Okeanis Eco Tankers Q2 2026 earnings: Profit rises to $230.3 million

Okeanis Eco Tankers (NYSE: ECO; OSE: OET) reported Q2 2026 revenue of $318.9 million, up from $93.9 million a year earlier, while EPS increased to $5.90 from $0.84. Reported profit reached $230.3 million, and VLCCs generated the fleet’s highest daily time charter equivalent rate during the quarter.

Core earnings data

Revenue increased by approximately 240% year over year, while reported profit rose by approximately 756%. Vessel operating expenses grew by a much smaller 16%, although the release did not provide a complete expense breakdown explaining the full increase in profit.

Reported and adjusted results were closely aligned. Adjusted profit exceeded reported profit by only $0.5 million, while adjusted EBITDA was $0.2 million above EBITDA.

Fleet and charter-rate performance

VLCCs produced the highest daily TCE rates in Okeanis Eco Tankers’ fleet. The company operated a sailing fleet of eight VLCCs and 10 Suezmax tankers, all fitted with scrubbers.

The following rates are non-IFRS measures and use different day-based denominators, so available-spot-day and operating-day figures should not be treated as interchangeable.

Fleetwide daily vessel operating expenses were $9,936 per calendar day, including management fees. That measure is based on calendar days rather than the operating-day or available-spot-day denominators used for TCE rates.

Partial Q3 bookings show a wider Suezmax slowdown

Okeanis Eco Tankers had booked 48% of available Q3 VLCC spot days at an average TCE rate of $206,600 per day. That was approximately 3% below the Q2 VLCC rate of $213,600 per available spot day.

For Suezmax vessels, 42% of available Q3 spot days had been booked at $133,000 per day, approximately 24% below the Q2 rate of $174,900. These are partial booking figures rather than full-quarter guidance, leaving the remaining spot days and their eventual rates as important variables for Q3 performance.

Cash position and dividend

Cash, including restricted cash, increased to $247.8 million at June 30, 2026, from $122.5 million at December 31, 2025—an increase of approximately 102%. Because this balance includes restricted cash, it does not represent entirely unrestricted liquidity.

The board declared a Q2 dividend of $5.25 per common share, payable on August 21, 2026, to shareholders of record on August 14. The dividend is equivalent to approximately 89% of the quarter’s reported EPS on a per-share basis.

Risks investors should monitor

• Continued spot-rate exposure: More than half of available Q3 spot days remained unbooked for both vessel classes when the results were released, leaving quarterly revenue sensitive to subsequent charter rates.
• Lower booked Suezmax rates: The Q3-to-date Suezmax booking rate was materially below the completed Q2 rate. If that gap persists as more days are fixed, it could weigh on TCE revenue and profit.
• Operating-cost growth: Vessel operating expenses rose approximately 16% year over year. Continued cost increases could pressure profitability if charter rates moderate.
• Cash availability after distributions: The reported cash balance includes restricted cash, while the declared $5.25-per-share dividend represents a substantial capital distribution.

Summary

Okeanis Eco Tankers’ Q2 2026 results featured a sharp increase in revenue, profit and EPS, with reported and adjusted earnings remaining closely aligned. VLCCs recorded the fleet’s highest TCE rates, but partial Q3 bookings point to a more pronounced sequential decline for Suezmax vessels. The main issues to monitor are rates on remaining unbooked spot days, vessel operating costs and liquidity after the declared dividend.