Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Results for the Third Quarter and Nine-Month Period of 2026
Nine-month earnings per share rose to $15.95 from $1.97, while vessel operating expenses also increased.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Okeanis Eco Tankers (NYSE: ECO) reported third-quarter 2026 revenue of $501.5 million, up from the same quarter a year earlier.
Quarterly profit rose to $299.6 million from $24.1 million, and earnings per share increased to $7.67 from $0.75. Revenue was $90.6 million a year earlier. Nine-month revenue reached $990.5 million versus $264.7 million, with profit of $618.2 million versus $63.5 million. Vessel operating expenses increased in both periods. Cash, including restricted cash, reached $233.1 million at September 30, versus $122.5 million at December 31, 2025.
Five very large crude carriers secured short-term charters averaging $449,200 per day for 100–150 days each. Fourth-quarter bookings include 87% of VLCC operating days at $430,300 per day. The board declared a $7.00-per-share dividend, payable December 1, 2026, to holders of record November 23; Euronext VPS distribution is expected around December 4.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 2026 revenue rose to $501.5 million from $90.6 million in Q3 2025.
- Moderate pointQ3 2026 profit increased to $299.6 million from $24.1 million in Q3 2025.
- Moderate pointCash, including restricted cash, increased to $233.1 million at September 30, 2026, from $122.5 million at December 31, 2025.
- Moderate pointFive very large crude carriers secured 100–150-day charters each, averaging $449,200 daily, during Q3 2026.
- Moderate pointQ4 2026-to-date VLCC bookings cover 48% of available spot days at $688,800 daily; operating-day coverage is 87% at $430,300.
- Moderate pointQ4 2026-to-date Suezmax bookings cover 60% of available spot and operating days at $410,900 daily.
- Moderate pointQ3 2026 fleetwide daily time charter equivalent rates were $206,800 per available spot day and $209,100 per operating day.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Declared dividend of $7.00 per common share is payable December 1, 2026.
9 minor points
- Minor pointQ3 2026 earnings per share increased to $7.67 from $0.75 in Q3 2025.
- Minor pointNine-month 2026 revenue rose to $990.5 million from $264.7 million in nine-month 2025.
- Minor pointNine-month 2026 profit rose to $618.2 million from $63.5 million in nine-month 2025.
- Minor pointNine-month 2026 earnings per share increased to $15.95 from $1.97 in nine-month 2025.
- Minor pointQ3 2026 time charter equivalent revenue, a non-IFRS measure, totaled $338.3 million.
- Minor pointQ3 2026 EBITDA, a non-IFRS earnings measure, totaled $323.1 million; adjusted EBITDA was $320.4 million.
- Minor pointQ3 2026 adjusted profit, a non-IFRS measure, was $299.5 million, or $7.67 per basic and diluted share.
- Minor pointQ3 2026 VLCC time charter equivalent rates were $269,300 per available spot day and $260,100 per operating day.
- Minor pointQ3 2026 Suezmax time charter equivalent rates were $166,600 per available spot and operating day.
Negative
- Minor pointQ3 2026 vessel operating expenses rose to $14.8 million from $11.7 million in Q3 2025.
- Minor pointNine-month 2026 vessel operating expenses rose to $40.4 million from $33.8 million in nine-month 2025.
- Minor pointQ3 2026 daily vessel operating expenses, a non-IFRS measure, were $9,401 per calendar day.
Details
Market Reaction – ECO
On Nov 11, the day this news came out, the latest delayed price for ECO is 0.93% above the previous close. Our momentum scanner has recorded 13 alerts for this stock so far that day. The latest delayed price is $86.55.
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Key Figures
- Q3 revenue
- $501.5 million
- Q3 2026; compared with $90.6 million in Q3 2025
- Q3 profit
- $299.6 million
- Q3 2026; compared with $24.1 million in Q3 2025
- Q3 earnings per share
- $7.67
- Q3 2026; compared with $0.75 in Q3 2025
- Nine-month revenue
- $990.5 million
- Nine months ended September 30, 2026; compared with $264.7 million in 2025
- Nine-month profit
- $618.2 million
- Nine months ended September 30, 2026; compared with $63.5 million in 2025
- Nine-month earnings per share
- $15.95
- Nine months ended September 30, 2026; compared with $1.97 in 2025
- Dividend
- $7.00 per common share
- Q3 2026 dividend declared by the board
- Average charter rate
- $449,200 per day
- Short-term charters for five VLCC vessels, for 100–150 days each
Previous Earnings Reports
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Q2 report disclosed higher year-on-year revenue and profit, with EPS also increasing.
-
Q1 report disclosed year-on-year revenue and profit growth and a higher EPS.
-
Reported Q4 and full-year 2025 financial results, including profit, revenue and per-share figures.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
time charter equivalent financial
non-ifrs measure financial
ebitda financial
ifrs financial
csdr regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, Nov. 11, 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 third quarter and nine-month period of 2026, which are attached to this press release.
Financial performance of the Third Quarter Ended September 30, 2026
- Revenues of
$501.5 million in Q3 2026, compared to$90.6 million in Q3 2025. - Profit of
$299.6 million in Q3 2026, compared to$24.1 million in Q3 2025. - Vessel operating expenses of
$14.8 million in Q3 2026, compared to$11.7 million in Q3 2025. - Earnings per share of
$7.67 in Q3 2026, compared to$0.75 in Q3 2025. - Cash (including restricted cash) of
$233.1 million as of September 30, 2026, compared to$122.5 million as of December 31, 2025.
Financial performance of the Nine Months Ended September 30, 2026
- Revenues of
$990.5 million in 9M 2026, compared to$264.7 million in 9M 2025. - Profit of
$618.2 million in 9M 2026, compared to$63.5 million in 9M 2025. - Vessel operating expenses of
$40.4 million in 9M 2026, compared to$33.8 million in 9M 2025. - Earnings per share of
$15.95 in 9M 2026, compared to$1.97 in 9M 2025.
Alternative performance metrics and market development
- Time charter equivalent* (“TCE”, a non-IFRS measure*) revenue of
$338.3 million in Q3 2026. - EBITDA* and Adjusted EBITDA* (each, a non-IFRS measure*) of
$323.1 million and$320.4 million , respectively, in Q3 2026. - Adjusted profit* and Adjusted earnings per share* (each, a non-IFRS measure*) of
$299.5 million or$7.67 per basic and diluted share in Q3 2026. - During Q3 2026, we entered into a series of short-term charter agreements for five of our VLCC vessels, for a period of 100-150 days each, with an average rate of
$449,200 per day. - In Q3 2026, fleetwide daily TCE rate* of
$206,800 per available spot day and$209,100 per operating day; VLCC TCE rate of$269,300 per available spot day and$260,100 per operating day; and Suezmax TCE rate of$166,600 per available spot and operating day. - Daily vessel operating expenses* (“Daily Opex”, a non-IFRS measure*) of
$9,401 per calendar day, in Q3 2026. - In Q4 2026 to date: on the VLCC fleet
48% of the available spot days have been booked at an average TCE rate of$688,800 per day and87% of operating days have been booked at an average TCE rate of$430,300 ; on the Suezmax fleet60% of available spot and operating days have been booked at an average TCE rate of$410,900 .
Declaration of Q3 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 International Financial Reporting Standards (“IFRS”) and generally accepted accounting principles, 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 November 12, 2026 to discuss the Q3 2026 and 9M 2026 results.
The webcast will include a slide presentation and will be available on the following link:
https://events.q4inc.com/attendee/254903002
An audio replay of the conference call will be available on our website:
http://www.okeanisecotankers.com/reports/
Information on or accessed through our website is not incorporated herein.
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 ten 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/c968da0d-e3cf-4d9a-9205-7c1f518e7469
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