Okeanis Eco Tankers (OET) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw revenue rise to $126.9M from $85.2M in Q4 2024, with profit surging to $59.5M and EPS at $1.76; full-year profit reached $123.0M and EPS $3.77.

• Achieved a fleetwide TCE of $77,000 per day in Q4 2025, with VLCCs at $92,000 and Suezmaxes at $53,100; adjusted EBITDA was $79.0M and adjusted profit $59.9M.

• Declared a $1.55 per share dividend for Q4 2025, marking the fifteenth consecutive quarterly distribution; total distributions over the last four quarters were $3.32 per share.

• Executed two equity raises totaling $245M in Nov 2025 and Jan 2026, funding four Suezmax newbuildings; two delivered in Jan 2026, two more expected Q2 2026.

• Maintained a disciplined focus on shareholder returns, balance sheet strength, and accretive fleet growth.

Financial highlights

• Q4 2025 TCE revenue was $92.9M, up 88.1% year-over-year; full-year TCE revenue reached $265.4M.

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

• Full-year net income was $130M ($3.77/share); cash at year-end 2025 was $122.5M, with total assets of $1.2B.

• Total debt decreased to $605.1M at year-end 2025 from $645.6M a year earlier; book leverage improved to 46% from 59%.

• Board distributed $3.32 per share over the last four quarters, about 95% of reported net income.

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; a one-year VLCC time charter was signed at $91,140/day in Feb 2026.

• Market fundamentals remain robust, with high utilization and strong forward rates expected to persist.

• No current plans to fix more ships on time charter, preferring spot exposure for flexibility.