Okeanis ECO Tankers (ECO) announced their Q2 2026 results earlier this week. Single word summary - Stupendous! ECO owns two types of tankers, VLCCs and Suezmaxes, and each vessel size managed above $174,000 daily for Q2 2026! Digging deeper into the stats.
- TCE Rev of $268.1M
- EBITDA of $251.8M
- Adj net profit $230.8M
- Declared div of $5.25/sh
ECO have one VLCC on time-charter. In Q4 2025, ECO acquired two resale Suezmax for $95M each (delivery Jan 2026), and in Q1 2026, acquired two soon-to-deliver Suezmax vessels for a little under $200M. The company did issue equity for each pair of acquisitions. However, in the above presentation, they make the case that one transaction has already been beneficial due to the above NAV equity raise + generated cashflow since the acquisition.
ECO have one VLCC on time-charter. For Q3 2026, the VLCC spot avg has remained above $200,000 daily (42% done). The Suezmax avg is still at a very, very healthy rate @ $133,000 daily (42% done)
No ECO position currently. I did have an ECO position in mid 2024. But, was not smart enough to hold through a rough spell, and took a loss in early 2025.