We initiate coverage of ECO with a Buy recommendation and TP of USD 37.7/sh, reflecting ~29% upside from last close. Okeanis offers pure-play crude exposure through its fleet of 6x Suezmaxes and 8x VLCCs with an average age of ~6 years. The management is aligned with shareholders as the Alafouzos family (represented through the CEO and Chairman) owns 56%. Earnings belong to shareholders and with no capex commitments, we eye attractive yields going forward (’26e dividend yield of 18%). The stock ....
