Okeanis Eco Tankers earns $299.6 million in third quarter on revenue of $501.5 million
Key Facts
Okeanis Eco Tankers reported a profit of $299.6 million for the third quarter of 2026 on November 11, compared with $24.1 million in the same period a year earlier, while revenue reached $501.5 million versus $90.6 million. Earnings per share rose to $7.67 from $0.75, according to unaudited results published by the company. The figures came amid high operating returns for oil tankers, with investors focused on how much the company benefited from the freight rates reached by the market during the quarter. Reuters said in a report published before the results announcement that the key question was whether the company had locked in exposure to September's peak rates or whether the more recent pullback 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 pullback will affect results."
The improvement extended to the first nine months of 2026, when the company recorded revenue of $990.5 million and profit of $618.2 million. In the same period of 2025, revenue was $264.7 million and profit was $63.5 million, according to the company statement. Among operating measures not calculated under International Financial Reporting Standards, time charter equivalent revenue was $338.3 million in the third quarter. Earnings before interest, taxes, depreciation and amortization were $323.1 million, while adjusted EBITDA was $320.4 million. These measures show part of the operating revenue and profitability during the quarter alongside the reported revenue and profit figures.
The fleet's average daily time charter equivalent return was $206,800 per available spot-market day and $209,100 per operating day in the third quarter. For VLCCs, the average reached $269,300 per available day and $260,100 per operating day. Suezmax vessels recorded $166,600 on both bases, according to the company. During the quarter, the company entered short-term agreements for five VLCCs, each lasting between 100 and 150 days, at an average of $449,200 per day. The fleet comprises 10 Suezmax vessels and eight VLCCs equipped with exhaust gas cleaning systems, according to the company's description.
Bookings disclosed for the fourth quarter through the results date showed that the company had booked 48% of available spot-market days for its VLCCs at an average time charter equivalent rate of $688,800 per day. It had also booked 87% of operating days for these vessels at an average of $430,300 per day. For the Suezmax fleet, the share of available and operating days booked was 60%, at an average of $410,900 per day. These are booking rates recorded through the announcement date and do not represent the final tally for the fourth quarter. The figures follow a quarter in which the company recorded high operating returns, amid a recent decline in voyage rates cited by the Reuters report.
The board declared a cash dividend of $7 per share, payable on December 1, 2026, to shareholders of record on November 23, according to the company statement. The company scheduled a conference call and webcast for November 12 at 14:30 Central European Time to discuss third-quarter and nine-month results. These dates provide details on the dividend entitlement and management's discussion of the published financial and operating performance. The fourth-quarter bookings disclosed through the results date remain an interim indicator of contracts recorded during the period. The third-quarter profit coincides with high daily averages recorded by the company's vessels during the three months.