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Okeanis Eco Tankers Corp. reported stable revenue of $391.5 million for FY 2025, a slight 0.4% decrease from $393.2 million in FY 2024, driven by lower employment rates despite consistent Daily TCE Rates of $52,823 (vs $52,898). Operating profit held steady at $162.5 million (vs $162.9 million), supported by reduced voyage expenses ($121.9 million vs $127.2 million) from fewer miles traveled and lower fuel costs. Profit for the year surged 12.9% to $123.0 million from $108.9 million, boosted by lower interest expense ($44.2 million vs $57.1 million) and foreign exchange gains. EPS improved to $4 from $3.38. Total assets expanded to $1.20 billion from $1.08 billion, with shareholders' equity rising to $573.1 million from $410.4 million, reflecting $110.4 million from share issuance. Net cash from operations declined to $111.3 million from $162.8 million due to working capital changes, while investing outflows were $42.4 million for vessel advances. The company paid $70.7 million in dividends and exercised options for two VLCCs ($94.2 million aggregate) and agreed to acquire two Suezmax newbuildings ($99.3 million each). Forward-looking, fleet growth to 18 vessels by Q2 2026 positions Okeanis for market recovery amid geopolitical tensions boosting ton-mile demand, though volatility persists.
Okeanis Eco Tankers Corp. delivered resilient FY 2025 results with revenue of $391.5 million, nearly flat at -0.4% YoY from $393.2 million, amid stable Daily TCE Rates of $52,823 (vs $52,898). Operating profit remained robust at $162.5 million (-0.2% YoY), buoyed by $5.3 million lower voyage expenses ($121.9 million vs $127.2 million) from reduced port calls (312 vs 392) and fuel costs ($81.4 million vs $88.7 million). Profit for the year jumped 12.9% to $123.0 million from $108.9 million, driven by $12.9 million lower interest expense ($44.2 million vs $57.1 million) and FX gains ($0.9 million). EPS rose to $4 from $3.38. Total assets grew 10.9% to $1.20 billion, equity surged 39.6% to $573.1 million post $110.4 million share issuance. Operating cash flow dipped to $111.3 million from $162.8 million due to $45.3 million receivables buildup.
Revenue breakdown by continent: Europe $246.8 million (63%), Asia $110.9 million (28%), South America $9.6 million (2%), North America $24.2 million (6%). Voyage charters dominated at $384.0 million (98%), time charters $7.6 million (2%). Stability reflects spot market exposure with 98% fleet utilization (5,025 operating days/5,110 calendar days). YoY revenue dip tied to lower employment rates despite consistent TCE.
Operating margin steady at 41.5% ($162.5M/$391.5M) vs 41.4% prior. Vessel operating expenses up 6.6% to $45.2 million ($8,853/day) from inflation. G&A rose 6.4% to $11.6 million. Interest expense fell 22.6% to $44.2 million from debt refinancing. Net margin improved to 31.4% from 27.7%.
Operating cash flow $111.3 million (down 31.7% YoY) from working capital outflow ($50.0 million). Investing outflow $42.4 million for vessel advances. Financing net outflow $3.4 million: $195.0 million proceeds offset $236.9 million repayments, $70.7 million dividends. Debt $605.0 million (net of fees), equity $573.1 million, liquidity $116.6 million cash + $234.9 million current assets.
Fleet to expand to 18 vessels by Q2 2026 (two VLCCs $94.2 million, two Suezmaxes $198.6 million). Dividends $70.7 million paid; future payouts tied to cash flows. Geopolitical tensions (Ukraine, Middle East) boost ton-miles, but volatility risks persist. Compliance with EU ETS/FuelEU adds costs; scrubbers mitigate fuel expenses.
EPS
$4
Revenue
$391.5M
Net Income
$123.0M
Operating Income
$162.5M