Okeanis Eco Tankers Corp. (ECO) stock fell in Thursday's premarket trading despite the company reporting stronger-than-expected third-quarter results.
The decline came as tanker rates retreated from recent highs and oil prices eased amid hopes of reduced tensions in the Middle East.
Okeanis reported adjusted earnings of $7.67 per share, beating analysts' estimate of $4.26.
Revenue surged to $501.5 million from $90.6 million a year earlier, easily beating analysts' estimate of $234.9 million.
Quarterly profit jumped to $299.6 million from $24.1 million, while earnings per share climbed to $7.67 from 75 cents.
The company held $233.1 million in cash, including restricted cash, as of Sept. 30, 2026.
Strong Tanker Rates Drive Quarterly Performance
Time charter equivalent (TCE) revenue totaled $338.3 million, while adjusted EBITDA reached $320.4 million.
Fleetwide daily TCE rates averaged $206,800 per available spot day and $209,100 per operating day.
Very large crude carriers (VLCCs) earned $269,300 per available spot day and $260,100 per operating day. Meanwhile, Suezmax tankers averaged $166,600 per available spot and operating day.
During the quarter, Okeanis secured short-term charters for five VLCCs. The agreements covered 100 to 150 days per vessel at an average daily rate of $449,200.
Fourth-Quarter Bookings Signal Strong Momentum
Okeanis reported even stronger charter bookings for the fourth quarter.
The company booked 48% of available VLCC spot days at an average daily TCE rate of $688,800.
Additionally, it secured 87% of VLCC operating days at an average rate of $430,300 per day.
For its Suezmax fleet, Okeanis booked 60% of available spot and operating days at an average daily rate of $410,900.
These bookings provide greater revenue visibility for the final quarter of 2026.
Okeanis Declares $7 Dividend
Okeanis declared a dividend of $7 per common share, payable Dec. 1, 2026, to shareholders of record as of Nov. 23.
ECO Price Action: Okeanis Eco Tankers shares were down 3.09% at $83.10 during premarket trading on Thursday, according to market data.
