ECO · Okeanis Eco Tankers Corp.

Okeanis Eco Tankers’ Q1 2026 results reflect an exceptional performance driven by historically elevated charter rates across its VLCC and Suezmax fleets. TCE revenue surged 172% year-over-year to $132.2 million, directly attributable to fleetwide daily TCE rates rising 142% to $93,100 per operating day — with VLCCs at $104,300 and Suezmaxes at $81,600. This rate strength more than offset modest cost increases: vessel operating expenses rose only 4% to $12.2 million, and daily Opex increased just 4% to $9,593 per calendar day. The Company’s strategic fleet expansion contributed materially — it took delivery of Nissos Piperi and Nissos Serifopoula in January 2026 and announced purchases of two newbuilding Suezmaxes for $99.3 million each. Capital discipline was evident: interest and finance costs declined 10% to $10.3 million due to lower loan margins, and the $130.0 million equity raise strengthened liquidity. Forward visibility remains robust: as of early Q2 2026, 46% of VLCC spot days are fixed at $223,900/day and 60% of Suezmax spot days at $187,300/day — more than double Q1’s average rates — signaling sustained pricing power. The $2.00/share dividend declaration underscores confidence in cash generation, while the $50.0 million Nissos Rhenia Facility reflects active balance sheet management to optimize ownership structure. These results confirm OET’s execution against a favorable macro backdrop marked by constrained tanker supply, strong crude and refined product demand, and geopolitical disruptions supporting freight rates.