Okeanis Eco Tankers (OET) Q1 2026 earnings summary

Executive summary

• Revenue surged to $170.2 million in Q1 2026, up 113% year-over-year from $80.1 million in Q1 2025.

• Net profit reached $88.3 million, a significant increase from $12.6 million in Q1 2025.

• Earnings per share rose to $2.31 from $0.39 year-over-year.

• Adjusted EBITDA was $110.1 million, up 239% from Q1 2025.

• Board declared a $2.00 per share dividend for Q1 2026.

Financial highlights

• TCE revenue increased 172% to $132.2 million in Q1 2026.

• Adjusted profit was $88.9 million, up 680% year-over-year.

• Cash and restricted cash totaled $176.5 million as of March 31, 2026, up 44% from December 31, 2025.

• Total assets grew 21% to $1,447.1 million.

• Book leverage decreased to 41% from 46% at year-end 2025.

Outlook and guidance

• In Q2 2026 to date, 46% of VLCC spot days booked at $223,900/day and 60% of Suezmax spot days at $187,300/day.

• Two new Suezmax vessels expected to be delivered in May and July 2026.