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Okeanis Eco Tankers Corp. ECO

Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)

81.18USD−4.38% · 1 dayClose 05 Nov 2026

Okeanis Eco Tankers Corp. is an international owner and operator of crude oil tankers in the Suezmax and VLCC classes. The company reported revenue of 391.5 mn USD for fiscal 2025 and expanded its fleet with acquisitions funded by share offerings, making it relevant to the evolution of seaborne crude oil transport markets.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Okeanis Eco Tankers Corp. (ECO) stock was 81.18 USD (−4.38% on the day), with market capitalisation 2.9 bn USD, P/E 21.5 on diluted EPS of 3.77 USD over the last 12 months, dividend yield 2.61%, beta 0.48, 52-week range 31.96–101.63 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.9 bn USD
shares as of 31 Dec 2025
P/E (TTM)
21.5
Diluted EPS TTM 3.77 · TTM to 31 Dec 2025
E/P (TTM)
4.64%
TTM to 31 Dec 2025
Dividend yield
2.61%
DPS 12m 2.12
Beta (2y)
0.48
Volatility (1y) 48%
52-week range
31.96101.63

Price history

Loading chart…

Technical reading

RSI (14)
40.4
weak (30–45)
Bollinger (20, 2)
82.46 – 103.65
below the lower band · %B -0.06 · band width 22.8%
SMA 50 / 200
84.27 / 59.98
mixed trend
MACD (12, 26, 9)
1.38 / 3.29
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−6.5%−1.1%−5.4 pp—
3 months+27.3%−0.5%+27.7 pp—
6 months+43.1%+4.4%+38.7 pp—
Year to date+139.9%+12.3%+127.6 pp—
1 year+145.6%+13.5%+132.0 pp+28.5%
3 years+166.1%+76.4%+89.7 pp+24.6%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−20.1%
29 Oct 2026 → 05 Nov 2026
Max drawdown (5y)
−49.0%
28 May 2024 → 04 Apr 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 3-quarter history (min 5.9, median 6.3, max 9.0; quarters with earnings only).

Fiscal years

Fiscal year20212022202320242025
Revenue169.0 m271.0 m413.1 m393.2 m391.5 m
Revenue YoYunavailable+60.3%+52.4%−4.8%−0.4%
Net income-903.1 k84.6 m145.2 m108.9 m123.0 m
Net income YoYunavailableunavailable+71.8%−25.1%+12.9%
Diluted EPS-0.032.634.513.383.77
Diluted EPS YoYunavailableunavailable+71.5%−25.1%+11.5%
net %-0.5%31.2%35.2%27.7%31.4%
Free cash flowunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
116.6 m USD
Financial debt
605.1 m USD
Net debt
488.5 m USD
Equity
573.1 m USD
Total assets
1.2 bn USD
Debt / equity
1.06x
Current ratio
1.50x
ROE
25.0%
ROA
10.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
413.1 m
2024
393.2 m
2025
391.5 m

SEC (XBRL)· 20 Mar 2026verified

Operating income
2023
201.1 m
2024
162.9 m
2025
162.5 m

SEC (XBRL)· 20 Mar 2026verified

Depreciation & amortisation
2023
40.4 m
2024
41.1 m
2025
41.4 m

SEC (XBRL)· 20 Mar 2026verified

EBITDA
2023
241.5 m ≈
2024
204.1 m ≈
2025
204.0 m ≈

SEC (XBRL)· 20 Mar 2026derived

Net income
2023
145.2 m
2024
108.9 m
2025
123.0 m

SEC (XBRL)· 20 Mar 2026verified

Diluted EPS
2023
4.51
2024
3.38
2025
3.77

SEC (XBRL)· 20 Mar 2026verified

Weighted average diluted shares
2023
32.2 m
2024
32.2 m
2025
32.6 m

SEC (XBRL)· 20 Mar 2026verified

Dividend per share
2023
—
2024
—
2025
2.12

SEC (XBRL)· 20 Mar 2026verified

Balance sheet · USD

Cash
2023
50.0 m
2024
49.3 m
2025
116.6 m

SEC (XBRL)· 20 Mar 2026verified

Inventories
2023
25.4 m
2024
24.3 m
2025
17.3 m

SEC (XBRL)· 20 Mar 2026verified

Current assets
2023
137.9 m
2024
118.9 m
2025
234.9 m

SEC (XBRL)· 20 Mar 2026verified

Total assets
2023
1.1 bn
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 20 Mar 2026verified

Short-term debt
2023
77.9 m
2024
46.7 m
2025
134.5 m

SEC (XBRL)· 20 Mar 2026verified

Long-term debt
2023
615.3 m
2024
599.0 m
2025
470.6 m

SEC (XBRL)· 20 Mar 2026verified

Current liabilities
2023
105.6 m
2024
72.7 m
2025
156.9 m

SEC (XBRL)· 20 Mar 2026verified

Total liabilities
2023
721.0 m
2024
671.7 m
2025
627.6 m

SEC (XBRL)· 20 Mar 2026verified

Equity
2023
408.1 m
2024
410.4 m
2025
573.1 m

SEC (XBRL)· 20 Mar 2026verified

Shares outstanding at year end
2023
32.2 m
2024
32.2 m
2025
35.4 m

SEC (XBRL)· 20 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
174.0 m
2024
162.8 m
2025
111.3 m

SEC (XBRL)· 20 Mar 2026verified

Investing cash flow
2023
960.6 k
2024
-7.9 m
2025
-42.4 m

SEC (XBRL)· 20 Mar 2026verified

Financing cash flow
2023
-207.1 m
2024
-154.7 m
2025
-3.4 m

SEC (XBRL)· 20 Mar 2026verified

Dividends paid
2023
—
2024
—
2025
70.7 m

SEC (XBRL)· 20 Mar 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 30 Apr 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-0.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
13.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-0.3%
computed by olivLawFY 2025
Net income growth (YoY)
12.9%
computed by olivLawFY 2025
Net income CAGR 3Y
13.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
11.5%
computed by olivLawFY 2025
EPS CAGR 3Y
12.8%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
52.1%
computed by olivLawFY 2025
EBIT margin
41.5%
computed by olivLawFY 2025
Net margin
31.4%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
25.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
10.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
13.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
15.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
56.2%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
488.5 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
2.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
111.3 m USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
54.6%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.9 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
3.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
23.4x
computed by olivLawFY 2025
P/E (TTM)
21.5x
computed by olivLawFY 2025
Earnings yield
4.6%
computed by olivLawFY 2025
P/B
5.0x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
7.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
16.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
20.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
8.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.6%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 50 / 100

A scoring methodology on indicators and valuation, not investment advice.

(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

81.18 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 2.9 bn USD

Key indicators

Market capitalisation
2.9 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
21.5x
computed by olivLawFY 2025
P/B
5.0x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
16.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
25.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
31.4%
computed by olivLawFY 2025
Revenue growth (YoY)
-0.4%
computed by olivLawFY 2025
Dividend yield
2.6%
computed by olivLawFY 2025

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 20 Mar 2026
verified 103

Score by group

  • Balance sheet42
  • Returns35
  • Quality74
  • Growth93
  • Valuation9

Estimated value range

Low
13.55
USD per share
Mid
28.92
USD per share
High
37.47
USD per share
Price: 81.18 USD
The price is above the range
Potential to the central value: -64.4% (value / price − 1)
Margin of safety: -180.7% (1 − price / value)
Agreement between methods: high · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.88 – 50.12 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDA10.88 – 34.29 (Mid 24.62)
    13 companies used · median multiple 6.7x · quartiles 4.3x – 8.4x
    CMRE, DAC, DHT, DSX, EHLD, GNK, GSL, HSHP, LPG, SMHI, TEN, TRMD, ZIM
  • Peers: P/E13.55 – 50.12 (Mid 28.92)
    26 companies used · median multiple 7.7x · quartiles 3.6x – 13.3x
    ASC, CISS, CMBT, CMRE, CTRM, DAC, DHT, DSX, EHLD, FRO, GASS, GNK, GSL, IMPP, LPG, NMM, PANL, PSHG, PXS, SHIP, STNG, TEN, TK, TOPS, TRMD, ZIM
  • Dividend discount (DDM)27.86 – 37.47 (Mid 31.96)
Multiple comparisons use the SIC vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 50/100

FactorValueScoreWeight used
ROIC · Quality13.2%75 (vs peers)14%
Net margin · Quality31.4%72 (vs peers)8%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth13.1%100 (on a fixed band)11%
EPS CAGR 3Y · Growth12.8%85 (on a fixed band)11%
Net debt / EBITDA · Balance sheet2.4x36 (vs peers)14%
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.5x58 (on a fixed band)6%
P/E (TTM) · Valuation21.5x17 (vs peers)14%
EV/EBITDA · Valuation16.5x0 (vs peers)14%
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns2.5%35 (on a fixed band)8%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet42/100 · 2/3 factors with a value
  • Growth93/100 · 2/2 factors with a value
  • Quality74/100 · 2/3 factors with a value
  • Returns· partial35/100 · 1/2 factors with a value
  • Valuation9/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Okeanis Eco Tankers Corp. (ECO). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 391.5 m USD in 2025; YoY growth -0.4%; net margin 31.4%; ROE 25.0%; net debt/EBITDA 2.4x.

The estimated value range is 13.55–37.47 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 28.92 USD, the price of 81.18 USD leaves a potential of -64.4% (value / price − 1) and a margin of safety of -180.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 50/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 13.2%
  • Net margin: 31.4%
  • Revenue CAGR 3Y: 13.1%
  • EPS CAGR 3Y: 12.8%

What contradicts it

  • P/E (TTM): 21.5x
  • EV/EBITDA: 16.5x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Interest coverage, FCF yield, Payout ratio (FCF).

Versus the vertical median

Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
21.5x
vertical median 9.9x
above median (+118.0%)
EV/EBITDA
16.5x
vertical median 6.7x
above median (+147.3%)
P/S
7.3x
vertical median 1.7x
above median (+323.5%)
P/B
5.0x
vertical median 1.0x
above median (+420.5%)
ROE
25.0%
vertical median 9.0%
above median (+177.9%)
Net margin
31.4%
vertical median 15.5%
above median (+102.8%)
EBIT margin
41.5%
vertical median 24.8%
above median (+67.5%)
Revenue YoY
-0.4%
vertical median -3.7%
above median
Net debt/EBITDA
2.4x
vertical median 1.3x
above median (+85.6%)
Dividend yield
2.6%
vertical median 2.3%
above median (+12.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FROFrontline plc10.0 bn26.315.6%19.2%−8.8%+90% / +125%
CMBTCmb.tech NV5.2 bn3.749.1%92.6%−23.9%+51% / −8%
STNGScorpio Tankers Inc.4.2 bn11.511.4%36.7%−24.6%+41% / +49%
TRMDTORM plc3.5 bn12.013.3%21.3%−14.1%+60% / +22%
ZIMZim Integrated Shipping Services Ltd.3.3 bn6.911.9%6.9%−18.1%+34% / +292%
DHTDht Holdings, Inc.3.3 bn15.619.4%42.4%−12.8%+57% / +106%
SBLKStar Bulk Carriers Corp.3.0 bn36.33.4%8.1%−17.6%+33% / +25%
ECOOkeanis Eco Tankers Corp.2.9 bn21.525.0%31.4%−0.4%+146% / +166%
DACDanaos Corporation2.7 bn5.613.7%47.4%+2.8%+52% / +112%
NMMNavios Maritime Partners L.P.2.4 bn8.4—21.2%+0.8%+55% / +226%
LPGDorian Lpg Ltd.2.0 bn6.128.3%55.0%+36.3%+86% / +9%
SFLSFL Corporation Ltd.1.6 bn—-2.5%-3.6%−18.9%+33% / −3%
CMRECostamare Inc.1.6 bn4.515.9%41.5%−1.2%−16% / +27%
GSLGlobal Ship Lease, Inc.1.4 bn3.325.5%54.3%+7.8%+10% / +110%
TENTsakos Energy Navigation Limited1.3 bn9.99.1%20.1%−0.7%+80% / +119%
GNKGenco Shipping & Trading Limited1.1 bn14.28.9%15.5%−19.1%+34% / +63%
TKTeekay Corporation Ltd.1.1 bn11.04.8%10.3%−22.2%+29% / +81%
SHIPSeanergy Maritime Holdings Corp.946.2 m13.77.8%13.4%−5.6%+31% / +90%
HSHPHimalaya Shipping Ltd.697.0 m39.311.2%13.4%+6.7%+66% / +149%
ASCArdmore Shipping Corp696.1 m19.46.6%13.2%−23.6%+40% / +26%
PANLPangaea Logistics Solutions Ltd.482.5 m9.911.0%6.7%+17.8%+5% / +5%
GASSStealthgas Inc.292.7 m4.89.2%35.0%+3.5%+15% / +18%
DSXDiana Shipping Inc.268.6 m21.13.5%8.3%−6.4%+18% / −32%
SMHISEACOR Marine Holdings Inc.235.1 m—-14.0%-17.6%−16.0%+22% / −25%
IMPPImperial Petroleum Inc.192.9 m3.310.5%31.0%+9.2%−8% / +160%

1- and 3-year price returns: for ECO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
47.96
Total return -39% · Per year -39%
84.47
Total return 7% · Per year 7%
126.80
Total return 59% · Per year 59%
3 years
54.90
Total return -26% · Per year -9%
107.97
Total return 42% · Per year 12%
176.72
Total return 129% · Per year 32%
5 years
62.83
Total return -11% · Per year -2%
137.99
Total return 88% · Per year 13%
246.29
Total return 227% · Per year 27%
What moves the 3-year price the most
  • Exit P/E± 26.99
  • Net margin± 18.89
  • Annual revenue growth± 14.33
  • Annual dilution± 1.59

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Mar 2026; since then the company filed 6-K (17 Aug 2026), 6-K (13 Aug 2026), 6-K (04 Aug 2026), 6-K (30 Jul 2026).

In brief

Okeanis Eco Tankers Corp. is an international owner and operator of crude oil tankers in the Suezmax and VLCC classes. The company reported revenue of 391.5 mn USD for fiscal 2025 and expanded its fleet with acquisitions funded by share offerings, making it relevant to the evolution of seaborne crude oil transport markets.

SWOT

Strengths

  • A relatively modern fleet with low fuel consumption, with ships fitted with scrubbers and built to ballast water rules.
  • Access to capital markets through registered share offerings used to fund newbuilding acquisitions.
  • A mix of spot and short-term charter employment can capture quick increases in tanker rates.

Weaknesses

  • Revenue depends largely on spot charter rates, which are volatile and hard to predict.
  • Debt, including facilities for repurchasing vessels, imposes repayment and financial covenant obligations.
  • Technical management is outsourced, creating reliance on a single service provider.

Opportunities

  • Newly ordered and delivered ships could expand capacity and earnings if rates remain firm.
  • Longer-term charter contracts could reduce exposure to spot market volatility.
  • Geopolitical tensions and sanctions could support demand for large vessels on alternative routes.

Threats

  • Large tanker newbuilding orders could lead to oversupply and lower charter rates.
  • Changes in crude demand, alternative energy or trade patterns could reduce cargo volumes.
  • Security risks such as attacks on vessels or detentions could disrupt operations.

Risks

  • Cyclicality of the tanker markethigh

    Charter rates and vessel values can fall sharply, which could affect earnings and the ability to pay dividends.

  • Oversupply of tankershigh

    Large deliveries of new tankers could reduce rates if demand does not grow correspondingly.

  • Dependence on a limited number of customersmedium

    A significant part of revenue comes from a small number of customers, and failure of their obligations could affect collections.

  • Debt and financial covenantsmedium

    Credit facilities contain covenants, and lower rates could make compliance difficult.

  • Environmental costs and regulationmedium

    Emissions and ballast water rules may require additional investment and could shorten the useful life of vessels.

Investment thesis

What would need to be true (bull case)

  • If geopolitical tensions and sanctions keep rates elevated, the company's relatively modern fleet could generate earnings above the 2025 level.
  • Newbuilding acquisitions funded through share offerings could raise capacity and asset value if deployed effectively.
  • Longer-term charter contracts could provide more predictable income for part of the fleet.

What would break the thesis

  • If new tanker orders outpace demand growth, charter rates could fall and reduce company revenue.
  • Revenue edged down in 2025 compared with 2024, and reliance on the spot market could amplify volatility in results.
  • Higher debt taken on for vessel acquisitions and repurchases could limit financial flexibility if rates decline.

What to watch

  • Delivery of the two Suezmax newbuildings under construction at Daehan and their integration into the fleet2026
  • Development of charter rates and the BDTI compared with the 2025 rangeQ1 2026
  • Dividend level and the company's ability to sustain payments after acquisitionsnext 10-K
  • Results of the one-year time charter for Nissos Nikouria and whether it is renewed or replaced2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 20 Mar 2026; since then the company filed 6-K (17 Aug 2026), 6-K (13 Aug 2026), 6-K (04 Aug 2026), 6-K (30 Jul 2026).

The business

Okeanis Eco Tankers Corp. is a Marshall Islands company with executive offices in Greece that owns and operates a fleet of fuel-efficient Eco tankers with carrying capacity of about 3.5 million dwt 1. The fleet totaled 16 vessels as of December 31, 2025, excluding two vessels delivered in January 2026, with an average age of 6.4 years 1. The company focuses on crude oil transport and operates mainly in the spot market and on short-term charters 1.

The business model depends on charter rates, vessel utilization and operating costs. Some vessels are owned directly while others are leased under finance arrangements with repurchase options, which changed the debt structure in 2024 and 2025 1. Commercial management is provided by a wholly owned subsidiary and technical management is outsourced for a daily fee 1.

Recently, the company completed share offerings and acquired newbuilding Suezmax vessels, including Nissos Piperi and Nissos Serifopoula, delivered in January 2026 1. It also agreed a one-year time charter for a VLCC and paid a dividend in March 2026 1.

Segments

VLCC tankers

The VLCC segment includes eight vessels of about 300,000 dwt built between 2019 and 2022, one of which, Nissos Nikouria, is on a one-year charter at 91,140 USD per day 1. Revenue from this segment is sensitive to spot charter rate levels.

Suezmax tankers

The Suezmax segment comprises eight vessels of about 158,000 dwt, two of which were delivered in January 2026 while two more are under construction at Daehan 1. Most vessels in this segment trade in the spot market or on short-term charters 1.

Market context

The tanker market is cyclical, and the BDTI ranged from 799 to 1,468 in 2025 and stood at 2,850 on March 17, 2026 1. Charter rate volatility has been driven by the war in Ukraine, sanctions on Russian crude exports, Middle East tensions and instability in Venezuela 1. Added capacity from new orders could pressure rates downward if demand does not grow correspondingly 1.

Vessel supply is shaped by newbuilding deliveries, scrapping of older ships and routing restrictions, and the crude tanker orderbook reached a nine-year high in November 2025 1. Demand depends on oil production, refining and industrial economies, factors that can move in different directions 1.

Trends

  • Geopolitical disruption of shipping routesmixed

    Conflicts in the Middle East, attacks on vessels in the Red Sea and disruption around the Strait of Hormuz could lift rates but also raise costs and navigation risks 1.

  • Oversupply from newbuilding ordersheadwind

    Heavy tanker newbuilding orders could reduce charter rates if deliveries exceed scrapping and demand does not follow the same path 1.

  • Sanctions reshaping crude flowstailwind

    Sanctions on Russian exports and actions involving Venezuela change trade routes and voyage distances, which can support demand for large vessels 1.

  • Rising operating costsheadwind

    Insurance premiums and skilled crew costs could keep rising, and the technical management fee was raised for 2026 due to inflation 1.

Competitive position

The tanker ownership market is highly fragmented between major oil companies and independent vessel owners, and competition is based on price, vessel location, size, age and operator reputation 1. The company says it arranges charters through brokers according to market conditions, so its position depends on fleet utilization 1.

Other sources of competition include other shipping companies and alternative transport modes or energy sources, which could reduce demand for long-distance seaborne crude transport 1. The source document does not name specific direct competitors.

  • Other independent tanker owners

    Independent owners compete for the same spot and charter contracts, without the source naming specific entities.

  • Major oil companies with own tanker fleets

    These companies can carry crude on their own ships, reducing outside demand for independent vessels, as the source describes.

  • Other transport modes and energy sources

    Pipelines and alternative energy can partly replace seaborne transport, a risk named in the source document.

  • Greek tanker operators

    The source does not list these competitors or their tickers, so they are not named individually.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Okeanis Eco Tankers Corp. · 20 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.