Okeanis reports Q1 2024

Missed Okeanis Eco Tankers (ECO) reporting last week (05/16)

  • Time Charter Equivalent rev of $81M
  • Adjusted EBITDA of $65.2M
  • Adjusted profit of $39.6M
  • Charter avg: VLCC $68.8k daily, Suezmax $56.7k daily

Declared dividend of $1.10/sh. I believe it is a return-of-capital payout. Not sure why ECO mgmt choose that option - seems like the company can cover the dividend.


Was already aware the fleet vessels being all ECO designed does offer the company a leg up vs peers.

Had a chance to skim the q1 conference call. There was another factor that helped explain ECO’s great rates in q1 2024. ECO mgmt point out the fact that the company took advantage of route triangulation. What will be an advantage in one quarter becomes a negative impact the following qtr or two. ECO has the added challenge of some drydock/maintenance work in 2024. While fleet is all spot currently, ECO mgmt does have some ideas on mid term TC coverage (say 5-years) at the right charter points.