Okeanis Covers 71% of Q4 Fleet Days at an Average of $420,000 a Day
Key Facts
Okeanis Eco Tankers said at its earnings conference on November 12 that it had booked 71% of its fleet days in the fourth quarter at an average of $420,000 a day, equivalent to about $480 million in revenue on booked days. That level gives the company a substantial revenue base for the current quarter, but does not determine the full-quarter result, as unbooked days remain exposed to market moves. Chief Executive Aristides Alafouzos said 29% of the quarter’s days remained open, with 458 days still to be fixed. “I don’t think we should take the spot rates fixed and multiply them by the rest of the quarter.” Alafouzos linked the caution to rates retreating from the peak reached earlier in October, despite his expectation that the market would recover as the fourth quarter progressed.
Bookings for very large crude carriers, known as VLCCs, show a difference between spot days and time-charter contracts. The company fixed 48% of available spot days for these vessels in the fourth quarter at an average of $688,000 a day. It also has 509 days under time-charter contracts at an average of $388,000 a day, covering 75% of VLCC days. These figures detail the composition of the announced fleet coverage, which combines spot bookings and time-charter contracts. Rates for the remaining days are not fixed until new bookings are made.
In the Suezmax segment, Okeanis booked 60% of available spot days at an average of $410,000 a day. Alafouzos said spot bookings across the fleet totaled 627 days at an average of $447,700 a day. These figures show the average rates on existing bookings for the period and do not represent a final rate for every day of the quarter. Open days matter because they may be fixed at rates that differ from the averages achieved so far, depending on market movements. Management therefore kept its estimate of quarterly revenue tied to what happens to rates as bookings are completed.
The early coverage follows a third quarter that Alafouzos described as the strongest in the company’s history and the third consecutive record quarter. Okeanis revenue reached $501.5 million in the third quarter of 2026, compared with $90.6 million in the same period of 2025, while profit rose to $299.6 million from $24.1 million. The chief executive said: “The third quarter was the strongest in our history, and our third consecutive record quarter.” Time-charter equivalent revenue was $338.3 million, EBITDA was $323.1 million, and adjusted EBITDA was $320.4 million. The results provide a strong financial backdrop for fourth-quarter expectations, without making booked revenue a substitute for final results.
Operationally, the fleet’s average daily operating revenue was $209,100 in the third quarter, compared with $46,600 in the third quarter of 2025. VLCCs averaged $260,100 per operating day, while Suezmax vessels averaged $166,600. Alafouzos said the third quarter is usually the weakest of the year, but exceeded the second quarter, which had itself set a record. He added that spot bookings in place when he spoke in August were below the daily earnings the tankers achieved by quarter-end: VLCCs ended at an average of $269,000 a day, and Suezmax vessels at $166,000. The comparison highlights how early fixed-rate averages can differ from returns realized as operating days pass.
Despite the strong results, Reuters reported that the company’s shares fell 2.45% to $83.65 on November 12, from a previous close of $85.75. EL7 data showed the stock closing at $87.67 on the same day. The latter figure differs from the price reported by Reuters, so each is attributed to its source without drawing a single conclusion about the stock’s movement during the session. On shareholder returns, the board declared a cash dividend of $7 per common share for the third quarter. The dividend is scheduled to be paid on December 1 to shareholders of record on November 23, 2026.