Okeanis Eco Tankers reported slowing profit in the second quarter from the record levels a year earlier.
The New York-listed owner of 14 large modern tankers posted net income of $39.6m, down 25% year on year.
The $52.9m profit the Alafouzos family company had achieved in the second quarter of 2023 was its highest quarterly result since it became public six years ago.
Okeanis’ VLCC and suezmax fleet, which is predominantly employed in the spot market, looked at weaker fundamentals between April and June, with average time charter equivalent revenue of $64,900 per day from the record $72,000 per day in the same period of 2023.
Conditions continued worsening in the current quarter. The Aristidis Alafouzos-led company said it has booked 58% of its available VLCC spot days so far in the quarter at an average of $46,100 per day, and 53% of available suezmax spot days at $58,000 per day.
Despite the fluctuating profit, the dividend payment stayed steady at $1.10 per share.
Okeanis stock closed trading at $29.62 per share in New York on Thursday, giving a market capitalisation of $959m — a shade below the net $971m value of its fleet as of the end of June.
The Alafouzos family, which is led by brothers Ioannis and Themistoklis, owns 58% of Okeanis. No other outside shareholder owns more than 5%.
Its six suezmaxes were built between 2016 and 2020 and all its VLCCs have been constructed after 2019.
