Okeanis Eco Tankers Corp. (NYSE: ECO, OSE: OET) reported a profit of $230.3 million for the second quarter of 2026, against $26.9 million in the same quarter of 2025. Revenues came in at $318.9 million, compared with $93.9 million a year earlier.
Earnings per share were $5.90 for the quarter, up from $0.84. On an adjusted basis, the Athens-based tanker owner reported profit of $230.8 million, or $5.91 per basic and diluted share.
For the first six months of 2026, revenues reached $489.0 million and profit $318.6 million, versus $174.1 million and $39.4 million respectively in the first half of 2025. Six-month earnings per share were $8.25, against $1.23.
The swing is driven by charter rates rather than fleet growth. Okeanis reported a fleetwide daily time charter equivalent rate — a shipping industry measure that converts voyage revenue into a comparable daily figure after voyage costs — of $191,700 per available spot day in the second quarter, and $181,200 per operating day. Its very large crude carriers earned $213,600 per available spot day, while its Suezmax vessels earned $174,900.
Time charter equivalent revenue was $268.1 million for the quarter. EBITDA was $251.6 million and adjusted EBITDA $251.8 million. Both are non-IFRS figures the company reconciles in its attached report.
Costs rose only modestly. Vessel operating expenses were $13.3 million in the quarter, up from $11.5 million a year earlier, and $25.6 million for the half year against $22.0 million. Daily operating expenses, including management fees, were $9,936 per calendar day.
Cash, including restricted cash, stood at $247.8 million as of June 30, 2026, up from $122.5 million at the end of 2025.
Dividend and third-quarter bookings
The board declared a dividend of $5.25 per common share, payable August 21, 2026, to holders of record on August 14. The shares trade ex-dividend on the NYSE from August 14 and on the Oslo Stock Exchange from August 13. Payments to shareholders registered with Euronext VPS will be made in Norwegian kroner and are expected around August 26 because of Norway's central securities depository rules.
The company also gave partial visibility on the current quarter. As of the reporting date, 48% of available VLCC spot days for the third quarter had been booked at an average of $206,600 per day, while 42% of Suezmax spot days were booked at $133,000 per day. The Suezmax figure sits well below the rate achieved in the second quarter.
Okeanis operates ten scrubber-fitted Suezmax tankers and eight scrubber-fitted VLCCs. The results are unaudited and presented in condensed form.
Source: GlobeNewswire
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