Okeanis Eco Tankers (NYSE: ECO) lifts Q2 profit and dividend on higher TCE
Rhea-AI Filing Summary
Okeanis Eco Tankers Corp. reported significantly higher Q2 and first‑half 2026 results. Q2 2026 revenue was $318,852,577 and profit $230,311,248, compared with $93,947,134 and $26,886,909 a year earlier. For the six months ended June 30, 2026, profit reached $318,628,951 and adjusted earnings per share $8.28, versus $39,442,842 and $1.18 in 2025.
Fleetwide Daily TCE rose to $181,176 in Q2 2026 from $50,483, while Daily Opex including management fees was $9,936. As of June 30, 2026, total cash including restricted cash was $247.8 million and total debt $722.5 million; book leverage decreased to 35% from 46% at December 31, 2025. The board declared a $5.25 per‑share Q2 2026 dividend, payable August 21, 2026 to shareholders of record on August 14.
Positive
- Q2 2026 profit surged to $230.3 million from $26.9 million in Q2 2025, while six‑month profit increased to $318.6 million from $39.4 million, alongside much higher adjusted earnings per share of $5.91 for Q2 and $8.28 for the first half.
- Fleetwide Daily TCE strengthened sharply, reaching $181,176 in Q2 2026 versus $50,483 in Q2 2025, and $138,055 for the six months versus $44,529 a year earlier, illustrating a substantially higher earning level per operating day.
- Balance sheet and liquidity improved materially: total equity rose to $877.5 million from $573.1 million, total cash including restricted cash to $247.8 million from $122.5 million, and book leverage fell to 35% from 46%.
- Shareholder returns increased with the board declaring a Q2 2026 dividend of $5.25 per common share, following earlier 2026 dividends recorded at $3.55 per share, indicating substantial cash distributions supported by current earnings.
Negative
- None.
Filing Explained
The completed 3,611,111-share issuance diluted existing holders; $79.4 million remained committed for Nissos Vous as of June 30, 2026.
As a Form 6-K, this report furnishes material interim information from the foreign private issuer’s home market and attaches its unaudited six-month report. The company reports a completed common-share issuance of 3,611,111 shares, producing net proceeds of
Adding those shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes, so the completed issuance is a dilution event for existing common holders. The filing also says it is incorporated by reference into two effective Form F-3 registration statements, establishing registration linkage rather than reporting another completed issuance in that statement.
As of
Key Figures
Key Terms
Time charter equivalent revenue financial
Daily Opex financial
Book Leverage financial
sale and leaseback financial
Term SOFR financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Okeanis Eco Tankers (ECO) perform financially in Q2 2026?
What were Okeanis Eco Tankers’ (ECO) results for the first half of 2026?
What dividend did Okeanis Eco Tankers (ECO) declare for Q2 2026 and when is it paid?
What is Okeanis Eco Tankers’ (ECO) debt and cash position as of June 30, 2026?
How did Okeanis Eco Tankers’ (ECO) operating metrics such as TCE and Daily Opex evolve?
What is the size and profile of Okeanis Eco Tankers’ (ECO) fleet as of mid‑2026?
When will Okeanis Eco Tankers (ECO) discuss its Q2 and 6M 2026 results with investors?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-41858
Okeanis Eco Tankers Corp.
(Translation of registrant’s name into English)
c/o OET Chartering Inc., Ethnarchou Makariou Ave., & 2 D. Falireos St., 185 47 N. Faliro, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F | ☐ Form 40-F |
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release published by Okeanis Eco Tankers Corp. (the “Company”) on August 4, 2026, titled “Okeanis Eco Tankers Corp. - Unaudited Condensed Financial Statements for the Second Quarter and Six-Month Period of 2026.”
Attached to this report on Form 6-K as Exhibit 99.2 is a copy of Management’s Discussion and Analysis of Financial Condition and Results of Operations and the Unaudited Interim Condensed Consolidated Financial Statements of the Company for the Six Months Ended June 30, 2026.
This Report and the exhibit(s) hereto are hereby incorporated by reference into the registrant’s registration statements: (A) on Form F-3 (File No. 333-287032), filed with the Securities and Exchange Commission on May 7, 2025 and declared effective on May 21, 2025 and (B) on Form F-3 (File No. 333-287036), filed with the Securities and Exchange Commission on May 7, 2025 and declared effective on May 21, 2025.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| OKEANIS ECO TANKERS CORP. | |
| | |
| By: | /s/ Iraklis Sbarounis |
| Name: | Iraklis Sbarounis |
| Title: | Chief Financial Officer |
| | |
Date: August 4, 2026 | | |
Exhibit 99.1
Okeanis Eco Tankers Corp. – Unaudited Condensed Financial Statements for the Second Quarter and Six-Month Period of 2026
ATHENS, GREECE, August 4, 2026 – 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 second quarter and six-month period of 2026, which are attached to this press release.
Financial performance of the Second Quarter Ended June 30, 2026
| ● | Revenues of $318.9 million in Q2 2026, compared to $93.9 million in Q2 2025. |
| ● | Profit of $230.3 million in Q2 2026, compared to $26.9 million in Q2 2025. |
| ● | Vessel operating expenses of $13.3 million in Q2 2026, compared to $11.5 million in Q2 2025. |
| ● | Earnings per share of $5.90 in Q2 2026, compared to $0.84 in Q2 2025. |
| ● | Cash (including restricted cash) of $247.8 million as of June 30, 2026, compared to $122.5 million as of December 31, 2025. |
Financial performance of the Six Months Ended June 30, 2026
| ● | Revenues of $489.0 million in 6M 2026, compared to $174.1 million in 6M 2025. |
| ● | Profit of $318.6 million in 6M 2026, compared to $39.4 million in 6M 2025. |
| ● | Vessel operating expenses of $25.6 million in 6M 2026, compared to $22.0 million in 6M 2025. |
| ● | Earnings per share of $8.25 in 6M 2026, compared to $1.23 in 6M 2025. |
Alternative performance metrics and market development
| ● | Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $268.1 million in Q2 2026. |
| ● | EBITDA and Adjusted EBITDA (each non-IFRS measures*) of $251.6 million and $251.8 million, respectively, in Q2 2026. |
| ● | Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $230.8 million or $5.91 per basic and diluted share in Q2 2026. |
| ● | Fleetwide daily TCE rate* of $191,700 per available spot day and $181,200 per operating day; VLCC TCE rate of $213,600 per available spot day and $187,700 per operating day; and Suezmax TCE rate of $174,900 per available spot and operating day, in Q2 2026. |
| ● | Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,936 per calendar day, including management fees, in Q2 2026. |
| ● | In Q3 2026 to date, 48% of the available VLCC spot days have been booked at an average TCE rate of $206,600 per day and 42% of the available Suezmax spot days have been booked at an average TCE rate of $133,000 per day. |
Declaration of Q2 2026 dividend
The Company’s board of directors declared a dividend of $5.25 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 August 21, 2026, to shareholders of record as of August 14, 2026. The common shares will be traded ex-dividend on the NYSE as from and including August 14, 2026, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including August 13, 2026. 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 August 26, 2026.
*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 report attached to this press release.
1
Presentation
OET will be hosting a conference call and webcast at 14:30 CET on Wednesday, August 5, 2026 to discuss the Q2 2026 and 6M 2026 results.
The webcast will include a slide presentation and will be available on the following link:
https://events.q4inc.com/attendee/394260832
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 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.
2
3
Okeanis Eco Tankers Corp. Reports Financial Results for the Second Quarter and Six-Month Period of 2026
ATHENS, GREECE, August 4, 2026 – 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 second quarter and six-month period of 2026.
Financial performance of the Second Quarter Ended June 30, 2026
| ● | Revenues of $318.9 million in Q2 2026, compared to $93.9 million in Q2 2025. |
| ● | Profit of $230.3 million in Q2 2026, compared to $26.9 million in Q2 2025. |
| ● | Vessel operating expenses of $13.3 million in Q2 2026, compared to $11.5 million in Q2 2025. |
| ● | Earnings per share of $5.90 in Q2 2026, compared to $0.84 in Q2 2025. |
| ● | Cash (including restricted cash) of $247.8 million as of June 30, 2026, compared to $122.5 million as of December 31, 2025. |
Financial performance of the Six Months Ended June 30, 2026
| ● | Revenues of $489.0 million in 6M 2026, compared to $174.1 million in 6M 2025. |
| ● | Profit of $318.6 million in 6M 2026, compared to $39.4 million in 6M 2025. |
| ● | Vessel operating expenses of $25.6 million in 6M 2026, compared to $22.0 million in 6M 2025. |
| ● | Earnings per share of $8.25 in 6M 2026, compared to $1.23 in 6M 2025. |
Alternative performance metrics and market development
| ● | Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $268.1 million in Q2 2026. |
| ● | EBITDA and Adjusted EBITDA (each non-IFRS measures*) of $251.6 million and $251.8 million, respectively, in Q2 2026. |
| ● | Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $230.8 million or $5.91 per basic and diluted share in Q2 2026. |
| ● | Fleetwide daily TCE rate* of $191,700 per available spot day and $181,200 per operating day; VLCC TCE rate of $213,600 per available spot day and $187,700 per operating day; and Suezmax TCE rate of $174,900 per available spot and operating day, in Q2 2026. |
| ● | Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,936 per calendar day, including management fees, in Q2 2026. |
| ● | In Q3 2026 to date, 48% of the available VLCC spot days have been booked at an average TCE rate of $206,600 per day and 42% of the available Suezmax spot days have been booked at an average TCE rate of $133,000 per day. |
Declaration of Q2 2026 dividend
The Company’s board of directors declared a dividend of $5.25 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 August 21, 2026, to shareholders of record as of August 14, 2026. The common shares will be traded ex-dividend on the NYSE as from and including August 14, 2026, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including August 13, 2026. 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 August 26, 2026.
4
Financial results overview – second quarter and six months of 2026
| | | | Q2 2026 | | Q2 2025 | | 6M 2026 | | 6M 2025 | | % Change |
| |||||||||||||
Commercial |
| VLCC Daily TCE* | | $ | 187,700 | | $ | 49,800 | | $ | 146,200 | | $ | 43,900 |
| 233 | % | |||||||||
Performance |
| Suezmax Daily TCE* | | $ | 174,900 | | $ | 51,400 | | $ | 130,000 | | $ | 45,400 |
| 186 | % | |||||||||
USD per day |
| Fleetwide Daily TCE* | | $ | 181,200 | | $ | 50,500 | | $ | 138,100 | | $ | 44,500 |
| 210 | % | |||||||||
|
| Fleetwide Daily Opex (incl. mgmt. fees)* | | $ | 9,936 | | $ | 9,963 | | $ | 9,769 | | $ | 9,600 |
| 2 | % | |||||||||
| | | | | | | | | | | | | | | | | | |||||||||
| | | | Q2 2026 | | Q2 2025 | | 6M 2026 | | 6M 2025 |
| % Change | | |||||||||||||
Income |
| TCE Revenue* | | $ | 268.1 | | $ | 64.0 | | $ | 400.4 | | $ | 112.6 |
| 256 | % | |||||||||
Statement |
| Adjusted EBITDA* | | $ | 251.8 | | $ | 47.3 | | $ | 361.9 | | $ | 79.8 |
| 353 | % | |||||||||
USDm excl. EPS |
| Adjusted Profit* | | $ | 230.8 | | $ | 26.7 | | $ | 319.7 | | $ | 38.1 |
| 739 | % | |||||||||
|
| Adjusted Earnings Per Share* | | $ | 5.91 | | $ | 0.83 | | $ | 8.28 | | $ | 1.18 |
| 602 | % | |||||||||
| | | | | | | | | | | | | | | | | | |||||||||
| | | | | | | | | | June 30, 2026 | | December 31, 2025 |
| % Change | | |||||||||||
Balance Sheet |
| Total Debt | | | | | | | | $ | 722.5 | | $ | 605.1 |
| 19 | % | |||||||||
USDm |
| Total Cash (incl. Restricted Cash) ** | | | | | | | | $ | 247.8 | | $ | 122.5 |
| 102 | % | |||||||||
|
| Total Assets | | | | | | | | $ | 1,649.3 | | $ | 1,200.6 |
| 37 | % | |||||||||
|
| Total Equity | | | | | | | | $ | 877.5 | | $ | 573.1 |
| 53 | % | |||||||||
|
| Book Leverage*** | | | | | | | |
| 35 | % | | 46 | % | (24) | % | |||||||||
*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.
**Out of the total cash balance, $17.0 million is classified as restricted cash, representing short-term (less than three months) cash collateral held in restricted accounts in connection with the Nissos Piperi Facility and the Nissos Nikouria Facility. During the period such cash collateral is maintained, the Nissos Piperi Facility and the Nissos Nikouria Facility bear reduced all-in interest rates of 0.5% and 0.6%, respectively.
***Book Leverage is calculated as net debt over net debt plus equity.
Q2 2026 and other recent highlights
| ● | On April 29, 2026, we entered into a $50.0 million facility agreement to finance the previously announced declaration of our option to purchase back the Nissos Rhenia from its current sale and leaseback financier (the “Nissos Rhenia Facility”). The Nissos Rhenia Facility is provided by a prominent Greek bank. It contains an interest rate of Term SOFR plus 125 basis points (or 50 basis points for any outstanding part of the loan in respect of which an amount of at least $1 million has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in seven years, and will be repaid in 28 quarterly installments of $0.825 million, together with a balloon installment of $26.9 million payable at maturity. It is secured by, among other things, a mortgage over the Nissos Rhenia, and it is guaranteed by the Company. The facility was drawn on April 30, 2026, and the vessel Nissos Rhenia was repurchased from its sale and leaseback financier on May 4, 2026. |
5
| ● | On April 30, 2026, we entered into a $50.0 million facility agreement to finance the previously announced declaration of our option to purchase back the Nissos Despotiko from its current sale and leaseback financier (the “Nissos Despotiko Facility”). The Nissos Despotiko Facility is provided by another prominent Greek bank. It contains an interest rate of Term SOFR plus 130 basis points (or 55 basis points for any outstanding part of the loan in respect of which the equivalent amount has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in nine years, and will be repaid in 36 quarterly installments of $0.825 million, together with a balloon installment of $20.3 million payable at maturity. It is secured by, among other things, a mortgage over the Nissos Despotiko, and it is guaranteed by the Company. The facility was drawn on June 8, 2026, and the vessel Nissos Despotiko was repurchased from its sale and leaseback financier on June 10, 2026. |
| ● | On April 30, 2026, we entered into a $90.0 million facility agreement to finance a portion of the acquisition price of our two recently acquired newbuilding contracts relating to two new Suezmax vessels, each under construction at Daehan Shipbuilding Co., Ltd, named Nissos Tigani and Nissos Vous, with deliveries from the shipyard on May 29, 2026 and July 8, 2026, respectively (the “Nissos Tigani and Nissos Vous Facility”). The Nissos Tigani and Nissos Vous Facility is provided by a syndicate of banks led and arranged by E.SUN Commercial Bank, Ltd. It contains an interest rate of Term SOFR plus 120 basis points, matures in eight years, and will be repaid in 32 quarterly installments of $1.07 million, together with aggregate balloon installments of $55.76 million payable at maturity, related to both vessels. It is secured by, among other things, mortgages over the Nissos Tigani and the Nissos Vous, and it is guaranteed by the Company. Advance A was drawn on May 26, 2026, and Advance B was drawn on July 2, 2026. |
| ● | The Company paid a dividend of approximately $78.1 million, or $2.00 per share, in June 2026. |
6
Unaudited condensed consolidated statements of profit or loss and other comprehensive income
| | For the Three months | | For the Six months | ||||||||
| | ended June 30, | | ended June 30, | ||||||||
USD | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenue | | $ | 318,852,577 | | $ | 93,947,134 | | $ | 489,017,593 | | $ | 174,094,786 |
| | | | | | | | | | | | |
Operating expenses |
| | |
| | |
| | |
| | |
Commissions |
| | (2,557,297) |
| | (1,334,189) |
| | (4,260,493) |
| | (2,008,372) |
Voyage expenses |
| | (48,155,183) |
| | (28,600,049) |
| | (84,396,534) |
| | (59,517,139) |
Vessel operating expenses |
| | (13,336,181) |
| | (11,546,813) |
| | (25,567,252) |
| | (22,045,871) |
Management fees- related party |
| | (1,459,220) |
| | (1,146,600) |
| | (2,850,820) |
| | (2,280,600) |
Depreciation and amortization |
| | (12,735,038) |
| | (10,343,401) |
| | (24,748,387) |
| | (20,565,522) |
General and administrative expenses |
| | (1,555,733) |
| | (4,041,931) |
| | (10,082,841) |
| | (8,463,067) |
Total operating expenses | | $ | (79,798,652) | | $ | (57,012,983) | | $ | (151,906,327) | | $ | (114,880,571) |
Operating profit | | $ | 239,053,925 | | $ | 36,934,151 | | $ | 337,111,266 | | $ | 59,214,215 |
| | | | | | | | | | | | |
Other income / (expenses) | |
| | |
| | |
| | |
| |
Interest income | |
| 1,379,880 | |
| 407,470 | |
| 2,431,082 | |
| 815,603 |
Interest expense and other finance costs | |
| (9,935,491) | |
| (11,632,771) | |
| (20,266,047) | |
| (23,038,063) |
Unrealized gain, net on derivatives | |
| 905,854 | |
| 1,351,339 | |
| 278,397 | |
| 2,465,940 |
Realized gain, net on derivatives | |
| 319,460 | |
| 489,497 | |
| 665,290 | |
| 397,168 |
Loss on debt extinguishment | | | (1,363,059) | | | (1,125,951) | | | (1,363,059) | | | (1,125,951) |
Foreign exchange (loss)/gain | |
| (49,321) | |
| 463,174 | |
| (227,978) | |
| 713,930 |
Total other expenses, net | | $ | (8,742,677) | | $ | (10,047,242) | | $ | (18,482,315) | | $ | (19,771,373) |
| | | | | | | | | | | | |
Profit for the period | | $ | 230,311,248 | | $ | 26,886,909 | | $ | 318,628,951 | | $ | 39,442,842 |
| | | | | | | | | | | | |
Other comprehensive income | |
| — | |
| — | |
| — | |
| — |
Total comprehensive income for the period | | $ | 230,311,248 | | $ | 26,886,909 | | $ | 318,628,951 | | $ | 39,442,842 |
| | | | | | | | | | | | |
Profit attributable to the owners of the Group | | $ | 230,311,248 | | $ | 26,886,909 | | $ | 318,628,951 | | $ | 39,442,842 |
Total comprehensive income attributable to the owners of the Group | | $ | 230,311,248 | | $ | 26,886,909 | | $ | 318,628,951 | | $ | 39,442,842 |
| | | | | | | | | | | | |
Earnings per share - basic & diluted | | $ | 5.90 | | $ | 0.84 | | $ | 8.25 | | $ | 1.23 |
Weighted average no. of shares - basic & diluted | | | 39,044,655 | | | 32,194,108 | | | 38,605,735 | | | 32,194,108 |
7
Unaudited condensed consolidated statements of financial position
| | As of | | As of | ||
USD | | June 30, 2026 | | December 31, 2025 | ||
ASSETS |
| | |
| | |
Non-current assets |
| | |
| | |
Vessels, net | | $ | 1,193,612,396 | | $ | 922,117,179 |
Advances for acquisition of vessels | |
| 20,133,259 | |
| 38,894,251 |
Other non-current assets | |
| 3,529,393 | |
| 58,332 |
Derivative financial instruments | |
| — | |
| 120,638 |
Restricted cash | | | 6,210,000 | | | 4,510,000 |
Total non-current assets | | $ | 1,223,485,048 | | $ | 965,700,400 |
Current assets | |
| | |
| |
Inventories | | $ | 29,662,719 | | $ | 17,273,715 |
Trade and other receivables | |
| 133,974,496 | |
| 85,091,040 |
Claims receivable | |
| 612,402 | |
| 320,097 |
Prepaid expenses and other current assets | |
| 9,579,615 | |
| 6,466,709 |
Derivative financial instruments | |
| 1,869,361 | |
| 1,470,326 |
Current accounts due from related parties | |
| 8,475,446 | |
| 6,286,469 |
Current portion of restricted cash | |
| 19,005,431 | |
| 1,399,243 |
Cash & cash equivalents | |
| 222,591,472 | |
| 116,636,741 |
Total current assets | | $ | 425,770,942 | | $ | 234,944,340 |
TOTAL ASSETS | | $ | 1,649,255,990 | | $ | 1,200,644,740 |
SHAREHOLDERS’ EQUITY & LIABILITIES | |
| | |
| |
Shareholders’ equity | |
| | |
| |
Share capital | | $ | 39,740 | | $ | 36,129 |
Additional paid-in capital | |
| 249,287,654 | |
| 124,891,132 |
Treasury shares | |
| (4,583,929) | |
| (4,583,929) |
Other reserves | |
| (34,903) | |
| (34,903) |
Retained earnings | |
| 632,803,235 | |
| 452,782,809 |
Total shareholders’ equity | | $ | 877,511,797 | | $ | 573,091,238 |
Non-current liabilities | |
| | |
| |
Long-term borrowings, net of current portion | | $ | 670,787,434 | | $ | 470,583,980 |
Retirement benefit obligations | |
| 61,629 | |
| 61,629 |
Other non-current liabilities | | | 4,874,156 | | | — |
Total non-current liabilities | | $ | 675,723,219 | | $ | 470,645,609 |
Current liabilities | |
| | |
| |
Trade payables | | $ | 32,303,193 | | $ | 13,748,183 |
Accrued expenses and other current libilities | |
| 9,186,092 | |
| 8,643,793 |
Deferred revenue | |
| 2,825,340 | |
| — |
Current portion of long-term borrowings | |
| 51,706,349 | |
| 134,515,917 |
Total current liabilities | | $ | 96,020,974 | | $ | 156,907,893 |
TOTAL LIABILITIES | | $ | 771,744,193 | | $ | 627,553,502 |
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES | | $ | 1,649,255,990 | | $ | 1,200,644,740 |
8
Unaudited condensed consolidated statement of changes in shareholders’ equity
| | | | | | | Additional | | | | | | | | | | | | | |
| | Number | | Share | | paid-in | | Treasury | | Other | | Retained | | | | |||||
USD, except share amounts |
| of shares |
| capital |
| capital |
| Shares |
| Reserves |
| Earnings |
| Total | ||||||
Balance - January 1, 2025 |
| 32,194,108 | | $ | 32,890 | | $ | 14,501,517 | | $ | (4,583,929) | | $ | (35,913) | | $ | 400,512,351 | | $ | 410,426,916 |
Profit for the period |
| — | |
| — | |
| — | |
| — | |
| — | |
| 39,442,842 | |
| 39,442,842 |
Dividends declared ($0.67 per share) |
| — | |
| — | |
| — | |
| — | |
| — | |
| (21,570,052) | |
| (21,570,052) |
Balance - June 30, 2025 |
| 32,194,108 | | $ | 32,890 | | $ | 14,501,517 | | $ | (4,583,929) | | $ | (35,913) | | $ | 418,385,141 | | $ | 428,299,706 |
| | | | | | | | | | | | | | | | | | | | |
Balance - January 1, 2026 |
| 35,433,544 | | $ | 36,129 | | $ | 124,891,132 | | $ | (4,583,929) | | $ | (34,903) | | $ | 452,782,809 | | $ | 573,091,238 |
Profit for the period |
| — | |
| — | |
| — | |
| — | |
| — | |
| 318,628,951 | |
| 318,628,951 |
Common share issuance, net of offering expenses | | 3,611,111 | | | 3,611 | | | 124,396,522 | | | — | | | — | | | — | | | 124,400,133 |
Dividends declared ($3.55 per share) |
| — | |
| — | |
| — | |
| — | |
| — | |
| (138,608,525) | |
| (138,608,525) |
Balance - June 30, 2026 |
| 39,044,655 | | $ | 39,740 | | $ | 249,287,654 | | $ | (4,583,929) | | $ | (34,903) | | $ | 632,803,235 | | $ | 877,511,797 |
9
Unaudited condensed consolidated statements of cash flows
| | For the three months ended June 30, | | For the six months ended June 30, | ||||||||
USD | | 2026 | | 2025 | | 2026 | | 2025 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | |
Profit for the period | | $ | 230,311,248 | | $ | 26,886,909 | | $ | 318,628,951 | | $ | 39,442,842 |
| | | | | | | | | | | | |
Adjustments to reconcile profit to net cash provided by operating activities: | |
| | |
| | |
| | |
| |
Depreciation and amortization | |
| 12,735,038 | |
| 10,343,401 | |
| 24,748,387 | |
| 20,565,522 |
Interest expense | |
| 9,447,565 | |
| 10,833,146 | |
| 19,182,901 | |
| 21,847,738 |
Amortization of loan financing fees and loan modification gain | |
| 305,885 | |
| 316,294 | |
| 620,214 | |
| 637,847 |
Unrealized gain, net on derivatives | |
| (905,854) | |
| (1,351,339) | |
| (278,397) | |
| (2,465,940) |
Interest income | |
| (1,379,880) | |
| (407,470) | |
| (2,431,082) | |
| (815,603) |
Unrealized foreign exchange loss/ (gain) | |
| 44,644 | |
| (762,477) | |
| 37,259 | |
| (1,082,093) |
Loss on debt extinguishment | | | 1,363,059 | | | 1,125,951 | | | 1,363,059 | | | 1,125,951 |
Total reconciliation adjustments | | $ | 21,610,457 | | $ | 20,097,506 | | $ | 43,242,341 | | $ | 39,813,422 |
| | | | | | | | | | | | |
Changes in working capital: | |
| | |
| | |
| | |
| |
Trade and other receivables | |
| (55,653,751) | |
| 2,517,805 | |
| (49,071,629) | |
| (4,570,218) |
Prepaid expenses and other current assets and non-current assets | |
| 650,324 | |
| (6,128,875) | |
| (6,583,968) | |
| (4,305,186) |
Inventories | |
| (5,311,401) | |
| 3,997,610 | |
| (12,389,004) | |
| 2,364,436 |
Trade payables | |
| 9,614,912 | |
| (1,248,502) | |
| 18,492,989 | |
| (1,355,333) |
Accrued expenses and other current liabilities and non-current liabilities | |
| (795,355) | |
| 2,234,618 | |
| 4,475,817 | |
| 795,879 |
Deferred revenue | |
| 125,317 | |
| — | |
| 2,825,340 | |
| — |
Claims receivable | |
| (22,386) | |
| — | |
| (292,304) | |
| (77,521) |
Due to related parties | |
| — | |
| — | |
| — | |
| (530,030) |
Due from related parties | |
| (1,211,560) | |
| (234,524) | |
| (2,188,977) | |
| (623,462) |
Total changes in working capital | | $ | (52,603,900) | | $ | 1,138,132 | | $ | (44,731,736) | | $ | (8,301,435) |
Interest paid | |
| (8,909,880) | |
| (10,800,001) | |
| (18,242,263) | |
| (21,667,504) |
Net cash provided by operating activities | | $ | 190,407,925 | | $ | 37,322,546 | | $ | 298,897,293 | | $ | 49,287,325 |
| | | | | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | |
| | |
| | |
| |
Decrease in restricted cash | |
| 25,732,172 | |
| 273,575 | |
| — | |
| — |
Increase in restricted cash | |
| — | |
| — | |
| (19,306,188) | |
| (637,445) |
Payments for special survey and drydocking costs | |
| (760,088) | |
| (1,254,975) | |
| (1,611,947) | |
| (1,974,583) |
Payments for vessels and advances for acquisition of vessels | | | (79,687,469) | | | — | | | (275,819,213) | | | — |
Interest received | |
| 1,595,824 | |
| 428,633 | |
| 2,457,127 | |
| 719,353 |
Net cash used in investing activities | | $ | (53,119,561) | | $ | (552,767) | | $ | (294,280,221) | | $ | (1,892,675) |
| | | | | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | |
| | |
| | |
| |
Proceeds from long-term borrowings | |
| 145,000,000 | |
| 131,000,000 | |
| 235,000,000 | |
| 131,000,000 |
Repayments of long-term borrowings | |
| (106,169,664) | |
| (134,726,689) | |
| (117,973,818) | |
| (146,619,421) |
Net proceeds from common share issuance | |
| — | |
| — | |
| 124,400,133 | |
| — |
Dividends paid | | | (78,089,310) | | | (10,302,115) | | | (138,608,525) | | | (21,570,052) |
Payments of loan financing fees | |
| (1,087,500) | |
| (884,000) | |
| (1,605,000) | |
| (884,000) |
Net cash (used in)/ provided by financing activities | | $ | (40,346,474) | | $ | (14,912,804) | | $ | 101,212,790 | | $ | (38,073,473) |
Effects of exchange rate changes of cash held in foreign currency | |
| 77,486 | |
| 750,452 | |
| 124,869 | |
| 1,088,578 |
Net change in cash and cash equivalents | |
| 96,941,890 | |
| 21,856,975 | |
| 105,829,862 | |
| 9,321,177 |
Cash and cash equivalents at beginning of period | |
| 125,572,096 | |
| 37,145,992 | |
| 116,636,741 | |
| 49,343,664 |
Cash and cash equivalents at end of period | | $ | 222,591,472 | | $ | 59,753,419 | | $ | 222,591,472 | | $ | 59,753,419 |
10
USE AND RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES
The Company together with its wholly owned subsidiaries, (the “Group”) evaluates its vessels’ operations and financial results principally by assessing their revenue generation (and not by the type of vessel, employment, customer, or type of charter). Among others, TCE, Daily TCE rate, EBITDA, Adjusted EBITDA, Daily Opex, Adjusted Profit/(loss) and Adjusted Earnings/(loss) per share are used as key performance indicators.
Daily TCE rate
In the shipping industry, economic decisions are based on vessels’ deployment upon anticipated TCE rates and time charter equivalent revenue, and industry analysts typically measure shipping freight rates in terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate cost. In a voyage charter contract, consideration is received for the use of a vessel between designated ports for the duration of the voyage only, at an agreed upon rate per volume of cargo carried. In a time charter contract, the customer (also known as the charterer) is responsible to pay for fuel consumed and port expenses incurred during the agreed period of time. In a voyage charter contract, the Company is responsible for maintaining the voyage, including vessel scheduling and routing, as well as any related voyage expenses, such as fuel, port and other expenses. Under voyage charters, the majority of voyage expenses are generally borne by us whereas for vessels in a time charter, such expenses are borne by the time charter operator. In a bareboat charter, the customer pays for all of the vessel’s operating expenses, and undertakes to maintain the vessel in a good state of repair and efficient operating condition and drydock the vessel during this period as per the classification society requirements. We may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during drydocking or due to other unforeseen circumstances. Because of the different nature of these types of arrangements, the amount of revenues earned by the Company can differ significantly between them.
The Daily Time Charter Equivalent Rate (“TCE rate”) is a measure of the average daily revenue performance of a vessel. The TCE rate and time charter equivalent revenue (TCE) are not measures of revenue under generally accepted accounting principles (i.e., they are non-GAAP measures) or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. We calculate the TCE rate by dividing revenues (time charter and/or voyage charter revenues), less commission and voyage expenses (which then equals “time charter equivalent revenue”), by the number of operating days (we define operating days as calendar days less any scheduled or unscheduled days that our vessels are off-hire due to unforeseen technical and commercial circumstances) or the number of available days (we define available days as calendar days less any scheduled or unscheduled days that our vessels are off-hire due to unforeseen technical or commercial circumstances) during that period. Our calculation of the TCE rate and time charter equivalent revenue may not be comparable to that reported by other companies. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect the amount of expenses that we record during that period. We and other companies in the shipping industry use operating days to measure the aggregate number of days in a period that our vessels generate revenues. The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter is “off-hire”.
We use the TCE rate and time charter equivalent revenue because they provide a means of comparison between different types of vessel employment and, therefore, assists our decision-making process with regards to the operation and use of our vessels and in evaluating our financial performance. We believe the TCE rate and time charter equivalent revenue provide additional meaningful information to our investors, constituting a comparison to Revenue, the most directly comparable GAAP and IFRS measure, that also enables our management to evaluate the performance and deployment of our fleet and in evaluating their financial performance. The TCE rate and time charter equivalent revenue are measures used to compare period-to-period changes in a company’s performance, and management believes that the TCE rate and time charter equivalent revenue provide meaningful information to our investors.
11
The following table sets forth our computation of TCE rates, including a reconciliation of revenues to the TCE rates (unaudited) for the periods presented:
| | For the Three months | | For the Six months | ||||||||
| | ended June 30, | | ended June 30, | ||||||||
USD | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenue | | $ | 318,852,577 | | $ | 93,947,134 | | $ | 489,017,593 | | $ | 174,094,786 |
Voyage expenses | |
| (48,155,183) | |
| (28,600,049) | |
| (84,396,534) | |
| (59,517,139) |
Commissions | |
| (2,557,297) | |
| (1,334,189) | |
| (4,260,493) | |
| (2,008,372) |
Time charter equivalent revenue | | $ | 268,140,097 | | $ | 64,012,896 | | $ | 400,360,566 | | $ | 112,569,275 |
Calendar days | |
| 1,489 | |
| 1,274 | |
| 2,909 | |
| 2,534 |
Off-hire days | |
| (9) | |
| (6) | |
| (9) | |
| (6) |
Operating days | |
| 1,480 | |
| 1,268 | |
| 2,900 | |
| 2,528 |
Daily TCE rate | | $ | 181,176 | | $ | 50,483 | | $ | 138,055 | | $ | 44,529 |
Daily Opex
Daily Opex per vessel is an alternative performance measure that provides meaningful information to our management with regards to our vessels’ efficiency and deployment. Daily Opex is not a measure under generally accepted accounting principles (i.e., it is a non-GAAP measure) or IFRS and should not be considered as an alternative to any measure of expenses and financial performance presented in accordance with IFRS. Our reconciliation of daily Opex, including management fees, may differ from that reported by other companies. We believe Daily Opex provides additional meaningful information in conjunction with Vessel operating expenses, the most directly comparable GAAP and IFRS measure, because it provides meaningful information to our investors in evaluating our financial performance.
Daily Opex is calculated as vessel operating expenses and technical management fees divided by calendar days, for the relevant periods.
The following table sets forth our reconciliation of daily Opex (unaudited) for the periods presented:
| | For the Three months | | For the Six months | ||||||||
| | ended June 30, | | ended June 30, | ||||||||
USD | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Vessel operating expenses | | $ | 13,336,181 | | $ | 11,546,813 | | $ | 25,567,252 | | $ | 22,045,871 |
Management fees | |
| 1,459,220 | |
| 1,146,600 | |
| 2,850,820 | |
| 2,280,600 |
Total vessel operating expenses | | $ | 14,795,401 | | $ | 12,693,413 | | $ | 28,418,072 | | $ | 24,326,471 |
Calendar days | |
| 1,489 | |
| 1,274 | |
| 2,909 | |
| 2,534 |
Daily Opex | | $ | 9,936 | | $ | 9,963 | | $ | 9,769 | | $ | 9,600 |
Daily Opex excluding management fees | | $ | 8,956 | | $ | 9,063 | | $ | 8,789 | | $ | 8,700 |
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share
Earnings before interest, tax, depreciation and amortization (EBITDA) is an alternative performance measure, derived directly from the statement of profit or loss and other comprehensive income by adding back to profit/(loss) depreciation, amortization, interest and finance costs and subtracting interest income. Adjusted EBITDA is defined as EBITDA before non-recurring items, unrealized losses/(gains) on derivatives, realized losses/(gains) on derivatives, foreign exchange (gains)/losses, (gain)/loss from loan modifications and loss on debt extinguishment. Adjusted profit/(loss) is defined as reported profit/(loss) before non-recurring items, unrealized losses/(gains) on derivatives, impairment loss, loan modification gain/(loss), loss on debt extinguishment and gain/(loss) on disposal of vessels, if any. Adjusted earnings/(loss) per share is defined as adjusted profit/(loss) divided by the weighted average number of common shares outstanding in the period.
Furthermore, EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share have certain limitations in use and should not be considered alternatives to reported profit/(loss), operating profit, cash flows from operations, earnings per share or any other GAAP or IFRS measure of financial performance. EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share exclude some, but not all, items that affect profit/(loss).
12
EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted Earnings per share are not measures of profit under generally accepted accounting principles (i.e., they are non-GAAP measures) or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. EBITDA, Adjusted EBITDA, Adjusted profit and Adjusted earnings per share are used as supplemental financial measures by management and external users of financial statements to assess our operating performance. We believe that EBITDA, Adjusted EBITDA, Adjusted profit and Adjusted earnings per share assist our management and our investors by providing useful information that increases the comparability of our operating performance from period to period and against our previous performance and the operating performance of other companies in our industry that provide relevant information. We believe EBITDA, Adjusted EBITDA, Adjusted profit and Adjusted earnings per share provide additional meaningful information in conjunction with profit, the most directly comparable GAAP and IFRS measure, because they provide meaningful information in evaluating our financial performance.
Our method of computing EBITDA, Adjusted EBITDA, Adjusted profit/(loss) and Adjusted earnings/(loss) per share may not be consistent with similarly titled measures of other companies and, therefore, might not be comparable with other companies.
The following table sets forth a reconciliation of profit to EBITDA (unaudited) and Adjusted EBITDA (unaudited) for the periods presented:
| | For the Three months ended June 30, | | | For the Six months ended June 30, | |||||||
USD | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Profit for the period | | $ | 230,311,248 | | $ | 26,886,909 | | $ | 318,628,951 | | $ | 39,442,842 |
Depreciation and amortization | |
| 12,735,038 | |
| 10,343,401 | |
| 24,748,387 | |
| 20,565,522 |
Interest expense and other finance costs | |
| 9,935,491 | |
| 11,632,771 | |
| 20,266,047 | |
| 23,038,063 |
Interest income | |
| (1,379,880) | |
| (407,470) | |
| (2,431,082) | |
| (815,603) |
EBITDA | | $ | 251,601,897 | | $ | 48,455,611 | | $ | 361,212,303 | | $ | 82,230,824 |
Unrealized gain, net on derivatives | |
| (905,854) | |
| (1,351,339) | |
| (278,397) | |
| (2,465,940) |
Realized gain, net on derivatives | |
| (319,460) | |
| (489,497) | |
| (665,290) | |
| (397,168) |
Loss on debt extinguishment | | | 1,363,059 | | | 1,125,951 | | | 1,363,059 | | | 1,125,951 |
Foreign exchange loss/ (gain) | |
| 49,321 | |
| (463,174) | |
| 227,978 | |
| (713,930) |
Adjusted EBITDA | | $ | 251,788,963 | | $ | 47,277,552 | | $ | 361,859,653 | | $ | 79,779,737 |
The following table sets forth a reconciliation of profit to Adjusted profit (unaudited) and a computation of Adjusted earnings per share (unaudited) for the periods presented:
| | For the Three months ended June 30, | | For the Six months ended June 30, | ||||||||
USD | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Profit for the period | | $ | 230,311,248 | | $ | 26,886,909 | | $ | 318,628,951 | | $ | 39,442,842 |
Loss on debt extinguishment | | | 1,363,059 | | | 1,125,951 | | | 1,363,059 | | | 1,125,951 |
Unrealized gain, net on derivatives | |
| (905,854) | |
| (1,351,339) | |
| (278,397) | |
| (2,465,940) |
Adjusted Profit | | $ | 230,768,453 | | $ | 26,661,521 | | $ | 319,713,613 | | $ | 38,102,853 |
Weighted average number of common shares outstanding in the period | |
| 39,044,655 | |
| 32,194,108 | |
| 38,605,735 | |
| 32,194,108 |
Adjusted earnings per share, basic and diluted | | $ | 5.91 | | $ | 0.83 | | $ | 8.28 | | $ | 1.18 |
RESPONSIBILITY STATEMENT
We confirm that, to the best of our knowledge, the unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board, and give a true and fair view of the Group’s consolidated assets, liabilities, financial position and results of operations for the period.
We also confirm that the interim condensed consolidated financial statements include a fair view of important events that occurred during the first six months of the fiscal year ending December 31, 2026 and their impact on these financial statements.
Having assessed the Company’s ability to continue as a going concern, the directors are not aware of any material uncertainties related to events or conditions that may cast doubt upon the Company’s ability to continue as a going concern.
13
The interim financial report for the period ended June 30, 2026, also provides alternative measures of the Company’s overall performance, highlighting key business dates and events.
Ioannis Alafouzos, Chairman & Director
Robert Knapp, Independent Director
Daniel Gold, Independent Director
Joshua Nemser, Independent Director
Charlotte Stratos, Independent Director
Francis Dunne, Independent Director
Peter Siakotos Konstantinidis, Independent Director
Dimitrios Papalexopoulos, Director
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.
Presentation
OET will be hosting a conference call and webcast at 14:30 CET on Wednesday, August 5, 2026 to discuss the Q2 2026 and 6M 2026 results.
The webcast will include a slide presentation and will be available on the following link:
https://events.q4inc.com/attendee/394260832
An audio replay of the conference call will be available on our website:
http://www.okeanisecotankers.com/reports/
14
Table of Contents
Exhibit 99.2
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The discussion set out below contains forward-looking statements, including as defined under U.S. federal securities laws, which reflect our current views or expectations with respect to future events and financial performance. Forward-looking statements include statements concerning plans, beliefs, objectives, intentions, goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts or that are not present facts or conditions. When used herein, statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “anticipate,” “believe,” “expect,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “continue,” “seeks,” “views,” “possible,” “likely,” “may,” “should,” and similar words, phrases, or expressions identify forward-looking statements, and the negatives of those words, phrases, or expressions, or statements that events, conditions, or results “can,” “will,” “may,” “must,” “would,” “could,” or “should” occur or be achieved and similar expressions in connection with any discussion, expectation, or projection of future operating or financial performance, costs, regulations, events, or trends identify forward-looking statements. 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.
The forward-looking statements contained herein are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
In addition to these assumptions and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the following:
| ● | our ability to maintain or develop new and existing customer relationships with major crude oil companies and major commodity traders, including our ability to enter into long-term charters for our vessels, and those we may acquire in the future; |
| ● | our future operating and financial results; |
| ● | our future vessel acquisitions, sales, our business strategy, and expected and unexpected capital spending or operating expenses, including general and administrative, drydocking, crewing, bunker costs, and insurance costs; |
| ● | our financial condition and liquidity, including our ability to pay amounts that we owe and to obtain financing in the future to fund capital expenditures, acquisitions, and other general corporate activities; |
| ● | oil tanker industry trends, including fluctuations in charter rates and vessel values and factors affecting vessel supply and demand; |
| ● | our ability to take delivery of, integrate into our fleet, and employ any vessels we may acquire in the future, or any newbuildings we may acquire or order in the future and the ability of shipyards to deliver vessels on a timely basis; |
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| ● | our dependence on our technical manager, Kyklades Maritime Corporation, an affiliate of our Chairman, Mr. Ioannis Alafouzos, to operate our vessels; |
| ● | the aging of our vessels, and those we may acquire in the future, and resultant increases in operation and drydocking costs; |
| ● | the ability of our vessels, and any vessels we may acquire in the future, to pass classification inspections and vetting inspections by oil majors and big chemical corporations, or other authorities; |
| ● | significant changes in vessel performance, including increased vessel breakdowns; |
| ● | length and number of off hire days, drydocking requirements, and insurance costs; |
| ● | availability of key employees and crew; |
| ● | hazards inherent in the maritime industry causing personal injury or loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage, claims by third parties or customers and suspension of operations; |
| ● | repudiation, nullification, termination, modification or renegotiation of contracts; |
| ● | U.S., EU or other foreign monetary policy and foreign currency fluctuations and devaluations; |
| ● | the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us; |
| ● | our ability to repay outstanding indebtedness, to comply with the covenants contained therein, to obtain additional financing, and to obtain replacement charters for our vessels, and any vessels we may acquire in the future, in each case, at commercially acceptable rates or at all; |
| ● | changes to governmental rules and regulations or actions taken by regulatory authorities and the expected costs thereof, or changes to tax policies and other government regulations and economic conditions that are beyond our control; |
| ● | our ability to pay dividends; |
| ● | our ability to maintain the listing of our common shares on the New York Stock Exchange or the Oslo Stock Exchange; |
| ● | our ability to comply with additional costs and risks related to our environmental, social, and governance policies and regulation; |
| ● | potential liability from litigation, including purported class-action litigation; |
| ● | changes in general economic and business conditions; |
| ● | potential conflicts of interest involving our significant shareholders; |
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| ● | general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events, including “trade wars,” piracy, acts by terrorists or other hostilities or conflicts, including the closing of the Strait of Hormuz, the war between the United States, Israel and Iran, the war in Ukraine, the war between Israel and Hamas, the Houthi crisis in and around the Red Sea, current instability in Venezuela and potential tensions between the U.S. and Greenland or Denmark; |
| ● | changes in production of or demand for oil, either globally or in particular regions; |
| ● | the strength of world economies and currencies, including fluctuations in charterhire rates and vessel values; |
| ● | potential liability from future litigation and potential costs due to our vessels’ operations, and the operation of any vessels we may acquire in the future, including due to any environmental damage and vessel collisions; |
| ● | any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cyber security breach; |
| ● | the length and severity of public health threats, epidemics and pandemics, and other disease outbreaks and their impact on the demand for commercial seaborne transportation and the condition of the financial markets; and |
| ● | other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the SEC, including our most recent annual report on Form 20-F for the fiscal year ended December 31, 2025, filed with the SEC on March 20, 2026 (the “2025 Annual Report”). |
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.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following contains discussion of the results of our operations and our financial condition for the six months ended June 30, 2026 and 2025. This discussion contains forward-looking statements that involve risks, uncertainties, and assumptions. These forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements. For a more complete discussion of these risks and uncertainties, please read the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” herein and “Item 3. Risk Factors” in our 2025 Annual Report.
Unless the context indicates otherwise, references to the “Company”, “we” or “our” include Okeanis Eco Tankers Corp. and its subsidiaries.
Principal Factors Affecting Our Business
The principal factors that affect our financial position, operating results and cash flows include the following:
| ● | number of vessels owned and operated; |
| ● | voyage charter rates; |
| ● | time charter trip rates; |
| ● | period time charter rates; |
| ● | the nature and duration of our voyage charters; |
| ● | vessels repositioning; |
| ● | vessel operating expenses and direct voyage costs; |
| ● | maintenance and upgrade work; |
| ● | the age, condition and specifications of our vessels and other vessels we may acquire; |
| ● | issuance of our common shares and other securities; |
| ● | amount of debt obligations; and |
| ● | financing costs related to debt obligations. |
We are also affected by the types of charters we enter into. Vessels operating on period time charters and bareboat time charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the spot charter market, either on trip time charters or voyage charters, during periods characterized by favorable market conditions.
Vessels operating in the spot charter market generate revenues that are less predictable, but can yield increased profit margins during periods of improvements in tankers rates. Spot charters also expose vessel owners to the risk of declining tanker rates and rising fuel costs in case of voyage charters.
Material Accounting Policies and Critical Accounting Estimates
For a description of our critical accounting judgements and key sources of estimation uncertainty, see Note 5, “Critical Accounting Judgments and Key Sources of Estimation Uncertainty” to our audited 2025 financial statements included in our 2025 Annual Report. For a description of all of our material accounting policies, see Note 4 to our audited 2025 financial statements and the section entitled “Item 5. Operating and Financial Review and Prospects” in our 2025 Annual Report. There have been no material changes to the critical accounting judgments, key sources of estimation uncertainty or material accounting policies disclosed in our 2025 Annual Report.
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Important Financial and Operational Terms and Concepts
We use a variety of financial and operational terms and concepts when analyzing our performance. These include the following:
Revenues
Revenues primarily include revenues from time charters and voyage charters. Revenues are affected by hire rates and the number of operating days. Revenues are also affected by the mix of business between vessels on time charter and vessels operating on voyage charter. Revenues from vessels on voyage charter are more volatile, as they are typically tied to prevailing market rates.
Voyage and Time Charters
Voyage charters or spot voyages are charters under which the customer pays a transportation charge for the movement of a specific cargo between two or more specified ports. We pay all of the voyage expenses. Under time charters, we lease the vessel for a set length of time to a charterer, where the latter is free to sail to any port or transport any cargo of his preference (subject to legal restrictions). All voyage expenses are incurred by the charterer.
Commissions
We pay commissions based on the total daily charter hire rate of each charter to unaffiliated ship brokers associated with the charter, depending on the number of brokers involved with arranging the charter.
Voyage Expenses
Voyage expenses mainly relate to voyage charter agreements and consist of port, canal and bunker costs that are unique to a particular voyage and are recognized as incurred. Under our time charter arrangements, voyage expenses are borne by the charterers, including bunker fuel, port charges and canal tolls.
Vessel Operating Expenses
Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables and miscellaneous expenses. Vessel operating expenses can fluctuate due to factors beyond our control, such as unplanned repairs and maintenance attributable to damages or regulatory compliance and factors which may affect the shipping industry in general, such as developments relating to insurance premiums, or developments relating to the availability of crew.
Drydocking Costs
Drydocking costs relate to regularly scheduled intermediate survey or special survey drydocking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Drydocking costs can vary according to the age of the vessel, the location where the drydock takes place, shipyard availability, local availability of manpower and material, and the billing currency of the yard. Please see the section entitled “Item 18. Financial Statements — Note 4 — Summary of Material Accounting Policies” in our 2025 Annual Report. In the case of tankers, drydocking costs may also be affected by new rules and regulations.
Vessel Depreciation
We depreciate all our vessels on a straight-line basis over their estimated useful lives, which we estimate to be 25 years from the date of their initial delivery from the shipyard, after considering their estimated residual value. Each vessel’s residual value is equal to the product of its lightweight tonnage and its estimated scrap rate. The scrap price is estimated to be approximately $400 per ton of lightweight steel. The Company may revise the estimated residual values of the vessel in the future in response to changing market conditions.
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General and Administrative Expenses
General and administrative expenses mainly consist of employee costs, directors’ liability insurance, directors’ fees and expenses, executive compensation, professional fees and other expenses.
Management Fees
Management fees concern services provided from the technical manager of our vessels, for a wide range of shipping services, among others, technical support, maintenance, acquisitions of emissions allowances and insurance consulting, for a daily fee of $980 per vessel for the six-month period ended June 30, 2026 and $900 per vessel for the six-month period ended June 30, 2025.
Inflation
Inflation has had an impact on our vessel operating expenses and corporate overheads. It is anticipated that insurance costs, which have risen over the last three years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels is increasing. There is therefore expected to be an increased demand for qualified crew and this has and will continue to put inflationary pressure on crew costs. However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn. Interest on our SOFR-based loans (or loans based on another reference rate or its successor) can increase following any interest rate hikes undertaken by financial authorities (such as central banks) in response to, among other things, inflation.
Interest expense and Other Finance Costs
We incur interest expense on outstanding indebtedness under our loans, which we include in interest and other finance costs. We also incur finance costs in establishing our debt facilities. Finance costs incurred for obtaining new debt facilities are deferred and amortized to interest expense over the respective term of the debt facility using the effective interest rate method. Any unamortized balance of costs relating to debt facilities repaid or refinanced is either expensed in the period the repayment or refinancing is made, or deferred and amortized over the terms of the respective debt facility, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. The unamortized finance costs are reflected as a reduction of Long-term borrowings, net of current portion, and Current portion of long-term borrowings in the consolidated statements of financial position.
Unrealized/Realized Gain/Loss, net from Derivatives
Unrealized/realized gain/loss from derivatives represents (1) the fluctuations in the fair value of the Company’s derivative instruments, recorded as unrealized gain or loss and (2) the actual amounts paid or received upon settlement of the derivative instruments, recorded as realized gain or loss in the statements of profit or loss.
Important Measures and Definitions for Analyzing Results of Operations
We use a variety of financial and operational terms and concepts. These include the following:
Calendar days. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect the amount of expenses that we record during that period.
Operating days. We define operating days as the number of calendar days in a period less any scheduled or unscheduled days that our vessels are off-hire due to unforeseen technical and commercial circumstances. We and the shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues.
Off-hire. The period a vessel is not being chartered or is unable to perform the services for which it is required under a charter.
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Fleet utilization. We calculate fleet utilization by dividing the number of operating days during a period by the number of calendar days during that period. We and the shipping industry use fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings, vessel upgrades, special or intermediate surveys and vessel positioning.
Daily Time Charter Equivalent (“TCE”) Rate. The Daily Time Charter Equivalent Rate (“Daily TCE Rate”) is a measure of the average daily revenue performance of a vessel. The Daily TCE Rate and time charter equivalent revenue are each not a measure of revenue under GAAP (i.e., each is a non-GAAP measure) or IFRS and should not be considered as an alternative to any measure of revenue and financial performance presented in accordance with IFRS. We calculate Daily TCE Rate by dividing revenues (time charter and/or voyage charter revenues), less commission and voyage expenses (which then equals “TCE revenue”), by the number of operating days during that period. We believe the Daily TCE Rate and TCE revenue provide additional meaningful information in conjunction with Revenue, the most directly comparable GAAP and IFRS measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of the Daily TCE Rates and TCE revenue may not be comparable to that reported by other companies.
Daily vessel operating expenses, including technical management fees. Daily vessel operating expenses (“Daily Opex”) is not a measure under generally accepted accounting principles (i.e., it is a non-GAAP measure) or IFRS and should not be considered as an alternative to any measure of expenses and financial performance presented in accordance with IFRS.Daily Opex, including technical management fees, calculated as the sum of vessel operating expenses and technical management fees divided by the calendar days of the period, is an alternative performance measure that provides meaningful information to our management with regards to our vessels’ efficiency and deployment. We believe Daily Opex provides additional meaningful information in conjunction with Vessel operating expenses, the most directly comparable GAAP and IFRS measure, because it provides meaningful information to our investors in evaluating our financial performance. Our calculation of Daily Opex, including technical management fees, may differ from that reported by other companies.
Main components of managing our business and main drivers of profitability
The management of financial, general and administrative elements involved in the conduct of our business and ownership or operation of our vessels requires the following main components:
| ● | management of our financial resources, including banking relationships, i.e., administration of bank loans and bank accounts; |
| ● | management of our accounting system and records and financial reporting; |
| ● | administration of the legal and regulatory requirements affecting our business and assets; and |
| ● | management of the relationships with our service providers and customers; and |
| ● | general and administrative expenses. |
The principal factors that affect our profitability, cash flows and shareholders’ return on investment include:
| ● | charter rates and periods of charter hire for our tanker vessels; |
| ● | utilization of our tanker vessels (earnings efficiency); |
| ● | levels of our tanker vessels’ operating expenses and drydocking costs; |
| ● | depreciation and amortization expenses; |
| ● | financing costs; and |
| ● | fluctuations in foreign exchange rates. |
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Results of Operations
Six months ended June 30, 2026 as compared to six months ended June 30, 2025
(expressed in U.S. Dollars, except for number of shares)
Condensed Statement of profit or loss and other comprehensive income
Six months ended June 30, | |||||||||
USD | | 2026 | | 2025 | | Change amount | |||
Revenue | $ | 489,017,593 | $ | 174,094,786 | $ | 314,922,807 | |||
Voyage expenses (incl. commissions) |
| (88,657,027) |
| (61,525,511) |
| (27,131,516) | |||
Vessel operating expenses (incl. Mgmt. fees) |
| (28,418,072) |
| (24,326,471) |
| (4,091,601) | |||
Depreciation and amortization |
| (24,748,387) |
| (20,565,522) |
| (4,182,865) | |||
General and administrative expenses |
| (10,082,841) |
| (8,463,067) |
| (1,619,774) | |||
Operating profit |
| 337,111,266 |
| 59,214,215 |
| 277,897,051 | |||
Interest income |
| 2,431,082 |
| 815,603 |
| 1,615,479 | |||
Interest expense and other finance costs including debt extinguishment |
| (21,629,106) |
| (24,164,014) |
| 2,534,908 | |||
Gain, net on derivatives |
| 943,687 |
| 2,863,108 |
| (1,919,421) | |||
Foreign exchange (loss)/ gain |
| (227,978) |
| 713,930 |
| (941,908) | |||
Total comprehensive income for the period | $ | 318,628,951 | $ | 39,442,842 | $ | 279,186,109 | |||
| ● | Revenue increased by $314.9 million to $489.0 million in the six-month period ended June 30, 2026, from $174.1 million in the six-month period ended June 30, 2025. This increase is mainly associated with the increase in fleetwide Daily TCE Rate to $138,055 in the six-month period ended June 30, 2026, from $44,529 in the six-month period ended June 30, 2025. Please refer to “Performance Indicators” for the definition and reconciliation of this measure to Revenue, the most directly comparable financial measure calculated and presented in accordance with International Financial Reporting Standards (“IFRS”). |
| ● | Voyage expenses increased by $27.1 million to $88.6 million in the six-month period ended June 30, 2026, compared to $61.5 million in the six-month period ended June 30, 2025. The increase is attributable to an increase in bunker expenses, mainly attributable to higher bunker prices and an increase in calendar days resulting from the expansion of our fleet. |
| ● | Vessel operating expenses increased by $4.1 million to $28.4 million in the six-month period ended June 30, 2026, compared to $24.3 million in the six-month period ended June 30, 2025. The increase was mainly due to the addition of three vessels to our fleet. |
| ● | General and administrative expenses increased by $1.6 million to $10.1 million in the six months ended June 30, 2026, compared to $8.5 million in the six months ended June 30, 2025. The increase represents increased costs associated with our U.S. listing (recurring costs), shore-based employee costs and other administrative expenses. |
| ● | Interest expense and finance costs decreased by $2.6 million to $21.6 million in the six months ended June 30, 2026, compared to $24.2 million in the same period of 2025. The decrease was mainly attributable to the lower weighted average margin applicable to our long-term borrowings of 1.49% in the six-month period ended June 30, 2026, from 2.27% in the six-month period ended June 30, 2025. |
| ● | We recorded a profit of $318.6 million in the six-month period ended June 30, 2026, or $8.25 per basic and diluted share, compared to a profit of $39.4 million, or $1.23 per basic and diluted share in the same period in 2025. The increase is primarily due to higher revenues generated from operations. |
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Performance Indicators
Daily TCE Rate
The figures shown below are financial and non-financial statistical metrics used by management to measure performance of our vessels. For the “Fleet Data” figures there are no comparable GAAP or IFRS measures.
In the shipping industry, economic decisions are based on vessels’ deployment upon anticipated Daily TCE Rates, and industry analysts typically measure shipping freight rates in terms of Daily TCE Rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate cost. In a voyage charter contract, consideration is received for the use of a vessel between designated ports for the duration of the voyage only, at an agreed upon rate per volume of cargo carried. In a time charter contract, the customer (also known as the charterer) is responsible to pay for fuel consumed and port expenses incurred during the agreed period of time. In a voyage charter contract, the Company is responsible for maintaining the voyage, including vessel scheduling and routing, as well as any related voyage expenses, such as fuel, port and other expenses. Under voyage charters, the majority of voyage expenses are generally borne by us, whereas for vessels in a time charter, such expenses are borne by the charterer. In a bareboat charter, the customer pays for all of the vessel’s operating expenses, and undertakes to maintain the vessel in a good state of repair and efficient operating condition and drydock the vessel during this period as per the classification society requirements. We may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time or other charter, during periods of commercial waiting time or while off-hire during drydocking or due to other unforeseen circumstances. Because of the different nature of these types of arrangements, the amount of revenues earned by the Company can differ significantly between them.
Consistent with industry practice, we use the Daily TCE Rates and time charter equivalent revenue because they provide a means of comparison between different types of vessel employment and, therefore, assist in evaluating their financial performance and in our decision-making process regarding the deployment and use of our vessels and in evaluating our financial performance. The Daily TCE Rate and time charter equivalent revenue is each a non-GAAP and non-IFRS measure. We believe each of the Daily TCE Rate and time charter equivalent revenue provides additional meaningful information in conjunction with Revenue, the most directly comparable GAAP and IFRS measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. The Daily TCE Rate and time charter equivalent revenue are measures used to compare period-to-period changes in a company’s performance and management believes that the Daily TCE Rate and time charter equivalent revenue provide meaningful information to our investors.
In evaluating our financial condition, we focus on the below measures to assess our historical operating performance and we use future estimates of the same measures to assess our future financial performance. In assessing the future performance of our fleet, the greatest uncertainty relates to future charter rates at the expiration of a vessel’s present period employment, whether under a time charter or a bareboat charter. Decisions about future purchases and sales of vessels are based on the availability of excess internal funds, the availability of financing and the financial and operational evaluation of such actions and depend on the overall state of the shipping market and the availability of relevant purchase candidates.
The following table sets forth our computation of Daily TCE Rates and time charter equivalent revenue, including a reconciliation of revenues to the Daily TCE Rates (unaudited) and time charter equivalent revenue (unaudited) for the periods presented:
For the Six months | ||||||
ended June 30, | ||||||
USD | | 2026 | | 2025 | ||
Revenue | $ | 489,017,593 | $ | 174,094,786 | ||
Voyage expenses |
| (84,396,534) |
| (59,517,139) | ||
Commissions |
| (4,260,493) |
| (2,008,372) | ||
Time charter equivalent revenue | $ | 400,360,566 | $ | 112,569,275 | ||
Calendar days |
| 2,909 |
| 2,534 | ||
Off-hire days |
| (9) |
| (6) | ||
Operating days |
| 2,900 |
| 2,528 | ||
Daily TCE Rate | $ | 138,055 | $ | 44,529 | ||
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Daily Opex
Daily Opex per vessel is an alternative performance measure that provides meaningful information to our management with regards to our vessels’ efficiency and deployment. Daily Opex is not a measure under generally accepted accounting principles (i.e., it is a non-GAAP measure) or IFRS and should not be considered as an alternative to any measure of expenses and financial performance presented in accordance with IFRS. Our reconciliation of Daily Opex, including management fees, may differ from that reported by other companies. We believe Daily Opex provides additional meaningful information in conjunction with Vessel operating expenses, the most directly comparable GAAP and IFRS measure, because it provides meaningful information to our investors in evaluating our financial performance.
Daily Opex is calculated as vessel operating expenses and technical management fees divided by calendar days, for the relevant periods
The following table sets forth our reconciliation of Daily Opex (unaudited) for the periods presented:
For the Six months | ||||||
ended June 30, | ||||||
USD | | 2026 | | 2025 | ||
Vessel operating expenses | $ | 25,567,252 | $ | 22,045,871 | ||
Management fees |
| 2,850,820 |
| 2,280,600 | ||
Total vessel operating expenses | $ | 28,418,072 | $ | 24,326,471 | ||
Calendar days |
| 2,909 |
| 2,534 | ||
Daily Opex | $ | 9,769 | $ | 9,600 | ||
Daily Opex excluding management fees | $ | 8,789 | $ | 8,700 | ||
Liquidity and Capital Resources
Since our formation, our principal sources of funds have been funds in the form of equity, debt or working capital provided by operating cash flow and long-term borrowings. Our principal use of funds has been capital expenditures to maintain the quality of our vessels, comply with international shipping standards and environmental laws and regulations, fund working capital requirements, service our debt, and distribute capital to our shareholders.
Our business is capital intensive and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer vessels and the selective sale of older vessels. Future acquisitions are subject to management’s expectation of future market conditions, our ability to acquire vessels on favorable terms and our liquidity and capital resources. Our ability to continue to meet our liquidity needs is subject to and will be affected by cash generated from operations, the economic or business environment in which we operate, shipping industry conditions, the financial condition of our customers, vendors and service providers, our ability to comply with the financial and other covenants of our indebtedness, and other factors.
In the future, we may require capital to fund acquisitions or to improve or support our ongoing operations and debt structure, particularly in light of economic conditions resulting from geopolitical conflict and wars, including the Russian/ Ukraine war, current instability in Venezuela and potential tensions between the U.S. and Greenland or Denmark, potential and actual hostilities in the Middle East, including the war between the United States, Israel and Iran and the Houthi crisis in and around the Red Sea and their related activities, such as the closing or threatened closing of the Strait of Hormuz, and general conditions in the tanker market. We may from time to time seek to raise additional capital through equity or debt offerings, selling vessels or other assets, pursuing strategic opportunities, or otherwise. We may also from time to time seek to incur additional debt financing from private or public sector sources, refinance our indebtedness or obtain waivers or modifications to our credit agreements to obtain more favorable terms, enhance flexibility in conducting our business, or otherwise. We may also seek to manage our interest rate exposure through hedging transactions. We may seek to accomplish any of these independently or in conjunction with one or more of these actions. However, if market conditions are unfavorable, we may be unable to accomplish any of the foregoing on acceptable terms or at all.
Our medium- and long-term liquidity requirements relate to the operation and maintenance of our vessels, including covering costs of compliance with existing or future environmental or other regulations, which may be material. Sources of funding for these requirements include cash flows from operations or new debt financings if required.
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As of June 30, 2026, we had an indebtedness of $726.8 million, which after deducting unamortized financing fees amounts to a total indebtedness of $722.5 million. As of December 31, 2025, we had an indebtedness of $609.8 million, which after deducting unamortized financing fees amounts to a total indebtedness of $605.1 million.
As of June 30, 2026, cash and cash equivalent balances amounted to $247.8 million, $25.2 million of which are classified as restricted cash, compared to $122.5 million of which $5.9 million are classified as restricted cash as of December 31, 2025.
As of June 30, 2026 and December 31, 2025, we had material commitments for capital expenditures relating to vessel acquisitions. As of June 30, 2026, our remaining contractual commitments under Memoranda of Agreement amounted to $79.4 million, which relate to the remaining installment payments for the under-construction vessel Nissos Vous and are expected to be financed through a combination of the Company’s own funds and borrowings under the Nissos Tigani and Nissos Vous Facility. Other than these commitments, we do not expect to have any other material capital requirements or obligations requiring the allocation of additional capital resources.
Working capital is equal to current assets minus current liabilities, including the current portion of long-term debt. As of June 30, 2026, we had a working capital surplus of $330.1 million, as compared to a surplus of $78.0 million as of December 31, 2025.
The Company’s cash flow projections for the period after one year after the date that the financial statements are issued indicate that cash on hand and cash provided by operating activities will be sufficient to cover the liquidity needs that become due in the twelve-month period ending one year after the financial statements’ issuance.
As of June 30, 2026, we were in compliance with all of the financial covenants contained in our credit facilities and other financing arrangements that we had entered as at that date. We may seek additional indebtedness to finance future vessel acquisitions in order to maintain our cash position or to refinance our existing debt on more favorable terms.
As of June 30, 2026, we had outstanding borrowings of $726.8 million (including long-term debt). Our primary known and estimated liquidity needs for the twelve-month period ending one year after the financial statements’ issuance include obligations related to scheduled principal payments of outstanding borrowings and respective interest expenses payments and estimated drydocking expenditures. Additional information on our annual scheduled obligations under our long-term debt and other financial liabilities are described in “Long-Term borrowings” below and in Note 4 of our interim condensed consolidated financial statements included below. Generally, we expect that, in addition to the cash generated from our operations, our long-term funding sources will include bank borrowings, lease financings and the issuance of debt and equity securities.
Cash Flows
The following table summarizes our cash flows from operating, investing and financing activities for the six months ended June 30, 2026 and 2025:
Six months ended June 30, | ||||||
USD | | 2026 | | 2025 | ||
Net cash provided by operating activities | $ | 298,897,293 | $ | 49,287,325 | ||
Net cash used in investing activities |
| (294,280,221) |
| (1,892,675) | ||
Net cash provided by/ (used in) financing activities |
| 101,212,790 |
| (38,073,473) | ||
Effects of exchange rate changes |
| 124,869 |
| 1,088,578 | ||
Net change in cash and cash equivalents |
| 105,829,862 |
| 9,321,177 | ||
Cash and cash equivalents at beginning of period |
| 116,636,741 |
| 49,343,664 | ||
Cash and cash equivalents at end of period | $ | 222,591,472 | $ | 59,753,419 | ||
Six months ended June 30, 2026 as compared to six months ended June 30, 2025
| ● | Net cash provided by operating activities for the six months ended June 30, 2026, and 2025 was $298.9 million and $49.3 million, respectively. This increase was mainly related to a $314.9 million increase in revenues. In addition, movements in working capital items, such as trade receivables, also contributed to the fluctuation in cash flows, primarily due to the general timing of operating cash flows. |
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| ● | Net cash used in investing activities for the six months ended June 30, 2026, was $294.3 million and primarily consisted of $275.8 million paid in connection with payments for vessels and advances for acquisition of vessels and $19.3 million increase in restricted cash. Net cash used in investing activities for the six months ended June 30, 2025, was $1.9 million and primarily consisted of $2.0 million paid in connection with scheduled drydocking expenses. |
| ● | Net cash provided by/ (used in) financing activities for the six months ended June 30, 2026, and 2025 was $101.2 million and ($38.1) million, respectively. The increase was primarily driven by net proceeds from common share issuance of $124.4 million in 2026, as well as an increase in proceeds from long-term borrowings to $235.0 million in the six months ended June 30, 2026, from $131.0 million in the same period in 2025, partly offset by the increase in dividends paid from $21.6 million in the six months ended June 30, 2025 to $138.6 million in the six months ended June 30, 2026. |
Credit Facilities and Other Financing Arrangements
$125.7 Million Secured Term Loan Facility - Nisso Donoussa
On May 23, 2022, we, through two of our vessel-owning subsidiaries, Anassa Navigation S.A. and Nellmare Marine Ltd., entered into an approximately $125.7 million secured term loan facility with the National Bank of Greece to refinance the then-existing indebtedness on our vessels, Nissos Kythnos and Nissos Donoussa, which agreement we amended on June 29, 2023 to amend the provisions in relation to the calculation of interest from LIBOR to Term SOFR, subject to the borrowers’ option to switch the interest rate to the cumulative compounded SOFR. The facility has a final maturity date of May 25, 2029 and bears interest at SOFR (previously LIBOR) plus a margin of (originally) 2.50% per annum. The margin may be increased following discussions between the lender and the borrowers if it is determined that, pursuant to the sustainability certificate provided by ourselves to the lender annually, (1) the weighted average of the efficiency ratio of all fleet vessels (using the parameters of fuel consumption, distance travelled and deadweight at maximum summer draught, reported in unit grams of CO2 per ton per mile) for that calendar year, as certified by an approved classification society, is equal to or above the target set for the relevant year and (2) the weighted average percentage of the total waste incinerated on board for all fleet vessels in that calendar year (calculated in line with Class Approved Plans & Record Books, MARPOL Annex I — “Oil Record Book” (endorsed by Flag Administration) & “Fuel Management Plan” (approved by class) and MARPOL Annex V — “Garbage Record Book” & “Garbage Management Plan” (approved by class)) is equal to or above the target set for the relevant year. The amount of any increase in the margin will be based on discussions between the lender and the borrowers. Other than as set out above, there will be no other assessment of the information contained in any sustainability certificate and the sustainability certificates themselves will not be made publicly available unless we deem them to be material. Each of the two tranches of the facility is repayable in 28 quarterly installments, the first 8 of which are $750,000 and the next 20 of which are $850,000, with a balloon payment of $39,835,000 due upon maturity. This facility was originally secured by, among other things, a first priority mortgage on each of Nissos Kythnos and Nissos Donoussa and is guaranteed by us. The tranche relating to the Nissos Kythnos was repaid by us on May 24, 2024.
On May 21, 2024, we entered into a supplemental agreement to the existing senior secured credit facility financing the VLCC vessel Nissos Donoussa. The supplemental agreement provides for a reduction of the margin to 165 basis points over the applicable Term SOFR, through the duration of the facility.
$60.0 Million Secured Term Loan Facility - Nissos Kythnos
On May 21, 2024, we, through Anassa Navigation S.A., entered into a new $60.0 million senior secured credit facility for the VLCC vessel Nissos Kythnos with Danish Ship Finance A/S (the “Nissos Kythnos New Facility”) to refinance the Company’s existing facility and for general corporate purposes. The Nissos Kythnos New Facility matures in six years and is priced at 140 basis points over the applicable Term SOFR, until December 2026. The facility will be repaid in quarterly instalments of approximately $1.041 million each, together with a balloon installment of approximately $35.024 million payable at maturity, is secured by, among other things, security over the Nissos Kythnos, and is guaranteed by us. The facility also includes a sustainability linked margin adjustment provision, starting in 2025, whereby the applicable margin may decrease or increase by 5 basis points per year, subject to the Company meeting certain sustainability linked targets.
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$113.0 Million Secured Term Loan Facility - Kimolos, Folegandros and Nissos Keros
On June 27, 2023, we, through three of our vessel-owning subsidiaries, Omega Three Marine Corp., Omega Four Marine Corp. and Arethusa Shipping Corp., entered into a $113.0 million senior secured credit facility with ABN AMRO Bank N.V. to refinance the then-existing indebtedness on our vessels, Kimolos, Folegandros and Nissos Keros. The facility bears interest at Term SOFR, subject to a mandatory switch mechanism to Compounded SOFR, plus a margin of 1.90% per annum and has a final maturity date of June 30, 2028. The facility is repayable in 20 equal consecutive quarterly installments of $2,200,000, with a balloon payment of $69,000,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on each of Kimolos, Folegandros and Nissos Keros and is guaranteed by us.
$84.0 Million Secured Term Loan Facility - Nissos Sikinos and Nissos Sifnos
On September 8, 2023, we, through two of our vessel-owning subsidiaries, Omega Six Marine Corp. and Omega Ten Marine Corp., entered into an $84.0 million senior secured credit facility with CACIB to refinance the then-existing indebtedness on our vessels, Nissos Sikinos and Nissos Sifnos. The facility bears interest at Term SOFR, plus a margin of 1.85% per annum, and has a final maturity date in September 2029. Each of the two tranches is repayable in 24 equal consecutive quarterly installments of $787,500, with a balloon payment of $23,100,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on each of Nissos Sikinos and Nissos Sifnos and is guaranteed by us.
$34.7 Million Secured Term Loan Facility - Milos
On January 31, 2024, we, through one of our vessel-owning subsidiaries, Omega One Marine Corp., entered into a $34.7 million senior secured term loan facility with Kexim Asia Limited and Kexim Bank (UK) Limited to refinance the then-existing indebtedness on our vessel Milos. The facility bears interest at the applicable Term SOFR, plus a margin of 1.75% per annum, and has a final maturity date in February 2030. The facility is repayable in 24 equal consecutive quarterly installments of $725,000, with a balloon payment of $17,300,000 due upon maturity. This facility is secured by, among other things, a first priority mortgage on Milos and is guaranteed by us.
$31.1 Million Secured Term Loan Facility - Poliegos
On June 20, 2024, we, through Omega Two Marine Corp., entered into a new $31.11 million senior secured credit facility to finance the option to purchase back the Suezmax vessel Poliegos from its sale and leaseback financier, Ocean Yield (the “Poliegos New Facility”). The Poliegos New Facility is provided by Bank SinoPac Co., Ltd, and the transaction closed on July 1, 2024. The Poliegos New Facility contains an interest rate of Term SOFR plus 160 basis points, matures in six years, and is repayable in quarterly instalments of approximately $0.78 million each, together with a balloon instalment of approximately $12.44 million payable at maturity. The Poliegos New Facility is secured by, among other things, security (mortgage) over the Poliegos, and is guaranteed by us.
$167.5 Million Sale and Leaseback Agreements — Nissos Rhenia and Nissos Despotiko
On February 10, 2018, we, through two of our subsidiaries, Omega Five Marine Corp. and Omega Seven Marine Corp., entered into approximate $150.52 million sale and leaseback agreements with Ocean Yield with respect to our vessels, Nissos Rhenia and Nissos Despotiko.
The charter period for each of the Nissos Rhenia and Nissos Despotiko was 180 months from its respective delivery, and the charter hire for each vessel was payable monthly, in advance, in a cash amount equal to $18,600 per day per ship for the first five years from the delivery date and $18,350 per day per ship from year six until the end of the charter period. The charter hire was subsequently amended to $18,600 per day per ship for the first two years, $25,200 per day for Nissos Rhenia and $23,336 per day for Nissos Despotiko for years three and four, and $17,200 per day per ship for year five until the end of the charter period, plus a non-cash amount of $1,734 per day per ship (which was set off against the $9.5 million prepaid hire made for each ship). On April 27, 2023, we entered into an addendum to each bareboat charter to amend the provisions of such bareboat charters in relation to the calculation of charter hire from LIBOR to Term SOFR. The charter hire was subject to an adjustment based on Term SOFR (previously LIBOR) and a Credit Adjustment Spread (“CAS”) of 0.26161% per annum (for three-month periods) or 0.71513% per annum (for twelve-month periods), as applicable, relating to the transition from LIBOR. Each charter was guaranteed by us, and we permitted a mortgage to be filed in relation to the finance lease. Ocean Yield registered mortgages over both vessels, with amounts not exceeding the lease outstanding amounts. Additionally, we entered into assignments of insurances, an assignment of the management agreement, a charter guarantee, a pledge of account, a pledge of the shares of the bareboat charterer, a manager’s undertaking and a general assignment of the time charter. We had the option to repurchase each or both vessels at the end of years 7, 10, 12 and 14, in varying amounts per ship from $49.8 million to $14.2 million. The Nissos Rhenia was delivered in May 2019 and the Nissos Despotiko was delivered in June 2019.
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Omega Five Marine Corp. repurchased the Nissos Rhenia in May 2026, and Omega Seven Marine Corp. repurchased the Nissos Despotiko in June 2026. As a result, the respective sale and leaseback arrangements are no longer in effect.
$194.0 Million Sale and Leaseback Agreements — Nissos Kea and Nissos Nikouria
On March 21, 2022, we, through two of our subsidiaries, Ark Marine S.A. and Theta Navigation Ltd, entered into an approximate $145.5 million sale and leaseback agreements with CMB Financial Leasing Co., Ltd. (“CMBFL”), with respect to our vessels, Nissos Kea and Nissos Nikouria. On June 29, 2023 and on January 26, 2024, respectively, we entered into amendment and restatement agreements of each bareboat charter to amend certain provisions of the bareboat charters. The charter period for each of the vessels was 84 months from December 31, 2023 (with respect to Nissos Kea) and March 3, 2024 (with respect to Nissos Nikouria) and charterhire was payable quarterly as follows: (a) from the delivery date of each vessel and up to and including December 31, 2023 (with respect to Nissos Kea) and March 3, 2024 (with respect to the Nissos Nikouria), a fixed amount equal to $909,375 plus a variable amount priced at 260 basis points (being 2.45% as margin and 0.15% as CAS) over the applicable three-month Term SOFR, and (b) following December 31, 2023, with respect to Nissos Kea, and March 3, 2024, with respect to the Nissos Nikouria, a fixed amount equal to $909,375 plus a variable amount priced at 200 basis points over the applicable three-month Term SOFR. The first part of the sale and leaseback relating to the delivery of Nissos Kea was drawn on March 31, 2022 and was scheduled to mature on the date falling 84 months from December 31, 2023 and the second part of the sale and leaseback relating to the delivery of Nissos Nikouria was drawn on June 3, 2022 and was scheduled to mature on the date falling 84 months from March 3, 2024. According to each bareboat charter, the Company had a purchase option that could be exercised annually as from December 31, 2024 (with respect to Nissos Kea) and March 3, 2025 (with respect to Nissos Nikouria). If the purchase option date fell after the first but prior to the seventh anniversary of December 31, 2023 (with respect to Nissos Kea) and March 3, 2024 (with respect to Nissos Nikouria), the purchase option price for the relevant vessel was an amount equal to the opening capital balance (i.e., $72,750,000) amount drawn per vessel (75% of the purchase price) minus charterhire paid (the “owner’s costs”), plus (a) accrued but unpaid charterhire, (b) breakfunding costs including any swap costs, (c) legal and other documented costs of the owner to sell the relevant vessel, and any other additional amounts due under the sale and leaseback documentation. If the purchase option date fell on the seventh anniversary of December 31, 2023 (with respect to Nissos Kea) and March 3, 2024 (with respect to Nissos Nikouria), the purchase option price for the relevant vessel was an amount equal to $40,921,875 (the “amended owner’s costs”), plus (a) accrued but unpaid charterhire, (b) and other documented costs of the owner to sell the relevant vessel, and (c) any other additional amounts due under the sale and leaseback documentation. Each charter was guaranteed by us, and we had permitted a mortgage to be filed regarding the finance lease (no mortgage on either vessel has been registered) on either vessel and had entered into an account charge, general assignment, pledge of shares of the bareboat charterer, a builder’s warranties assignment, and a manager’s undertaking. We repurchased the Nissos Nikouria and Nissos Kea in June 2025, and therefore this sale and leaseback arrangement is no longer in effect.
$73.5 Million Sale and Leaseback Agreement — Nissos Anafi
On January 29, 2024, we, through one of our subsidiaries, Moonsprite Shipping Corp., entered into an approximately $73.5 million sale and leaseback agreements with CMBFL, with respect to our vessel Nissos Anafi. The charter period was 84 months from the vessel’s delivery date and charterhire was payable quarterly in a fixed amount equal to approximately $1.2 million plus a variable amount priced at 190 basis points over the applicable three-month Term SOFR. We also had the option to repurchase the vessel, such option being exercisable quarterly following the one-year anniversary of the vessel’s delivery. If the purchase option date fell prior to the seventh anniversary of the date of the vessel’s delivery, the purchase option price was an amount equal to the opening capital balance (i.e. $73,450,000 (being 65% of the purchase price) minus the fixed amount of charter hire paid on the purchase date (the “owners’ costs”), plus (a) accrued but unpaid charterhire, (b) legal and other documented costs of the owner to sell the vessel, (c) any break-funding costs, and (d) any other additional amounts due under the sale and leaseback documentation. The charter was guaranteed by us, and we had permitted a mortgage to be filed regarding the finance lease (if desired by the counterparty) and had also entered into an account charge and a pledge of the shares of the bareboat charterer. We repurchased the Nissos Anafi in August 2025, and therefore this sale and leaseback arrangement is no longer in effect.
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$65.0 Million Secured Term Loan Facility- Nissos Kea
On June 17, 2025, we, through one of our subsidiaries, Ark Marine S.A., entered into a new $65.0 million senior secured credit facility to finance the option to purchase back the VLCC vessel Nissos Kea (the “Nissos Kea New Facility”). The Nissos Kea New Facility is priced at 135 basis points over the applicable Term SOFR, matures in seven years, and will be repaid in 28 equal consecutive quarterly instalments of approximately $0.9 million each, together with a balloon instalment of approximately $39.8 million payable at maturity. The Nissos Kea New Facility is secured by, among other things, security over the Nissos Kea, and is guaranteed by Okeanis Eco Tankers Corp. The facility was drawn on June 26, 2025.
$130.0 Million Secured Term Loan Facility- Nissos Nikouria and Nissos Anafi
On May 8, 2025, we, through two of our subsidiaries, Theta Navigation Ltd. and Moonsprite Shipping Corp., entered into a new $130 million senior secured credit facility with a prominent Greek bank to finance the option to purchase back the VLCC vessels Nissos Nikouria and Nissos Anafi. (the “New Nikouria and Anafi Facility”). The New Nikouria and Anafi Facility consists of two Advances, Advance A of $66.0 million for the vessel Nissos Nikouria and Advance B of $64.0 million for the vessel Nissos Anafi. The New Nikouria and Anafi Facility is priced at 140 basis points over the applicable Term SOFR, and, matures in seven years. Advance A and Advance B will be repaid in 28 equal consecutive quarterly instalments of approximately $0.9 million and $1.0 million, respectively, together with a balloon instalment of approximately $40.8 million and $36.0 million, respectively, payable at maturity. Advance A was drawn on May 29, 2025, and Advance B was drawn on July 31, 2025. The New Nikouria and Anafi Facility is secured by, among other things, security over the Nissos Nikouria and Nissos Anafi, and is guaranteed by Okeanis Eco Tankers Corp.
$45.0 Million Secured Term Loan Facility- Nissos Piperi
On December 19, 2025, we, through one of our subsidiaries, Omega Twelve Marine Corp., entered into a $45.0 million facility agreement, to finance a portion of the acquisition price of the Nissos Piperi, with Alpha Bank S.A. The Nissos Piperi Facility is priced at 130 basis points over the applicable Term SOFR (or 50 basis points for any outstanding part of the loan in respect of which an amount of at least $1.0 million has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in seven years, and will be repaid in quarterly installments of $0.525 million, together with a balloon installment of $30.3 million at maturity. It is secured by, among other things, a mortgage over the Nissos Piperi, and is guaranteed by Okeanis. The Nissos Piperi Facility was drawn on January 5, 2026.
$45.0 Million Secured Term Loan Facility- Nissos Serifopoula
On December 19, 2025, we, through one of our subsidiaries, Omega Fourteen Marine Corp., entered into a $45.0 million facility agreement, to finance a portion of the acquisition price of the Nissos Serifopoula, with National Bank of Greece S.A. The Nissos Serifopoula Facility is priced at 130 basis points over the applicable Term SOFR (or 50 basis points for any outstanding part of the loan in respect of which the equivalent amount has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in eight years, and will be repaid in quarterly installments of $0.525 million, together with a balloon installment of $28.2 million at maturity. It is secured by, among other things, a mortgage over the Nissos Serifopoula, and is guaranteed by Okeanis. The Nissos Serifopoula Facility was drawn on January 12, 2026.
$50.0 Million Secured Term Loan Facility- Nissos Rhenia
On April 29, 2026, we entered into a new $50.0 million senior secured credit facility to finance the option to purchase back the VLCC vessel Nissos Rhenia (the “Nissos Rhenia New Facility”). The Nissos Rhenia New Facility is priced at 125 basis points (or 50 basis points for any outstanding part of the loan in respect of which an amount of at least $1.0 million has been deposited and blocked for the whole of the relevant interest period in a cash collateral account) over the applicable Term SOFR, matures in seven years, and will be repaid in 28 equal consecutive quarterly instalments of approximately $0.825 million each, together with a balloon instalment of approximately $26.9 million payable at maturity. The Nissos Rhenia New Facility is secured by, among other things, security over the Nissos Rhenia, and is guaranteed by Okeanis Eco Tankers Corp. The facility was drawn on April 30, 2026.
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$50.0 Million Secured Term Loan Facility- Nissos Despotiko
On April 30, 2026, we entered into a new $50.0 million senior secured credit facility to finance the option to purchase back the VLCC vessel Nissos Despotiko (the “Nissos Despotiko New Facility”). The Nissos Despotiko New Facility is priced at 130 basis points (or 55 basis points for any outstanding part of the loan in respect of which the equivalent amount has been deposited and blocked for the whole of the relevant interest period in a cash collateral account) over the applicable Term SOFR, matures in nine years, and will be repaid in 36 equal consecutive quarterly instalments of approximately $0.825 million each, together with a balloon instalment of approximately $20.3 million payable at maturity. The Nissos Despotiko New Facility is secured by, among other things, security over the Nissos Despotiko, and is guaranteed by Okeanis Eco Tankers Corp. The facility was drawn on June 8, 2026.
$90.0 Million Secured Term Loan Facility- Nissos Tigani and Nissos Vous
On April 30, 2026, we entered into a $90.0 million facility agreement to finance a portion of the acquisition price of our two recently acquired newbuilding contracts relating to two new Suezmax vessels, each built at Daehan Shipbuilding Co., Ltd, named Nissos Tigani and Nissos Vous, with deliveries from the shipyard on May 29, 2026 and July 8, 2026, respectively (the “Nissos Tigani and Nissos Vous Facility”). The Nissos Tigani and Nissos Vous Facility is provided by a syndicate of banks led and arranged by E.SUN Commercial Bank, Ltd. It contains an interest rate of Term SOFR plus 120 basis points, matures in eight years, and will be repaid in 32 quarterly installments of $1.07 million, together with aggregate balloon installments of $55.76 million at maturity, related to both vessels. It is secured by, among other things, mortgages over the Nissos Tigani and the Nissos Vous, and it is guaranteed by the Company. Advance A was drawn on May 26, 2026, and Advance B was drawn on July 2, 2026.
Fleet
As of June 30, 2026, the Company’s fleet was comprised of the following 17 vessels with an average age of 5.7 years and aggregate capacity of approximately 3.9 million deadweight tons:
| ● | nine Suezmax vessels with an average age of 5.3 years; and |
| ● | eight VLCC vessels with an average age of 6.2 years. |
* Age and deadweight capacity do not include the Suezmax vessel that was delivered in July of 2026
Dividend Policy
The declaration, timing and amount of any dividend is subject to the discretion of our board of directors and will be dependent upon our earnings, financial condition, market prospects, capital expenditure requirements, investment opportunities, restrictions in our loan agreements, the provisions of the Marshall Islands law affecting the payment of dividends to shareholders, overall market conditions and other factors. Subject to these limitations, we seek to offer our shareholders with a competitive yield which is reflective of the cash flows generated by us, and currently intend to pay dividends in an amount depending on and taking into consideration the amount of our net profits, after adjusting for non-recurring items, working capital needs, our capital structure and other discretionary items as our board of directors decides, from time to time. We define “net profits” as the profit for the relevant period, as disclosed in the Company’s published consolidated statement of profit or loss and other comprehensive income. We have no written dividend policy and are able to adopt, amend, change or terminate any dividend policy in the future.
We can provide no assurance that dividends will be paid in the future and there may be a high degree of variability from period to period in the amount of cash, if any, that is available for the payment of dividends. Please see the section entitled “Item 3.D. Risk Factors — Risks Related to our Common Shares — Our ability to declare and pay dividends to holders of our common shares will depend on a number of factors and will always be subject to the discretion of our board of directors” in our 2025 Annual Report.
Since we are a holding company with no material assets other than the shares of our subsidiary and affiliates through which we conduct our operations, our ability to pay dividends will depend on our subsidiary and affiliates distributing to us their earnings and cash flow. Our financing arrangements impose certain limitations on our ability to pay dividends and our subsidiaries’ ability to make distributions to us. Please see the section entitled “Item 5.B. Liquidity and Capital Resources — Credit Facilities and Financing Obligations — Loan Covenants” in our 2025 Annual Report for further information.
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INDEX TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Report of Independent Registered Public Accounting Firm | F-2 |
Unaudited condensed consolidated statements of profit or loss and other comprehensive income for the six months ended June 30, 2026 and 2025 | F-3 |
Unaudited condensed consolidated statements of financial position as of June 30, 2026 and December 31, 2025 | F-4 |
Unaudited condensed consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2026 and 2025 | F-5 |
Unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 | F-6 |
Notes to unaudited interim condensed consolidated financial statements | F-7 |
F-1
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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Okeanis Eco Tankers Corp.
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated statement of financial position of Okeanis Eco Tankers Corp. and subsidiaries (the “Company”) as of June 30, 2026, the related condensed consolidated statements of profit or loss and other comprehensive income, changes in shareholders’ equity, and cash flows, for the six-month periods ended June 30, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with International Financial Reporting Standards, as issued by the International Accounting Standards Board (IASB).
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2025, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows, for the year then ended (not presented herein); and in our report dated March 20, 2026, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.
Basis for Review Results
This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ Deloitte Certified Public Accountants S.A. | |
Athens, Greece | |
August 4, 2026 |
F-2
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Unaudited condensed consolidated statements of profit or loss and other comprehensive income
| For the Six months | |||||||
ended June 30, | ||||||||
USD | Notes | | 2026 | | 2025 | |||
Revenue | 10 | $ | | $ | | |||
| ||||||||
Operating expenses | |
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|
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Commissions |
| ( |
| ( | ||||
Voyage expenses |
| ( |
| ( | ||||
Vessel operating expenses |
| ( |
| ( | ||||
Management fees - related party | 7 |
| ( |
| ( | |||
Depreciation and amortization | 3 |
| ( |
| ( | |||
General and administrative expenses |
| ( |
| ( | ||||
Total operating expenses | $ | ( | $ | ( | ||||
Operating profit | $ | | $ | | ||||
| ||||||||
Other income / (expenses) |
|
|
|
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Interest income |
| |
| | ||||
Interest expense and other finance costs |
| ( |
| ( | ||||
Unrealized gain, net on derivatives | 6 |
| |
| | |||
Realized gain, net on derivatives | 6 |
| |
| | |||
Loss on debt extinguishment | 5 | ( | ( | |||||
Foreign exchange (loss)/ gain |
| ( |
| | ||||
Total other expenses, net | $ | ( | $ | ( | ||||
| ||||||||
Profit for the period | $ | | $ | | ||||
| ||||||||
Other comprehensive income |
| — |
| — | ||||
Total comprehensive income for the period | $ | | $ | | ||||
| ||||||||
Profit attributable to the owners of the Group | $ | | $ | | ||||
Total comprehensive income attributable to the owners of the Group | $ | | $ | | ||||
| ||||||||
Earnings per share - basic & diluted | $ | | $ | | ||||
Weighted average no. of shares - basic & diluted |
| |
| | ||||
F-3
Table of Contents
Unaudited condensed consolidated statements of financial position
| | As of | | As of | ||||
USD | Notes | June 30, 2026 | December 31, 2025 | |||||
ASSETS | ||||||||
Non-current assets | | | | |||||
Vessels, net |
| 3 | $ | | $ | | ||
Advances for acquisition of vessels | 4 | | | |||||
Other non-current assets |
| |
| | ||||
Derivative financial instruments |
| 6 |
| — |
| | ||
Restricted cash |
| |
| | ||||
Total non-current assets | $ | | $ | | ||||
Current assets |
|
|
|
| ||||
Inventories | $ | | $ | | ||||
Trade and other receivables |
| |
| | ||||
Claims receivable |
| |
| | ||||
Prepaid expenses and other current assets |
| |
| | ||||
Derivative financial instruments |
| 6 |
| |
| | ||
Current accounts due from related parties | 7 | | | |||||
Current portion of restricted cash |
| |
| | ||||
Cash & cash equivalents |
| |
| | ||||
Total current assets | $ | | $ | | ||||
TOTAL ASSETS | $ | | $ | | ||||
SHAREHOLDERS’ EQUITY & LIABILITIES |
|
|
|
| ||||
Shareholders’ equity |
|
|
|
| ||||
Share capital | 8 |
| | $ | | |||
Additional paid-in capital |
| |
| | ||||
Treasury shares |
| ( |
| ( | ||||
Other reserves |
| ( |
| ( | ||||
Retained earnings |
| |
| | ||||
Total shareholders’ equity | $ | | $ | | ||||
Non-current liabilities |
| |
|
|
|
| ||
Long-term borrowings, net of current portion |
| 5 | $ | | $ | | ||
Retirement benefit obligations |
| |
| | ||||
Other non-current liabilities | | — | ||||||
Total non-current liabilities | $ | | $ | | ||||
Current liabilities |
|
|
|
| ||||
Trade payables | $ | | $ | | ||||
Accrued expenses and other current liabilities |
| |
| | ||||
Deferred revenue |
|
| |
| — | |||
Current portion of long-term borrowings |
| 5 |
| |
| | ||
Total current liabilities | $ | | $ | | ||||
TOTAL LIABILITIES | $ | | $ | | ||||
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES | $ | | $ | | ||||
F-4
Table of Contents
Unaudited condensed consolidated statement of changes in shareholders’ equity
| Additional | |||||||||||||||||||
Number | Share | paid-in | Treasury | Other | Retained | |||||||||||||||
USD, except share amounts | | of shares | | capital | | capital | | Shares | | Reserves | | Earnings | | Total | ||||||
Balance - January 1, 2025 | | $ | | $ | | $ | ( | $ | ( | $ | | $ | | |||||||
Profit for the period |
| — |
| — |
| — |
| — |
| — |
| |
| | ||||||
Dividends ($ |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||
Balance - June 30, 2025 |
| | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||
|
|
|
|
|
|
| ||||||||||||||
Balance - January 1, 2026 |
| | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||
Profit for the period |
| — |
| — |
| — |
| — |
| — |
| |
| | ||||||
Common share issuance, net of offering expenses | | | | — | — | — | | |||||||||||||
Dividends ($ |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | ||||||
Balance - June 30, 2026 |
| | $ | | $ | | $ | ( | $ | ( | $ | | $ | | ||||||
F-5
Table of Contents
Unaudited condensed consolidated statements of cash flows
| For the six months ended June 30, | |||||
USD | | 2026 | | 2025 | ||
CASH FLOWS FROM OPERATING ACTIVITIES |
| |
| | ||
Profit for the period | $ | | $ | | ||
Adjustments to reconcile profit to net cash provided by operating activities: |
|
| ||||
Depreciation and amortization |
| |
| | ||
Interest expense |
| |
| | ||
Amortization of loan financing fees and modification gain |
| |
| | ||
Unrealized gain, net on derivatives |
| ( |
| ( | ||
Interest income |
| ( |
| ( | ||
Unrealized foreign exchange loss/ (gain) |
| |
| ( | ||
Loss on debt extinguishment |
| |
| | ||
Total reconciliation adjustments | $ | | $ | | ||
Changes in working capital: |
|
|
|
| ||
Trade and other receivables |
| ( |
| ( | ||
Prepaid expenses and other current assets and non-current assets |
| ( |
| ( | ||
Inventories |
| ( |
| | ||
Trade payables |
| |
| ( | ||
Accrued expenses and other current liabilities and non-current liabilities |
| |
| | ||
Deferred revenue |
| |
| — | ||
Claims receivable |
| ( |
| ( | ||
Due to related parties |
| — |
| ( | ||
Due from related parties |
| ( |
| ( | ||
Total changes in working capital | $ | ( | $ | ( | ||
Interest paid |
| ( |
| ( | ||
Net cash provided by operating activities | $ | | $ | | ||
|
| |||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| ||
Increase in restricted cash |
| ( |
| ( | ||
Payments for special survey and drydocking costs |
| ( |
| ( | ||
Payments for vessels and advances for acquisition of vessels |
| ( |
| — | ||
Interest received |
| |
| | ||
Net cash used in investing activities | $ | ( | $ | ( | ||
|
| |||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| ||
Proceeds from long-term borrowings |
| |
| | ||
Repayments of long-term borrowings |
| ( |
| ( | ||
Net proceeds from common share issuance |
| |
| — | ||
Dividends paid | ( | ( | ||||
Payments of loan financing fees |
| ( |
| ( | ||
Net cash provided by/ (used in) financing activities | $ | | $ | ( | ||
Effects of exchange rate changes of cash held in foreign currency |
| |
| | ||
Net change in cash and cash equivalents |
| |
| | ||
Cash and cash equivalents at beginning of period |
| |
| | ||
Cash and cash equivalents at end of period | $ | | $ | | ||
F-6
Table of Contents
1.Incorporation and General Information
Okeanis Eco Tankers Corp. (“OET,” the “Company,” “our” or “we” and together with its wholly owned subsidiaries, the “Group”) was incorporated on April 30, 2018 as a corporation under the laws of the Republic of the Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960. Glafki Marine Corp. (“Glafki”), owned by Messrs. Ioannis and Themistoklis Alafouzos, was the controlling shareholder of OET until June 2022. In June 2022, the voting interests of Mr. Themistoklis Alafouzos were transferred to Hospitality Assets Corp. (“Hospitality”).
Glafki and Hospitality, as of June 30, 2026, own
The Group, as of June 30, 2026, owns
The consolidated financial statements comprise the financial statements of the Group.
The Company traded on the Euronext Growth Oslo (ex-Merkur Market) from July 3, 2018 until March 8, 2019, when it was then admitted for trading on the Euronext Expand (ex-Oslo Axess). On January 29, 2021, the Company transferred its listing from Euronext Expand to Oslo Stock Exchange.
On December 11, 2023, the Company’s common shares began primarily trading on the New York Stock Exchange (“NYSE”), simultaneously with their trading on the Oslo Stock Exchange, that is currently considered as the Company’s secondary listing.
As at June 30, 2026 the Group comprises the following companies:
| Date of | | |
| |||
Acquisition of |
| ||||||
Company name | Interest by OET | Incorporated | Interest held by OET |
| |||
Therassia Marine Corp. | 28-Jun-18 | Liberia | | % | |||
Milos Marine Corp. | 28-Jun-18 |
| Liberia |
| | % | |
Ios Maritime Corp. | 28-Jun-18 |
| Liberia |
| | % | |
Omega One Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Omega Two Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Omega Three Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Omega Four Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Omega Five Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Omega Six Marine Corp. | 9-Oct-19 |
| Marshall Islands |
| | % | |
Omega Seven Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Omega Nine Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Omega Ten Marine Corp. | 9-Oct-19 |
| Marshall Islands |
| | % | |
Omega Eleven Marine Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Nellmare Marine Ltd | 28-Jun-18 |
| Marshall Islands |
| | % | |
Anassa Navigation S.A. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Arethusa Shipping Ltd. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Moonsprite Shipping Corp. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Theta Navigation Ltd | 15-Jun-21 |
| Marshall Islands |
| | % | |
Ark Marine S.A. | 15-Jun-21 |
| Marshall Islands |
| | % | |
Omega Twelve Marine Corp. | 25-Nov-25 | Marshall Islands | | % | |||
Omega Fourteen Marine Corp. | 25-Nov-25 | Marshall Islands | | % | |||
Omega Fifteen Marine Corp. | 26-Jan-26 | Marshall Islands | | % | |||
Omega Sixteen Marine Corp. | 26-Jan-26 | Marshall Islands | | % | |||
OET Chartering Inc. | 28-Jun-18 |
| Marshall Islands |
| | % | |
Okeanis Eco Tankers Corp. |
| — |
| Marshall Islands |
| — |
F-7
Table of Contents
2.General accounting principles
Basis of preparation and statement of compliance
These unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). These financial statements and the accompanying notes should be read in conjunction with the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2025 (the “2025 Annual Report”).
The unaudited condensed consolidated financial statements are expressed in United States Dollars ($), since this is the currency in which the majority of the Group’s transactions are denominated. The interim consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments, measured at their fair value. The carrying amounts reflected in the consolidated statement of financial position for cash and cash equivalents, restricted cash, trade and other receivables, receivable claims, and other current liabilities, approximate their respective fair values due to the relatively short-term maturity of these financial instruments.
These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements. Operating results for the six-month period ended June 30, 2026 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2026.
Summary of Material Accounting Policies
A discussion of the Group’s Material Accounting Policies can be found in the consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2026.
Application of new and revised International Financial Reporting Standards
Standards and interpretations adopted in the current period
The following standards and amendments relevant to the Group were effective in the current year:
On May 30, 2024, the International Accounting Standards Board (IASB) issued `Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)’ to address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9 `Financial Instruments’.
In July 2024, the IASB published `Annual Improvements to IFRS Accounting Standards -- Volume 11’. It contains amendments to five standards as result of the IASB’s annual improvements project (IFRS 1 -- First-time Adoption of International Financial Reporting Standards, IFRS 7 -- Financial Instruments: Disclosures, IFRS 9 -- Financial Instruments, IFRS 10 -- Consolidated Financial Statements, IAS 7 -- Statement of Cash Flows).
All other IFRS standards and amendments that became effective in the current year were not relevant to the Group or were not material with respect to the Group’s financial statements.
Standards and amendments in issue not yet adopted.
At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Group were in issue but not yet adopted:
In April 2024, the International Sustainability Standards Board (“ISSB”) issued IFRS 18. IFRS 18 includes requirements for all entities applying IFRS for the presentation and disclosure of information in financial statements. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027 with earlier application permitted. Management anticipates that this new standard will have a disclosure impact on the Group’s financial statements.
There are no other IFRS standards and amendments issued by but not yet effective that are expected to have a material effect on the Group’s financial statements
F-8
Table of Contents
Financial risk factors
The Group’s activities expose it to a variety of financial risks: credit risk, market risk, currency risk, interest risk and liquidity risk. Since the interim condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements, they should be read in conjunction with the Company’s annual financial statements for the year ended December 31, 2025 included in the 2025 Annual Report.
There have been no significant changes in any other risk management policies since December 31, 2025.
3.Vessels, net
Vessels, net are analyzed as follows:
| | Dry-docking and | | ||||||
Vessels’ cost | special survey costs | Total | |||||||
Cost |
| |
| |
| | |||
Balance – January 1, 2025 | $ | | $ | | $ | | |||
Fully amortized Drydock component |
| — |
| ( |
| ( | |||
Additions |
| |
| |
| | |||
Balance – December 31, 2025 | $ | | | | |||||
Transfer from Advances for acquisition of vessels |
| |
| |
| | |||
Additions |
| |
| | | ||||
Balance – June 30, 2026 | $ | | | | |||||
|
|
|
| ||||||
Accumulated Depreciation |
|
|
|
|
|
| |||
Balance – January 1, 2025 | $ | ( | $ | ( | $ | ( | |||
Fully amortized Drydock component |
| — |
| |
| | |||
Depreciation charge for the year |
| ( |
| ( |
| ( | |||
Balance – December 31, 2025 | $ | ( | ( | ( | |||||
Depreciation charge for the period |
| ( | ( | ( | |||||
Balance – June 30, 2026 | ( | ( | ( | ||||||
|
|
|
| ||||||
Net Book Value – December 31, 2025 | $ | | $ | | $ | | |||
Net Book Value – June 30, 2026 | $ | | $ | | $ | | |||
Depreciation for the six-month period ended June 30, 2026, presented in the consolidated statements of profit or loss and other comprehensive income, includes an amount of $
Depreciation for the six-month period ended June 30, 2025, presented in the consolidated statements of profit or loss and other comprehensive income, includes an amount of $
As of June 30, 2026, the charter-free market value of all our vessels exceeded their carrying value. Thus, no recoverable amount test was deemed necessary to be performed for any of our vessels.
The Group has pledged the above vessels to secure its loan facilities (see also Note 5).
F-9
Table of Contents
4.Advances for acquisition of vessels
Advances for acquisition of vessels are analyzed as follows:
Balance – January 1, 2026 | | $ | |
Additions during the period |
| | |
Transfers during the period to vessels, net |
| ( | |
Balance – June 30, 2026 | $ | |
On November 7, 2025 the Company agreed to acquire from an unaffiliated third party, the Hull No. H5102 and the Hull No. H5103 which were named Nissos Piperi and Nissos upon their respective deliveries, for a purchase price of $
In January 2026, the Company entered into two memoranda of agreement to acquire
5.Long-Term borrowings
Details of the Group’s credit facilities are discussed in Note 12 of the 2025 Annual Report and changes in the six months ended June 30, 2026 are discussed below.
Debt Obligations
| | Unamortized | | Outstanding | |
| ||||
Deferred | Net of Loan |
| ||||||||
Financing Fees | Financing Fees |
| ||||||||
Outstanding Balance as | as of June 30, | as of June 30, | Interest Rate |
| ||||||
Vessel | of June 30, 2026 | 2026 | 2026 | (SOFR(S)+Margin) |
| |||||
Milos | $ | | | |
| S+ | % | |||
Poliegos |
| | | |
| S+ | % | |||
Kimolos |
| | | |
| S+ | % | |||
Folegandros |
| | | |
| S+ | % | |||
Nissos Sikinos |
| | | |
| S+ | % | |||
Nissos Sifnos |
| | | |
| S+ | % | |||
Nissos Piperi |
| | | |
| S+ | % | |||
Nissos Serifopoula |
| | | |
| S+ | % | |||
Nissos Tigani |
| | | |
| S+ | % | |||
Nissos Rhenia |
| | | |
| S+ | % | |||
Nissos Despotiko |
| | | |
| S+ | % | |||
Nissos Donoussa |
| | | |
| S+ | % | |||
Nissos Kythnos |
| | | |
| S+ | %* | |||
Nissos Keros |
| | | |
| S+ | % | |||
Nissos Anafi | | | | S+ | % | |||||
Nissos Kea | | | |
| S+ | % | ||||
Nissos Nikouria |
| | | |
| S+ | % | |||
Total | $ | | | |
| S+ | % | |||
Other Finance-lease liabilities | | |
| | ||||||
Total | | |
| | ||||||
*Please refer to paragraph $
F-10
Table of Contents
On December 19, 2025, Omega Twelve Marine Corp., entered into a $
On December 19, 2025, Omega Fourteen Marine Corp., entered into a $
On April 29, 2026, Omega Five Marine Corp. entered into a new $
On April 30, 2026, Omega Seven Marine Corp. entered into a new $
On April 30, 2026, Omega Fifteen Marine Corp. and Omega Sixteen Marine Corp. entered into a $
During the six months ended June 30, 2026, the loans relating to the Nissos Rhenia and Nissos Despotiko were refinanced. As a result, the unamortized balance of deferred financing fees of $
As at June 30, 2026, the loans’ fair values approximate their carrying values.
F-11
Table of Contents
Lease liabilities connected to Right-of-Use assets
The Group has recognized the following finance liabilities with respect to the Right-of-Use assets:
| As of June 30, | | As of December 31, | |||
2026 | 2025 | |||||
Office space | $ | | $ | | ||
Total | $ | | $ | | ||
The maturities of lease liabilities are the following:
| As of June 30, | | As of December 31, | |||
2026 | 2025 | |||||
No later than one year | $ | | $ | | ||
Later than one year and not later than five years |
| |
| | ||
Total undiscounted cash flows | $ | | $ | | ||
Less: Imputed interest | ( | ( | ||||
Carrying value of operating lease liabilities | | | ||||
Long-term debt net of current portion and current portion of long-term borrowings are analyzed as follows:
| Long-term | | | | |||||
borrowings, | |||||||||
net of current | Current portion of | ||||||||
As of December 31, 2025 | portion | long-term borrowings | Total | ||||||
Outstanding loan balance | $ | | $ | | $ | | |||
Loan financing fees | ( | ( | ( | ||||||
Total |
| $ | |
| $ | |
| $ | |
Long-term | |||||||||
borrowings, | |||||||||
net of current | Current portion of | ||||||||
As of June 30, 2026 | | portion | | long-term borrowings | | Total | |||
Outstanding loan balance | $ | | $ | | $ | | |||
Loan financing fees |
| ( |
| ( |
| ( | |||
Total | $ | | $ | | $ | | |||
The borrowings are repayable as follows:
USD | | As of June 30, 2026 | | As of December 31, 2025 | ||
No later than one year | $ | | $ | | ||
Later than one year and not later than five years |
| |
| | ||
Thereafter |
| |
| | ||
Total | $ | | $ | | ||
Less: Amounts due for settlement within 12 months |
| ( |
| ( | ||
Long-term borrowings, net of current portion | $ | | $ | | ||
As of June 30, 2026, and December 31, 2025, the Group was in compliance with its covenants.
F-12
Table of Contents
6.Derivative financial instruments
Forward freight agreements
As of June 30, 2026, the Company’s Forward Freight Agreements (“FFAs”), with maturities up to September 2026, had a fair value of $
For the six months ended June 30, 2026, the net result on FFAs amounted to a gain of $
Foreign exchange forward agreements
As of June 30, 2026, the Company’s Foreign Exchange Swaps (“FXSs”) with a maturing date in January 2027 had a fair value of $
The fair values of the Group’s derivative financial assets as of June 30, 2026 and December 31, 2025 related to FFAs and FXSs are presented below:
Derivatives’ | | Financial Position | | June 30, | | December 31, | ||
Fair values | Location | 2026 | 2025 | |||||
ASSETS |
| |
| |
| | ||
FXSs |
| Current asset portion |
| $ | | | ||
FFAs |
| Current asset portion | $ | |
| — | ||
FXSs |
| Non-Current Asset Portion | — | $ | | |||
Total | $ | | $ | | ||||
Effect on the Consolidated Statements of Profit or Loss and Other Comprehensive Income
| Six months ended, | |||||
| 2026 | | 2025 | |||
Unrealized (loss)/ gain, net on FXSs | $ | ( | $ | | ||
Unrealized gain/ (loss), net on FFAs |
| |
| ( | ||
Total unrealized gain, net on derivatives | $ | | $ | | ||
| Six months ended, | |||||
| 2026 | | 2025 | |||
Realized gain, net on FXSs | $ | | $ | | ||
Realized gain, net on FFAs |
| — |
| | ||
Total realized gain, net on derivatives | $ | | $ | | ||
F-13
Table of Contents
7.Transactions and balances with related parties
The Group has entered into technical management agreements with Kyklades Maritime Corporation ( “KMC” or the “Management Company”) as technical manager. KMC provides the vessels with a wide range of shipping services such as technical support, maintenance and insurance consulting, in exchange for a daily fee of $
Related party balances’ analysis
The below table presents the Group’s outstanding balances due from related parties:
| June 30, 2026 | | December 31, 2025 | |||
Kyklades Maritime Corporation |
| $ | |
| $ | |
Total |
| $ | |
| $ | |
Amounts due from the Management Company as of June 30, 2026 of $
All balances noted above are unsecured, interest-free, with no fixed terms of payment and repayable on demand.
Related party transactions’ analysis
The below table presents the Group’s transactions with its related parties:
| Six months ended, | |||||
Management fees | 2026 | | 2025 | |||
Kyklades Maritime Corporation |
| $ | |
| $ | |
Total |
| $ | |
| $ | |
KMC solely administers the transactions on behalf of OET’s subsidiaries, without recharging any expenditure back to the ship owning companies. All operating expenses are being incurred and charged directly to OET’s subsidiary companies.
On March 1, 2024, each of our vessel owning subsidiaries entered into an ETS Services Agreement with KMC, which agreement is effective as of January 1, 2024, pursuant to which KMC obtains, transfers and surrenders emission allowances under the EU Emissions Trading Scheme that came into effect on January 1, 2024, and KMC provides the vessel with emission data in a timely manner to enable compliance with any emission scheme(s) applicable to the vessel. No additional fee is payable under these agreements as the services are part of the technical management fee under the existing technical management agreements. These agreements may be terminated by either party for cause, immediately upon written notice or for any reason, upon
Key management and Directors’ remuneration
As of June 1, 2025, the Company introduced a revised compensation policy for the members of its Board of Directors, following a review of the existing structure. Under the new policy, effective June 1, 2025, the annual base fee per director was adjusted from $
F-14
Table of Contents
Directors’ fees for the six-month periods ended June 30, 2026 and 2025 were $
Furthermore, OET Chartering Inc. and OET provide compensation to members of key management personnel, which currently comprise of its Chief Executive Officer, Chief Financial Officer, and Chief Commercial Officer. The remuneration structure comprises salaries, bonuses, insurance cover (also covering the members of the Board of Directors), telecommunications and other expenses which are minor in nature (e.g., travel expenses). For the periods ended June 30, 2026 and 2025, key management personnel remuneration, covering all the above amounted to $
None of the members of the administrative, management or supervisory bodies of the Group have any service contracts with Okeanis Eco Tankers Corp. or any of its subsidiaries of the Group providing for benefits upon termination of employment.
8.Share Capital and additional paid-in capital and dividends
In January, 2026, the Company completed a registered direct offering of
In March 2026, the Company distributed an amount of approximately $
In June 2026, the Company distributed an amount of approximately $
As of August 4, 2026, the Company had
For a further description of the terms and rights of the Company’s share capital and additional paid-in capital and details of its equity transactions prior to January 1, 2026, please refer to Note 14 to the consolidated financial statements for the year ended December 31, 2025 included in the 2025 Annual Report.
9.Earnings per share
The profit and weighted average number of common shares used in the calculation of basic and diluted earnings per share are as follows:
For the six months ended | ||||||
June 30, | ||||||
USD per Share | | 2026 | | 2025 | ||
Profit for the period attributable to the Owners of the Group | $ | | $ | | ||
Weighted average number of shares outstanding in the period |
| |
| | ||
Earnings per share, basic and diluted | $ | | $ | | ||
During the periods ended June 30, 2026 and 2025, there were no potentially dilutive instruments affecting weighted average number of shares, and hence diluted earnings per share equals basic earnings per share for the years presented.
F-15
Table of Contents
10.Revenue
The table below presents an analysis of revenue generated from voyage and time charter agreements:
For the six months ended June 30, | ||||||
USD | | 2026 | | 2025 | ||
Voyage charter | $ | | $ | | ||
Time charter |
| |
| | ||
Total | $ | | $ | | ||
IFRS 15 Revenue from Contracts with Customers
The table below presents an analysis of earned revenue in the spot market (voyage charter):
| For the six months ended June 30, | |||||
USD | | 2026 | | 2025 | ||
Freight | $ | | $ | | ||
Demurrages |
| |
| | ||
Total | $ | | $ | | ||
Revenue was $
Lease and non-lease components of revenue
The table below presents an analysis of earned revenue under time charter agreements:
For the six months ended June 30, | ||||||
USD | | 2026 | | 2025 | ||
Lease component | $ | | $ | | ||
Non-lease component |
| |
| | ||
Total | $ | | $ | | ||
Revenue by continent
The table below presents revenue generated per continent, based on the Group’s customers’ headquarters:
For the six months ended June, | ||||||
USD | | 2026 | | 2025 | ||
Europe | $ | | $ | | ||
Asia |
| |
| | ||
North America |
| |
| | ||
South America |
| |
| | ||
Total | $ | | $ | | ||
F-16
Table of Contents
11.Commitments and contingencies
Vessel acquisition commitments
As of June 30, 2026, the Company had total obligations under Memorandum of Agreement amounting to $
Commitments under time charter agreements
As of June 30, 2026, future minimum contractual time charter revenue, based on the Company’s committed, non-cancellable time charter agreements amounted to $
Contingencies
Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, environmental claims, agents and insurers and from claims with suppliers relating to the operations of the Group’s vessels. Currently, management is not aware of any such claims or contingent liabilities requiring disclosure in the unaudited condensed consolidated financial statements.
12.Subsequent events
The Company’s board of directors declared a dividend of $
On July 2, 2026, the Company drew down the $
The continuing military conflict involving Iran has disrupted vessel transit in and around the Strait of Hormuz, a waterway essential to the efficient shipment of crude oil and refined petroleum. Iran continues attacking vessels in the strait, and its Houthi allies have threatened to close the Bab el-Mandeb strait near the Red Sea, another important shipping passageway. These conflicts, and any closing or threatened closing of waterway passageways, have had and may continue to have an ongoing effect on vessel transit. The Company continues to monitor developments in the region and potential impacts on its operations. It is possible that such tensions and hostilities could disrupt global crude transportation routes, destabilize the global economy, and adversely affect the Company’s business, financial condition, results of operations, and cash flows.
On July 30, 2026, the Nissos Sifnos was hit by a drone while calling for loading Kazakh origin crude at the Caspian Pipeline Consortium (CPC) terminal. All our crew is safe and unharmed. The incident did not cause any spill or other pollution from the vessel, which sustained only minor damage, has departed from the terminal and is continuing its voyage operations.
F-17