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Funding for Greek Shipping Okeanis Eco Tanker (OET)

Greek shipping company Okeanis Eco Tankers (OET) said it would get funding to finance the pre-delivery of two new ECO scrubber-fitted Suezmax tankers.

As informed, the company has secured commitment to a USD 45.9 million secured loan facility from Alpha Bank A.E. to finance 88.95% of the total pre-delivery yard installments for the vessel pair.

The facility is available immediately, and the company expects to draw on it shortly to finance 100% of the installment due in November 2019. The facility is repayable in full upon delivery of the new buildings, according to OET.

What is more, the company is in advanced discussions with potential lenders in respect of post-delivery financing for its two Suezmax ships and expects to conclude financing arrangements for these at industry leading terms within Q1 2020.

The 158,000 dwt tankers are being built at South Korea’s Hyundai Samho Heavy Industries and are scheduled for delivery in August 2020.

In April 2019, OET was granted the option by entities controlled by OET’s sponsor and chairman, Ioannis Alafouzos, to add the 158,000 dwt tanker pair at the sponsor’s cost of USD 64.5 million.

Okeanis Eco Tankers is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of 17 crude oil and products tankers in the VLCC, Suezmax and Aframax segments.

OKEANIS ECO TANKERS promotes the concepts of safety and environmental excellence and expects all employees from the top management
to every seafarer serving on board to participate in the effort to achieve and sustain long-term improvements towards a state of excellence.

OKEANIS ECO TANKERS operates under three continuous objectives: providing ships of the highest standard, collaborating with counter-parties
to evolve services, and expanding an already progressive trading strategy.

A preferred partner to major oil companies, OET has a consistent record of profitable deals spearheaded by a tightly-knit and loyal
workforce. The company balances the importance of maritime tradition with a forward thinking and innovative policy.

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