Okeanis Eco Tankers Corp Reports Strong Q1
War in the Middle East has energized oil and gas prices for much of the year, from around $57.00 per barrel at the start of the year to a multi-year high of $109.00 per barrel in April.
Crude oil found support near $90 per barrel but after it was announced a peace deal was in place, crude prices fell to approximately $75 per barrel. That euphoria did not last.
On July 8, U.S. President Trump said Iran violates the ceasefire agreement everyday and declared the interim deal “over,” while threatening to attack Iran “hard.” Trump noted that the two sides could still talk but “it’s just a waste of time dealing with them.” Adding, “They’re cuckoo.”
Global markets responded as expected to the news, with crude oil prices surging. West Texas Intermediate, the North American benchmark topped $75.00 per barrel; it’s highest trading level since June 18.
Shipping costs are also expected to remain robust. The Strait of Hormuz might fully reopen, but will it continue to be a safe place for ships to navigate?
Even if things return to where they were before the war, demand for crude and liquified natural gas (LNG) will be strong. Despite the energy transition away from crude, oil and LNG is still going to be needed to generate electricity to fuel artificial intelligence (AI), data centers, and emerging markets.
Not every country is floating on oil and gas and instead, needs to import it. And that’s great news for oil and gas marine shipping companies like Okeanis Eco Tankers Corp (NYSE:ECO).
Okeanis is an international shipping company that operates in the crude oil industry. It’s fleet currently consists of 18 tanker vessels, including 10 modern Suezmax and eight modern Very Large Crude Carriers (VLCC) tankers. (Source: “DNB Carhegie Energy And Shipping Conference 2026,” Okeanis Eco Tankers Corp. March 4, 2026.)
The fleet has 94% spot exposure, positioning it to maximize earnings potential in a strengthening crude tanker market. The 18 vessels have an average age of six years, making it one of the youngest fleets in a potentially shrinking global fleet and also has one of the highest scrubber penetration.
A scrubber is an exhaust cleaning system that removes harmful substances including sulfur oxide and nitrogen oxide from exhaust emitted by vessels.
Because of marine regulations, companies need to either use expensive fuel with low sulphur content or install a clean exhaust scrubbing system. The company’s very name suggests it went with the eco scrubbing systems.
Q1 Earnings Up 600%, Revenue Jumps 125%
Okeanis continues to surprise Wall Street with sizeable earnings beats. In the first quarter, the company announced that revenue jumped 125% on an annual basis to $170.2 million. (Source: “Okeanis Eco Tankers Corp. Reports Financial Results for the First Quarter of 2026,” Okeanis Eco Tankers Corp. May 13, 2026.)
Net income was up 600% at $88.3 million, or $2.31 per share. Adjusted net income came in at $88.9 million, or $2.33 per share. Wall Street was looking for adjusted earnings per share of $1.74 per share.
During the quarter, the fleetwide daily time charter equivalent rate per operating day was $93,600 per available spot day and $93,100 per operating day. Of that total, the TCE rate for VLCC vessels was $106,400 per available spot day and $104,300 per operating day; and Suezmax TCE rate of $81,600 per available spot and operating day.
Daily vessel operating expenses were $9,593 per calendar day.
For the second quarter to date,46% of the available VLCC spot days were booked at an average TCE rate of $223,900 per day and 60% of the available Suezmax spot days were been booked at an average TCE rate of $187,300 per day.
Q1 Payout Jumps 500%+ to $2.00/ Share
Okeanis Eco Tankers quarterly distribution varies because the payout is based on its adjusted earnings. And it aims to distribute approximately 90% of its earnings every quarter.
The company’s payout has been going up over the last number of quarters though. In early June it paid out $2.00 per share; that’s up 525% from the $0.32 paid out in the same prior year period and up 29% from the $1.55 paid out in the fourth quarter of 2025. (Source: “Dividends and Share Buybacks,” Okeanis Eco Tankers Corp., last accessed June 17, 2026.)
The current dividend works out to an annual distribution of $5.00 per share, for a forward annual yield of 9.4%.
ECO Stock Hits Record High
This puts ECO stock up approximately:
- 14% over the last month
- 12% over the last three months
- 52% year to date
- 161% on an annual basis
Big gains, but even conservative Wall Street sees Okeanis hitting fresh highs over the coming quarters, with a median price target of $75.00.
Chart courtesy of StockCharts.com
The Lowdown on Okeanis Eco Tankers Corp
Okeanis Eco Tankers Corp is a great marine shipping stock with one of the youngest, best performing crude tanker fleet. It has a strong balance sheet, and is reporting solid financial results, including strong revenue, earnings, and TCE rates.
These dynamics are expected to continue with strong demand for crude oil extending out to at least 2040. This bodes well for both ECO stock and its high yield dividend.
This is good news for insiders that collectively own 46.1% of all outstanding shares. Institutions hold 30.6% of all outstanding shares. Some of the top holders include QVT Financial LP, Goldman Sachs Group Inc, and JPMorgan Chase & Co. (Source: “Holders,” Yahoo! Finance, last accessed February 2, 2026.)