Okeanis Eco Tankers posts $299.6 million third-quarter profit on record revenue
Key Facts
Okeanis Eco Tankers reported on November 11 unaudited third-quarter 2026 profit of $299.6 million, compared with $24.1 million in the same period a year earlier. Revenue was $501.5 million, versus $90.6 million, while earnings per share rose to $7.67 from $0.75. The results reflect a quarter in which the company’s tankers earned high daily operating rates, even as the cost of some very large tanker voyages fell in the weeks before the announcement. Reuters said in a preview ahead of the results that the question was whether the company had locked in exposure to peak rates during the September quarter or whether the more recent decline would weigh on results. The agency wrote: "The key question is whether Okeanis locked in exposure to peak rates during the September quarter or whether the sharp recent downturn will affect results."
The improvement extended to the first nine months of the year, with the company posting revenue of $990.5 million and profit of $618.2 million, compared with $264.7 million and $63.5 million, respectively, in the corresponding period of 2025. Earnings per share for the nine months were $15.95, versus $1.97. In the third quarter, time charter equivalent revenue was $338.3 million, a non-IFRS operating metric. EBITDA was $323.1 million, or $320.4 million on an adjusted basis. Cash, including restricted cash, also rose to $233.1 million on September 30, from $122.5 million at the end of December 2025.
The fleet’s average daily earnings were $206,800 per available spot-market day and $209,100 per operating day during the quarter. Very large crude carriers (VLCCs) recorded $269,300 per available day and $260,100 per operating day. Suezmax tankers averaged $166,600 on both bases. During the quarter, the company entered into short-term time charter agreements for five VLCCs, each for between 100 and 150 days, at an average of $449,200 per day. The fleet consists of 10 Suezmax tankers and eight VLCCs, all fitted with exhaust gas scrubbers.
The previous quarter offers a comparison for earnings trends before the September results: the company reported revenue of $318.9 million and profit of $230.3 million in the second quarter, with earnings per share of $5.90. In that quarter, time charter equivalent revenue was $268.1 million, and the fleet’s daily average was $191,700 per available spot-market day and $181,200 per operating day. The reported third-quarter daily average therefore rose on both bases from second-quarter levels. On August 4, the company had booked 48% of available VLCC spot-market days for the third quarter at an average of $206,600 per day, and 42% of Suezmax days at an average of $133,000. The quarterly results show that the August booking figures and actual operating averages cover different periods of market activity.
In contrast, the Reuters preview pointed to a decline in the cost of chartering a very large tanker for a voyage from the Gulf to Asia to $45 million, from $79.6 million a month earlier, based on Baltic Exchange data. VLCC rates on the Oman Gulf-to-China route had fallen on October 16 to 776 points on a Worldscale basis, from 841 points the previous week. The earlier level was the highest since that rate was launched in the same year. Reuters quoted a Kpler analyst as saying that weaker demand on the route followed new attacks and rising freight rates in the Gulf, which reduced export volumes and demand for the route. These moves provide context for the sensitivity of the company’s results to the timing of contract fixtures, while the quarter’s realized rates and announced bookings show that published operating performance covers different pricing periods.
Fourth-quarter bookings reported through November 11 included 48% of available VLCC spot-market days at an average of $688,800 per day, and 87% of operating days at an average of $430,300. For the Suezmax fleet, 60% of available and operating days had been booked, at an average of $410,900 per day. These are booking percentages and rates recorded as of the announcement date, not final results for the quarter. The board declared a cash dividend of $7 per share, payable on December 1 to shareholders of record on November 23. The stock will trade ex-dividend on the Oslo Stock Exchange on November 20 and on the New York Stock Exchange on November 23.
The company was scheduled to hold a conference call and webcast on November 12 at 14:30 Central European Time to discuss its third-quarter and nine-month results. The event follows the announcement of results, the dividend and interim fourth-quarter booking details. The published data compare profit and revenue year over year, alongside daily earnings indicators by tanker class. They also put cash at the end of September in the context of the period’s results, compared with the balance at the end of 2025. The announced bookings remain tied to the disclosure date, while the conference is scheduled for a specific time to discuss the results for both periods.