ATHENS, GREECE, – 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 2025, which are attached to this press release.
Financial performance of the Second Quarter Ended June 30, 2025
● Revenues of $93.9 million in Q2 2025, compared to $112.0 million in Q2 2024.
● Profit of $26.9 million in Q2 2025, compared to $39.6 million in Q2 2024.
● Vessel operating expenses of $11.5 million in Q2 2025, compared to $10.8 million in Q2 2024.
● Earnings per share of $0.84 in Q2 2025, compared to $1.23 in Q2 2024.
● Cash (including restricted cash) of $65.3 million as of June 30, 2025, compared to $98.1 million as of June 30, 2024.
Financial performance of the Six Months Ended June 30, 2025
● Revenues of $174.1 million in 6M 2025, compared to $223.1 million in 6M 2024.
● Profit of $39.4 million in 6M 2025, compared to $81.1 million in 6M 2024.
● Vessel operating expenses of $22.0 million in 6M 2025, compared to $21.4 million in 6M 2024.
● Earnings per share of $1.23 in 6M 2025, compared to $2.52 in 6M 2024.
Alternative performance metrics and market development
● Time charter equivalent (“TCE”, a non-IFRS measure*) revenue of $64.0 million in Q2 2025.
● EBITDA and Adjusted EBITDA (each non-IFRS measures*) of $48.5 million and $47.3 million, respectively, in Q2 2025.
● Adjusted profit* and Adjusted earnings per share* (each non-IFRS measures*) of $26.7 million or $0.83 per basic and diluted share in Q2 2025.
● Fleetwide daily TCE rate* of $50,500 per operating day in Q2 2025; VLCC and Suezmax TCE rates of $49,800 and $51,400 per operating day, respectively, in Q2 2025.
● Daily vessel operating expenses (“Daily Opex”, a non-IFRS measure*) of $9,963 per calendar day, including management fees, in Q2 2025.
● In Q3 2025 to date, 77% of the available VLCC spot days have been booked at an average TCE rate of $44,200 per day and 61% of the available Suezmax spot days have been booked at an average TCE rate of $34,200 per day.
Declaration of Q2 2025 dividend
The Company’s board of directors declared a dividend of $0.70 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 September 5, 2025, to shareholders of record as of August 22, 2025. The common shares will be traded ex-dividend on the NYSE as from and including August 22, 2025, and the common shares will be traded ex-dividend on the Oslo Stock Exchange as from and including August 21, 2025. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway, dividends payable on common shares registered with Euronext VPS are expected to be distributed to Euronext VPS shareholders on or about September 10, 2025.
*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.
Presentation
OET will be hosting a conference call and webcast at 14:30 CET on Wednesday August 13, 2025 to discuss the Q2 2025 and 6M 2025 results. Participants may access the conference call using the below dial-in details:
Standard International Access: +44 20 3936 2999
USA: +1 646 233 4753
Norway: +47 815 03 308
Password: 926967
The webcast will include a slide presentation and will be available on the following link:
https://events.q4inc.com/attendee/954248086
An audio replay of the conference call will be available on our website:
