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Mar 31
Okeanis Eco Tankers Corp Q1 2025 Earnings Report
Okeanis Eco Tankers reported lower earnings in Q1 2025 due to a decline in time charter equivalent rates and revenues.
Key Takeaways
Okeanis Eco Tankers generated $80,147,652 in revenue and $12,555,933 in net income during Q1 2025, reflecting weaker market conditions and lower TCE rates across its VLCC and Suezmax fleet. Despite the revenue drop, the company maintained efficient operations and declared a $0.32 per share dividend.
Revenue declined to $80,147,652 due to a sharp drop in TCE rates.
Net income was $12,555,933, down from $41,555,603 a year earlier.
Adjusted EPS came in at $0.36 per share.
Declared Q1 2025 dividend of $0.32 per share to be paid on June 12, 2025.
Okeanis Eco Tankers Corp
Okeanis Eco Tankers Corp
Forward Guidance
Okeanis Eco Tankers expects higher earnings in Q2 2025 based on stronger booked TCE rates and proactive fleet management strategies.
Positive Outlook
- Higher TCE rates booked for Q2 2025 on both VLCC and Suezmax vessels.
- New $130 million credit facility secured to finance vessel buybacks.
- Strong operating efficiency maintained with flat Daily Opex.
- Dividend maintained, supporting shareholder return focus.
- Positive adjusted profit despite lower market conditions.
Challenges Ahead
- Significant YoY decline in revenue and profitability.
- Interest and finance costs remained elevated at $11.4 million.
- Weaker TCE environment compared to Q1 2024.
- Fleet exposure to spot market could increase earnings volatility.
- Cash and equivalents declined by $12.2 million during the quarter.