olivLaw · European equity research
Okeanis Eco Tankers Corp. OET.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
Okeanis Eco Tankers owns and operates a fleet of tankers in the international shipping market, with fourteen vessels owned or leased under finance lease and two more under construction. The company is controlled by two entities linked to the Alafouzos family, and its secondary NYSE listing since December 2023 gives it access to US investors.
At the close of 06 Nov 2026, Okeanis Eco Tankers Corp. (OET.OL) stock was 771.00 NOK (−3.87% on the day), with beta 0.17, 52-week range 324.50–944.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.8
- weak (30–45)
- Bollinger (20, 2)
- 784.59 – 961.21
- below the lower band · %B -0.08 · band width 20.2%
- SMA 50 / 200
- 796.96 / 568.62
- mixed trend
- MACD (12, 26, 9)
- 7.04 / 25.23
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.3% | −0.6% | −9.7 pp | — |
| 3 months | +31.3% | −4.2% | +35.5 pp | — |
| 6 months | +47.7% | +4.3% | +43.4 pp | — |
| Year to date | +127.8% | +7.5% | +120.3 pp | — |
| 1 year | +125.4% | +9.9% | +115.5 pp | −4.7% |
| 3 years | +133.6% | +49.8% | +83.8 pp | +12.7% |
| 5 years | +761.5% | +42.8% | +718.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 271.0 m | 413.1 m | 393.2 m | 391.5 m |
| Revenue YoY | unavailable | +52.4% | −4.8% | −0.4% |
| Net income | 84.6 m | 145.3 m | 108.9 m | 123.0 m |
| Net income YoY | unavailable | +71.8% | −25.1% | +12.9% |
| Diluted EPS | 2.63 | 4.51 | 3.38 | 3.77 |
| Diluted EPS YoY | unavailable | +71.5% | −25.1% | +11.5% |
| net % | 31.2% | 35.2% | 27.7% | 31.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
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
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 271.0 m | 413.1 m | 393.2 m | 391.5 m | esef· 21 Oct 2026verified |
| Operating income | 110.1 m | 201.1 m | 162.9 m | 162.5 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 38.0 m | 40.4 m | 41.1 m | 41.4 m | esef· 21 Oct 2026verified |
| EBITDA | 148.1 m ≈ | 241.5 m ≈ | 204.1 m ≈ | 204.0 m ≈ | esef· 21 Oct 2026derived |
| Net income | 84.6 m | 145.3 m | 108.9 m | 123.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 2.63 | 4.51 | 3.38 | 3.77 | esef· 21 Oct 2026verified |
| Weighted average diluted shares | 32.2 m | 32.2 m | 32.2 m | 32.6 m | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.00 | 2.12 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 81.3 m | 50.0 m | 49.3 m | 116.6 m | esef· 21 Oct 2026verified |
| Inventories | — | 25.4 m | 24.3 m | 17.3 m | esef· 21 Oct 2026verified |
| Current assets | — | 137.9 m | 118.9 m | 234.9 m | esef· 21 Oct 2026verified |
| Total assets | — | 1.1 bn | 1.1 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Short-term debt | — | 77.9 m | 46.7 m | 134.5 m | esef· 21 Oct 2026verified |
| Long-term debt | — | 615.3 m | 599.0 m | 470.6 m | esef· 21 Oct 2026verified |
| Current liabilities | — | 105.6 m | 72.7 m | 156.9 m | esef· 21 Oct 2026verified |
| Total liabilities | — | 721.0 m | 671.7 m | 627.6 m | esef· 21 Oct 2026verified |
| Equity | 422.2 m | 408.1 m | 410.4 m | 573.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 32.2 m | 32.2 m | 32.2 m | 32.6 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 82.5 m | 174.0 m | 162.8 m | 111.3 m | esef· 21 Oct 2026verified |
| Investing cash flow | -178.7 m | 960.6 k | -7.9 m | -42.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | 139.0 m | -207.1 m | -154.7 m | -3.4 m | esef· 21 Oct 2026verified |
| Dividends paid | — | 0 | 0 | 70.7 m | esef· 21 Oct 2026verified |
| Share repurchases | 1.0 m | 0 | 0 | — | esef· 08 May 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
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: 27.86 – 119.10 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/EBITDA35.63 – 47.93 (Mid 41.11)5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1xAKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
- Peers: P/E34.52 – 119.10 (Mid 74.49)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)27.86 – 37.47 (Mid 31.96)
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
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.2% | 73 (vs peers) | 22% |
| Net margin · Quality | 31.4% | 97 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 13.1% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 12.8% | 85 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | 2.4x | 30 (vs peers) | 22% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 58 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth93/100 · 2/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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. (OET.OL). 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 34.52–47.93 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
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
- Net debt / EBITDA: 2.4x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for OET.OL 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
Scenarios are not available. input data missing
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.
In brief
Okeanis Eco Tankers owns and operates a fleet of tankers in the international shipping market, with fourteen vessels owned or leased under finance lease and two more under construction 1. The company is controlled by two entities linked to the Alafouzos family 1, and its secondary NYSE listing since December 2023 1 gives it access to US investors.
SWOT
Strengths
Weaknesses
- Reliance on long-term borrowing, with large annual repayments, requires steady revenue to cover it 1.
- Concentrated shareholding may limit the influence of minority shareholders over strategic decisions 1.
- Operating costs are partly outsourced, creating dependence on a third party for day-to-day vessel management 1.
Opportunities
- Fleet renewal with newer vessels could improve fuel efficiency and attract customers demanding higher standards.
- Longer time charter contracts could bring more predictable revenue if agreed on favourable terms 1.
- Interest from US investors in NYSE-listed companies could ease future equity issuance.
Risks
- Exposure to charter rateshigh
Revenue depends on tanker market rates, and declines could quickly affect results, especially on voyage contracts 1.
- Debt and refinancinghigh
Annual repayments of long-term borrowing are significant and depend on continued access to new credit 1.
- Shareholder concentrationmedium
Control exercised by two entities linked to the same family group may limit the influence of minority shareholders 1.
- Reliance on third parties for operationsmedium
Most vessel operating expenses are paid by an affiliated entity, creating operational and control risk 1.
- Vessel value risklow
Vessels are depreciated over a 25-year life and may require impairment if recoverable value falls 1.
Investment thesis
What would need to be true (bull case)
- A growing fleet and vessels under construction could support higher revenue if the charter market stays firm.
- The dual listing and recent share issuance 1 give the company financial flexibility for new investment.
- A stable shareholder structure could support continuity of long-term strategy.
What would break the thesis
- A fall in charter rates could quickly reduce revenue and margins.
- Large debt repayments 1 could limit the ability to finance new vessels or pay dividends.
- Concentrated ownership and reliance on third parties for operations could create governance risks.
What to watch
- Trends in charter revenue and tanker market ratesQ1 2027
- Delivery of the two vessels under construction and their integration into the fleet2027
- Level of debt and long-term borrowing repaymentsnext 10-K
- Dividend policy and any new share issuance2027
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.
The business
Okeanis Eco Tankers Corp. is a company incorporated in the Marshall Islands whose main activity is owning, chartering out and operating tankers in the international shipping market 1. Revenues come from time charter and voyage charter agreements, and under time charters the company bears vessel operating costs such as crew, insurance and maintenance 1. The group includes several wholly owned subsidiaries, each typically holding a vessel or a fleet contract 1.
Revenue accounting follows IFRS 15 and IFRS 16: time charter hire is split between the lease component of the vessel and the operating service component, and revenue is recognised on a straight-line basis over the contract 1. Most vessel operating expenses are paid on behalf of the vessels by Kyklades Maritime Corporation 1.
Depreciation assumes a 25-year useful life for each vessel, with residual value based on lightweight tonnage and a scrap rate of approximately 400 USD per ton 1. Special survey and drydocking are scheduled about every five years, and about every two and a half years once a vessel is over ten years old 1.
Segments
Market context
The charter market is sensitive to demand cycles and fleet supply, and access to financing could support new vessel purchases if market conditions remain favourable 1.
Trends
- Volatile charter ratesmixed
Daily time charter rates and per-ton voyage rates can vary sharply from year to year, directly affecting voyage revenue and variable consideration recognition 1. If rates stay high, they could support margins.
- Debt and refinancingheadwind
The company relies on long-term borrowing and repays it steadily, with financing fees amortised over the debt term 1. Interest costs and refinancing terms could tighten margins, especially if rates rise.
- Fleet renewalmixed
Two vessels under construction and a 25-year useful life 1 point to a fleet renewal cycle; newer vessels could lower maintenance costs but require substantial capital.
- Access to equity marketstailwind
Common share issuance and the secondary NYSE listing 1 offer an alternative source of capital to bank loans, which could support fleet growth.
Competitive position
The company competes with other tanker operators in the international market for time and voyage charter contracts, where price, vessel availability and fleet age are key factors. Concentrated ownership by the Alafouzos family entities 1 may shape contracting and investment strategy.
Its competitive position depends on obtaining financing for new vessels and keeping operating costs under control, partly through outsourced management of vessel operations 1.
- European tanker operators
European tanker owners listed on local markets, with comparable fleets and similar charter contracts.
- Marshall Islands tanker operators
Companies registered under the same flag registry, with similar financing structures and charter models.
- Greek tanker operators
Groups experienced in voyage and time charter that compete for the same oil industry customers.
- NYSE-listed maritime operators
Shipping companies listed on the US market, competing for US investor capital.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Okeanis Eco Tankers Corp. · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.