New Loan Agreement by Okeanis Eco Tankers Corp.
Okeanis Eco Tankers Corp. (the “Company” or “OET”) has made significant strides by securing a new $65 million term loan facility, intended to finance the purchase of the Nissos Kea from its current sale and leaseback financier. This strategic move is indicative of the Company’s innovative approach to financing, led by a consortium of banks spearheaded by E.SUN Commercial Bank, Ltd.
Loan Details and Financial Structure
This secured term loan, featuring an interest rate anchored to Term SOFR plus 135 basis points, has a maturity of seven years and will be repaid through quarterly installments of $0.9 million, culminating in a balloon payment of $39.8 million at the loan’s maturity. Additionally, the loan will be secured by a mortgage on the Nissos Kea and guaranteed by the Company. The expected closing for this transaction is set for June 2025.
Strategic Insight from the CFO
Iraklis Sbarounis, CFO of Okeanis, expressed enthusiasm about the loan’s potential impact. He stated, “We are thrilled to announce this new loan related to the Nissos Kea. It signifies our commitment to expanding our footprint in the financing market, which we see as a key avenue for capital growth in the coming years.” This new financing arrangement, coupled with the previously announced deals involving the Nissos Nikouria and Nissos Anafi, positions OET favorably with secured loans for their youngest VLCC vessels.
Enhancing Capital Structure
Okeanis is focused on refining its capital structure to reduce debt service costs and extend maturity profiles across the board. The company has successfully reduced its overall financial burden through effective management and strategic loan agreements. As they prepare for the refinancing of their remaining sale and leaseback VLCCs, including Nissos Rhenia and Nissos Despotiko, anticipated in 2026, OET continues to evaluate financially positive opportunities as they arise in the market.
About Okeanis Eco Tankers Corp.
Okeanis Eco Tankers Corp. is recognized as a leading player in the international tanker industry, specializing in the seaborne transportation of crude oil and refined products. Founded on April 30, 2018, under the laws of the Republic of the Marshall Islands, the Company operates a fleet of modern vessels, including six Suezmax tankers and eight VLCCs, all equipped with advanced scrubber technology, ensuring compliance with current environmental regulations.
Company Contacts
For inquiries, please contact:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
ir@okeanisecotankers.com
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
okeanisecotankers@capitallink.com
Frequently Asked Questions
What is the purpose of the new loan facility?
The new loan facility is aimed at financing the acquisition of the Nissos Kea from its current sale and leaseback partner.
Who are the key financial partners involved?
The loan is provided by a syndicate of banks, with E.SUN Commercial Bank, Ltd. as the leading financial institution.
What are the key terms of the loan?
The loan features an interest rate of Term SOFR plus 135 basis points and will be repaid in quarterly installments, with a significant balloon payment at maturity.
How is Okeanis Eco Tankers enhancing its capital structure?
Okeanis is focused on reducing debt service costs and lengthening repayment periods, aiming for greater financial stability.
What vessels are included in the financing strategy?
The financing strategy involves recent loans secured for the Nissos Kea, Nissos Nikouria, and Nissos Anafi, showcasing commitment to fleet modernity and compliance.
