| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 75 | 7.1x | 17.8x | Top tier | |
Growth | 83 | 105.2% | 7.1% | Top tier | |
Quality | 98 | 33.1% | 4.5% | Top tier | |
Safety | 77 | 1.0x | 2.6x | Top tier | |
Capital Return | 68 | 2.62% | 2.12% | Top tier | |
Momentum | 99 | 117.1% | 2.9% | Top tier | |
Sentiment | 19 | 1 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Okeanis Eco Tankers Corp. operates a crude oil tanker fleet comprising 18 vessels following the delivery of Nissos Tigani on May 29, 2026, and Nissos Vous on July 8, 2026. The fleet consists of 10 modern Suezmax tankers and 8 modern VLCC tankers equipped with scrubber systems, with an average age of approximately 5.6 years. Revenue is generated primarily from operating vessels in the spot market, where results depend on daily freight rates, voyage selection, and reducing ballast sailing periods, with one VLCC tanker under a time charter at $90 thousand per day.
The second quarter of fiscal year 2026 was the strongest quarter in the company's history; fleet-wide time charter equivalent revenue reached $181.2 thousand per vessel per day, compared with $213.6 thousand for spot VLCC tankers and $174.9 thousand for Suezmax tankers. The company recorded adjusted EBITDA of $252 million, adjusted net profit of $231 million, and adjusted earnings per share of $5.91, with fleet utilization of 99%. The call did not present a gross profit margin, but the earnings mix shows that the spot market, particularly VLCC tankers, was the primary driver of results.
During the first half of fiscal year 2026, TCE revenue exceeded approximately $400 million, EBITDA reached approximately $362 million, and net income was nearly $320 million, equivalent to $8.28 per share. By comparison, fiscal year 2025 revenue was approximately $391.5 million, net income was $123.0 million, and earnings per share were $3.77, versus revenue of $393.2 million and net income of $108.9 million in fiscal year 2024. The board of directors declared its seventeenth consecutive quarterly distribution of $5.25 per share, equivalent to approximately 90% of the reported and adjusted net income for the quarter.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” but the presented coverage is based on only one target of $44, so there is no spread between a high and low target that could reflect a diversity of views. This target is below the 52-week high of $67.81 and above the low of $26.43, while no valid price-to-earnings ratio is available in the data; therefore, the valuation assessment depends heavily on the sustainability of spot freight rates and distributions, balancing the record results in the second quarter of fiscal year 2026 against the large orderbook and volatile geopolitical markets.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
The fleet's time charter equivalent revenue reached $181.2 thousand per vessel per day, with $213.6 thousand for spot VLCC tankers and $174.9 thousand for Suezmax tankers. The company benefited from long eastbound voyages, the redirection of Saudi crude exports to Yanbu, and reduced ballast sailing and waiting times. This resulted in adjusted EBITDA of $252 million, adjusted net profit of $231 million, and adjusted earnings per share of $5.91. Fleet utilization during the quarter was 99%.
At the August 5, 2026 call, the company had fixed 48% of spot VLCC days at approximately $207 thousand per day and 42% of Suezmax days at $133 thousand. The average fixed spot portion was $166.5 thousand per day across 681 days, in addition to 92 days at $90 thousand under a time charter. Nissos Vous entered service on July 8, 2026, making the full fleet of 18 vessels available to generate operating days. Nevertheless, approximately 52% of total quarterly days remained open, keeping results exposed to market movements.
The board of directors declared a distribution of $5.25 per share for the second quarter of fiscal year 2026, the seventeenth consecutive quarterly distribution and the highest since the company's establishment. The distribution represented approximately 90% of reported and adjusted net income for the quarter and equaled the combined distributions of the previous five quarters. Total distributions over the last four quarters reached $9.55 per share, while the amount paid by the company since its listing in Oslo exceeded approximately $780 million. Management confirmed on August 5, 2026 that it would continue its approach of distributing as much value as possible and had no plans to accelerate debt repayment.
The addition program was completed with the delivery of Nissos Tigani on May 29, 2026, and Nissos Vous on July 8, 2026, bringing the fleet to 10 Suezmax tankers and 8 VLCC tankers. The company estimated that the first two vessels, Nissos Piperi and Nissos Serifopoula, together generated approximately $43 million in free cash flow over nearly seven months. This is equivalent to recovering 41% of the $104 million equity investment in the two vessels. The estimated value of each also increased from a purchase price of $97 million to more than $120 million.
The primary risk is the nearly complete exposure to the spot market, as earnings and distributions could decline if VLCC and Suezmax rates fall from the levels recorded in the second quarter of fiscal year 2026. The orderbook is approximately 32% of the VLCC fleet and approximately 30% of the Suezmax fleet, with the largest deliveries concentrated in 2028 and 2029. The damage to Nissos Sifnos while loading at the CPC terminal also demonstrated the operational and security risks associated with the Black Sea, although no crew members were injured. In addition, 52% of fleet days for the third quarter of fiscal year 2026 remained unfixed at the time of the call.
Cash at the end of the second quarter of fiscal year 2026 was approximately $248 million, including $35 million allocated to part of the equity portion of the Nissos Vous transaction, which was completed in July 2026. Balance-sheet debt stood at $722 million and book leverage at 35%, while net loan-to-market-adjusted-value fell below 25% on a pro forma basis. The weighted average financing margin also declined to 1.47%, an improvement of more than 200 basis points since refinancing began in 2023. Management views the current leverage level as a competitive advantage and does not intend to accelerate debt reduction instead of distributions.
