Okeanis Eco Tankers Corp. reported its unaudited condensed financial results for the second quarter and six-month period of 2025.
Financial performance of the Second Quarter Ended June 30, 2025
- Revenues of $93.9 million in Q2 2025, compared to $112.0 million in Q2 2024.
- Profit of $26.9 million in Q2 2025, compared to $39.6 million in Q2 2024.
- Vessel operating expenses of $11.5 million in Q2 2025, compared to $10.8 million in Q2 2024.
- Earnings per share of $0.84 in Q2 2025, compared to $1.23 in Q2 2024.
- Cash (including restricted cash) of $65.3 million as of June 30, 2025, compared to $98.1 million as of June 30, 2024.
Financial performance of the Six Months Ended June 30, 2025
- Revenues of $174.1 million in 6M 2025, compared to $223.1 million in 6M 2024.
- Profit of $39.4 million in 6M 2025, compared to $81.1 million in 6M 2024.
- Vessel operating expenses of $22.0 million in 6M 2025, compared to $21.4 million in 6M 2024.
- Earnings per share of $1.23 in 6M 2025, compared to $2.52 in 6M 2024.
Alternative performance metrics and market development
- Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $64.0 million in Q2 2025.
- EBITDA and Adjusted EBITDA (each non-IFRS measures*) of $48.5 million and $47.3 million, respectively, in Q2 2025.
- Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $26.7 million or $0.83 per basic and diluted share in Q2 2025.
- Fleetwide daily TCE rate* of $50,500 per operating day in Q2 2025; VLCC and Suezmax TCE rates of $49,800 and $51,400 per operating day, respectively, in Q2 2025.
- Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,963 per calendar day, including management fees, in Q2 2025.
- In Q3 2025 to date, 77% of the available VLCC spot days have been booked at an average TCE rate of $44,200 per day and 61% of the available Suezmax spot days have been booked at an average TCE rate of $34,200 per day.
Declaration of Q2 2025 dividend
The Company’s board of directors declared a dividend of $0.70 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 September 5, 2025, to shareholders of record as of August 22, 2025. The common shares will be traded ex-dividend on the NYSE as from and including August 22, 2025, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including August 21, 2025. 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 September 10, 2025.