Okeanis Eco Tankers reports surging profits as VLCC charter rates climb

Okeanis Eco Tankers reported a substantial increase in third-quarter earnings for 2026, supported by exceptionally high tanker charter rates, while its latest vessel bookings indicate continued strength in parts of the crude oil shipping market during the fourth quarter.

The Athens-based tanker operator generated revenue of $501.5 million during the three months ended 30 September, compared with $90.6 million in the corresponding period of 2025. Net profit increased to $299.6 million from $24.1 million, while earnings per share rose to $7.67 from $0.75.

Time charter equivalent (TCE) revenue reached $338.3 million, while adjusted EBITDA amounted to $320.4 million. Adjusted net profit stood at $299.5 million, equivalent to $7.67 per share.

The company’s financial performance coincided with particularly strong freight earnings across its fleet of eight very large crude carriers (VLCCs) and ten Suezmax tankers.

VLCC charter rates reach exceptional levels

During the third quarter, Okeanis Eco Tankers secured a series of short-term charter agreements covering five VLCCs, with employment periods ranging from 100 to 150 days.

The agreements were concluded at an average rate of $449,200 per day, reflecting the elevated earnings available for large crude oil tankers during the reporting period.

Across its fleet, the company reported average TCE earnings of $206,800 per available spot day and $209,100 per operating day during the third quarter.

VLCC earnings averaged $269,300 per available spot day and $260,100 per operating day, while the Suezmax fleet achieved an average of $166,600 per available spot and operating day.

The figures illustrate the strength of the freight environment experienced by the company, although earnings varied between vessel classes and employment arrangements.

Daily vessel operating expenses averaged $9,401 per calendar day during the quarter, according to the company’s non-IFRS operating measures.

Fourth-quarter bookings indicate further rate strength

The company’s initial fourth-quarter bookings show even higher TCE rates for portions of its available tanker employment.

As of the 11 November earnings announcement, Okeanis had booked 48% of its available VLCC spot days for the fourth quarter at an average TCE rate of $688,800 per day.

Measured across operating days, 87% of the VLCC fleet’s fourth-quarter days had been booked at an average TCE rate of $430,300 per day.

In the Suezmax segment, 60% of available spot and operating days had been booked at an average rate of $410,900 per day.

These figures represent contracted employment for the stated portions of the quarter rather than realised average earnings across the entire fleet. Actual fourth-quarter performance will also depend on the remaining open days, vessel operations and subsequent charter activity.

The unusually high bookings provide an indication of the freight earnings environment confronting crude oil tanker operators, particularly in the VLCC segment.

Nine-month earnings and shareholder distributions

For the first nine months of 2026, Okeanis Eco Tankers generated revenue of $990.5 million, compared with $264.7 million during the corresponding period of 2025.

Net profit rose to $618.2 million from $63.5 million, while earnings per share increased to $15.95 from $1.97.

Cash and restricted cash totalled $233.1 million at the end of September, compared with $122.5 million at the end of December 2025.

Alongside the results, the company declared a third-quarter dividend of $7.00 per common share, payable on 1 December 2026 to shareholders of record on 23 November. The distribution timetable for shares registered through Norway’s Euronext VPS is subject to separate settlement arrangements.

Okeanis operates a fleet of 18 modern scrubber-fitted crude oil tankers, comprising eight VLCCs and ten Suezmax vessels.

The latest results demonstrate the substantial earnings generated during a period of elevated crude tanker freight rates. The fourth-quarter bookings also suggest that favourable conditions have continued into the final months of 2026, although the earnings achieved on remaining open vessel days will determine the full-quarter outcome.