Key Highlights

  • 80.9% is the six-month gain for Okeanis Eco Tankers (NYSE:ECO), with shares at USD 89.51 on October 7, 2026 and a 3-month gain of 63.84%, according to published market data.
  • 8.3 times Earnings and a Market Capitalisation of USD 3.43 billion frame the valuation, per published market data, after second quarter 2026 profit of USD 230.3 million, or USD 5.90 per share.
  • USD 213,600 per day was the VLCC spot time charter equivalent rate in the second quarter, with 48% of third quarter VLCC days booked at USD 206,600, per the company release of August 4, 2026.
  • USD 5.25 per share is the Dividend declared for payment on August 21, 2026, while net Debt of about USD 474.7 million sits against an eighteen-ship fleet at Okeanis Eco Tankers (NYSE:ECO).

Second Quarter Results and Dividend

Okeanis Eco Tankers reported second quarter 2026 results on August 4, 2026. Profit was USD 230.3 million versus USD 26.9 million a year earlier, and Earnings Per Share were USD 5.90 versus USD 0.84. Adjusted EBITDA was USD 251.8 million. Time charter equivalent rates averaged USD 213,600 per available spot day for VLCCs and USD 174,900 for Suezmaxes. The board declared a dividend of USD 5.25 per common share, payable August 21, 2026. The fleet consists of ten scrubber-fitted Suezmax tankers and eight scrubber-fitted VLCC tankers. Scrubbers allow ships to burn cheaper high-sulphur fuel, which can support margins. Total debt was USD 722.5 million against cash of USD 247.8 million. Both EBITDA figures are non-IFRS measures, as the company notes.

How Tanker Rates Drive Earnings

Tanker owners with ships on the spot market earn the day rate minus running costs, so a rise in daily rates flows almost entirely into profit. Okeanis Eco Tankers said 48% of available third quarter VLCC spot days were booked at an average of USD 206,600 per day and 42% of Suezmax days at USD 133,000. Those are early bookings, not final results, and the remaining days will be priced at future rates. Simple arithmetic on the two published numbers shows net debt of about USD 474.7 million. Published market data lists a price to book ratio of 4.0 and a price to sales ratio of 4.8.

Risks and What to Watch

A gain of 80.9% in six months means strong rates are largely in the price, and spot tanker earnings can fall quickly if oil flows shift, sanctions change or the fleet grows. Higher bunker costs, port disruptions and shifts in long-haul crude trade can also move voyage Economics in either direction. Concentration in eighteen ships leaves results sensitive to a small number of vessels and voyages. The USD 5.25 dividend reflects one strong quarter and is not a guarantee of future payouts. Watch the share of third quarter days booked as the quarter closes, VLCC and Suezmax spot indications, and the next Quarterly Report (date not confirmed in the materials reviewed).

Where Things Stand

Okeanis Eco Tankers (NYSE:ECO) is up 80.9% in six months because tanker rates soared, lifting second quarter profit to USD 230.3 million and supporting a USD 5.25 per share dividend. Published market data shows a share price of USD 89.51, a market capitalisation of USD 3.43 billion and a price to earnings ratio of 8.3. Early third quarter bookings remain high, but spot rates are volatile and can reverse.