Okeanis Eco Tankers Corp. (7OK) Q2 2026 Earnings Report
DE:7OK Q2 2026 EPS Results
- Actual EPS
- EUR 5.29
- Consensus EPS
- EUR 4.13
- Beat/Miss
- Beat by +EUR 1.16
- One Year Ago EPS
- EUR 0.74
DE:7OK Q2 2026 Revenue Results
- Actual Revenue
- EUR 285.50M
- Expected Revenue
- EUR 197.24M
- Beat/Miss
- Beat by +EUR 88.26M
- YoY Revenue Growth
- +239.40%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 08/04/2026
- Time
- After Close
- Conference Call
- Tuesday, August 4, 2026
Okeanis Eco Tankers Corp.'s next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
The call emphasizes a very strong operational and financial quarter driven by exceptional spot rates, disciplined commercial execution, accretive acquisitions, a modern young fleet, improved financing costs and generous shareholder returns. Notable risks include elevated working capital fluctuations, geopolitical disruptions (attacks and Hormuz/Red Sea/Black Sea fragility), medium‑term order‑book supply considerations and short‑term rate volatility on some Suezmax routes. Overall, management presents confidence in continued shareholder distributions and a strategy to preserve optionality while acknowledging market and operational risks.
For Q3 the company said earnings visibility remains strong: it entered the quarter with the full 18‑vessel fleet on the water (average age ~5.5–5.6 years) and 99% Q2 fleet utilization, has fixed 48% of VLCC spot days at ~$207,000/day and 42% of Suezmax spot days at ~$133,000/day, with the fixed spot portion across the fleet at ~$166,500/day on 681 days, plus 92 time‑charter days at $90,000/day and roughly 52% of total fleet days still open — a meaningful portion of the quarter to fix (both opportunity and risk); Milos’ 10‑year dry dock is scheduled end‑Sept/early‑Oct; management also noted recent spot outperformance versus peers (~+50% VLCC, ~+60% Suezmax).
- Record Quarterly and Half-Year ResultsQ2 2026 was the company's strongest quarter ever and H1 2026 the strongest first half since inception: adjusted EPS of $5.91 for the quarter and $8.28 for the first half; adjusted net profit of $231 million for Q2 and H1 net income of about $320 million. TCE revenue for the first 6 months exceeded $400 million.
- Exceptional Fleet Earnings and UtilizationFleet-wide time charter equivalent (TCE) of about $181,000 per vessel per day in Q2 (reported as $181,200 on another slide). Spot VLCCs earned ~$214,000/day (spot VLCCs cited at $213,600/day on slide), Suezmax spot days ~$175,000/day (cited as $174,900/day), and fleet utilization was ~99%.
- Strong Adjusted EBITDA and Cash ReturnsAdjusted EBITDA of $252 million for Q2 (H1 EBITDA cited at $362 million). The Board declared the 17th consecutive quarterly dividend of $5.25 per share, representing almost 90% of reported and adjusted net income; over the last four quarters the company distributed $9.55 per share (90% of reported net income). Since IPO, approximately $780 million paid in dividends (~3.5x initial market cap).
- Fleet Delivery and Modern, Young FleetCompleted delivery of the four Suezmax resale acquisitions; fleet now fully delivered at 18 vessels with an average age of ~5.5–5.6 years and all modern eco scrubber‑fitted tonnage; only one 10‑year dry dock (Milos) scheduled in 2026.
- Improved Capital Structure and Low Market-Adjusted LeverageQuarter-end cash of $248 million (includes ~$35 million earmarked for equity on an acquisition); total debt $722 million and book leverage ~35%. Market-adjusted net LTV (pro forma for acquisitions and cash) is below 25%. Weighted average margin reduced to 1.47%, an improvement of over 200 basis points since 2023.
- Accretive Resale Acquisition PerformanceTwo Suezmax resale vessels (Nissos Piperi and Nissos Serifopoula) generated an estimated combined free cash flow of ~$43 million in ~7 months, returned ~41% of the ~$104 million equity invested ($25m and $18m recovered), and saw asset value estimates rise from $97m purchase to >$120m each (>25% uplift on enterprise value), yielding ~$121 million of value creation across the two vessels.
- Commercial Outperformance and Strategic ExecutionManagement attributed record earnings to disciplined commercial execution (voyage selection, triangulation, minimizing ballast) and repositioning (e.g., capturing premium long‑haul East voyages and Saudi Yanbu diversion). Reported spot earnings ~50% above peer average for VLCCs and ~60% above peer average for Suezmaxes in the period.
- Q3 Earnings Visibility and Forward CoverageEntered Q3 with meaningful cover: ~48% of VLCC spot days fixed at ~$207,000/day and ~42% of Suezmax spot days fixed at ~$133,000/day; fixed spot portion across the fleet of ~$166,500/day for 681 days, plus 92 TC days at $90,000/day, while ~52% of total fleet days remain open, providing both visibility and optionality.
DE:7OK Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Nov 11, 2026 | 2026 (Q3) | 4.24- | 0.69 | ― | ― |
| Aug 04, 2026 | 2026 (Q2) | 4.135.29 | 0.74 | 612.05% (+4.55) | |
| May 13, 2026 | 2026 (Q1) | 2.262.09 | 0.32 | 547.22% (+1.76) | |
| Feb 18, 2026 | 2025 (Q4) | 1.471.59 | 0.37 | 334.15% (+1.23) | |
| Nov 12, 2025 | 2025 (Q3) | 0.440.69 | 0.4 | 71.11% (+0.29) | |
| Aug 12, 2025 | 2025 (Q2) | 0.580.74 | 1.1 | -32.52% (-0.36) | |
| May 14, 2025 | 2025 (Q1) | 0.310.32 | 1.1 | -70.73% (-0.78) | |
| Feb 19, 2025 | 2024 (Q4) | 0.400.37 | 0.56 | -34.92% (-0.20) | |
| Nov 08, 2024 | 2024 (Q3) | 0.390.40 | 0.58 | -30.56% (-0.18) | |
| Aug 09, 2024 | 2024 (Q2) | 0.921.10 | 1.47 | -24.91% (-0.37) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
