Okeanis Eco Tankers (OET) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record results, with revenue surging to $170.2 million, adjusted EBITDA of $110.1 million, and net profit of $88.9 million, marking the strongest quarterly performance since inception.

• Earnings per share rose to $2.33, and a $2.00 per share dividend was declared, representing 88% of reported net income and the 16th consecutive quarterly dividend.

• Market strength was driven by Venezuela reopening, Indian import diversification, VLCC market consolidation, and geopolitical events such as the Hormuz closure.

• Company achieved perfect fleet utilization and significant commercial outperformance versus peers, with high spot market exposure.

• $130 million equity raised in January 2026 supported fleet expansion, including acquisition and delivery of new Suezmax vessels.

Financial highlights

• Fleetwide TCE averaged $93,100 per day in Q1 2026; VLCCs at $104,300, Suezmaxes at $81,600.

• Adjusted EBITDA reached $110.1 million, adjusted net profit $88.9 million, and adjusted EPS $2.33.

• Cash and restricted cash totaled $176.5 million at quarter end.

• Book leverage decreased to 41% from 46% at year-end 2025.

• 16th consecutive quarterly dividend of $2 per share, with $60.5 million paid in March 2026.

Outlook and guidance

• Q2 2026 earnings expected to exceed any previous full-year earnings, with 56% of VLCC and 60% of Suezmax spot days fixed at $223,900 and $187,300 per day, respectively.

• Q2 fleet-wide fixed average at $202,900/day, with commercial outperformance expected to continue.

• Two new Suezmax vessels scheduled for delivery in May and July 2026, and one newbuilding VLCC in Q2.

• Strategy focuses on capitalizing on geopolitical and trade dislocations, maintaining high spot market exposure.

• Three scenarios for Hormuz reopening outlined, all supportive for tanker demand.