Okeanis Eco Tankers Corp. (ECO) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to OIT's first quarter 2026 financial results presentation. We will be in shortly. Aristides Alafouzou, CEO and Herakles Barounis, CFO of Okeanis Ecotankers, will take you through the presentation. We will be pleased to address any questions raised at the end of the call. Matters that are forward-looking in nature will be discussed and actual results may differ from the expectations reflected in such forward-looking statements. Please read through the relevant disclaimer on slide two. I would like to advise you that the session is being recorded. I'd suggest we begin the presentation now. Thank you for taking the time to join our Q1 2026 call. Q1 was a record quarter for our company. and q1 plus q2 combined will be stronger than any previous year in our company's history in fact the potential distributions tied to this half year are approaching our original listing price in 2018. it is definitely it definitely was and is an exciting stressful challenging and demanding quarter this cumulative pressure surely overshadowed the pleasure of earning so much for our shareholders which is regrettable Q1 began with a sell-off in freight into mid-January, where the market turned by the continued exquisite fundamentals, Venezuela reopening, India diversifying imports, and most importantly, the extremely rapid consolidation of the VLCC market by Sainik or Aponte joint venture. This strength continued until February 28th, where the war in Iran began, and set off a two-, three-, four-week period of unprecedented strength in the tanker market overall. Following this explosive and unbelievable period, the market found a balance at extremely elevated rates, where the loss of cargo from Hormuz closure is offset by ton miles, inefficiencies, vessels trapped inside, and vessels ...