We have repeatedly stated that we are and remain bullish on crude oil tanker equities and on the crude tanker market through 2026. One company has consistently featured as one of our preferred ways to gain exposure, yet we had not produced a full deep dive on it. The aim of this report is to close that gap and set out a detailed view on its fleet, cash generation, and valuation after our initial highlight on August 16, 2025.
Executive summary
Okeanis Eco Tankers is a pure play crude tanker company with a young, fuel efficient fleet and a clear cash return profile. OET owns 14 large crude carriers, split between Suezmax vessels (medium sized crude tankers) and VLCCs (very large crude carriers), all built to eco standards and equipped with exhaust cleaning systems that allow them to burn cheaper fuel oil.
Commercially, Okeanis has outperformed peers on achieved rates in recent years and has shown discipline in shifting between spot and time charter exposure through the cycle. Since its IPO, OET has distributed more than $435M to shareholders, equal to roughly 1.8× its initial market cap. With the fleet fully delivered, it has recently returned ~89% of adjusted EPS to shareholders, showing a clear commitment to cash returns through dividends.
We see OET as a high quality crude tanker platform with a proven cash distribution track record and an attractive risk reward profile, supported by aligned family ownership and dual listings in Oslo and New York.