Piraeus-based shipping group Okeanis Eco Tankers, owned by the Alafouzos family, has concluded a USD 100 million initial public offering in Oslo and started trading on July 4.
Law firm Watson Farley & Williams (WFW) advised the company on the oversubscribed IPO of its new eco-friendly USD 1 billion crude tanker fleet on Oslo’s Merkur Market.
This placement will cover Okeanis’ funding needs well into next year, the law firm added.
Okeanis’ fleet consists of three aframax and three suezmax tankers, four of which currently have time charters in place. It also has eight very large crude carriers (VLCCs) under construction at Hyundai Heavy Industries’ Ulsan yard in South Korea.
This is the first maritime listing by a vehicle owned by the Alafouzos family, who have been active in the shipping sector since the 1960s and the tanker market since the 1980s.
Video Courtesy: Oslo Børs