Okeanis to Distribute $7 per Share, Reports Record Tanker Rates for Q4
Key Facts
Okeanis Eco Tankers announced on November 11 a cash distribution of $7 per common share for the third quarter of 2026, alongside the announcement of forward bookings for part of its fleet operating days in the fourth quarter. The company's tankers fixed for the current quarter recorded high daily rates, while the fourth-quarter figures were not completed operating results. The company said 48% of available spot VLCC days had been fixed at an average of $688,800 per day, while 60% of spot Suezmax days had been fixed at an average of $410,900 per day. The distribution follows a third quarter in which revenue and earnings rose compared with the same period last year. The announcement gives investors specific dates for eligibility and payment, with different ex-distribution trading dates on the New York and Oslo exchanges.
According to results published by the company, third-quarter revenue was $501.5 million, compared with $90.6 million in the corresponding quarter of 2025, while net profit rose to $299.6 million from $24.1 million. Earnings per share were $7.67 in the third quarter, compared with $0.75 a year earlier. The fleet's average daily time charter equivalent (TCE) was also $209,100 per operating day, compared with $46,600 in the corresponding period of 2025. These comparisons show the scale of improvement in the completed quarter, distinguishing it from fourth-quarter rates that reflect days booked in advance. For the nine months ended September 30, 2026, the company recorded revenue of $990.5 million and net profit of $618.2 million, compared with $264.7 million and $63.5 million, respectively, in the corresponding period of 2025.
The company said fourth-quarter contracts cover 48% of available spot VLCC days at an average TCE of $688,800 per day, along with 60% of spot Suezmax days at an average of $410,900 per day. It said 71% of fleet operating days in the fourth quarter were covered, while 29% remained open. In its statement, it added that "the fourth quarter is well secured," with those days remaining open to benefit from the strength of the winter season. The percentages mean that some fleet operations remain unbooked, while the reported rates reflect only the days that have been fixed. The coverage figures therefore describe bookings in place during the quarter and do not represent the quarter's results as a whole.
During the third quarter, Okeanis entered into short-term charter agreements for five VLCC tankers, each lasting between 100 and 150 days, at an average rate of $449,200 per day. This figure provides context on contracts concluded by the company in the completed quarter, alongside the fleet's average TCE of $209,100 per day in the same quarter. Across the market, the International Energy Agency said the cost of shipping crude from the Gulf to Asia on a large tanker exceeded $37 per barrel by mid-October 2026. It added that the cost had risen to more than five times its level before the war broke out. These figures provide context for changes in shipping costs over the period, while the company's reported rates remain tied to its vessel classes and the days it fixed.
The company set November 23, 2026, as the record date for shareholders eligible for the distribution, with payment scheduled for December 1. The stock will begin trading ex-distribution on the New York Stock Exchange on November 23, while trading on the Oslo exchange will go ex-distribution on November 20. The different dates mean the ex-distribution date varies by the market on which the stock is listed. ECO shares closed at $87.67 on November 12, 2026. The move follows the distribution announcement, third-quarter results and details of fourth-quarter forward coverage.