Okeanis Eco Tankers (OET) Q2 2026 earnings summary

Executive summary

• Q2 and H1 2026 delivered the strongest results in company history, with record revenue, EBITDA, and profitability.

• The fleet expanded to 18 vessels with the delivery of four Suezmaxes, including Nissos Tigani and Nissos Vous, all now operational.

• Management remains focused on maximizing shareholder returns and maintaining operational flexibility amid market volatility.

• Over $780 million distributed to shareholders since IPO, averaging ~90% of net income as dividends.

• Record quarterly dividend of $5.25 per share declared, the highest in company history.

Financial highlights

• Adjusted EPS was $5.91 for Q2 and $8.28 for H1 2026; adjusted EBITDA for Q2 was $251.8 million.

• TCE revenue for H1 2026 exceeded $400 million; Q2 TCE revenue was $268.1 million.

• Net income for H1 2026 was $320 million; cash and equivalents at Q2 end were $247.8 million.

• Book leverage at 35%; total assets reached $1.65 billion.

• Over $780 million paid in dividends since IPO, totaling 3.5 times the initial market cap.

Outlook and guidance

• For Q3 2026, 48% of VLCC spot days fixed at ~$207,000/day, Suezmax spot at $133,000/day.

• 52% of fleet days remain open, offering both opportunity and risk amid ongoing market volatility.

• Management projects sufficient liquidity for the next twelve months based on cash and operating cash flow.