What were the key takeaways from Okeanis Eco Tankers’s earnings call?

Did Okeanis Eco Tankers beat or miss consensus estimates last quarter?

What is Okeanis Eco Tankers's gross profit margin?

What were the key takeaways from Okeanis Eco Tankers's earnings call?

What is Okeanis Eco Tankers's latest dividend and current dividend yield?

What factors drove the changes in Okeanis Eco Tankers's revenue and profit?

What does Okeanis Eco Tankers do and what are its main business segments?

What is the revenue and EPS growth rate for Okeanis Eco Tankers year over year?

- **Record Q2 Performance**: $47.3M EBITDA, 100% fleet utilization, dividend $0.70/share.
- **Strategic Refinancing**: $1M/year savings, breakeven cut by $1,000/day.
- **Market Strength**: OPEC+ 1.1M bbl/day boost, India crude diversion driving VLCC demand.
- **Geopolitical Tailwinds**: Shadow fleet constraints, 2028+ modern fleet dominance.

**【CFO Financial Highlights】**
- Q2 2025: Fleet-wide TCE of $50,500/day (VLCC: $49,800, Suezmax: $51,400), Adjusted EBITDA $47.3M, Net Profit $26.7M, EPS $0.83.
- Dividend of $0.70 declared (13th consecutive), 4Q trailing distributions: $1.82/share (~9% of earnings).
- Balance Sheet: $65M cash, Debt $631M, Book Leverage 57%, Market LTV 40%.
- Refinancing: 3 vessels (Nissos Nikouria, Kea, Anafi) at 135-140bps SOFR, saving $1M/year, reducing breakeven by $1,000/day.

**【CEO Commercial Update】**
- Q2 Utilization: 100% across segments, VLCC TCE +12% QoQ, Suezmax outperformed VLCC.
- Strategy: East-West triangulation (e.g., Guyana to Far East, diesel cleanup in AG), 77% VLCC fixed at $44.2K/day, 60% Suezmax at $34.2K/day.
- Q3 Outlook: OPEC +1.1M bbl/day by Sep, requiring ~20 VLCCs. India shifting to U.S./Brazil crude, supporting ton-mile demand.
- Fleet: 14 vessels (youngest in sector), 2026 drydocks minimal (1 Suezmax).

**【Q&A Highlights】**
- **Geopolitical Impact**: India diverting 10-15% crude from Russia to U.S./Brazil, supporting VLCC rates. China likely absorbs displaced Russian crude.
- **Clean Trade**: 1-2 VLCCs/month in diesel trade when MR rates >$30K. Cost savings from terminal loading vs. STS ops.
- **Cost Structure**: G&A $4M/Q2 (euro exchange rate impact), 2026 OpEx flat YoY (hedged FX).
- **Risk**: Shadow fleet constrained by U.S./EU sanctions, modern fleet advantage in 2028+ (50%+ over-15yr tonnage).

Okeanis Eco Tankers Corp. (ECO) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: 100% utilization, $38.5k/day TCE, $32.5M EBITDA
- **Dividend Continuity**: 12th straight quarter of $0.32/share ($2.22 annualized)
- **Market Strength**: VLCC utilization near 90%, Suezmax stretched by Kazakhstani crude arbitrage
- **Iran Catalyst**: 1.5M bpd exports could shift to compliant fleet; potential newbuild demand
- **Fleet Advantage**: Youngest eco-fleet with full scrubbers; only 2 drydocks in 2025
- **Financing Edge**: New loans at 140bps SOFR; no penalties for early refinancing

**【CFO Financial Summary】**
- Q1 2025 TCE revenue: $48.6 million (VLCC: $38,000/day, Suezmax: $39,200/day)
- Adjusted EBITDA: $32.5 million; Net profit: $11.4 million; EPS: $0.36
- 12th consecutive dividend: $0.32/share ($2.22 annualized)
- Debt reduction: $12M/QTR → $634M Q1 end; LTV: 40%
- Fleet recap: 14 vessels (avg age 5.6y), youngest eco-fleet with full scrubbers
- Recent actions: Exercise $0-penalty purchase options for 3 Chinese VLCCs; securing $130M financing at 140bps SOFR

**【CEO Market Update】**
- Q1 market strength: Sanctions on shadow fleet, Kazakhstani crude arbitrage
- Q2 guidance: VLCC spot @ $46.7k (72% utilization), Suezmax @ $60.6k (64% utilization)
- Key trends: 
  - OPEC+ unwind faster than expected (+800k bpd May-Jun)
  - Non-OPEC+ production growth (+2M bpd from US, Brazil, Norway)
  - VLCC utilization near 90% (last peak: 2015 @ $70k/day)
  - Shadow fleet aging (50% VLCCs >20y by 2028)
- Iran wildcard: 1.5M bpd exports could shift to compliant fleet; potential newbuild demand

**【Q&A Highlights】**
- Financing: New loans at 140bps SOFR; expect similar terms for Rhenia/Despotiko refinances
- TC coverage: Charting prefers spot due to asset value premium; TC rates need to catch up
- Ship values: Old VLCCs trading at $48-50M; Iran deal could drive up demand for new eco-tonnage
- Geopolitical risk: US targeting Chinese refiners; sanctions could limit shadow fleet utilization

ECO

ECO fundamentals

Earnings Call

You can ask Aime