Okeanis Eco Tankers reported a sharp rise in profit for the first quarter of 2026, supported by robust revenues from its tanker operations. The company recorded a profit of $88.3 million for the period ending March 31, compared with $12.6 million in the same quarter of the previous year.
Revenues reached $170.2 million during the three-month period, representing a significant increase from the $80.1 million reported in 2025. This growth was primarily attributed to higher time charter equivalent rates across the fleet.
Average daily rates for very large crude carriers reached $104,300, while Suezmax vessels earned $81,600 per operating day. Okeanis stated that 46 per cent of available spot days for its larger tankers and 60 per cent for its Suezmax fleet have been booked at rates of $223,900 and $187,300 respectively for the second quarter.
Operating expenses for the quarter rose to $12.2 million from $10.5 million a year earlier. Voyage expenses also increased by 17 per cent to $36.2 million, which the company noted was mostly due to higher port costs.
The shipping firm expanded its fleet with the delivery of Nissos Piperi and Nissos Serifopoulo in January. It also entered agreements to purchase two newbuilding Suezmax vessels for $99.3 million each, which are scheduled to be delivered to the company in May and July 2026, respectively.
Financing activities included a share offering in January that raised gross proceeds of approximately $130 million. The company further secured a $50 million facility to repurchase the Nissos Rhenia from its financier on May 4.
Additional funding was arranged through a $50 million agreement for the Nissos Despotiko which is expected to close in June. A further $90 million facility was secured for two vessels, to be named Nissos Tigani and Nissos Vous, with deliveries scheduled for May and July.
The fleet consisted of 16 vessels at the end of March, with an average age of 5.8 years This total comprises eight Suezmax vessels with an average age of 5.7 years and eight VLCCs averaging 5.9 years.
In February, the company entered a one-year charter agreement for its vessel Nissos Nikouria at a daily rate of $91,140. Total cash and restricted cash stood at $176.5 million at the close of the quarter.