Reference Date:
Okeanis Eco Tankers (Oslo: OET, NYSE: ECO) continues to demonstrate a clear earnings premium versus peers.
On a quarterly average basis over 1Q20 to 3Q25, the company has out-earned comparable operators by roughly $9,000/day on VLCCs (about +24%) and $12,200/day on Suezmax (about +36%).
The latest equity raise and accretive Suezmax resale acquisitions further reinforce the company’s ability to translate commercial outperformance into per-share value growth. Premium commercial performance should justify a premium valuation versus NAV. This is reinforced by the company’s ability to issue equity above NAV and reduce the effective cost of fleet growth for existing shareholders.
Management has also operated with a full payout model, with 100% of EPS paid out as dividends.
In our view, operational outperformance and a full payout model offer a compelling way to capture continued upside in a strong tanker market while
receiving dividends. Given the accretive vessel acquisitions and higher spot rate assumptions, we upgrade our rating to Buy from Neutral with a target
price of NOK 450 (from NOK 400).
Adding 2 Suezmax resales:
On 21 January 2026, Okeanis Eco Tankers priced an offering of approximately 3.61 million new shares at $36 per share, raising
approximately $130 million in gross proceeds. Net proceeds are earmarked as partial consideration for the acquisition of two Korea-built Suezmax resale
newbuildings from an unrelated third-party seller, priced at $99.3 million per vessel. The vessels are sister ships to the two Suezmaxes delivered in
January 2026 and are expected to deliver in 2Q26. Pro forma for the January deliveries and the two 2Q26 resales, the Suezmax fleet increases from 6 to 10
vessels, with an indicated average age of 4.5 years for the Suezmax fleet. In addition, Okeanis has 8 VLCCs with an average age of 5.8 years. All vessels
in the fleet are equipped with scrubbers.