ECO

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 8:30 a.m. ET Chief Executive Officer - Aristidis Alafouzos Chief Financial Officer - Iraklis Sbarounis Operator: Welcome to OET's Second Quarter 2026 Financial Results Presentation. We will begin shortly. Aristidis Alafouzos, CEO; and Iraklis Sbarounis, CFO of Okeanis Eco Tankers, will take you through the presentation. They will be pleased to address any questions raised at the end of the call. Matters that are forward-looking in nature will be discussed, and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on Slide 2. I would like to advise you that this session is being recorded. Aristidis will begin the presentation now. Aristidis Alafouzos: Thank you for taking the time to join our Q2 2026 call. Q2 was the strongest quarter in our history, and the first half of 2026 was also the strongest 6 months period since our inception. Adjusted EPS was $5.91 for the quarter and $8.28 for the first half of the year. Iraklis will take you through the financial results in detail shortly. I want to thank the whole OET team as well as Kyklades for amazing work this quarter, which allowed us to achieve these results. During the period, we also completed the delivery of the 4 Suezmax vessels acquired through our 2 equity raises. With Nissos Tigani delivered in May and Nissos Vous in July, our 18-vessel fleet is now fully delivered. The second half of this year has similarly fantastic prospects, and the team here is focused on continuing to deliver. I will now hand over to Iraklis. Iraklis Sbarounis: Thank you, Aristidis. I'm pleased to go through our second quarter earnings, a quarter that has been a record in our history, starting with Slide 4. We achieved fleet-wide time charter equivalent of about $181,000 per vessel per day. That's $214,000 per day on our spot and $188,000 on operating VLCC days and $175,000 on our Suezmax operating days, all being spot. We report adjusted EBITDA of $252 million, adjusted net profit of $231 million and adjusted EPS of $5.91. Our Board declared the 17th consecutive quarterly dividend of $5.25 per share. This represents almost 90% of our reported and adjusted net income. This is by far the highest quarterly dividend amount since the company's inception and equals the total dividends paid over the previous 5 quarters together. Including this one, over the last 4 quarters, we have distributed $9.55 per share or 90% of our reported net income for the period. Since our last update in May, we have taken delivery of our 2 remaining Suezmax resale acquisitions, the Nissos Tigani and Nissos Vous. Moving on to Slide 5. Since our IPO in Oslo, we have distributed approximately 3.5x our initial market cap with over $780 million paid in dividends. Since we have had a fully delivered fleet in 2022, we have paid out 90% of our reported net income, clearly demonstrating our commitment to distributing value to our shareholders. On Slide 6, we show the detail of our income statement for the quarter and the first half of the year. TCE revenue for the first 6 months stood at over $400 million. EBITDA was $362 million and net income was about $320 million or $8.28 per share. Moving on to Slide 7 and our balance sheet. At quarter end, we had $248 million of cash. That includes about $35 million earmarked for a portion of the equity for the acquisition of Nissos Vous, which was delivered to us a few days later in early July. Our restricted cash figures as of June 30 include an amount of approximately $17 million we have deposited on short term under certain of our loan facilities, which have the feature that reduced the interest paid, providing a better return than what we would have achieved placing those funds under our time deposit rates for that amount at that time. We may roll forward such cash characterized as restricted or a different amount on a short-term basis depending on our cash flow needs and applicable rates. Our balance sheet debt was $722 million, reflecting the drawdown for the acquisition of the Nissos Tigani in May. Our book leverage stands at 35%, while our market-adjusted net LTV basis latest broker values and pro forma for the acquisitions and recent transactions and end of quarter cash balance is now below 25%. On Slide 8, looking at our fleet, I'm pleased to now fully reflect the addition of our most recently acquired modern and high-specced vessels. With the delivery of the Nissos Tigani on May 29 and that of the Nissos Vous on July 8, we now have a total of 18 vessels on the water, 8 modern eco scrubber-fitted Suezmaxes -- 10 modern eco scrubber-fitted Suezmaxes and 8 modern eco scrubber-fitted VLCCs with an average age of only 5.6 years. As a reminder, from a CapEx perspective, our only dry dock for 2026 is that of the Milos 10-year survey, which is currently expected to take place in the next couple of months. Slide 9, moving on to our capital structure. With all the financings I updated you on in May now effective, the financing for the delivery of the Tigani and Vous and the refinancing of our legacy leases of the Nissos Rhenia and Nissos Despotiko, we have now reduced our weighted average margin to 1.47%. That's an improvement of over 200 basis points since we commenced our refinancing exercise in 2023. On Slide 10, with a little over half a year past since the delivery of the first 2 Suezmax resale vessels, the Nissos Piperi and Nissos Serifopoula, we wanted to take the opportunity and reflect on those transactions. We look at this from a value creation perspective, and we see 3 pillars that contribute. The first, we have talked about before. We financed the acquisitions with competitive bank debt on one hand and highly accretive equity on the other, having done an equity placement at approximately 30% above our NAV at the time. That implied a benefit or arbitrage in a way against the acquisition cost of the vessels of approximately $12 million in each vessel or $24 million on aggregate. The second pillar and maybe the most important, the vessels in approximately 7 months are estimated to have generated a combined free cash flow of about $43 million. This is realized one-for-one derisking of the investment. Out of approximately $104 million in equity invested in these 2 vessels, $52 million each, we have already got back 41% of that by trading them in this market, $25 million on the Piperi and $18 million on the Serifopoula. The third, yes, unrealized, but with a direct impact in our NAV and subsequently our stock price and indicative of the opportune timing of these transactions. We bought those vessels at $97 million each, while latest asset value estimates marked them at over $120 million each. That's over 25% uplift on an enterprise value basis and over 50% uplift against our rate, all that in a little over half a year. Adding these 3 elements for both vessels gets to $121 million of value creation just from the Nissos Piperi and Nissos Serifopoula. I'm very eager to update this slide in a couple of quarters when the Nissos Tigani and Nissos Vous will also have traded for a few months to reflect on the overall transaction across all 4 vessels. I will now turn it to Aristidis for the commercial market update. Aristidis Alafouzos: Thank you, Iraklis. Slide 12 shows the commercial performance that drove the record financial results we have just discussed. Fleet-wide TCE for the quarter was $181,200 per day. Our spot VLCCs earned $213,600 per day, while our Suezmaxes earned $174,900 per day. Including the Nissos Nikouria time charter at $90,000 per day and the freight compensation earned by Nissos Keros while waiting to resume her voyage through the Hormuz, total VLCC earnings were $187,700 per day with fleet utilization at 99%. This quarter was, to a large extent, the realization of commercial decisions made during the first quarter. On the VLCC side, we secured long-haul voyages into the East at premium levels during the strongest part of the market in the frenzy right after the war began. Three vessels were employed on long-haul Eastern voyages, while repeating trading patterns and limited ballast legs allowed us to convert exceptional headline rates into exceptional realized earnings. We also were able to capitalize on the Saudi diversion of crude exports to Yanbu and the ensuing market spike that caused. The Suezmax market was also extremely active. Oil traders were competing for cargoes in the Atlantic Basin, which allowed us to maintain very limited waiting time and execute consecutive voyages across the Mediterranean and other preferred Western trading areas. The shorter voyage duration of the Suezmax fleet gave us repeated exposure to a rapidly strengthening market and enabled us to compound the benefit of the rate environment. We also took delivery of Nissos Tigani during the quarter and repositioned her quickly to participate in the strong Eastern market. Nissos Piperi and Nissos Serifopoula contributed for the full quarter, demonstrating, as Iraklis went over on the previous slide, how quickly the vessels acquired through our first equity raise were integrated into our operating platform. It is important to emphasize that this was not the result of one fortunate fixture. It was a cumulative effect of positioning, voyage selection, triangulation, minimizing ballast time and maintaining vessel availability. The rates were extraordinary, but operational execution is what converted those rates into earnings. So as previously, we need to thank our technical manager, Kyklades, who have allowed us to operate so well in these challenging times. Turning to our Q3 guidance. The numbers remain exceptionally strong. We have fixed 48% of our VLCC spot days at approximately $207,000 per day and 42% of our Suezmax spot days at $133,000 per day. Across the fleet, the fixed spot portion stands at $166,500 per day on 681 days. We also have 92 time charter days at $90,000 per day, while approximately 52% of total fleet days remain open. For a quarter that is normally softer, these are remarkable levels. They also demonstrate that Q2 is not simply an isolated earnings event. The market has remained highly volatile, and the volatility has continued to create attractive commercial opportunities for our fleet. On the VLCCs, discharge positions developed in the East at a time when available AG capacity remained constrained. We were able to secure AG employment for 2 vessels at premium to prevailing market conditions. We continue to balance the attraction of locking in long-haul earnings against the value of retaining prompt exposure to a market that can move very quickly. On the Suezmaxes, we have maintained a broad Western presence across the Black Sea, Mediterranean and West Africa. This gives us access to several trading markets and allows us to pursue triangulation opportunities while reducing ballast and waiting time. The Milos is also scheduled to undergo dry dock around the end of September, beginning of October, depending on the exact timing of our trading program and yard availability. Finally, we also took delivery of Nissos Vous on July 8, the final vessel in our series of 4 Suezmax acquisitions. We, therefore, entered Q3 with the entire 18-vessel fleet on the water and contributing earning days. There is a meaningful portion of the quarter to fix, which is both an opportunity and a risk for us. We cannot predict every market move. Our aim is to preserve optionality, remain disciplined and position the fleet so they can -- we can quickly respond as cargo flows and vessel availability change. As said before, the tanker market was exceptionally strong in Q2 and was available to all owners. Based on the peers that have reported so far, our spot earnings were approximately 50% above the peer average on the VLCCs and approximately 60% above the peer average on the Suezmaxes. I look forward to seeing how this adjusts over the next reporting period. In a market at these levels, commercial outperformance becomes very meaningful in absolute dollar terms. A relatively modest daily difference multiplied across our spot days and the size of our fleet translates directly into substantial incremental cash flow and earnings per share. This quarter reinforces the point we have made consistently since 2019. The value of OET lies not only in our exposure to the crude cycle, but also in the combination of our fleet and a highly skilled operating platform positioned to capitalize on market opportunities. Slide 15 addresses the order book, which is clearly one of the principal questions facing the tanker market today. We should not ignore it. The VLCC order book has reached approximately 32% of the existing fleet, while the Suezmax order book is approximately 30%. Those are high headline numbers, and they represent a genuine medium-term supply consideration. However, the timing and composition of the order book matter. Only a small portion is scheduled to deliver in '26. The largest delivery years are concentrated in '28 and '29. The immediate supply response is, therefore, much more limited than the headline order book percentages imply. At the same time, the existing fleet continues to age, as we mentioned every quarter. Age alone, though, does not force a vessel to leave the market, but it increasingly affects charter acceptance, maintenance requirements, financing, regulatory compliance and vessel trading efficiency. A substantial portion of the older fleet is operating in sanctioned or less transparent trades and is not interchangeable with a complete -- compliant fleet competing for mainstream cargoes. Our conclusion is not that the order book is irrelevant. It is that a near-term effect is tempered by the delivery schedule and by the aging and fragmentation of the existing fleet. For OET, the key point is that our fleet is now fully delivered, has an average age of approximately 5.5 years and is designed to remain highly competitive across a range of market environments. The final commercial slide brings together the geopolitical and fundamental forces currently shaping the market. We are seeing simultaneous pressures across the 3 of the world's most important energy arteries, the Hormuz, the Red Sea and the Black Sea. The combination is unprecedented in the modern tanker market. The situation remains fluid and conditions can change very quickly. Hormuz transits were recovering under the June memorandum of understanding, but the recovery remains fragile and highly sensitive because of the renewed escalation and have reduced since June. In the Black Sea, attacks on tankers and export infrastructure continues to disrupt loadings and create inefficiencies. In the Red Sea, the threat of renewed attacks is pushing more traffic away from the Red Sea and around the Cape of Good Hope, adding distance and further inefficiency to global trade. For example, a VLCC voyage could be double the duration than it was if it was exiting from the BeM Strait. The oil balance is also important. The IEA currently expects 2026 supply to decline by approximately 3.7 million barrels per day compared with a demand decline of approximately 1 million barrels per day. In other words, supply has fallen almost 4x faster than demand. Since the onset of the conflict, inventories have drawn by approximately 3.8 million barrels per day on average. For tankers, the key dynamic has been volumes down, but distance is up. Atlantic to Asia trades now represent approximately 35% of VLCC liftings compared with only around 22% before the conflict. A voyage from the U.S. Gulf to China is approximately 2.6x the distance of the Arabian Gulf to China. With only around 7.4 million barrels per day of pipeline rerouting capacity available, a meaningful portion of the Middle East exports shortfall can only be replaced by long-haul barrels. Looking further ahead, the expected normalization of Gulf output and increase in OPEC+ production during the 2027 period should allow inventories to be rebuilt. The estimates reflected on this page are approximately 1.8 million barrels per day of crude supply would be required over roughly half a year -- 1.5 years to rebuild stocks. That inventory build translates directly into tanker demand. So the shape of the opportunity may change, but the underlying message remains supportive. Current disruption creates inefficiencies and longer ton-miles, while eventual normalization creates a substantial restocking need. Our focus at OET is to position our fleet to respond across a range of outcomes and to try to maximize shareholder returns. To conclude, and as I said at the beginning, this was the strongest quarter and strongest first half of our history. We have returned a record amount to our shareholders, completed the delivery of our expanded fleet and entered the second half with substantial earnings visibility and flexibility. I hope by the end of the year, we can have returned over $1 billion to shareholders since our inception in 2018. I will now hand it back to the moderator for Q&A. Operator: [Operator Instructions] Your first question comes from the line of Even Kolsgaard with Clarksons Securities AS. Even Kolsgaard: So my first question is on the market in general. So last quarter, you had quite a good analysis on what would happen in different scenarios when it comes to the closure of Strait of Hormuz. And it's basically closed again. I was just wondering how you think about how a reopening of the Strait of Hormuz could look like this time? And if you think there will be any differences compared to last time? And with that in mind, how do you position your fleet today for a potential reopening? Aristidis Alafouzos: Thank you for your question. Well, I think that we had a pretty good example of how the reopening would work from the previous time in June. I think one difference that we'll see is that in June, some of the more independent oil companies went to lift cargoes for this traditional AG to Far East type run which is difficult because of the open-and-shut nature of the Hormuz and the dangers and risk for crossing it. So I think what we'll likely see when it reopens -- if it reopens again is that we'll continue to see the more national oil companies and larger oil traders use shuttling services to shuttle crude from inside the AG to right outside of Fujairah. And then the normal mainstream fleet can go and lift cargoes from the ships in Fujairah. And I think the current market is a lot like the middle example we gave in our last quarter where the Hormuz has some oil coming out. I mean there's definitely oil exiting. The Kuwaitis, the Iraqis, the Qataris and the Emiratis principally are moving oil and shuttling it out. The Saudis also have found this export path through Yanbu. So it's definitely not as closed as it was at the beginning of the war. So there is significant oil being exported, but it's inefficient because of the shuttling. The Saudi's crude being exported is even more inefficient than it was because instead of going to Yanbu and out of the Red Sea, it has to be shuttled up to Egypt and into the pipeline and through the Suez and then all the way around Africa. And that's why we see continued strong demand for Atlantic crudes on the VLCCs, which is why that portion of VLCC liftings is so much higher than it was before the war started. So all these together are creating excellent ton-mile effects for the Vs. Even Kolsgaard: And then just more on the strategy. So we are seeing that other owners are taking on more time charter coverage and some are also selling more modern tonnage, while you have been largely spot exposed until now and basically 100% spot and it's risk on still. So how do you think about the spot market going forward versus the current time charter rates? And how do you compare that towards the current asset values? Aristidis Alafouzos: Look, I think we fixed the time charter rate at $90,000 in February. And it was a huge mistake. I mean, we probably -- we've earned just as much on that one ship in less than 6 months -- on one of our spot ships in less than 6 months, than we will have earned on her in a whole year. And I think that goes for every single other VLCC owner who's mistakenly fixed their ships on TCEs because the earnings are so high now that even if you do a 1- or 2- or 3-year time charter, when you're earning $200,000 a day or $150,000 a day for 3 quarters, it just -- what you need to earn for the balance period becomes 0 or negative potentially. So I think that from our perspective for OET, there's no interest at the moment to fix any more time charters. We're very happy with the coverage we have in the short term on the VLCC -- sorry, we're very happy with the spot exposure we have on the VLCC fleet. In terms of asset sales, we're lucky because some of the companies that we have been seen selling ships are also renewing their fleet. So they're selling some of the older ships and they have newer ships coming in or other companies that have been selling VLCCs, their core fleet composition isn't tankers or they might be funding other sectors that they have on the order book. So I think many owners are doing TCEs and the sales are case by case and depends on each company. But for us, we see a lot of continued upside to this market, and we don't want to reduce our exposure in terms of the number of vessels or number of spot trading vessels. Operator: Your next question comes from the line of Liam Burke with B. Riley Securities. Liam Burke: Can we talk about the Atlantic Basin? And I know you touched on normalization, and I'm sure that's -- we're not sure when that's going to happen. But there are a couple of things. With increased production out of the Atlantic Basin and the lifting of sanctions in Venezuela, do you see longer-term lift for Suezmax rates? Aristidis Alafouzos: Liam, thank you for your question. Look, the Suezmax is a very versatile asset. So anything that will be traded in the shorter haul will be optimized onto Suezmax. So for sure, a lot of Venezuelan flows will move on Suezmaxes. The same is West Africa, Black Sea, Guyana and U.S. Gulf when the cargoes are staying shorter haul. But if the cargoes are -- and the arbs, fuel, the crude oil arbs make sense for the cargo to be transported long distance, you'll see that these cargoes make much more economic sense on VLCCs. So for sure that the lifting of sanctions has been very positive on the Suezmax market in Venezuela as well as the increased production from Guyana as well as the SPR as well as a factor of other -- a number of other factors. But yes, I think that definitely the Suezmax is buoyed by Venezuelan exports. Liam Burke: Great. Aristidis, 90% dividend payout. You've opportunistically reinvested in the fleet, and that's seeing the benefit in terms of asset appreciation. Does it stay the course on the capital structure? Or do you see opportunity to pay down debt faster? Or are you just going to amortize it in a normal -- as it matures? Iraklis Sbarounis: No, absolutely, we stay the course. We will continue with our strategy to distribute as much as possible. No intention to accelerate paying down debt. We feel pretty comfortable with where we are. It has amortized naturally over quarter-on-quarter. And we think that our leverage position is actually a competitive advantage that we have into such a positive market to be able to crystallize that value to our shareholders. So yes, we stay the course. Operator: Your next question comes from the line of Oliver Dunvold with ABG Sundal Collier. Oliver Dunvold: On Suezmax rates, there has been some pressure over the last couple of days. TD20 is now around $70,000 per day. Do you have any market insight explaining this move? And is this the level we should expect to see for the remainder of Q3? Aristidis Alafouzos: Oliver, look, I think -- thank you for your question, Oliver. And it's an interesting question as well because TD20 is, let's say, it's one of the more global Suezmax routes that wherever a Suezmax is can usually fix a TD20 cargo. And this creates a problem when the Hormuz is closed and when there's fewer cargoes in the East because as the Suezmaxes do go east on their way back, they don't have any cargoes to take from the Arabian Gulf or from Fujairah. So this forces them to look to West Africa. And when you're sailing back, the West Africa TD20 run is a backhaul effectively. And that will allow the owner to be quite competitive in order to find the cargo off his dates because he's just looking to get that cargo loaded as efficiently as possible and quickly and then go discharge it so he can be back in position. So I think TD20 is negatively impacted by being a place that ballasters are so exposed to. And this is very different than the U.S. Gulf or Mediterranean or Black Sea cargoes on Suezmaxes. So I would say that's one reason that TD20 has been underperforming at the moment. I also think that with what happened in CPC in Novorossiysk terminal and the attacks on some ships, a lot of ships, a lot of owners were a bit worried about fixing their vessels from there, and they decided to divert instead to other cargoes, and that made them go down to West Africa is an alternative. So there was like quite a prompt oversupply of ships looking for a new business. And those are 2 reasons. I'm actually quite bullish on TD20. I think that we'll see -- it's probably bottomed about now, and we'll see it moving back upwards in the next couple of days. Operator: Your next question comes from the line of Fredrik Dybwad with Fearnleys. Fredrik Dybwad: Congratulations, guys with an incredible quarter. You're doing a great job. So hats off for that. I just saw some reports today about 2 VLCCs of yours being fixed inside of the AG, the Despotiko and Keros. Could you provide some details about that, if you're able? Aristidis Alafouzos: Sure. I mean, generally, we don't comment on individual fixtures, but we haven't done any of that business at the moment. You're a spot broker today, I guess, looking for -- to make a position list. Operator: Your next question comes from the line of Climent Molins with Value Investor's Edge. Climent Molins: I wanted to follow up on the question on Suezmaxes. A week ago, you disclosed that the Nissos Sifnos was targeted while unloading crude at the CPC terminal. I'm not sure the amount of color you can provide on this, but any updates on the state of the vessel? And secondly, any color you can provide on how this may have affected your willingness to continue calling the CPC terminal? Aristidis Alafouzos: Sure. Thank you for the question, Climent. The vessel sailed from her -- from CPC after she completed loading, and she's in Turkey now for some inspections. And she will go and complete her voyages after some quick temporary repairs. And then following the discharge, she might have to come back for some further repairs in Turkey, which we don't expect to take very long. Look, I think the issue with CPC is very complex and political. CPC is a terminal that is -- it's a joint venture, but Chevron and Exxon are big equity holders in that terminal. And the crude from CPC is a critical part of the European oil refining and process. So in the medium term and even in the short term, CPC cannot be a market that's not available to Europe. And with partners who are involved in the CPC trades like Exxon and Chevron and their interest to keep this cargo flowing as well as the government of Kazakhstan, who are the producers of the oil, the Europeans, even more importantly, the Americans, I'm almost positive that a solution will be found to protect the exports of the CPC blend from that terminal. And I think that over time, owners will find comfort that this crude is safe to load. But for sure, it's a difficult time for vessels to go there, for the crews to go there. It's dangerous. Luckily, we didn't have any injuries on our ships. And I think most of the ships that have been attacked over the past few weeks have also avoided injuries, and that's something we're thankful for. But it's a critical export and the flow will have to go on. And I mean, hopefully, there will be owners who are willing to go there because CPC is a very strict terminal that you need to fixed with Exxon and Chevron and a bunch of other oil majors who have very strict policies. This is not in no way a shadow fleet. This is one of the most demanding quality trades in the business. So I hope security can be found, so these flows can continue because they're critical for Europe. Climent Molins: That's very helpful. I also wanted to follow up on Liam's question on capital allocation. Working capital has increased meaningfully quarter-over-quarter on the back of the higher rates. Did this have an impact on the Board's decision on the dividend? And should we expect you to revert to, let's say, the $50 million cash raised down the road as working capital balances normalize? Iraklis Sbarounis: Yes, Climent. It's Iraklis here. Thanks for the question. You're spot on in the sense that working capital movements and receivables balances quarter-on-quarter have had a significant fluctuation in the past period. This is mostly reflective of significantly increased rates. So long as the market continues to be like that, I expect that we will have similar types of working capital movements every quarter. Now in terms of how that impacts our liquidity position, et cetera, obviously, to a very significant extent, such receivables are typically collected. We capture -- our balance sheet is reflective of that particular date. But typically, we are usually able to collect such receivables relatively shortly after this quarter end. We've even seen elevated figures towards year-end and then everything is collected in the first 10 days of January. So from a liquidity perspective, this isn't something that concerns me. But of course, we are monitoring it. In terms of cash balance, I think that the $60 million cash balances that we have had in the past were also impacted by working capital movements. I would be expecting that for a fleet of even back then of 14 vessels, but certainly now of 18 vessels, a more steady cash balance at slightly higher levels would be prudent to address such working capital movements. But of course, we continue to monitor. Having said all of that, I think we have been quite consistent. And as I have explained to Liam earlier in his earlier question, our policy is maintained to be to distribute value to shareholders as much as possible. So we take all of this into account every quarter. But then we continue to pay out as much as possible. And I think that our track record has been supportive of all this. Climent Molins: Congratulations for the quarter. Operator: We have reached the end of the Q&A session. I will now turn the call back to Iraklis Sbarounis, CFO, for closing remarks. Iraklis Sbarounis: Thank you. Yes, thanks, everyone, for joining. We look forward to touching base again in November for the Q3 results. Thank you very much. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Okeanis Eco Tankers, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Okeanis Eco Tankers wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Okeanis Eco Tankers (ECO) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Okeanis Eco Tankers Corp.? Here are five stocks we like better. Record results: Okeanis Eco Tankers reported adjusted EPS of $5.91 in Q2 2026 and $8.28 for the first half, alongside quarterly adjusted EBITDA of $252 million. The board declared a record $5.25-per-share dividend, its 17th consecutive quarterly payout. Fleet and balance sheet strengthened: Delivery of the final two Suezmax vessels expanded the modern fleet to 18 ships, while market-adjusted net loan-to-value remained below 25% and the weighted-average debt margin fell to 1.47%. Strong rate outlook: The company had fixed 48% of Q3 VLCC spot days at about $207,000 per day, with roughly 52% of total fleet days still open. Management plans to retain significant spot-market exposure, supported by strong tanker demand, rerouted trade flows and limited near-term vessel deliveries. Okeanis Eco Tankers (NYSE:ECO) reported its strongest quarter and first half since inception, supported by exceptionally high tanker rates, fleet expansion and commercial execution, management said during its second-quarter 2026 earnings call. Chief Executive Officer Aristidis Alafouzos said adjusted earnings per share reached $5.91 in the second quarter and $8.28 for the first six months of 2026. The company completed delivery of the final two vessels in its four-vessel Suezmax acquisition program, bringing its operating fleet to 18 vessels. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth “Q2 was the strongest quarter in our history,” Alafouzos said. “The first half of 2026 was also the strongest six months period since our inception.” Chief Financial Officer Iraklis Sbarounis said the company generated fleetwide time-charter-equivalent, or TCE, earnings of about $181,000 per vessel per day during the quarter. Spot VLCC earnings were approximately $214,000 per day, while Suezmax spot earnings were about $175,000 per day. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Okeanis reported adjusted EBITDA of $252 million and adjusted net profit of $231 million for the quarter. For the first half, TCE revenue exceeded $400 million, EBITDA totaled $362 million and net income was about $320 million, or $8.28 per share. The board declared a quarterly dividend of $5.25 per share, its 17th consecutive quarterly dividend. Sbarounis said the payout represented nearly 90% of reported and adjusted net income and was the largest quarterly dividend in the company’s history. The dividend amount equaled the total dividends paid during the preceding five quarters, he said. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Since its Oslo initial public offering, the company has distributed more than $780 million in dividends, or roughly 3.5 times its initial market capitalization, according to Sbarounis. Since its fleet was fully delivered in 2022, the company has paid out 90% of reported net income, he added. The company took delivery of the Nissos Tigani on May 29 and the Nissos Vous on July 8, completing the delivery of its acquired Suezmax vessels. Management said the 18-vessel fleet has an average age of about 5.6 years and consists of modern eco, scrubber-fitted tankers. At June 30, Okeanis had $248 million of cash, including roughly $35 million earmarked for part of the equity contribution for the Nissos Vous acquisition. Balance-sheet debt totaled $722 million, reflecting the debt drawdown for the Nissos Tigani acquisition. Book leverage was 35%, while market-adjusted net loan-to-value was below 25%, pro forma for acquisitions, recent transactions and quarter-end cash, management said. The company said its weighted-average debt margin has declined to 1.47%, more than 200 basis points below the level when its refinancing effort began in 2023. Its only scheduled 2026 dry dock is the Milos’ 10-year survey, which management expects around late September or early October, depending on trading activity and yard availability. In response to analyst questions, Sbarounis said management intends to maintain its approach of distributing as much value as possible to shareholders rather than accelerate debt repayment. He said the company considers its leverage position an advantage in the current market. Management also noted that working-capital requirements have risen alongside freight rates, increasing receivables balances. Sbarounis said a somewhat higher ongoing cash balance would be prudent for an 18-vessel fleet, while reiterating the company’s commitment to its dividend policy. Alafouzos attributed the quarter’s results to vessel positioning, voyage selection, triangulation, limited ballast time and fleet availability, rather than a single favorable fixture. Fleet utilization was 99% during the period. He said the company secured long-haul Eastern voyages for VLCCs during a strong market period and benefited from Saudi crude-export diversion to Yanbu. On the Suezmax side, active Atlantic Basin trading enabled the company to reduce waiting time and complete consecutive voyages in the Mediterranean and other Western markets. For the third quarter, Okeanis had fixed 48% of VLCC spot days at approximately $207,000 per day. It also cited Suezmax spot-rate coverage at approximately $133,000 per day. Across the fleet, the fixed spot portion stood at $166,500 per day on 681 days, while the company had 92 time-charter days at $90,000 per day. Approximately 52% of total fleet days remained open. Alafouzos said management does not currently intend to add time-charter coverage or reduce its spot exposure through vessel sales, arguing that current spot-market earnings remain attractive. He described a time charter fixed at $90,000 per day in February as a mistake in light of the subsequent strength in spot rates. Management said tanker markets have been shaped by disruptions around the Strait of Hormuz, the Red Sea and the Black Sea. Alafouzos said oil continues to leave the Arabian Gulf through shuttling arrangements and alternative export routes, but those methods are less efficient and support tonne-mile demand. He said Atlantic-to-Asia trades represented about 35% of VLCC liftings, compared with roughly 22% before the conflict. A U.S. Gulf-to-China voyage is approximately 2.6 times the distance of an Arabian Gulf-to-China voyage, he said. On fleet supply, management acknowledged that the VLCC order book is about 32% of the existing fleet and the Suezmax order book is about 30%. However, Alafouzos said only a limited portion of new vessels is scheduled for delivery in 2026, with larger delivery volumes concentrated in 2028 and 2029. The company also cited the aging and fragmentation of the existing fleet, noting that older vessels face increasing challenges related to charter acceptance, maintenance, financing, regulation and trading efficiency. Management said its younger, fully delivered fleet is positioned to remain competitive across varying market conditions. Okeanis Eco Tankers Corp. is a Marshall Islands–incorporated, publicly traded shipping company specializing in the ownership and operation of eco-design product tankers. The company made its debut on the New York Stock Exchange under the ticker “ECO” in May 2019 following an initial public offering. It focuses on the acquisition of newbuilding medium-range (MR) and long-range (LR) product tankers designed to deliver enhanced fuel efficiency and reduced emissions. As of its public listing, Okeanis Eco Tankers' fleet comprises twelve eco-efficient vessels built by Hyundai Samho Heavy Industries in South Korea. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Okeanis Eco Tankers Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Okeanis Eco Tankers Corp. ECO used its Q2 2026 earnings call to reinforce a high-conviction strategy: keep most of the fleet in the spot market, preserve commercial flexibility and return a large share of earnings to shareholders. Adjusted earnings of $5.91 per share topped the $4.41 Zacks Consensus Estimate, while revenue of $268.14 million exceeded the $216 million estimate. Management’s focus, however, was on sustaining earnings power beyond a record quarter. Okeanis Eco Tankers Corp. price-consensus-eps-surprise-chart | Okeanis Eco Tankers Corp. Quote Chief executive officer Aristidis Alafouzos said the company has no interest in adding time-charter coverage at current market levels. He described February’s $90,000-per-day VLCC charter as an unfavorable tradeoff versus recent spot earnings. A Clarksons analyst asked whether Okeanis should follow peers that are locking in coverage or selling modern tonnage. Alafouzos said the company sees more upside in retaining vessel count and spot exposure. That stance keeps earnings tied to volatile freight markets, but management framed flexibility as more valuable than contracted certainty while current rates remain elevated. Alafouzos said 48% of available Q3 VLCC spot days were booked at $206,600 per day, while 42% of Suezmax spot days were fixed at $133,000. Across the fixed spot portion, the fleet averaged $166,500 per day on 681 days. About 52% of total fleet days remained open, preserving both upside and downside exposure. Management called the booked levels remarkable for a quarter that is normally softer and said the guidance showed Q2 was not an isolated earnings event. Q2 fleetwide TCE reached $181,200 per operating day. Spot VLCCs earned $213,600 per day and Suezmaxes earned $174,900, with fleet utilization at 99%. Alafouzos attributed the performance to long-haul Eastern voyages, limited ballast legs, triangulation and repeated exposure to strengthening Suezmax markets, rather than one exceptional fixture. Based on peers that had reported, he said ECO’s spot earnings were approximately 50% above the VLCC peer average and 60% above the Suezmax average. Chief financial officer Iraklis Sbarounis said the board’s $5.25-per-share dividend represented almost 90% of reported and adjusted net income and was the company’s highest quarterly payout. A B. Riley analyst asked whether Okeanis might accelerate debt reduction. Sbarounis said management intends to maintain its distribution policy and allow debt to amortize normally. During a Value Investor’s Edge exchange, he acknowledged higher-rate working-capital swings and said an 18-vessel fleet warrants a somewhat larger cash balance without changing payout priorities. Alafouzos did not dismiss the roughly 32% VLCC and 30% Suezmax order books. He emphasized that the largest delivery years are 2028 and 2029, with limited additions in 2026. He argued that vessel age, sanctions exposure, financing constraints and charterer acceptance reduce the interchangeability between older tonnage and Okeanis’ compliant fleet. An ABG Sundal Collier analyst pressed management on TD20 weakness. Alafouzos linked the pressure to backhaul competition and vessel diversions from CPC, and expected rates to recover. Management also identified Hormuz, the Red Sea and the Black Sea as major swing factors, with longer routes and trade inefficiencies supporting ton-mile demand despite lower volumes. With Nissos Vous delivered July 8, Okeanis entered Q3 with all 18 vessels on the water: 10 Suezmaxes and eight VLCCs, averaging about 5.6 years. Management’s posture remains focused on spot optionality, vessel availability, high cash distributions and a modern fleet positioned to respond quickly as cargo flows and vessel supply change. ECO currently carries a Zacks Rank #1 (Strong Buy). Its Growth, Momentum and VGM Scores are B, indicating favorable characteristics across those styles, while the Value Score of C is more neutral. You can see the complete list of today’s Zacks #1 Rank stocks here. Zacks research gives greater weight to Rank #1 or #2 (Buy) stocks paired with A or B Style Scores. The Rank can change as analysts revise estimates following the reported results, so the signal should be viewed as current rather than permanent. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Okeanis Eco Tankers Corp. (ECO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Adjusted EPS: $5.91 for Q2 2026, and $8.28 for the first half of the year. Fleet-wide Time Charter Equivalent (TCE): Approximately $181,000 per vessel per day for the quarter. Adjusted EBITDA: $252 million for Q2 2026. Adjusted Net Profit: $231 million for Q2 2026. Dividend: Declared 17th consecutive quarterly dividend of $5.25 per share, representing almost 90% of reported and adjusted net income. Total Dividends Distributed: Over $780 million paid in dividends since IPO in Oslo. TCE Revenue (First Half): Over $400 million for the first six months. EBITDA (First Half): $362 million. Net Income (First Half): Approximately $320 million, or $8.28 per share. Cash Balance: $248 million at quarter end, including about $35 million earmarked for equity for the acquisition of the initial FUSH. Balance Sheet Debt: $722 million. Book Leverage: 35%. Market-Adjusted Net LPV: Below 25% based on latest broker values. Fleet Size: 18 vessels on the water, with an average age of 5.6 years. Weighted Average Margin: Reduced to 1.47%. Spot VLCC Earnings: $213,600 per day for the quarter. Spot Suezmax Earnings: $174,900 per day for the quarter. Total VLCC Earnings: $187,700 per day, including time charter and Greek compensation. Fleet Utilization: 99% for the quarter. Q3 Guidance (Fixed Spot Portion): 48% of VLCC spot days at approximately $207,000 per day; 42% of Suezmax spot days at $133,000 per day; fleet-wide fixed spot at $166,500 per day on 681 days. Time Charter Days (Q3): 92 days at $90,000 per day. Warning! GuruFocus has detected 2 Warning Sign with GXO. Is ECO fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record Q2 2026 results with adjusted EPS of $5.91, the strongest quarter in company history. Fleet-wide time charter equivalent reached approximately $181,000 per vessel per day, with spot VLCCs earning $213,600 per day. Declared 17th consecutive quarterly dividend of $5.25 per share, representing nearly 90% of net income and totaling $9.55 per share over the last four quarters. Successfully completed delivery of all four Suezmax vessels, expanding the fleet to 18 modern, scrubber-fitted vessels with an average age of only 5.6 years. Demonstrated significant value creation from recent vessel acquisitions, with an estimated $121 million in combined value from the first two Suezmax resales. Strong Q3 2026 guidance with 48% of VLCC spot days fixed at approximately $207,000 per day and 42% of Suezmax spot days at $133,000 per day. Reduced weighted average loan margin to 1.47%, an improvement of over 200 basis points since 2023. Maintained high fleet utilization at 99% during the quarter, reflecting strong operational execution. Positioned to benefit from ongoing geopolitical disruptions and long-haul trade patterns, with Atlantic-to-Asia VLCC liftings up to 35% of total. Expects to return over $1 billion to shareholders since inception by the end of 2026. VLCC and Suezmax order books are high at approximately 32% and 30% of existing fleet, respectively, posing a medium-term supply risk. Geopolitical tensions in the Strait of Hormuz, Red Sea, and Black Sea create significant market volatility and operational risks, including potential attacks on vessels. The company's 100% spot exposure is risk-on, and the CEO admitted that fixing a time charter at $90,000 per day in February was a 'huge mistake' given the strong spot market. Working capital has increased meaningfully due to higher rates, requiring a higher cash balance to manage receivables, which could impact liquidity. The Milos is scheduled for dry dock in Q3 2026, which will temporarily reduce fleet availability and incur costs. TD20 Suezmax rates have recently come under pressure, partly due to an oversupply of vessels in West Africa, though the CEO expects a rebound. The company faces uncertainty from potential normalization of Gulf output and OPEC+ production increases, which could alter the current favorable tanker market dynamics. The CEO noted that the time charter market is unattractive at current levels, limiting options for securing long-term revenue visibility. The company's fleet is fully delivered, and with no newbuilds on order, it may miss out on potential upside from future asset appreciation. The market remains highly volatile, and the company cannot predict every market move, posing a risk to future earnings. Q: How does Okeanis Eco Tankers view the potential reopening of the Strait of Hormuz, and how is the fleet positioned for this scenario?A: CEO Aristidis Alafouzos explained that the June reopening provided a template, but noted a key difference: independent oil companies are likely to remain cautious, while national oil companies and large traders will continue using shuttle services from inside the Gulf to Fujairah. He emphasized that the current market is inefficient due to shuttling and rerouting, which continues to create strong ton-mile demand for VLCCs, particularly for Atlantic crude exports to Asia. Q: Given the strong market, why is the company maintaining a 100% spot strategy instead of fixing more time charters or selling vessels like some peers?A: CEO Aristidis Alafouzos stated that fixing the one time charter at $90,000 per day in February was a "huge mistake" given the current earnings power of the spot market. He argued that with vessels earning $150,000-$200,000 per day, locking in long-term charters would require zero or negative earnings for the balance period to make sense. He also noted that peer asset sales are case-specific and often tied to fleet renewal or funding other sectors, while OET sees continued upside and does not want to reduce its spot exposure. Q: What is the outlook for Suezmax rates given increased Atlantic Basin production and the lifting of sanctions on Venezuela?A: CEO Aristidis Alafouzos responded that the Suezmax is a versatile asset that benefits from shorter-haul trades, including Venezuelan flows, West Africa, Black Sea, Guyana, and US Gulf cargoes. However, he noted that when arbitrage economics favor long-distance transport, those cargoes shift to VLCCs. Overall, he sees the lifting of sanctions and increased Atlantic production as positive tailwinds for the Suezmax market. Q: Will the company stay the course on its capital structure, or does it plan to accelerate debt repayment?A: CFO Iraklis Sbarounis confirmed the company will maintain its strategy of distributing as much as possible to shareholders. He stated there is no intention to accelerate debt paydown, as the current leverage position is a competitive advantage in a positive market, allowing the company to crystallize value for shareholders through dividends. Q: What is driving the recent weakness in Suezmax rates (TD20), and is this level expected to persist?A: CEO Aristidis Alafouzos attributed the TD20 weakness to its role as a "backhaul" route for ballasting vessels returning from the East, particularly with Hormuz disruptions limiting cargo availability. He also cited recent attacks at the CPC terminal prompting owners to divert to West Africa, creating a prompt oversupply. He expressed a bullish view, suggesting rates have likely bottomed and should recover in the coming days. Q: Can you provide details on the recent attack on the MRC vessel at the CPC terminal and its impact on the company's willingness to call there?A: CEO Aristidis Alafouzos confirmed the vessel sailed from CPC after loading and is now in Turkey for inspections and temporary repairs before completing its voyage. He acknowledged the complex political situation but stressed that CPC crude is critical for European refining, with major partners like Exxon and Chevron involved. He expressed confidence that a solution will be found to protect exports, though he acknowledged the current danger for crews and the need for security to be established. Q: Did the significant increase in working capital impact the board's dividend decision, and should investors expect higher cash balances going forward?A: CFO Iraklis Sbarounis acknowledged that working capital movements have fluctuated significantly due to elevated rates, but noted receivables are typically collected shortly after quarter-end. He stated that a slightly higher steady cash balance would be prudent for the now 18-vessel fleet, but reaffirmed the company's commitment to distributing as much as possible to shareholders, consistent with its track record. Q: How does the company view the growing order book and its potential impact on the tanker market?A: CEO Aristidis Alafouzos acknowledged the order book has reached approximately 30-32% of the existing fleet, but emphasized that the timing matters. Only a small portion delivers in 2026, with the largest delivery years concentrated in 2028-2029. He also noted the existing fleet is aging, and a substantial portion of older vessels operate in sanctioned trades and are not interchangeable with the compliant fleet, tempering the near-term supply response. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Okeanis Eco Tankers Corp. (ECO) came out with quarterly earnings of $5.91 per share, beating the Zacks Consensus Estimate of $4.41 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +34.01%. A quarter ago, it was expected that this company would post earnings of $1.74 per share when it actually produced earnings of $2.33, delivering a surprise of +33.91%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Okeanis Eco Tankers Corp., which belongs to the Zacks Transportation - Shipping industry, posted revenues of $268.14 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 23.97%. This compares to year-ago revenues of $93.95 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Okeanis Eco Tankers Corp. shares have added about 81.4% since the beginning of the year versus the S&P 500's gain of 11%. While Okeanis Eco Tankers Corp. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Okeanis Eco Tankers Corp. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.91 on $82.5 million in revenues for the coming quarter and $9.53 on $552.5 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Euroseas Ltd. (ESEA), has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $4.47 per share in its upcoming report, which represents a year-over-year change of +6.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Euroseas Ltd.'s revenues are expected to be $57.98 million, down 1.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Okeanis Eco Tankers Corp. (ECO) : Free Stock Analysis Report Euroseas Ltd. (ESEA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ATHENS, Greece, Aug. 04, 2026 (GLOBE NEWSWIRE) -- 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. 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, CFOTel: +30 210 480 [email protected] Investor Relations / Media Contact:Nicolas Bornozis, PresidentCapital Link, Inc.230 Park Avenue, Suite 1540, New York, N.Y. 10169Tel: +1 (212) [email protected] 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. A PDF associated with this press release can be found here: http://ml.globenewswire.com/Resource/Download/d773c793-1b73-4f4d-be1c-79a9ec3c623d

Okeanis Eco Tankers Corp. ECO is set to report second-quarter 2026 results on Aug. 4, after market closes. The Zacks Consensus Estimate for the to-be-reported quarter earnings has remained flat at $4.41 per share over the past 60 days. The consensus mark for earnings implies an increase of more than 100% from second-quarter 2025 actuals. Currently, the Zacks Consensus Estimate for quarterly revenues is pegged at $216.30 million, indicating a year-over-year increase of more than 100%. Okeanis has an encouraging earnings surprise history. The company’s earnings have outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 79.2%. Okeanis Eco Tankers Corp. price-consensus-eps-surprise-chart | Okeanis Eco Tankers Corp. Quote Let’s see how things have shaped up for ECO this earnings season. We expect ECO’s performance in the to-be-reported quarter to have been significantly impacted by persistent macroeconomic uncertainty, which might have affected customer demand and shipment volumes. Escalated voyage operating costs and elevated fuel costs are likely to have weighed on the company’s bottom-line performance in the to-be-reported quarter by increasing the overall cost of vessel operations. Higher labor costs are also expected to have exerted additional pressure on margins and profitability, potentially offsetting some of the benefits from stronger revenue generation. A decrease in freight rates and carried volume is expected to have hurt revenues in the to-be-reported quarter. However, continued fleet expansion initiatives are likely to have driven the company’s performance in the to-be-reported quarter. Our proven model does not predict an earnings beat for Okeanis Eco Tankers this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. ECO has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. Okeanis reported quarterly earnings of $2.33 per share, beating the Zacks Consensus Estimate of $1.74 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items. The company posted revenues of $132.22 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 26.67%. This compares with year-ago revenues of $80.15 million. The company has topped the consensus revenue estimates in each of the past four quarters. Here are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle. International Seaways INSW has an Earnings ESP of +3.10% and a Zacks Rank #1 at present. INSW is scheduled to report second-quarter 2026 earnings on Aug. 10 The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upwards by 17.07% over the past 60 days to $5.28 per share. INSW’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters. The average beat being 33.93%. DHL Group Sponsored ADR DHLGY has an Earnings ESP of +09.80% and a Zacks Rank #2 at present. DHLGY is scheduled to report second-quarter 2026 earnings on Aug. 4 The Zacks Consensus Estimate for second-quarter 2026 earnings has been revised upwards by 15.9% over the past 60 days to 51 cents. DHLGY’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters (missing the mark in the remaining quarter). The average beat being 34.48%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Okeanis Eco Tankers Corp. (ECO) : Free Stock Analysis Report International Seaways Inc. (INSW) : Free Stock Analysis Report DHL Group Sponsored ADR (DHLGY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ATHENS, Greece, July 30, 2026 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. (the “Company” or “OET”) (NYSE:ECO / OSE:OET), will report unaudited condensed financial results for the second quarter of 2026, after market close on the NYSE, on Tuesday, August 4, 2026, and a webcast will be held at 14:30 CET, on Wednesday, August 5, 2026. Participants may access the webcast using the following link: https://events.q4inc.com/attendee/394260832 The presentation material, which will be used in the webcast, will be available for downloading from the Investor Relations section at www.okeanisecotankers.com prior to the live webcast. Contacts Company:Iraklis Sbarounis, CFOTel: +30 210 480 [email protected] Investor Relations / Media Contact: Nicolas Bornozis, PresidentCapital Link, Inc.230 Park Avenue, Suite 1540, New York, N.Y. 10169Tel: +1 (212) [email protected] 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.

Seacor Marine (SMHI) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of a loss of $1.24 per share. This compares to a loss of $0.26 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +109.68%. A quarter ago, it was expected that this operator of a fleet of marine support vessels would post a loss of $0.92 per share when it actually produced a loss of $0.61, delivering a surprise of +33.7%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Seacor Marine, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $54.63 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 19.80%. This compares to year-ago revenues of $60.81 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Seacor Marine shares have added about 32.4% since the beginning of the year versus the S&P 500's gain of 8.5%. While Seacor Marine has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Seacor Marine was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.59 on $45.79 million in revenues for the coming quarter and -$3.25 on $176.93 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Okeanis Eco Tankers Corp. (ECO), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This company is expected to post quarterly earnings of $4.41 per share in its upcoming report, which represents a year-over-year change of +431.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Okeanis Eco Tankers Corp.'s revenues are expected to be $216.3 million, up 130.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SEACOR Marine Holdings Inc. (SMHI) : Free Stock Analysis Report Okeanis Eco Tankers Corp. (ECO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research