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Okeanis Eco Tankers (OET) investor relations material
Okeanis Eco Tankers Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved fleetwide TCE of $50,500 per day in Q2 2025, with Suezmaxes at $51,400 and VLCCs at $49,800, marking Suezmax outperformance for the fourth consecutive quarter.
Adjusted EBITDA was $47.3M and adjusted net profit was $26.7M for Q2 2025, with adjusted EPS of $0.83.
Board declared a $0.70 per share dividend for Q2 2025, the fifteenth consecutive distribution, totaling $1.82 per share over the last four quarters.
Completed refinancing and exercised purchase options for three VLCCs, enhancing financial flexibility and ending sale and leaseback agreements.
Revenue for Q2 2025 was $93.9M, down from $112.0M in Q2 2024; net profit for Q2 2025 was $26.9M, compared to $39.6M in Q2 2024.
Financial highlights
TCE revenue for Q2 2025 was $64.0M; H1 2025 TCE revenue was $112.6M; adjusted EBITDA for Q2 2025 was $47.3M.
Cash and equivalents at period end were $59.8M–$65.3M; total debt as of June 30, 2025, was $630.9M.
Book leverage was 57% as of June 30, 2025, down from 59% at year-end 2024; net market loan-to-value at 40%.
Net cash from operating activities for Q2 2025 was $37.3M; for six months, $49.3M.
Working capital surplus as of June 30, 2025, was $67.0M, up from $46.2M at year-end 2024.
Outlook and guidance
In Q3 2025 to date, 77% of VLCC spot days booked at $44,200/day and 60–61% of Suezmax spot days at $34,200/day.
Management expects sufficient liquidity for the next twelve months based on cash and operating activities.
Strategy includes capitalizing on OPEC+ production increases, shifting trade flows, and maintaining global balance.
Expectation of increased tonne-miles as Eastern importers shift reliance back to OPEC amid Russian sanctions.
Constructive outlook for the remainder of the year and beyond, supported by tight supply and favorable market dynamics.
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