Okeanis Eco Tankers (OET) Q3 2026 earnings summary

Executive summary

• Q3 2026 was the strongest quarter since inception, with revenue of $501.5m, adjusted EBITDA of $320.4m and reported profit of $299.6m.

• 9M revenue was $990.5m, adjusted EBITDA $682.3m and reported profit $618.2m.

• Declared a record $7/share dividend, the 18th consecutive distribution; cumulative dividends since listing exceeded $1bn.

Financial highlights

• Q3 TCE revenue was $338.3m; adjusted profit was $299.4m and adjusted EPS $7.67.

• 9M adjusted profit was $619.2m and adjusted EPS $15.98; reported EPS was $15.95.

• Q3 operating cash flow was $240.0m; 9M operating cash flow was $538.9m.

• Q3 vessel operating expenses were $14.8m; 9M expenses were $40.4m.

Outlook and guidance

• Q4 fleet operating days were 71% covered; 29% remained open. VLCCs had fixed 87% of operating days at $430,300/day and Suezmaxes 60% at $410,900/day.

• Q4 VLCC spot coverage was 48% of available days at $688,800/day; Suezmax spot coverage was 60% at $410,900/day.

• Guidance cited strong global demand, rebounding Hormuz crude flows, large lifting programs and increased eastward voyages in October.

• Management cautioned that rates had corrected from October peaks and open-day earnings remained exposed to volatility; it did not signal a firm shift from spot exposure for 2027.