Okeanis Eco Tankers Corp. Reports Financial Results for the First Quarter of 2026
Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the first quarter of 2026, which are attached to this press release.
Financial performance of the First Quarter Ended March 31, 2026
· Revenues of $170.2 million in Q1 2026, compared to $80.1 million in Q1 2025.· Profit of $88.3 million in Q1 2026, compared to $12.6 million in Q1 2025.· Vessel operating expenses of $12.2 million in Q1 2026, compared to $10.5 million in Q1 2025.· Earnings per share of $2.31 in Q1 2026 (based on a weighted average number of shares of 38,161,939 for the period), compared to $0.39 in Q1 2025.· Cash (including restricted cash) of $176.5 million as of March 31, 2026, compared to $122.5 million as of December 31, 2025.
Alternative performance metrics and market development
· Time charter equivalent* (“TCE”, a non-IFRS measure*) revenue of $132.2 million in Q1 2026.· EBITDA* and Adjusted EBITDA* (each, a non-IFRS measure*) of $109.6 million and $110.1 million, respectively, in Q1 2026.· Adjusted profit* and Adjusted earnings per share* (each, a non-IFRS measure*) of $88.9 million or $2.33 per basic and diluted share in Q1 2026.· Fleetwide daily TCE rate* of $93,600 per available spot day and $93,100 per operating day; VLCC TCE rate of $106,400 per available spot day and $104,300 per operating day; and Suezmax TCE rate of $81,600 per available spot and operating day.· Daily vessel operating expenses* (“Daily Opex”, a non-IFRS measure*) of $9,593 per calendar day, including management fees, in Q1 2026.· In Q2 2026 to date, 46% of the available VLCC spot days have been booked at an average TCE rate of $223,900 per day and 60% of the available Suezmax spot days have been booked at an average TCE rate of $187,300 per day.
Declaration of Q1 2026 dividend
The Company’s board of directors declared a dividend of $2.00 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on June 5, 2026, to shareholders of record as of May 28, 2026. The common shares will be traded ex-dividend on the NYSE as from and including May 28, 2026, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including May 27, 2026. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about June 10, 2026.
*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles and International Financial Reporting Standards (“IFRS”), including TCE, Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the end of this press release.
Okeanis Eco Tankers Corp. has entered into three new loan facility agreements
Okeanis Eco Tankers Corp. (the “Company” or “OET”) (NYSE:ECO / OSE:OET), announced today that it has entered into three new loan facility agreements.
We entered into a $90.0 million facility agreement to finance a portion of the acquisition price of our two recently acquired newbuilding contracts relating to two new Suezmax vessels, each under construction at Daehan Shipbuilding Co., Ltd., to be named Nissos Tigani and Nissos Vous, with expected deliveries from the shipyard in May 2026 and July 2026, respectively (the “Nissos Tigani and Nissos Vous Facility”). The Nissos Tigani and Nissos Vous Facility is provided by a syndicate of banks, led and arranged by E.SUN Commercial Bank, Ltd. It contains an interest rate of Term SOFR plus 120 basis points, matures in eight years, and will be repaid in quarterly installments of $1.07 million, together with aggregate balloon installments of $55.76 million at maturity, related to both vessels. It will be secured by, among other things, mortgages over the Nissos Tigani and the Nissos Vous, and it will be guaranteed by the Company. The transaction is expected to close in May 2026 and July 2026, respectively, for each of the two vessels.
We entered into a $50.0 million facility agreement to finance the previously announced declaration of our option to purchase back the Nissos Rhenia from its current sale and leaseback financier (the “Nissos Rhenia Facility”). The Nissos Rhenia Facility is provided by a prominent Greek bank. It contains an interest rate of Term SOFR plus 125 basis points, matures in seven years, and will be repaid in quarterly installments of $0.825 million, together with a balloon installment of $26.9 million at maturity. It will be secured by, among other things, a mortgage over the Nissos Rhenia, and it will be guaranteed by the Company. The transaction is expected to close in May 2026.
We entered into a $50.0 million facility agreement to finance the previously announced declaration of our option to purchase back the Nissos Despotiko from its current sale and leaseback financier (the “Nissos Despotiko Facility”). The Nissos Despotiko Facility is provided by another prominent Greek bank. It contains an interest rate of Term SOFR plus 130 basis points, matures in nine years, and will be repaid in quarterly installments of $0.825 million, together with a balloon installment of $20.3 million at maturity. It will be secured by, among other things, a mortgage over the Nissos Despotiko, and it will be guaranteed by the Company. The transaction is expected to close in June 2026.
All facility agreements contain standard representations, warranties and covenants, including financial covenants, and are subject to standard conditions precedent, such as the delivery of the relevant vessel.
Iraklis Sbarounis, CFO of the Company, commented:
“We are pleased to announce our most recent bank financing transactions.First, these transactions complete the funding of the acquisition of our two resale newbuilding Suezmaxes, following our successful equity raise in January. Similar to the structure we executed for the Nissos Piperi and Nissos Serifopoula, we structured the acquisitions of the Nissos Tigani and Nissos Vous in a way that we believe preserves our dividend capacity, funded by fresh accretive equity capital and competitive bank debt. This transaction has been our third with Taiwanese banks in the last two years. We are pleased with the progress and relationships we are developing in that market, and look forward to working with current and new partners in the future.Second, these transactions also complete our transition away from all our legacy sale and leaseback transactions. The sale and leaseback transactions served their purpose well in supporting the start of our journey as a public entity; we are now very pleased to replace them with competitive bank debt, which we believe to be a reflection of how Okeanis as a platform has matured through the years, how the market views our performance and capital structure, and the confidence we enjoy by our financiers. The two vessels are each financed by separate Greek banks. We continue fostering the relationships established by the Alafouzos family in the Greek banking market, a market that we expect may always play a significant role in our capital structure, which knows the shipping market, and is built with long-term trust in mind.Over the last few years we have refinanced and improved our debt structure. Since the pre LIBOR to SOFR transition era in early 2023, and once these new transactions close, we estimate that our debt margin pricing will have improved by over 200 basis points on average across our fleet, resulting in significant interest expense savings. We have extended loan maturities, such that some loans run until 2035, and we have improved our daily debt service breakeven costs. We are confident that we are well positioned to continue capitalizing on the market, having set up our platform with a competitive capital structure and with a focus on shareholder returns.”
Okeanis Eco Tankers Corp. – Key Information relating to Q4 2025 dividend
Okeanis Eco Tankers Corp. has announced that the Company’s board of directors (the “Board”) has declared a dividend on its common shares (the “Dividend”).
Due to implementation of the Central Securities Depository Regulation (“CSDR”) in Norway, shareholders who hold common shares registered in Euronext Securities Oslo (“VPS”), Norway’s central securities depository, should please note the information on the payment date to the common shares registered in VPS below.
The New York Stock Exchange (“NYSE”) settles its trades on a T+1 basis, while the Oslo Stock Exchange (“OSE”) settles its trades on a T+2 basis. As a result, there will be different ex-dividend dates between the two exchanges, as set out below.
Key information relating to the Dividend:• Dividend amount: USD 1.55 per common share.• Declared currency: USD. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK.• Date of Board approval: February 18, 2026.• Last day including right OSE: February 27, 2026, the last date on which the Company’s common shares trading on the OSE will include the entitlement to the Dividend.• Last day including right NYSE: March 2, 2026, the last date on which the Company’s common shares trading on the NYSE will include the entitlement to the Dividend.• Ex-date OSE: March 2, 2026, the date on which the Company’s common shares will begin trading on the OSE without the entitlement to the Dividend.• Ex-date NYSE: March 3, 2026, the date on which the Company’s common shares will begin trading on the NYSE without the entitlement to the Dividend.• Record date OSE and NYSE: March 3, 2026• Payment date: March 10, 2026. Due to the implementation of CSDR in Norway, the Dividend payable on common shares that are registered in the Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about March 13, 2026.
The Company encourages you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your common shares credited to your account.
Okeanis Eco Tankers Corp. – New Shares Issued and Commencement of Trading
Reference is made to the stock exchange release by Okeanis Eco Tankers Corp. (the “Company”, OSE ticker code: “OET”, NYSE ticker code: “ECO”) on 21 January 2026 regarding the successful offering of 3,611,111 new common shares (the “Offer Shares”) of the Company at a price of USD 36.00 per Offer Share, raising gross proceeds of approximately USD 130 million (the “Offering”).
The Company has issued the Offer Shares in The Depository Trust Company (the “DTC“) in the United States and such shares will be available for trading on the New York Stock Exchange on or around 23 January 2026. The Offer Shares may also be transferred from DTC to Euronext Securities Oslo (the “VPS“) in accordance with the customary arrangements for transfers of the Company’s common shares between DTC and VPS and be traded on Euronext Oslo Børs.
Following issuance of the Offer Shares, the Company has 39,740,547 common shares issued, of which 39,044,655 common shares are deemed outstanding (there are 695,892 common shares held in treasury), each with a par value of USD 0.001.
Fearnley Securities AS and Clarksons Securities AS have acted as joint global coordinators and joint bookrunners, and Pareto Securities AS has acted as joint bookrunner for the Offering (collectively referred to as the “Managers”). Advokatfirmaet BAHR AS acted as Norwegian legal counsel, and Watson Farley & Williams LLP acted as US legal counsel, to the Company. Advokatfirmaet Thommessen AS acted as Norwegian legal counsel, and Seward & Kissel LLP acted as US legal counsel, to the Managers.
The Offer Shares were sold pursuant to a shelf registration statement on Form F-3 (File No. 333- 287032), previously filed with the Securities and Exchange Commission (the “SEC”) on 7 May 2025 and declared effective on 21 May 2025. The Offering was made only by means of a prospectus, including a prospectus supplement prepared specifically in relation to the Offering and filed under Rule 424(b) under the U.S. Securities Act of 1933, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities described above were filed with the SEC on 21 January 2026. Copies of the prospectus supplement and the accompanying prospectus relating to Offering may be obtained at www.sec.gov. A written prospectus may also be obtained by contacting Fearnley Securities AS at prospectus@fearnleys.com, Clarksons Securities AS at compliance.oslo@clarksons.com or Pareto Securities AS subscription@paraetosec.com.
Okeanis Eco Tankers: Νέο δάνειο για χρηματοδότηση επαναγοράς πλοίου
Νέα δανειακή σύμβαση ύψους 65 εκατ. δολαρίων για τη χρηματοδότηση της επαναγοράς του πλοίου «Nissos Kea», υπέγραψε η Okeanis Eco Tankers Corp., των Γιάννη και Αριστείδη Αλαφούζου.
Η δανειακή σύμβαση παρέχεται από κοινοπραξία τραπεζών, με επικεφαλής και συντονιστή την E.SUN Commercial Bank, Ltd. Περιλαμβάνει επιτόκιο SOFR συν 135 μονάδες βάσης, λήγει σε επτά χρόνια και θα αποπληρωθεί σε τριμηνιαίες δόσεις των 0,9 εκατ. δολαρίων, μαζί με μια δόση μπαλονιού 39,8 εκατ. δολαρίων στη λήξη του δανείου.
Ο οικονομικός διευθυντής της εταιρείας, Ηρακλής Σμπαρούνης, αναφερόμενος στη δανειακή σύμβαση, σχολίασε: «Είμαστε στην ευχάριστη θέση να ανακοινώσουμε το νέο δάνειο για το πλοίο “Nissos Kea”. Αυτό σηματοδοτεί ακόμη ένα βήμα στην επέκταση της παρουσίας μας σε αυτήν την αγορά χρηματοδότησης, η οποία πιστεύουμε ότι μπορεί να αποτελέσει σημαντική πηγή κεφαλαίου για εμάς στο μέλλον. Μαζί με τις πρόσφατα γνωστοποιημένες συναλλαγές των “Nissos Nikouria” και “Nissos Anafi”, έχουμε πλέον εξασφαλίσει νέα δάνεια για τα τρία νεότερα πλοία VLCC μας, με όρους και λήξεις που πιστεύουμε ότι είναι πολύ ανταγωνιστικοί και εκτείνονται έως το 2032. Θεωρούμε αυτό ως αντανάκλαση της δύναμης της εταιρείας και της ποιότητας των σχέσεών μας τόσο με τους μακροχρόνιους όσο και με τους νέους χρηματοδοτικούς εταίρους. Η συνεχής μας εστίαση στη βελτίωση της κεφαλαιακής μας δομής αποδίδει καρπούς. Έχουμε μειώσει σημαντικά το κόστος εξυπηρέτησης του χρέους μας, έχουμε επεκτείνει το προφίλ ωρίμανσης και έχουμε διευρύνει την γκάμα των χρηματοδοτών μας τα τελευταία χρόνια, κάτι που έχει ενισχυθεί περαιτέρω από τις δύο πιο πρόσφατες δανειακές συμβάσεις».
Okeanis Eco Tankers Corp. – Key Information relating to Q3 2024 dividend
Okeanis Eco Tankers Corp. (“OET” or the “Company”) (NYSE: ECO / OSE: OET), announced that the Company’s board of directors (the “Board”) has declared a dividend on its common shares, which is classified as a return of capital for accounting purposes (the “Dividend”).
Due to implementation of the Central Securities Depository Regulation (“CSDR”) in Norway, shareholders who hold shares registered in Euronext Securities Oslo, the central securities depository in Norway (“VPS”) should please note the information on the payment date to the shares registered in VPS below.
Since May 28, 2024, the New York Stock Exchange (“NYSE”) has been settling its trades on a T+1 basis, while the Oslo Stock Exchange (“OSE”) continues to settle its trades on a T+2 basis. As a result, there will be different ex-dividend dates between the two exchanges, as set out below.
Key information relating to the Dividend:
Dividend amount: USD 0.45 per common share.
Declared currency: USD. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK.
Date of Board approval: November 7, 2024.
Last day including right OSE: November 14, 2024, the last date on which the Company’s common shares trading on the OSE will include the entitlement to the Dividend.
Last day including right NYSE: November 15, 2024, the last date on which the Company’s common shares trading on the NYSE will include the entitlement to the Dividend.
Ex-date OSE: November 15, 2024, the date on which the Company’s common shares will begin trading on the OSE without the entitlement to the Dividend.
Ex-date NYSE: November 18, 2024, the date on which the Company’s common shares will begin trading on the NYSE without the entitlement to the Dividend.
Record date OSE and NYSE: November 18, 2024
Payment date: December 4, 2024. Due to the implementation of CSDR in Norway, the Dividend payable on common shares that are registered in the Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about December 9, 2024.
The Company encourages you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your common shares credited to your account.
Okeanis Eco Tankers Corp. Reports Financial Results for the Third Quarter and Nine-Month Period of 2024
Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the third quarter and nine-month period of 2024, which are attached to this press release.
Financial performance of the Third Quarter Ended September 30, 2024• Revenues of $84.9 million in Q3 2024, compared to $89.1 million in Q3 2023.• Profit of $14.6 million in Q3 2024, compared to $19.4 million in Q3 2023.• Earnings per share of $0.45 in Q3 2024, compared to $0.60 in Q3 2023.• Cash (including restricted cash) of $56.0 million as of September 30, 2024, compared to $82.1 million as of September 30, 2023.
Financial performance of the Nine Months Ended September 30, 2024• Revenues of $308.0 million in 9M 2024, compared to $321.4 million in 9M 2023.• Profit of $95.7 million in 9M 2024, compared to $124.0 million in 9M 2023.• Earnings per share of $2.97 in 9M 2024, compared to $3.85 in 9M 2023.
Alternative performance metrics and market developments• Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $52.2 million in Q3 2024, compared to $59.7 million in Q3 2023.• EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $38.4 million and $37.9 million, respectively, in Q3 2024.• Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of $14.5 million or $0.45 per basic and diluted share in Q3 2024.• Fleetwide daily TCE rate of $43,900 per operating day in Q3 2024; VLCC and Suezmax TCE rates of $43,100 and $44,800 per operating day, respectively, in Q3 2024.• Daily vessel operating expenses (“Opex”, a non-IFRS measure) of $9,811 per calendar day, including management fees, in Q3 2024.• In Q4 2024 to date, 63% of the available VLCC spot days have been booked at an average TCE rate of $46,900 per day and 70% of the available Suezmax spot days have been booked at an average TCE rate of $40,200 per day.
Declaration of Q3 2024 dividendThe Company’s board of directors declared a dividend of $0.45 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be classified as a return of paid-in-capital and will be paid on December 4, 2024, to shareholders of record as of November 18, 2024. The common shares will be traded ex-dividend on the NYSE as from and including November 18, 2024, and the common shares will be traded ex-dividend on the Oslo Børs as from and including November 15, 2024. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about December 9, 2024.
Okeanis Eco Tankers: Μείωση εσόδων κατέγραψε στο εννεάμηνο
Η εισηγμένη στο Όσλο, Okeanis Eco Tankers Corp., συμφερόντων Γιάννη και Αριστείδη Αλαφούζου, γνωστοποίησε τα οικονομικά αποτελέσματα του εφετινού τρίτου τριμήνου και πρώτου εννεαμήνου.
Πιο συγκεκριμένα, η ναυτιλιακή εταιρεία το εν λόγω διάστημα κατέγραψε έσοδα ύψους 84.9 εκατομμυρίων δολαρίων, σε σύγκριση με 89.1 εκατομμύρια δολάρια το τρίτο τρίμηνο του 2023. Επίσης, τα κέρδη της διαμορφώθηκαν σε 14.6 εκατομμύρια, από 19.4 εκατομμύρια δολάρια πέρυσι. Όσον αφορά στα κέρδη ανά μετοχή αυτά είναι 0.45 δολάρια (το τρίτο τρίμηνο 2024), σε σύγκριση με 0.60 δολάρια (το τρίτο τρίμηνο του 2023). Ενώ η ρευστότητα της Εταιρείας ανέρχεται σε 56.0 εκατομμύρια δολάρια (στις 30 Σεπτεμβρίου 2024), σε σχέση με 82.1 εκατομμύρια δολάρια (στις 30 Σεπτεμβρίου 2023).
Παράλληλα, τα οικονομικά αποτελέσματα, στο πρώτο εννεάμηνο έχουν ως εξής. Η ναυτιλιακή εταιρεία σημείωσε έσοδα ύψους 308 εκατομμυρίων δολαρίων, σε σύγκριση με 321.4 εκατομμύρια δολάρια το εννεάμηνο του 2023.Επιπρόσθετα, τα κέρδη της ανήλθαν σε 95.7 εκατομμύρια δολάρια το εννεάμηνο του 2024, από 124.0 εκατομμύρια δολάρια το εννεάμηνο του 2023.Τέλος, τα κέρδη ανά μετοχή ήταν 2.97 δολάρια το εννεάμηνο του 2024, σε σύγκριση με 3.85 δολάρια το περσινό πρώτο εννεάμηνο.
Okeanis Eco Tankers: Κέρδη ύψους $39,6 εκατομμυρίων το Β΄ τρίμηνο
Η εισηγμένη στο NYSE Okeanis Eco Tankers (OET), συμφερόντων της οικογένειας Αλαφούζου, σημείωσε επιβράδυνση κερδών το δεύτερο τρίμηνο από τα επίπεδα ρεκόρ που είχε επιτύχει την ίδια περίοδο πέρυσι.
Αναλυτικότερα, η ναυτιλιακή εταιρεία, που διαχειρίζεται 14 μεγάλα σύγχρονα δεξαμενόπλοια, κατέγραψε καθαρά κέρδη 39,6 εκατομμυρίων δολαρίων, μειωμένα κατά 25% από έτος σε έτος.
Την ίδια ώρα, η Okeanis Eco Tankers διευκρίνισε σχετικά με το μέρισμα:
• Ποσό μερίσματος: 1.10 USD ανά κοινή μετοχή.
• Δηλωμένο νόμισμα: USD. Τα μερίσματα που καταβάλλονται σε κοινές μετοχές που είναι εγγεγραμμένες στο Euronext VPS θα διανέμονται σε NOK.
• Ημερομηνία έγκρισης του Διοικητικού Συμβουλίου: 8 Αυγούστου 2024.
• Τελευταία ημέρα με δικαίωμα ΟΣΕ: 19 Αυγούστου 2024, τελευταία ημερομηνία κατά την οποία οι κοινές μετοχές της Εταιρείας που διαπραγματεύονται θα περιλαμβάνει το δικαίωμα επί του μερίσματος.
Okeanis Eco Tankers Corp. Reported First Quarter TCE of $88.4 Million
Okeanis Eco Tankers Corp. reported unaudited interim condensed results for the first quarter and three month period ended March 31, 2023.
Q1 2023 Highlights:
– Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $88.4 million and $74.4 million, respectively. Adjusted profit and Adjusted earnings per share (non-IFRS measures) for the period of $51.4 million or $1.60 per basic & diluted share.
– Fleetwide daily TCE rate of $70,800 per operating day; VLCC and Suezmax TCE rates of $72,700 and $68,200 per operating day, respectively.
– Daily vessel operating expenses (“opex”, a non-IFRS measure) of $8,885 per calendar day, including management fees.
– In Q2 2023 to date, 72% of the available VLCC spot days have been booked at an average TCE rate of $75,500 per day and 79% of the available Suezmax spot days have been booked at an average TCE rate of $96,500 per day.
– The Company paid an amount of approximately $40.2 million or $1.25 per share in March 2023 as a return of paid-in capital.
The Board of Directors declared a return of capital of $1.60 per share to shareholders. The cash payment will be recorded as a return of paid-in-capital and will be paid on Friday June 9, 2023 to shareholders of record as of Friday June 2, 2023. The shares will be traded ex-capital distribution as from and including Thursday June 1, 2023.