Okeanis Eco Tankers Corp.

OET reported a record quarter with adjusted EPS of $5.91, adjusted EBITDA of $252 million, and adjusted net profit of $231 million. Fleet-wide time charter equivalent was about $181,000 per vessel per day, including spot VLCC earnings of $213,600 per day and Suezmax earnings of $174,900 per day; total VLCC earnings were $187,700 per day including time charter income and freight compensation. For the first half of 2026, TCE revenue was over $400 million, EBITDA was $362 million, and net income was about $320 million or $8.28 per share. The company ended the quarter with $248 million of cash, $722 million of debt, book leverage of 35%, and a market-adjusted net LTV below 25%. For Q3, management said 48% of VLCC spot days were fixed at about $207,000 per day, 42% of Suezmax spot days at $133,000 per day, fleetwide fixed spot portion was $166,500 per day on 681 days, 92 time charter days were fixed at $90,000 per day, and about 52% of total fleet days remained open.

The CEO framed Q2 as a company record and said the first half of 2026 was the strongest six-month period since inception. He emphasized that the quarter reflected both extraordinary market conditions and strong execution, especially through positioning, voyage selection, triangulation, and minimizing ballast time. He also highlighted that the fleet is now fully delivered at 18 vessels, with an average age of about 5.5 to 5.6 years, and said the team is focused on continuing to deliver through what he described as a very favorable second half.

The CFO highlighted the quarter’s financial strength, citing $252 million of adjusted EBITDA, $231 million of adjusted net profit, and $5.91 of adjusted EPS, along with the $5.25 dividend that represented almost 90% of reported and adjusted net income. He noted that over the last four quarters OET has distributed $9.55 per share, and since the IPO it has paid over $780 million in dividends. On the balance sheet, he pointed to $248 million of cash, $722 million of debt, book leverage of 35%, and a market-adjusted net LTV below 25%. He also said the weighted average margin has been reduced to 1.47%, down by more than 200 basis points since the refinancing effort began in 2023, and said the company does not intend to accelerate debt paydown.

Analysts focused on the impact of a possible reopening of the Strait of Hormuz, the choice to stay heavily spot exposed versus using more time charters, Suezmax market softness, and the CPC terminal incident involving the Nissos Sifnos. Management said a reopening would likely again rely on shuttle movements out of the Arabian Gulf, which could still support ton-miles and keep the market efficient for OET’s fleet positioning. On capital allocation, the company said it remains committed to distributing as much cash as possible and does not plan to pay debt down faster. On the Sifnos, management said the vessel is in Turkey for inspections and quick temporary repairs, and they remain supportive of continued CPC exports despite the security concerns.