Okeanis Eco Tankers Q2 Earnings Call Highlights

Okeanis Eco Tankers reported adjusted EPS of $5.91 in Q2 2026 and $8.28 for the first half, alongside quarterly adjusted EBITDA of $252 million. The board declared a record $5.25-per-share dividend, its 17th consecutive quarterly payout. Delivery of the final two Suezmax vessels expanded the modern fleet to 18 ships, while market-adjusted net loan-to-value remained below 25% and the weighted-average debt margin fell to 1.47%. The company had fixed 48% of Q3 VLCC spot days at about $207,000 per day, with roughly 52% of total fleet days still open. Management plans to retain significant spot-market exposure, supported by strong tanker demand, rerouted trade flows and limited near-term vessel deliveries. Okeanis Eco Tankers NYSE: ECO reported its strongest quarter and first half since inception, supported by exceptionally high tanker rates, fleet expansion and commercial execution, management said during its second-quarter 2026 earnings call. Chief Executive Officer Aristidis Alafouzos said adjusted earnings per share reached $5.91 in the second quarter and $8.28 for the first six months of 2026. The company completed delivery of the final two vessels in its four-vessel Suezmax acquisition program, bringing its operating fleet to 18 vessels. “Q2 was the strongest quarter in our history,” Alafouzos said. “The first half of 2026 was also the strongest six months period since our inception.” Chief Financial Officer Iraklis Sbarounis said the company generated fleetwide time-charter-equivalent, or TCE, earnings of about $181,000 per vessel per day during the quarter. Spot VLCC earnings were approximately $214,000 per day, while Suezmax spot earnings were about $175,000 per day. Okeanis reported adjusted EBITDA of $252 million and adjusted net profit of $231 million for the quarter. For the first half, TCE revenue exceeded $400 million, EBITDA totaled $362 million and net income was about $320 million, or $8.28 per share. The board declared a quarterly dividend of $5.25 per share, its 17th consecutive quarterly dividend. Sbarounis said the payout represented nearly 90% of reported and adjusted net income and was the largest quarterly dividend in the company’s history. The dividend amount equaled the total dividends paid during the preceding five quarters, he said. Since its Oslo initial public offering, the company has distributed more than $780 million in dividends, or roughly 3.5 times its initial market capitalization, according to Sbarounis. Since its fleet was fully delivered in 2022, the company has paid out 90% of reported net income, he added. The company took delivery of the Nissos Tigani on May 29 and the Nissos Vous on July 8, completing the delivery of its acquired Suezmax vessels. Management said the 18-vessel fleet has an average age of about 5.6 years and consists of modern eco, scrubber-fitted tankers. At June 30, Okeanis had $248 million of cash, including roughly $35 million earmarked for part of the equity contribution for the Nissos Vous acquisition. Balance-sheet debt totaled $722 million, reflecting the debt drawdown for the Nissos Tigani acquisition. Book leverage was 35%, while market-adjusted net loan-to-value was below 25%, pro forma for acquisitions, recent transactions and quarter-end cash, management said. The company said its weighted-average debt margin has declined to 1.47%, more than 200 basis points below the level when its refinancing effort began in 2023.