Okeanis Eco Tankers Corp. (NYSE: ECO) reported its Q1 2025 financial results, showing a revenue of $80.1 million, down from $111.1 million in Q1 2024. The company's profit decreased to $12.6 million ($0.39 per share) from $41.6 million ($1.29 per share) year-over-year. The company maintained stable vessel operating expenses at $10.5 million. The fleetwide daily TCE rate was $38,500 per operating day, with VLCC and Suezmax TCE rates at $38,000 and $39,200 respectively. For Q2 2025, current bookings show improved rates with VLCC spot days at $46,700 per day (72% booked) and Suezmax spot days at $50,600 per day (64% booked). The board declared a quarterly dividend of $0.32 per share, payable on June 12, 2025, to shareholders of record as of June 3, 2025.
Okeanis Eco Tankers Corp. (NYSE: ECO) ha comunicato i risultati finanziari del primo trimestre 2025, registrando un fatturato di 80,1 milioni di dollari, in calo rispetto ai 111,1 milioni di dollari del primo trimestre 2024. L'utile della società è sceso a 12,6 milioni di dollari (0,39 dollari per azione) rispetto ai 41,6 milioni di dollari (1,29 dollari per azione) dello stesso periodo dell'anno precedente. Le spese operative per le navi sono rimaste stabili a 10,5 milioni di dollari. Il tasso TCE giornaliero medio della flotta è stato di 38.500 dollari per giorno operativo, con i tassi TCE di VLCC e Suezmax rispettivamente a 38.000 e 39.200 dollari. Per il secondo trimestre 2025, le prenotazioni attuali mostrano tassi migliorati, con i giorni spot VLCC a 46.700 dollari al giorno (72% prenotati) e i giorni spot Suezmax a 50.600 dollari al giorno (64% prenotati). Il consiglio di amministrazione ha dichiarato un dividendo trimestrale di 0,32 dollari per azione, pagabile il 12 giugno 2025 agli azionisti registrati al 3 giugno 2025.
Okeanis Eco Tankers Corp. (NYSE: ECO) reportó sus resultados financieros del primer trimestre de 2025, mostrando unos ingresos de 80,1 millones de dólares, disminuyendo desde los 111,1 millones de dólares en el primer trimestre de 2024. La ganancia de la compañía se redujo a 12,6 millones de dólares (0,39 dólares por acción) desde 41,6 millones de dólares (1,29 dólares por acción) año tras año. Los gastos operativos de los buques se mantuvieron estables en 10,5 millones de dólares. La tasa diaria TCE de toda la flota fue de 38.500 dólares por día operativo, con tasas TCE de VLCC y Suezmax de 38.000 y 39.200 dólares respectivamente. Para el segundo trimestre de 2025, las reservas actuales muestran tasas mejoradas, con días spot VLCC a 46.700 dólares por día (72% reservado) y días spot Suezmax a 50.600 dólares por día (64% reservado). La junta declaró un dividendo trimestral de 0,32 dólares por acción, pagadero el 12 de junio de 2025 a los accionistas registrados al 3 de junio de 2025.
오케아니스 에코 탱커스 코퍼레이션(NYSE: ECO)은 2025년 1분기 재무 실적을 발표하며 매출액 8,010만 달러를 기록했으며, 이는 2024년 1분기의 1억 1,110만 달러에서 감소한 수치입니다. 회사의 순이익은 1,260만 달러(주당 0.39달러)로 전년 동기 4,160만 달러(주당 1.29달러)에서 줄었습니다. 선박 운항 비용은 1,050만 달러로 안정적으로 유지되었습니다. 전체 함대의 일일 TCE(운항 일당 수익)율은 38,500달러였으며, VLCC와 Suezmax의 TCE율은 각각 38,000달러와 39,200달러였습니다. 2025년 2분기 현재 예약 상황은 개선된 요율을 보여주며, VLCC 스팟 일당은 46,700달러(72% 예약 완료), Suezmax 스팟 일당은 50,600달러(64% 예약 완료)입니다. 이사회는 주당 0.32달러의 분기 배당금을 선언했으며, 배당금은 2025년 6월 12일에 6월 3일 기준 주주에게 지급될 예정입니다.
Okeanis Eco Tankers Corp. (NYSE : ECO) a publié ses résultats financiers du premier trimestre 2025, affichant un chiffre d'affaires de 80,1 millions de dollars, en baisse par rapport à 111,1 millions de dollars au premier trimestre 2024. Le bénéfice de la société a diminué à 12,6 millions de dollars (0,39 dollar par action) contre 41,6 millions de dollars (1,29 dollar par action) sur un an. Les frais d'exploitation des navires sont restés stables à 10,5 millions de dollars. Le taux TCE journalier moyen de la flotte était de 38 500 dollars par jour d'exploitation, avec des taux TCE VLCC et Suezmax respectifs de 38 000 et 39 200 dollars. Pour le deuxième trimestre 2025, les réservations actuelles montrent une amélioration des taux, avec des jours spot VLCC à 46 700 dollars par jour (72 % réservés) et des jours spot Suezmax à 50 600 dollars par jour (64 % réservés). Le conseil d'administration a déclaré un dividende trimestriel de 0,32 dollar par action, payable le 12 juin 2025 aux actionnaires inscrits au 3 juin 2025.
Okeanis Eco Tankers Corp. (NYSE: ECO) veröffentlichte die Finanzergebnisse für das erste Quartal 2025 und erzielte einen Umsatz von 80,1 Millionen US-Dollar, was einem Rückgang gegenüber 111,1 Millionen US-Dollar im ersten Quartal 2024 entspricht. Der Gewinn des Unternehmens sank auf 12,6 Millionen US-Dollar (0,39 US-Dollar pro Aktie) von 41,6 Millionen US-Dollar (1,29 US-Dollar pro Aktie) im Jahresvergleich. Die Betriebskosten für die Schiffe blieben stabil bei 10,5 Millionen US-Dollar. Der fleetweite tägliche TCE-Satz lag bei 38.500 US-Dollar pro Betriebstag, wobei die TCE-Sätze für VLCC und Suezmax bei 38.000 bzw. 39.200 US-Dollar lagen. Für das zweite Quartal 2025 zeigen die aktuellen Buchungen verbesserte Raten, mit VLCC-Spot-Tagen zu 46.700 US-Dollar pro Tag (72 % gebucht) und Suezmax-Spot-Tagen zu 50.600 US-Dollar pro Tag (64 % gebucht). Der Vorstand erklärte eine vierteljährliche Dividende von 0,32 US-Dollar pro Aktie, zahlbar am 12. Juni 2025 an Aktionäre, die am 3. Juni 2025 im Register stehen.
Positive
Q2 2025 booking rates show significant improvement with VLCC at $46,700/day and Suezmax at $50,600/day
Maintained stable vessel operating expenses at $10.5 million
Continued dividend payment of $0.32 per share despite lower earnings
Strong cash position of $43.0 million as of March 31, 2025
Negative
Revenue declined 27.9% to $80.1 million from $111.1 million in Q1 2024
Net profit dropped 69.7% to $12.6 million from $41.6 million year-over-year
Earnings per share decreased to $0.39 from $1.29 in Q1 2024
Cash position reduced to $43.0 million from $54.3 million in December 2024
Insights
Okeanis reports substantial Q1 decline with revenues down 28% and profits falling 70% YoY, yet maintains healthy dividend.
Okeanis Eco Tankers has reported a significant year-over-year decline in its Q1 2025 performance. Revenue dropped 27.9% to $80.1 million compared to $111.1 million in Q1 2024. More concerning is the 69.7% plunge in profit to $12.6 million from $41.6 million a year earlier, with earnings per share correspondingly falling to $0.39 from $1.29.
The substantial decline in profitability despite relatively stable vessel operating expenses ($10.5 million vs $10.6 million in Q1 2024) suggests significant pressure on charter rates. This is confirmed by the TCE (Time Charter Equivalent) rate of $38,500 per operating day, which appears insufficient to maintain previous profit levels despite controlled operating expenses of $9,233 per calendar day.
Looking at the balance sheet, cash position (including restricted cash) has deteriorated to $43.0 million as of March 31, 2025, down from $54.3 million at year-end 2024. This 20.8% reduction in cash reserves over just one quarter could become concerning if the trend continues.
Despite these challenges, management remains committed to shareholder returns, declaring a quarterly dividend of $0.32 per share. This represents a substantial portion of the $0.39 EPS, indicating confidence in future cash generation. The near-term outlook appears somewhat improved, with Q2 2025 bookings showing higher TCE rates of $46,700 for VLCCs and $50,600 for Suezmax vessels, representing increases of approximately 23% and 29% respectively from Q1 rates.
The market appears to be recovering, but Okeanis' year-over-year performance decline highlights the volatility in the tanker sector. While the dividend maintains shareholder returns in the short term, the rapid cash depletion and significantly reduced profits require monitoring in subsequent quarters.
ATHENS, May 14, 2025 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (together with its subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE: ECO, OSE: OET) today reported its unaudited condensed financial results for the first quarter of 2025, which are attached to this press release.
Financial performance of the First Quarter Ended March 31, 2025
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Revenues of $80.1 million in Q1 2025, compared to $111.1 million in Q1 2024.
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Profit of $12.6 million in Q1 2025, compared to $41.6 million in Q1 2024.
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Vessel operating expenses of $10.5 million in Q1 2025, compared to $10.6 in Q1 2024.
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Earnings per share of $0.39 in Q1 2025, compared to $1.29 in Q1 2024.
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Cash (including restricted cash) of $43.0 million as of March 31, 2025, compared to $54.3 million as of December 31, 2024.
Alternative performance metrics and market development*
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Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $48.6 million in Q1 2025.
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EBITDA* and Adjusted EBITDA* (non-IFRS measures*) of $33.8 million and $32.5 million, respectively, in Q1 2025.
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Adjusted profit* and Adjusted earnings per share* (non-IFRS measures*) of $11.4 million or $0.36 per basic and diluted share in Q1 2025.
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Fleetwide daily TCE rate* of $38,500 per operating day in Q1 2025; VLCC and Suezmax TCE rates of $38,000 and $39,200 per operating day, respectively, in Q1 2025.
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Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,233 per calendar day, including management fees, in Q1 2025.
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In Q2 2025 to date, 72% of the available VLCC spot days have been booked at an average TCE rate of $46,700 per day and 64% of the available Suezmax spot days have been booked at an average TCE rate of $50,600 per day.
Declaration of Q1 2025 dividend
The Company’s board of directors declared a dividend of $0.32 per common share to shareholders. Dividends payable to common shares registered in the Euronext VPS will be distributed in NOK. The cash payment will be paid on June 12, 2025, to shareholders of record as of June 3, 2025. The common shares will be traded ex-dividend on the NYSE as from and including June 3, 2025, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including June 2, 2025. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about June 17, 2025.
*The Company uses certain financial information calculated on a basis other than in accordance with IFRS, including Daily TCE, EBITDA, Adjusted EBITDA, Adjusted profit, Adjusted earnings per share, and Daily Opex. For a reconciliation of these non-IFRS measures, please refer to the end of this report.
Presentation
OET will be hosting a conference call and webcast at 14:30 CET on Thursday May 15, 2025 to discuss the Q1 2025 results. Participants may access the conference call using the below dial-in details:
Standard International Access: +44 20 3936 2999 USA: +1 646 664 1960 Norway: +47 815 03 308 Password: 435257
The webcast will include a slide presentation and will be available on the following link:
Investor Relations / Media Contact: Nicolas Bornozis, President Capital Link, Inc. 230 Park Avenue, Suite 1540, New York, N.Y. 10169 Tel: +1 (212) 661-7566 okeanisecotankers@capitallink.com
About OET
OET is a leading international tanker company providing seaborne transportation of crude oil and refined products. The Company was incorporated on April 30, 2018 under the laws of the Republic of the Marshall Islands and is listed on Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers.
Forward Looking Statements
This communication contains “forward-looking statements”, including as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons, including as described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations; broader market impacts arising from war (or threatened war) or international hostilities; risks associated with pandemics, including effects on demand for oil and other products transported by tankers and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based. You should, however, review the factors and risks the Company describes in the reports it files and furnishes from time to time with the SEC, which can be obtained free of charge on the SEC’s website at www.sec.gov.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
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