents the Group\u2019s outstanding balances due from/(to) related parties as of December 31, 2022 and 2021:RELATED PARTY BALANCES 2022 2021Kyklades Maritime Corporation 449,629 389,925 Danais Maritime Corp. \u2014 449,510 Athinais Maritime Corp. \u2014 235,000 Bigal Shipping Corporation \u2014 291,275 Zenith Maritime Corp. \u2014 696,000 Christianna Marine Corporation \u2014 674,291 Chantilly Enterprises Co. \u2014 88,000 Anafi Marine Corp. \u2014 (620,000)Clover Enterprises Co. \u2014 (1,133,900)Fees payable to the Board of Directors \u2014 (698,153)Total 449,629 371,948 Related party transactions\u2019 analysisThe below table presents the Group\u2019s transactions with its related parties as of December 31, 2022 and 2021:RELATED PARTY TRANSACTIONS 2022 2021Management fees Kyklades Maritime Corporation 4,381,200 5,425,200Total 4,381,200 5,425,200KMC solely administers the transactions on behalf of OET\u2019s subsidiaries, without recharging any expenditure back to the ship owning companies. All operating expenses are being incurred and charged directly to OET\u2019s subsidiary companies.For the above administrative, as well as, technical services provided during 2022 and 2021, KMC charged OET\u2019s 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 2021Crew wages 18,572,373 22,411,827Other crew expenses 3,357,800 3,555,432Stores 3,098,044 2,999,210Technical expenses 5,611,199 6,274,107Insurance 3,193,137 2,490,958HSQE expenses 525,210 672,704Other 931,952 1,416,495Total 35,289,715 39,820,734 Okeanis Eco Tankers Corp.Glafki Marine Corp.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-402-2": {
"value": "15. Share Capital and Additional Paid-in CapitalThe Company\u2019s common shares have been registered under the laws of the Republic of the Marshall Islands. Pursuant to an agreement with DNB Bank ASA (\u201cDNB\u201d), 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\u2019s listing application to trading on Oslo Axess. Trading in the shares on Oslo Axess commenced on March 8, 2019, under the trading symbol \u201cOET\u201d. On January 27, 2021, the board of directors of the Oslo Stock Exchange approved the Company\u2019s listing application to transfer its listing from Euronext Expand to Oslo B\u00f8rs. Trading in the shares on Oslo B\u00f8rs commenced on January 29, 2021, under the trading symbol \u201cOET\u201d.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.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\u2019s subsidiaries which are held directly or indirectly by the Company.The table below shows the movement in the Company\u2019s 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 VALUEDATE TYPE OF CHANGE CAPITAL (USD) CAPITAL (USD) SHARES PER SHAREMarch 9, 2020 Share buy-back \u2014 \u2014 32,625,917 0.001April 6, 2020 Share buy-back \u2014 \u2014 32,375,917 0.001December 6, 2021 Share buy-back \u2014 \u2014 32,353,417 0.001December 9, 2021 Share buy-back \u2014 \u2014 32,345,417 0.001December 14, 2021 Share buy-back \u2014 \u2014 32,316,681 0.001January 24, 2022 Share buy-back \u2014 \u2014 32,296,681 0.001January 26, 2022 Share buy-back \u2014 \u2014 32,194,108 0.001",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-402-3": {
"value": "15. Share Capital and Additional Paid-in CapitalThe Company\u2019s common shares have been registered under the laws of the Republic of the Marshall Islands. Pursuant to an agreement with DNB Bank ASA (\u201cDNB\u201d), 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\u2019s listing application to trading on Oslo Axess. Trading in the shares on Oslo Axess commenced on March 8, 2019, under the trading symbol \u201cOET\u201d. On January 27, 2021, the board of directors of the Oslo Stock Exchange approved the Company\u2019s listing application to transfer its listing from Euronext Expand to Oslo B\u00f8rs. Trading in the shares on Oslo B\u00f8rs commenced on January 29, 2021, under the trading symbol \u201cOET\u201d.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.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\u2019s subsidiaries which are held directly or indirectly by the Company.The table below shows the movement in the Company\u2019s 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 VALUEDATE TYPE OF CHANGE CAPITAL (USD) CAPITAL (USD) SHARES PER SHAREMarch 9, 2020 Share buy-back \u2014 \u2014 32,625,917 0.001April 6, 2020 Share buy-back \u2014 \u2014 32,375,917 0.001December 6, 2021 Share buy-back \u2014 \u2014 32,353,417 0.001December 9, 2021 Share buy-back \u2014 \u2014 32,345,417 0.001December 14, 2021 Share buy-back \u2014 \u2014 32,316,681 0.001January 24, 2022 Share buy-back \u2014 \u2014 32,296,681 0.001January 26, 2022 Share buy-back \u2014 \u2014 32,194,108 0.001",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-404-4": {
"value": "In March 2021, the Company paid a cash dividend to its shareholders of $0.10 per share, amounting to $3.2 million.25. Subsequent EventsOn 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__5": {
"value": "0.1",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"pp-value-403-2": {
"value": "Key management and Directors remunerationEach of the Group\u2019s directors, except for the Chairman of the Board of Directors, is entitled to an annual fee of $75,000. Directors\u2019 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\u2019 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-407-2": {
"value": "16. Financial Risk ManagementThe Group\u2019s 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\u2019s operations as well as mitigate its exposure to market and interest rate \ufb02uctuations. 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\u2019s financial instruments are credit risk, foreign currency risk, interest rate risk, liquidity risk and market risk. The Group\u2019s policies for addressing these risks are set out below:\u2022 Foreign currency riskThe Group\u2019s 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 \ufb02uctuations. \u2022 Interest rate riskThe Group is exposed to the impact of interest rate changes primarily through its \ufb02oating-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 \ufb02oating-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 \ufb02oating-rate borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-408-2": {
"value": "\u2022 Credit riskThe 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\u2019s exposure to bad debts is not significant.With respect to the credit risk arising from the Group\u2019s cash and cash equivalents and restricted cash, the Group\u2019s 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-409-2": {
"value": "\u2022 Market riskThe tanker shipping industry is cyclical with high volatility in charter rates and profitability. The Group charters its vessels principally in the spot market, being exposed to various unpredictable factors such as: supply and demand of energy resources, global economic and political conditions, natural or other disasters, disruptions in international trade, COVID-19 outbreak, environmental and other legal regulatory developments and so on. During 2022, the Group entered into Forward Freight Agreements (\u201cFFAs\u201d) in order to minimize losses from charter rate \ufb02uctuations and eliminate any adverse effect this may have in our operating cash \ufb02ows and dividend policy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-411-2": {
"value": "\u2022 Liquidity riskLiquidity risk is the risk that arises when the maturity of assets and liabilities does notmatch. An unmatched position potentially enhances profitability, but can also increase therisk of losses. The Group minimizes liquidity risk by maintaining sufficient cash and cashequivalents. The following table details the Group\u2019s expected cash out\ufb02ows for its financial liabilities.The table has been drawn up based on the undiscounted cash \ufb02ows of financial liabilities,on the earliest date on which the Group would be required to pay to settle. The tableincludes both interest and principal cash \ufb02ows. Variable future interest payments weredetermined based on the one month LIBOR as of December 31, 2022 of 4.41%, plus themargin applicable to the Group\u2019s 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 TOTALDecember 31, 2021Derivative LiabilitiesDerivative financial instrument 95,636 60,499 316,507 377,560 \u2014 850,201Non-Derivative LiabilitiesTrade payables \u2014 \u2014 15,960,456 \u2014 \u2014 15,960,456Accrued expenses \u2014 \u2014 2,623,745 \u2014 \u2014 2,623,745Current accounts due to related parties \u2014 \u2014 698,153 \u2014 \u2014 698,153Variable interest loans 2.34% 3,703,399 5,306,980 26,865,137 335,093,434 34,729,947 405,698,896Variable interest for debt financing 5.28% 2,230,079 4,338,378 20,053,746 88,237,974 168,511,569 283,371,746Total 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 TOTALDecember 31, 2022Non-Derivative Liabilities Trade payables \u2014 \u2014 11,771,964 \u2014 \u2014 11,771,964Accrued expenses \u2014 \u2014 6,024,899 \u2014 \u2014 6,024,899Variable interest loans 6.26% 5,922,596 21,564,122 65,076,153 365,728,156 241,508,738 699,799,764Variable interest for debt financing 10.02% 2,823,905 5,526,029 22,237,116 112,171,014 167,665,884 310,423,948Total 8,746,500 27,090,151 105,110,132 477,899,170 409,174,622 1,028,020,575",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-423-3": {
"value": " WEIGHTED AVERAGE EFFECTIVE LESS THAN 1-3 3-12 1-5 5+ INTEREST RATE 1 MONTH MONTHS MONTHS YEARS YEARS TOTALDecember 31, 2021Derivative LiabilitiesDerivative financial instrument 95,636 60,499 316,507 377,560 \u2014 850,201Non-Derivative LiabilitiesTrade payables \u2014 \u2014 15,960,456 \u2014 \u2014 15,960,456Accrued expenses \u2014 \u2014 2,623,745 \u2014 \u2014 2,623,745Current accounts due to related parties \u2014 \u2014 698,153 \u2014 \u2014 698,153Variable interest loans 2.34% 3,703,399 5,306,980 26,865,137 335,093,434 34,729,947 405,698,896Variable interest for debt financing 5.28% 2,230,079 4,338,378 20,053,746 88,237,974 168,511,569 283,371,746Total 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 TOTALDecember 31, 2022Non-Derivative Liabilities Trade payables \u2014 \u2014 11,771,964 \u2014 \u2014 11,771,964Accrued expenses \u2014 \u2014 6,024,899 \u2014 \u2014 6,024,899Variable interest loans 6.26% 5,922,596 21,564,122 65,076,153 365,728,156 241,508,738 699,799,764Variable interest for debt financing 10.02% 2,823,905 5,526,029 22,237,116 112,171,014 167,665,884 310,423,948Total 8,746,500 27,090,151 105,110,132 477,899,170 409,174,622 1,028,020,57523. Derivative Financial InstrumentsInterest rate swapsDuring 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 2021Nissos 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 \ufb02ow 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 agreementsAs of December 31, 2022, the Group\u2019s Forward Freight Agreements (\u201cFFAs\u201d), 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. 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 Loss2022 2021Unrealized gain on forward freight agreements 45,960 30,105 Unrealized gain on interest rate swaps \u2014 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 \u2014 Total realized gain/(loss) on derivatives 11,436,481 (558,916)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-451-2": {
"value": "17. Commitments and ContingenciesCommitments under time charter agreements (Lessor)As of December 31, 2022, future minimum contractual time charter revenue, based on vessels\u2019 committed, non-cancellable, time charter agreements, net of address commissions for the next year amount to $24,416,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-451-3": {
"value": "17. Commitments and ContingenciesCommitments under time charter agreements (Lessor)As of December 31, 2022, future minimum contractual time charter revenue, based on vessels\u2019 committed, non-cancellable, time charter agreements, net of address commissions for the next year amount to $24,416,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-452-2": {
"value": "18. Earnings/(loss) per ShareBasic and diluted earnings/(loss) per share for the years ended December 31, 2022 and 2021, are presented below:YEAR ENDED DECEMBER 31, 2022 2021From 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 2021Profit/(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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-454-2": {
"value": "20. Capital Risk ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value. The Group monitors capital using gearing ratio, which is total debt divided by total equity plus total debt, and its calculation is presented below:AS OF DECEMBER 31, 2022 2021Total borrowings 739,035,681 576,996,269Total equity 422,243,261 358,292,858Gearing ratio 64% 62%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-456-2": {
"value": "The below table analyses revenue generated under time charter arrangements: REVENUE FROM TIME CHARTER ARRANGEMENTSFOR THE YEAR ENDED DECEMBER 31, 2022 2021Lease Component 50,536,021 59,098,416 Non-Lease Component 15,817,114 21,486,951Total 66,353,135 80,585,36724. RevenueThe table below presents an analysis of revenue generated from voyage and time agreements as at December 31, 2022 and 2021:2022 2021Voyage Charter 204,619,286 88,412,858Time Charter 66,353,135 80,585,367Total 270,972,421 168,998,225As 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-456-3": {
"value": "The below table analyses revenue generated under time charter arrangements: REVENUE FROM TIME CHARTER ARRANGEMENTSFOR THE YEAR ENDED DECEMBER 31, 2022 2021Lease Component 50,536,021 59,098,416 Non-Lease Component 15,817,114 21,486,951Total 66,353,135 80,585,36724. RevenueThe table below presents an analysis of revenue generated from voyage and time agreements as at December 31, 2022 and 2021:2022 2021Voyage Charter 204,619,286 88,412,858Time Charter 66,353,135 80,585,367Total 270,972,421 168,998,225As 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-463-2": {
"value": "22. Interest income, Interest expense and Other Finance CostsInterest and finance related costs for the years ended December 31, 2022 and 2021, are presented below:FOR THE PERIOD ENDED DECEMBER 31, 2022 2021Interest expense 35,077,293 27,082,841Amortization and write-off of financing fees 1,693,117 4,233,322Finance costs related to covenants of early termination \u2014 4,092,000Bank charges and loan commitment fees 729,711 781,978Other finance costs 581,855 275,282Total 38,081,975 36,465,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-463-3": {
"value": "22. Interest income, Interest expense and Other Finance CostsInterest and finance related costs for the years ended December 31, 2022 and 2021, are presented below:FOR THE PERIOD ENDED DECEMBER 31, 2022 2021Interest expense 35,077,293 27,082,841Amortization and write-off of financing fees 1,693,117 4,233,322Finance costs related to covenants of early termination \u2014 4,092,000Bank charges and loan commitment fees 729,711 781,978Other finance costs 581,855 275,282Total 38,081,975 36,465,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-464-2": {
"value": "Interest income for the years ended December 31, 2022 and 2021, are presented below:FOR THE PERIOD ENDED DECEMBER 31, 2022 2021Interest income from time deposits 668,032 \u2014Other interest income 53,496 3,470Total 721,528 3,470",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-464-3": {
"value": "Interest income for the years ended December 31, 2022 and 2021, are presented below:FOR THE PERIOD ENDED DECEMBER 31, 2022 2021Interest income from time deposits 668,032 \u2014Other interest income 53,496 3,470Total 721,528 3,470",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-465-4": {
"value": "23. Derivative Financial InstrumentsInterest rate swapsDuring 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:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-465-5": {
"value": "23. Derivative Financial InstrumentsInterest rate swapsDuring 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: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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-466-3": {
"value": "FAIR VALUE EXPIRATION NOTIONAL DECEMBER 31, VESSEL DESCRIPTION DATE AMOUNT 2021Nissos 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 \ufb02ow 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 agreementsAs of December 31, 2022, the Group\u2019s Forward Freight Agreements (\u201cFFAs\u201d), 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. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-469-2": {
"value": "As at December 31, 2022, the Group\u2019s 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%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-472-3": {
"value": "25. Subsequent EventsOn 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__6": {
"value": "1.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"s7_notes__6__7": {
"value": "40200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f17687": {
"value": "Okeanis Eco Tankers",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17693": {
"value": "Republic of Marshall Islands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17696": {
"value": "Corporation",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17700": {
"value": "Republic of Marshall Islands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-477-2": {
"value": "Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17712": {
"value": "International",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17717": {
"value": "Own, charter out and operate tanker vessels",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17724": {
"value": "Okeanis Eco Tankers Corp.",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17730": {
"value": "Glafki Marine Corp.",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800U35RCYXTKVEM65",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}