Okeanis Eco Tankers (OET) Q1 2025 earnings summary

Executive summary

• Achieved fleetwide TCE of $38,500 per vessel per day in Q1 2025, with VLCCs at $38,000 and Suezmaxes at $39,200, despite lower rates year-over-year.

• Reported adjusted EBITDA of $32.5 million, adjusted net profit of $11.4 million, and adjusted EPS of $0.36.

• Declared a $0.32 per share dividend for Q1 2025, marking the 12th consecutive distribution; total distributions over the last 4 quarters reached $2.22 per share, or 91% of earnings.

• Maintained 100% fleet utilization and proactive management, with Suezmaxes outperforming VLCCs for the third consecutive quarter.

• Fleet comprised 14 vessels (8 VLCC, 6 Suezmax) with an average age of 5.6 years, all scrubber and BWTS fitted.

Financial highlights

• TCE revenues for Q1 2025 were $48.6 million; adjusted EBITDA was $32.5 million; adjusted net profit was $11.4 million; reported net income was $12.6 million, or $0.39 per share.

• Cash at quarter-end was $43 million; total interest-bearing debt was $634 million; book leverage at 59%, market-adjusted net LTV at 40%.

• Net cash from operating activities was $11.9 million in Q1 2025.

• Total assets at $1.07 billion and total equity at $412 million.

• Fleetwide opex was $9,233/day, stable year-over-year.

Outlook and guidance

• For Q2 2025, 72% of VLCC spot days fixed at $46,700/day and 64% of Suezmax spot days at $50,600/day.

• Market fundamentals remain strong, with OPEC Plus unwinding cuts faster than expected and continued focus on Iranian exports supporting rates.

• Optimistic on the balance of 2025, expecting a stronger bull market and potential for further upside in spot rates.