Okeanis Eco Tankers Corp. reported robust unaudited condensed financial results for the second quarter and six-month period of 2025 on August 12, 2025. The company achieved a fleet-wide Time Charter Equivalent (TCE) of approximately $50,500 per vessel per day, with VLCCs earning nearly $50,000 and Suezmaxes at $51,500.
For Q2 2025, the company reported an adjusted EBITDA of $47.3 million, an adjusted net profit of $26.7 million, and adjusted EPS of $0.83. For the first half of 2025, TCE revenue stood at $113 million, EBITDA at almost $80 million, and reported net income exceeded $39 million, or $1.23 per share.
The company maintained a strong financial position, ending Q2 2025 with $65 million in cash and balance sheet debt of $631 million, resulting in a market-adjusted net Loan-to-Value (LTV) of approximately 40%. This financial strength supports its operational flexibility.
The board of directors declared a dividend of $0.70 per common share to shareholders, marking its 13th consecutive dividend. This significant increase from the previous quarter's $0.32 per share reflects the strong financial performance.
The cash payment for the dividend is scheduled for September 5, 2025, to shareholders of record as of August 22, 2025. The common shares will trade ex-dividend on the New York Stock Exchange from August 22, 2025, and on the Oslo Stock Exchange from August 21, 2025.
The company's 2024 drydock program, which included five of its six VLCCs undergoing special surveys, incorporated high-spec tanks and a new graphene propeller coating. These upgrades are projected to yield a 10% consumption benefit over a five-year period, with an estimated annual saving of $1 million for 2025.
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