Okeanis Eco Tankers (OET) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose to $126.9M from $85.2M in Q4 2024, with profit surging to $59.5M from $13.2M year-over-year and EPS at $1.76; full-year profit reached $123.0M and EPS $3.77.

• Achieved a fleetwide TCE of $76,700–$77,000 per day in Q4 2025, with VLCCs at $92,000 and Suezmaxes at $53,100.

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

• Expanded fleet with delivery of two new Suezmax vessels in January 2026 and agreements to acquire two more for Q2 2026 delivery.

• Raised $245M in equity through two oversubscribed offerings at premiums to NAV, supporting vessel acquisitions.

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; adjusted profit was $59.9M, or $1.78 per share.

• Ended 2025 with $122.5M in cash and $85M in trade receivables.

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

• Distributed $3.32 per share in dividends 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, with a one-year VLCC time charter signed at $91,140/day.

• No current plans to fix more ships on time charter; focus remains on spot market exposure due to bullish rate outlook.

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

• Expect continued market strength from Venezuelan barrels returning and Sinokor's consolidation of the VLCC market.