Okeanis Eco Tankers reported its unaudited condensed financial results for the second quarter and six-month period of 2026.
Financial performance of the Second Quarter Ended June 30, 2026
- Revenues of $318.9 million in Q2 2026, compared to $93.9 million in Q2 2025.
- Profit of $230.3 million in Q2 2026, compared to $26.9 million in Q2 2025.
- Vessel operating expenses of $13.3 million in Q2 2026, compared to $11.5 million in Q2 2025.
- Earnings per share of $5.90 in Q2 2026, compared to $0.84 in Q2 2025.
- Cash (including restricted cash) of $247.8 million as of June 30, 2026, compared to $122.5 million as of December 31, 2025.
Financial performance of the Six Months Ended June 30, 2026
- Revenues of $489.0 million in 6M 2026, compared to $174.1 million in 6M 2025.
- Profit of $318.6 million in 6M 2026, compared to $39.4 million in 6M 2025.
- Vessel operating expenses of $25.6 million in 6M 2026, compared to $22.0 million in 6M 2025.
- Earnings per share of $8.25 in 6M 2026, compared to $1.23 in 6M 2025.
Alternative performance metrics and market development
- Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $268.1 million in Q2 2026.
- EBITDA and Adjusted EBITDA (each non-IFRS measures*) of $251.6 million and $251.8 million, respectively, in Q2 2026.
- Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $230.8 million or $5.91 per basic and diluted share in Q2 2026.
- Fleetwide daily TCE rate* of $191,700 per available spot day and $181,200 per operating day; VLCC TCE rate of $213,600 per available spot day and $187,700 per operating day; and Suezmax TCE rate of $174,900 per available spot and operating day, in Q2 2026.
- Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,936 per calendar day, including management fees, in Q2 2026.
- In Q3 2026 to date, 48% of the available VLCC spot days have been booked at an average TCE rate of $206,600 per day and 42% of the available Suezmax spot days have been booked at an average TCE rate of $133,000 per day.
Declaration of Q2 2026 dividend
The Company’s board of directors declared a dividend of $5.25 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 August 21, 2026, to shareholders of record as of August 14, 2026. The common shares will be traded ex-dividend on the NYSE as from and including August 14, 2026, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including August 13, 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 August 26, 2026.
*The Company uses certain financial information calculated on a basis other than in accordance with International Financial Reporting Standards (“IFRS”) and generally accepted accounting principles, including TCE, Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the report attached to this press release.