Okeanis Eco Tankers Corp. reported its unaudited condensed financial results for the first quarter of 2026.
Financial performance of the First Quarter Ended March 31, 2026
- Revenues of $170.2 million in Q1 2026, compared to $80.1 million in Q1 2025.
- Profit of $88.3 million in Q1 2026, compared to $12.6 million in Q1 2025.
- Vessel operating expenses of $12.2 million in Q1 2026, compared to $10.5 million in Q1 2025.
- Earnings per share of $2.31 in Q1 2026 (based on a weighted average number of shares of 38,161,939 for the period), compared to $0.39 in Q1 2025.
- Cash (including restricted cash) of $176.5 million as of March 31, 2026, compared to $122.5 million as of December 31, 2025.
Alternative performance metrics and market development
- Time charter equivalent* (“TCE”, a non-IFRS measure*) revenue of $132.2 million in Q1 2026.
- EBITDA* and Adjusted EBITDA* (each, a non-IFRS measure*) of $109.6 million and $110.1 million, respectively, in Q1 2026.
- Adjusted profit* and Adjusted earnings per share* (each, a non-IFRS measure*) of $88.9 million or $2.33 per basic and diluted share in Q1 2026.
- Fleetwide daily TCE rate* of $93,600 per available spot day and $93,100 per operating day; VLCC TCE rate of $106,400 per available spot day and $104,300 per operating day; and Suezmax TCE rate of $81,600 per available spot and operating day.
- Daily vessel operating expenses* (“Daily Opex”, a non-IFRS measure*) of $9,593 per calendar day, including management fees, in Q1 2026.
- In Q2 2026 to date, 46% of the available VLCC spot days have been booked at an average TCE rate of $223,900 per day and 60% of the available Suezmax spot days have been booked at an average TCE rate of $187,300 per day.
Declaration of Q1 2026 dividend
The Company’s board of directors declared a dividend of $2.00 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on June 5, 2026, to shareholders of record as of May 28, 2026. The common shares will be traded ex-dividend on the NYSE as from and including May 28, 2026, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including May 27, 2026. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about June 10, 2026.