A wave energy converter includes a housing having a forward end and an aft end. Three upstanding air chambers are located in the housing and three corresponding water accommodating ducts extend aft from the air chambers and terminate in aft water accommodating openings for accommodating water into and out of the air chambers as the housing oscillates by pitching in response to passing waves. An air accommodating duct communicates with the air chambers through a manifold for accommodating air into and out of the air chambers as the water level falls and rises within the air chambers as the housing oscillates. A self-rectifying turbine in the air accommodating duct powers an electrical generator. A first stabilizing plate extends forwardly and downwardly from the forward end of the housing for controlling the oscillating motion of the housing.