Okeanis Eco Tankers Corp. Completes $115 Million Share Offering
Okeanis Eco Tankers Corp. ("OET") is excited to announce the successful pricing of an offering of common shares following a robust demand from investors. This offering allows the company to raise approximately USD 115 million, a critical feat as OET expands its operations in maritime transportation.
Details of the Offering
The offering comprised 3,239,436 shares priced at USD 35.50 each. The funds raised will play a vital role as partial consideration for the acquisition of two newbuilding Suezmax vessels, currently under construction at a respected South Korean shipyard, Daehan Shipbuilding Co., Ltd.
Anticipated Impact of the Acquisition
Each of these vessels carries an acquisition price of USD 97 million. They are expected to enhance OET's operations by adding substantial capacity to the fleet. The delivery of these vessels is anticipated in January 2026, contingent upon meeting required conditions.
Use of Proceeds
The net proceeds from this offering are earmarked primarily for the vessel acquisitions. However, should these acquisitions not proceed, the funds may be allocated to general corporate purposes, ensuring OET remains flexible in managing its resources.
Closing and Compliance
The company anticipates the offering will be completed shortly, allowing for shares to be delivered to investors. The trading of the allocated Offer Shares is expected to begin on New York Stock Exchange following settlement, which is projected to occur around the end of November.
Regulatory Considerations
Okeanis has ensured that this offering complies with the Norwegian Securities Trading Act requirements, particularly the equal treatment obligations outlined therein. This regulatory due diligence reinforces OET's commitment to uphold market integrity.
Advisors Involved
Fearnley Securities AS and Clarksons Securities AS are serving as global coordinators and joint bookrunners for the offering. Given their expertise, investors can have confidence in the management of this substantial transaction.
About Okeanis Eco Tankers Corp.
With a substantial presence in the maritime industry, OET focuses on seaborne transportation of crude oil and refined products. The company was established to serve the growing needs of global energy markets. OET operates a modern fleet, equipped with the latest technology to meet industry standards.
OET Fleet and Operations
The fleet comprises six Suezmax tankers and eight VLCC tankers, all fitted with scrubbers. This modern approach not only ensures compliance with emissions regulations but also positions OET as a leader in the transition towards sustainable shipping practices.
Frequently Asked Questions
What is the purpose of the share offering by OET?
The share offering aims to raise funds primarily for the acquisition of two Suezmax vessels, enhancing OET’s operational capacity.
When are the new vessels expected to be delivered?
The vessels are anticipated to be delivered in January 2026, contingent on successful completion of remaining conditions.
How many shares were offered in the recent offering?
A total of 3,239,436 new common shares were offered at a price of USD 35.50 each.
Who are the advisors involved in this offering?
Fearnley Securities AS and Clarksons Securities AS are the global coordinators and bookrunners managing the offering.
Where is Okeanis Eco Tankers Corp. listed?
OET is listed on both the New York Stock Exchange (ECO) and Oslo Stock Exchange (OET).
