Okeanis Covers 71% of Fourth-Quarter Days at $420,000 a Day

Key Facts

Okeanis Eco Tankers said in its results presentation on November 12, 2026, that it had covered 71% of its fleet operating days in the fourth quarter at an average of $420,000 a day, equivalent to about $480 million in revenue on booked days. Chief Executive Aristides Alafouzos said 29% of the quarter's days remained open, or 458 days for which rates had not yet been fixed. Existing bookings give the company a substantial revenue base for the quarter, but its final results will still depend on the rates achieved on the remaining days. Alafouzos said he saw no merit in extrapolating spot freight rates fixed for the open days. He added that he expected the market to rebound as the fourth quarter progressed.

The figures reflect a mix of operating days with returns already fixed and others still exposed to market movements. Alafouzos said rates had fallen from an earlier peak in October, making the average for existing bookings insufficient on its own to estimate returns on the open days. At the time of the results call, he said spot rates for VLCCs were near $350,000 a day, while Suezmax rates ranged from $150,000 to $200,000 a day. This comes as management expects the market to recover as the quarter progresses, without specifying a figure for returns on the remaining days. The 458 open days remain a significant factor in the revenue the company will report for the fourth quarter.

The company attributed the strength of the operating environment to a recovery in crude oil flows through the Strait of Hormuz and strong global demand. Its results presentation noted an increase in eastbound voyages during October and substantial loading programs. These factors are tied to crude tanker activity, the market in which the company's VLCC and Suezmax vessels operate. Management said five VLCCs continued to operate under short-term contracts during the fourth quarter. Those vessels are expected to be redelivered in mid-first quarter 2027, making their return to the market a consideration for upcoming operations.

The announced coverage follows a third quarter in which the company reported revenue of $501.5 million, compared with $90.6 million in the same period of 2025. Profit was $299.6 million in the third quarter, against $24.1 million a year earlier, according to the financial statement filed with the U.S. Securities and Exchange Commission. Time charter equivalent revenue was $338.3 million, while the company reported EBITDA of $323.1 million and Adjusted EBITDA of $320.4 million. The results provide context on prior financial performance, while fourth-quarter revenue remains tied to coverage of open days and the returns vessels earn in operation. Alafouzos said the third quarter was usually the weakest of the year, but it surpassed the record second quarter, with fleet utilization at 98%.

The fleet's average time charter equivalent was $209,100 per operating day in the third quarter of 2026, while VLCCs recorded an average of $260,100 per operating day. Suezmax vessels posted an average of $166,600 a day. The financial statement also said the VLCC average was $269,300 per available spot-freight day, a measure that differs from the average of $260,100 per operating day. These metrics illustrate how returns are calculated differently depending on whether the measure uses an available day or an actual operating day. For shareholders, the board approved a cash dividend of $7 per share for the third quarter, with a record date of November 23, 2026, and payment scheduled for December 1, 2026.

EL7 data showed Okeanis shares closed at $87.67 on November 12, after closing at $85.75 on November 11. On the results call, Alafouzos described the orderbook as a genuine consideration from 2028 onward. He said a rapid return to a more efficient market alongside substantial deliveries could suddenly alter the balance. Analysts also discussed coverage for 2027, and the chief executive said the company currently saw no reason to fix a large number of vessels on long-term time charters for that year unless it saw a large gap between its market assessment and available rates. This places upcoming employment decisions in the context of management's assessment of rates, demand and vessel deliveries.