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Okeanis Eco Tankers (OET) investor relations material
Okeanis Eco Tankers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved Q3 2025 fleetwide TCE of $46,600–$47,000/day, with VLCCs at $45,500–$46,000 and Suezmaxes at $48,000–$48,200/day, and adjusted EBITDA of $45.2 million.
Reported adjusted net profit of $24.7 million and adjusted EPS of $0.77 for Q3 2025.
Declared a $0.75 per share dividend for Q3 2025, marking the 14th consecutive distribution and distributing $2.12 per share over the last four quarters, representing about 89–90% of earnings.
Since IPO in 2018, distributed over $435 million in dividends, 1.8x initial market cap.
Announced exercise of purchase options for Nissos Rhenia and Nissos Despotiko, expected to close in Q2 2026.
Financial highlights
Q3 2025 TCE revenue was $59.9 million, and nine-month TCE revenue was $172.5 million.
Adjusted EBITDA for Q3 2025 was $45.2 million, and for nine months was $124.9 million.
Ended Q3 2025 with $58.2 million in cash and $616.6 million in debt; book leverage at 57%.
Total equity increased to $429.8 million as of September 30, 2025.
Interest and finance costs in Q3 2025 were $11.0 million, down from $14.2 million in Q3 2024.
Outlook and guidance
Q4 2025 guidance: 80% of VLCC spot days fixed at $88,100/day, 48% of Suezmax spot days at $60,800/day, with a fleetwide average of $80,700/day on fixed days.
Guidance outperformance on fixed days stands at 37% for VLCCs and 33% for Suezmaxes compared to peers.
Utilization is at 93%, the highest in three years, with potential for 95–96% in Q1.
Optimistic Q4 outlook supported by robust market conditions, increased tonne-miles, and OPEC+ output increases.
Discuss Q4 TCE rates and market drivers
Rationale for VLCC repurchase options
Drivers of reduced interest and finance costs
Acquisition criteria for fleet expansion
Impact of dark fleet growth on compliant fleet values?
Key drivers of OET's consistent TCE outperformance?
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Next Okeanis Eco Tankers earnings date
Q4 202519 Feb, 2026
Next Okeanis Eco Tankers earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Okeanis Eco Tankers Corp. is a shipping company that owns and operates product tanker vessels, serving international customers on an impartial and confidential basis. Since its launch in February 2017, the Company has made strategic investments in the oil tanker market, acquiring high-quality MR (Medium-Range) vessels, through market expertise and experience. The company was incorporated in 2018 and is based in Piraeus, Greece.
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