Okeanis Eco Tankers (OET) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose to $126.9M from $85.2M in Q4 2024; profit surged to $59.5M from $13.2M year-over-year, with adjusted EPS of $1.78.

• Achieved fleetwide TCE of $76,700 per day in Q4 2025, with VLCCs at $92,000 and Suezmaxes at $53,100.

• Board declared a $1.55 per share dividend for Q4 2025, marking the fifteenth consecutive quarterly distribution.

• Executed two equity raises totaling $245M to acquire four modern Suezmax newbuildings, with two delivered in January 2026 and two more expected in Q2 2026.

• Maintained focus on disciplined outperformance and maximizing shareholder returns through dividends and share price appreciation.

Financial highlights

• Q4 2025 adjusted EBITDA was $79.0M; full-year adjusted EBITDA reached $204.0M.

• Full-year 2025 net income was $123.0M ($3.77/share); total cash at year-end was $122.5M, with total debt at $605.1M.

• Book leverage improved to 46% from 59% year-over-year; total equity increased to $573.1M.

• Total distributions over the last four quarters were $3.32 per share, about 95% of reported net income.

• Over $461M in dividends paid since IPO, exceeding 2x initial market cap.

Outlook and guidance

• For Q1 2026, 67% of VLCC spot days fixed at $104,200/day and 64% of Suezmax spot days at $84,600/day, with a one-year VLCC charter at $91,140/day.

• Market fundamentals remain robust, with strong fixtures, asset values, and high utilization expected to continue.

• No current plans to fix more ships on time charter; preference for spot exposure due to market upside.