Okeanis Eco Tankers to Get Funds for Two VLCC Newbuilds

tankerIllustration. Image Courtesy: PxHere under CCO license /Public Domain

Greek tanker company Okeanis Eco Tankers Corp. has secured firm commitments for two secured loan facilities in respect of the financing of two of its VLCC newbuildings.

The commitments have been received from Credit Suisse AG and BNP Paribas for an aggregate amount of USD 116.3 million.

The vessels, hull 3051 and hull 3089, are currently under construction at Hyundai Heavy Industries shipyard in South Korea.

As explained, these commitments mark the successful conclusion of the first step in the company’s efforts to secure competitive financing for its last four VLCC newbuildings, in line with the company’s previous guidance.

Okeanis Eco Tankers is in advanced discussions with potential lenders in respect of its two remaining unfinanced VLCC newbuildings and expects to conclude financing arrangements for these on substantially similar terms, according to the company.

“While these discussions are yet to be concluded, the company remains confident that bank finance on acceptable terms will be secured in respect of the two remaining VLCCs within November 2018, thus drawing to a close the debt financing of the company’s newbuilding program,” Okeanis Eco Tankers said.

What is more, the company has initiated the process of up-listing the company’s shares from Merkur Markets to Oslo Axess, a regulated market operated by Oslo Børs ASA. It plans to contact a group of potential investors to discuss a potential equity raise of up to USD 55 million.

“Depending on the circumstances, the company may resolve to effect such equity raise as a private placement of common shares expected in the near term, with a view to satisfying the Oslo Axess listing requirements and financing the remaining equity portion of the company’s newbuilding program,” Okeanis Eco Tankers explained.

Final details of a potential transaction have not yet been determined and there is no assurance that the company will proceed with the indicated process.

Okeanis Eco Tankers owns and operates a fleet of 15 crude oil and products tankers in the VLCC, Suezmax and Aframax segments.

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