The shipping company appears strengthened by the rally in freight rates in the tanker market and
by the strategy of almost full exposure to the spot market.
The listed company, owned by Yannis and Aristidis Alafouzos, combined record operating profitability with enhanced liquidity and new investments in the fleet.
For the first quarter, the shipping company announced revenues of USD 170.2 million, compared to USD 80.1 million in the corresponding period of 2025, while net profit amounted to USD 88.3 million, from USD 12.6 million a year earlier.
Earnings per share stood at USD 2.31, with the company describing these as the strongest results since its establishment.
The picture was equally impressive in terms of adjusted figures. Revenue from charters reached USD 132.2 million, up by 172%, adjusted EBITDA amounted to USD 110.1 million, and adjusted profit to USD 88.9 million.
The “core” of the high performance was the commercial exploitation of the fleet, with
the company achieving an average daily TCE of USD 93,100.
The VLCCs yielded USD 104,300 per day and the Suezmaxes USD 81,600. This picture is impressive, not only in absolute terms, but also compared to last year, as the
returns of VLCCs increased by 174%, of Suezmax by 108%, while at the fleet level the increase reached 142%.
At the same time, the company maintained 100% fleet utilization throughout the quarter.
The profitability becomes even more significant considering that operating
costs remained controlled.
Daily operating expenses (daily opex) amounted to USD 9,593, compared to USD 9,233 in the
first quarter of 2025, i.e., only 4% higher.
As emphasized, Okeanis managed to capitalize on the explosive rise in freight rates without a corresponding burden on the cost base.
Even the increased voyage expenses, which reached USD 36.2 million, are mainly attributed to higher port expenses and not to a structural deterioration in efficiency.
On the liquidity front, the balance sheet appears significantly strengthened.
The company closed the quarter with USD 176.5 million in cash, compared to USD 122.5 million at the end of 2025.
The total value of assets amounted to USD 1.447 billion, equity to USD 725.3 million, while leverage decreased to 41% from 46%.
Total interest-bearing debt amounted to USD 683.1 million, increased due to the fleet expansion, but the company emphasizes that it now has a more balanced capital structure and lower financing costs following the recent refinancings.
The January share capital increase also played a significant role in financial flexibility. Okeanis placed 3.61 million new shares at a price of USD 36 each, raising USD 130 million in gross proceeds, a move directly linked to the fleet’s
growth strategy.
At the same time, during the quarter it took delivery of the newly built Nissos Piperi and Nissos Serifopoula, while
it also signed for the acquisition of two more newly built Suezmax vessels of approximately 157,000 dwt each, for USD 99.3 million per vessel, with deliveries at the end of May and early July 2026.
Also, after the end of the quarter, it proceeded with new financing agreements for the Nissos Rhenia, Nissos Despotiko, as well as for the under-delivery Nissos Tigani and Nissos Vous.
At the fleet level, as of March 31, 2026, Okeanis had a total of 16 vessels with an average age of
5.8 years and a total capacity of approximately 3.8 million dwt.
dwt: 8 VLCCs and 8 Suezmaxes, while with
the two additional Suezmaxes expected within the summer, the company’s platform
is further strengthened.
In its presentation, the company’s management refers to the strongest spot environment
since 2008, noting that the disruption in the Strait of Hormuz, the shift of cargoes
and the absorption of available tonnage led to a sharp rise in freight rates.
At the same time, the market remains supportive also in a more medium-term horizon, as
-despite the rise in the orderbook- deliveries are spread over time and approximately half of the existing Suezmax fleet is already over 15 years old. For a company with a younger fleet, high spot exposure and an improved financing profile, this constitutes a particularly favorable conjuncture.
Finally, the board of directors announced a 16th consecutive dividend, amounting to $2 per share, which corresponds to 88% of the reported net profits of the quarter.
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