Okeanis Eco Tankers (OET) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 fleetwide TCE of $46,600–$47,000/day, with VLCCs at $45,500–$46,000 and Suezmaxes at $48,000–$48,200/day, and adjusted EBITDA of $45.2 million.

• Reported adjusted net profit of $24.7 million and adjusted EPS of $0.77 for Q3 2025.

• Declared a $0.75 per share dividend for Q3 2025, marking the 14th consecutive distribution and distributing $2.12 per share over the last four quarters, representing about 89–90% of earnings.

• Since IPO in 2018, distributed over $435 million in dividends, 1.8x initial market cap.

• Announced exercise of purchase options for Nissos Rhenia and Nissos Despotiko, expected to close in Q2 2026.

Financial highlights

• Q3 2025 TCE revenue was $59.9 million, and nine-month TCE revenue was $172.5 million.

• Adjusted EBITDA for Q3 2025 was $45.2 million, and for nine months was $124.9 million.

• Ended Q3 2025 with $58.2 million in cash and $616.6 million in debt; book leverage at 57%.

• Total equity increased to $429.8 million as of September 30, 2025.

• Interest and finance costs in Q3 2025 were $11.0 million, down from $14.2 million in Q3 2024.

Outlook and guidance

• Q4 2025 guidance: 80% of VLCC spot days fixed at $88,100/day, 48% of Suezmax spot days at $60,800/day, with a fleetwide average of $80,700/day on fixed days.

• Guidance outperformance on fixed days stands at 37% for VLCCs and 33% for Suezmaxes compared to peers.

• Utilization is at 93%, the highest in three years, with potential for 95–96% in Q1.

• Optimistic Q4 outlook supported by robust market conditions, increased tonne-miles, and OPEC+ output increases.