Okeanis Eco Tankers Corp.

For Q2 2026, OET reported fleet-wide time charter equivalent of about $181,000 per vessel per day, adjusted EBITDA of $252 million, adjusted net profit of $231 million, and adjusted EPS of $5.91. Spot VLCCs earned $213,600 per day and Suezmaxes earned $174,900 per day; including the Nissos Nikouria time charter and freight compensation on Nissos Keros, total VLCC earnings were $187,700 per day at 99% utilization. For the first half, TCE revenue was over $400 million, EBITDA was $362 million, net income was about $320 million, and adjusted EPS was $8.28. At quarter-end, cash was $248 million, debt was $722 million, book leverage was 35%, and market-adjusted net LTV was below 25%. The Board declared a $5.25 per share dividend, and management said Q3 is currently fixed with 48% of VLCC spot days at about $207,000/day, 42% of Suezmax spot days at $133,000/day, and 92 time charter days at $90,000/day, with about 52% of total fleet days still open.

Aristidis Alafouzos said Q2 was the strongest quarter in the company’s history and the first half was the strongest six-month period since inception. He emphasized that the results reflected both unusually strong tanker markets and operational execution, including voyage selection, triangulation, minimal ballast time, and high vessel availability. He also framed the fleet as now fully delivered and said the second half has “fantastic prospects,” with the team focused on continuing to deliver.

Iraklis Sbarounis highlighted record profitability and cash generation, including $252 million of adjusted EBITDA, $231 million of adjusted net profit, and $5.91 adjusted EPS in the quarter. He noted $248 million of cash, $722 million of debt, 35% book leverage, and a market-adjusted net LTV below 25%, while explaining that $35 million of cash was earmarked for Nissos Vous and about $17 million was parked under short-term loan facilities to earn a better return. He also said the weighted average margin improved to 1.47%, down by more than 200 basis points since the refinancing effort began in 2023, and reiterated that the company intends to keep distributing as much value as possible rather than accelerating debt paydown.

Analysts focused on Hormuz reopening risk, capital allocation, Suezmax rate softness, and the impact of the CPC terminal incident. Management said a reopening of Hormuz would likely look similar to June, with shuttling from inside the Gulf to Fujairah and continued inefficiency supporting ton-miles; on capital allocation, they said there is no interest in adding more time charters and no intention to accelerate debt repayment. They also said TD20 weakness may be temporary and that the Nissos Sifnos is in Turkey for inspections and temporary repairs after being targeted at CPC, while the company believes CPC exports are important and should continue with improved security.