Okeanis Eco Tankers Corp. Reports Financial Results for the First Quarter of 2026
Rhea-AI Summary
Okeanis Eco Tankers (NYSE:ECO, OSE:OET) reported strong Q1 2026 results, with revenues of $170.2 million and profit of $88.3 million, both up from Q1 2025. EPS reached $2.31, cash stood at $176.5 million, and the board declared a $2.00 per-share dividend.
Q1 2026 TCE revenue was $132.2 million, Adjusted EBITDA $110.1 million, and fleetwide daily TCE above $93,000. The dividend is payable June 5, 2026, to shareholders of record on May 28, 2026.
Positive
- Q1 2026 revenue rose to $170.2 million from $80.1 million
- Q1 2026 profit increased to $88.3 million from $12.6 million
- Q1 2026 EPS grew to $2.31 from $0.39
- Cash balance increased to $176.5 million from $122.5 million
- Q1 2026 Adjusted EBITDA reached $110.1 million
- Board declared $2.00 per common share Q1 2026 dividend
Negative
- Vessel operating expenses increased to $12.2 million from $10.5 million
News Market Reaction – ECO
In the May 14 session, ECO gained 0.28%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 08 | Earnings webcast invite | Neutral | -0.5% | Announcement of Q1 2026 results timing and webcast details. |
| Feb 18 | Quarterly results | Positive | +5.6% | Q4 2025 and full-year 2025 results with dividend declaration. |
| Feb 12 | Earnings webcast invite | Neutral | +3.1% | Scheduling of Q4 2025 and FY 2025 results release and webcast. |
| Nov 07 | Earnings webcast invite | Neutral | +1.8% | Announcement of Q3 2025 results date and investor webcast. |
| May 14 | Quarterly results | Negative | -3.8% | Q1 2025 results with lower revenue, profit and smaller dividend. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related headlines have generally seen positive price reactions, with both strong result prints and invitations often followed by gains.
Over the past year, Okeanis Eco Tankers has shown a constructive pattern around earnings-tagged news. The Q4 2025 results on Feb 18, 2026 were followed by a +5.57% move, and multiple webcast invitations (Feb 12, 2026, Nov 7, 2025, May 8, 2026) also coincided with generally positive trading days. The Q1 2025 results on May 14, 2025 were an exception, with weaker year-on-year performance and a -3.78% reaction. Today’s strong Q1 2026 figures build directly on that improved Q4 2025 base.
Key Terms
time charter equivalent financial
ebitda financial
adjusted ebitda financial
ifrs regulatory
daily opex financial
ex-dividend financial
central securities depository regulation (csdr) regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, May 13, 2026 (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 2026, which are attached to this press release.
Financial performance of the First Quarter Ended March 31, 2026
- Revenues of
$170.2 million in Q1 2026, compared to$80.1 million in Q1 2025. - Profit of
$88.3 million in Q1 2026, compared to$12.6 million in Q1 2025. - Vessel operating expenses of
$12.2 million in Q1 2026, compared to$10.5 million in Q1 2025. - Earnings per share of
$2.31 in Q1 2026 (based on a weighted average number of shares of 38,161,939 for the period), compared to$0.39 in Q1 2025. - Cash (including restricted cash) of
$176.5 million as of March 31, 2026, compared to$122.5 million as of December 31, 2025.
Alternative performance metrics and market development
- Time charter equivalent* (“TCE”, a non-IFRS measure*) revenue of
$132.2 million in Q1 2026. - EBITDA* and Adjusted EBITDA* (each, a non-IFRS measure*) of
$109.6 million and$110.1 million , respectively, in Q1 2026. - Adjusted profit* and Adjusted earnings per share* (each, a non-IFRS measure*) of
$88.9 million or$2.33 per basic and diluted share in Q1 2026. - Fleetwide daily TCE rate* of
$93,600 per available spot day and$93,100 per operating day; VLCC TCE rate of$106,400 per available spot day and$104,300 per operating day; and Suezmax TCE rate of$81,600 per available spot and operating day. - Daily vessel operating expenses* (“Daily Opex”, a non-IFRS measure*) of
$9,593 per calendar day, including management fees, in Q1 2026. - In Q2 2026 to date,
46% of the available VLCC spot days have been booked at an average TCE rate of$223,900 per day and60% of the available Suezmax spot days have been booked at an average TCE rate of$187,300 per day.
Declaration of Q1 2026 dividend
The Company’s board of directors declared a dividend of
*The Company uses certain financial information calculated on a basis other than in accordance with generally accepted accounting principles and International Financial Reporting Standards (“IFRS”), including TCE, 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 press release.
Presentation
OET will be hosting a conference call and webcast at 14:30 CET on Thursday, May 14, 2026 to discuss the Q1 2026 results.
The webcast will include a slide presentation and will be available on the following link: https://events.q4inc.com/attendee/446194895
An audio replay of the conference call will be available on our website: http://www.okeanisecotankers.com/reports/
Contacts
Company:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
ir@okeanisecotankers.com
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 eight 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.
A PDF associated with this press release can be found here: http://ml.globenewswire.com/Resource/Download/fe22cc41-4380-45c9-9761-fca77a0f1ccb
