$ECO

Okeanis Eco Tankers Corp.

CIK:0001964954|SEC Filings

Consolidated statements of profit or loss and other comprehensive income - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidated statements of profit or loss and other comprehensive income
Revenue	$ 391,548,819	$ 393,229,831	$ 413,096,606
Operating expenses
Commissions	(4,262,645)	(3,997,596)	(5,757,159)
Voyage expenses	(121,870,584)	(127,196,305)	(109,559,239)
Vessel operating expenses	(45,240,447)	(42,434,258)	(41,742,285)
Management fees - related party	(4,599,000)	(4,611,600)	(4,599,000)
Depreciation and amortization	(41,440,551)	(41,134,237)	(40,382,628)
General and administrative expenses (including $4,995,071, $4,810,180 and $3,588,185, respectively, to related party)	(11,604,900)	(10,910,862)	(9,933,373)
Total operating expenses	(229,018,127)	(230,284,858)	(211,973,684)
Operating profit	162,530,692	162,944,973	201,122,922
Other income / (expenses)
Interest income	2,191,740	3,445,203	4,104,564
Interest expense and other finance costs (including nil, $413,952 and $1,198,168, respectively, to related parties)	(44,240,513)	(57,052,680)	(61,179,066)
Unrealized gain/ (loss), net on derivatives	1,653,464	(291,873)	229,373
Realized gain/ (loss), net on derivatives	1,327,397	(1,264,750)	300,262
Gain from modification of loans		1,828,959
Loss on debt extinguishment	(1,383,768)
Foreign exchange gain/ (loss)	872,531	(746,562)	672,969
Total other expenses	(39,579,149)	(54,081,703)	(55,871,898)
Profit for the year	122,951,543	108,863,270	145,251,024
Items that will not be reclassified to profit or loss:
Re-measurement of post-employment benefit obligations	1,010	(6,005)	(1,302)
Total comprehensive income for the year	$ 122,952,553	$ 108,857,265	$ 145,249,722
Earnings per share - basic	$ 3.77	$ 3.38	$ 4.51
Earnings per share - diluted	$ 3.77	$ 3.38	$ 4.51
Weighted average no. of shares - basic	32,575,740	32,194,108	32,194,108
Weighted average no. of shares - diluted	32,575,740	32,194,108	32,194,108

Consolidated statements of cash flows - USD ($)	12 Months Ended
Consolidated statements of cash flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year	$ 122,951,543	$ 108,863,270	$ 145,251,024
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation and amortization	41,440,551	41,134,237	40,382,628
Interest expense	42,153,588	53,628,356	58,680,985
Amortization of loan financing fees and modification gain	1,246,265	2,263,416	1,994,191
Unrealized (gain)/ loss, net on derivatives	(1,653,464)	291,873	(20,135)
Interest income	(2,191,740)	(3,445,203)	(4,104,564)
Other non-cash items	1,010	(6,005)	(43,323)
Loss on debt extinguishment	1,383,768
Gain from modification of loans		(1,828,959)
Unrealized foreign exchange (gain)/ loss	(1,834,591)	907,110	(712,765)
Total reconciliation adjustments	80,545,387	92,944,825	96,177,017
Changes in working capital:
Trade and other receivables	(45,321,044)	17,674,147	(5,853,175)
Prepaid expenses and other current assets and non - current assets	(1,672,687)	(1,902,362)	(824,682)
Inventories	7,067,950	1,012,352	(8,343,486)
Trade payables	(5,973,333)	(4,470,575)	10,958,162
Accrued expenses and other current liabilities	2,782,144	2,398,299	(530,625)
Deferred revenue			(4,255,500)
Claims receivable	(77,521)	(127,048)	(7,137)
Due to related parties	(530,030)	(129,944)	659,974
Due from related parties	(6,286,469)		449,629
Total changes in working capital	(50,010,990)	14,454,869	(7,746,840)
Interest paid	(42,184,422)	(53,444,573)	(59,649,091)
Net cash provided by operating activities	111,301,518	162,818,391	174,032,110
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in restricted cash		1,449,925	2,032,927
Increase in restricted cash	(964,316)	(1,500,000)
Payments for special survey and drydocking costs	(3,416,523)	(11,189,402)	(3,306,052)
Payments for vessels and advances for acquisition of vessels	(40,193,651)
Interest received	2,154,731	3,299,288	2,233,711
Net cash (used in)/ provided by investing activities	(42,419,759)	(7,940,189)	960,586
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term borrowings	195,000,000	199,260,000	197,000,000
Repayments of long-term borrowings	(236,857,084)	(246,117,877)	(243,355,165)
Capital distribution		(106,562,497)	(159,360,835)
Dividends paid	(70,681,085)
Payment of long-term borrowing fees	(1,300,000)	(1,259,319)	(1,350,000)
Net proceeds from common share issuance	110,392,854
Net cash used in financing activities	(3,445,315)	(154,679,693)	(207,066,000)
Effects of exchange rate changes of cash held in foreign currency	1,856,633	(847,236)	719,818
Net change in cash and cash equivalents	65,436,444	198,509	(32,073,304)
Cash and cash equivalents at beginning of year	49,343,664	49,992,391	81,345,877
Cash and cash equivalents at end of year	116,636,741	49,343,664	49,992,391
Supplemental cash flow information
Capital expenditures included in trade payables	$ 2,005,728	$ 1,242,578	$ 803,751

Consolidated statements of financial position - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Vessels, net	$ 922,117,179	$ 958,597,520
Advances for acquisition of vessels	38,894,251
Other fixed assets	58,332	80,206
Derivative financial instruments	120,638
Restricted cash	4,510,000	4,510,000
Total non-current assets	965,700,400	963,187,726
Current assets
Inventories	17,273,715	24,341,665
Trade and other receivables	85,091,040	39,755,029
Claims receivable	320,097	242,576
Prepaid expenses and other current assets	6,466,709	4,794,022
Current accounts due from related parties	6,286,469
Derivative financial instruments	1,470,326
Current portion of restricted cash	1,399,243	434,927
Cash & cash equivalents	116,636,741	49,343,664
Total current assets	234,944,340	118,911,883
TOTAL ASSETS	1,200,644,740	1,082,099,609
Shareholders' equity
Share capital	36,129	32,890
Additional paid-in capital	124,891,132	14,501,517
Treasury shares	(4,583,929)	(4,583,929)
Other reserves	(34,903)	(35,913)
Retained earnings	452,782,809	400,512,351
Total shareholders' equity	573,091,238	410,426,916
Non-current liabilities
Long-term borrowings, net of current portion	470,583,980	598,957,333
Retirement benefit obligations	61,629	44,795
Total non-current liabilities	470,645,609	599,002,128
Current liabilities
Trade payables	13,748,183	19,479,005
Accrued expenses and other current liabilities	8,643,793	5,909,316
Derivative financial instruments		62,500
Current accounts due to related parties		530,030
Current portion of long-term borrowings	134,515,917	46,689,714
Total current liabilities	156,907,893	72,670,565
TOTAL LIABILITIES	627,553,502	671,672,693
TOTAL SHAREHOLDERS' EQUITY & LIABILITIES	$ 1,200,644,740	$ 1,082,099,609