Okeanis Eco Tankers Secures Loan to Finance Scrubbers

Okeanis Eco Tankers vesselIllustration. Image Courtesy: Okeanis Eco Tankers/Ocean Yield

Greek shipping company Okeanis Eco Tankers has secured a financial package to fund its scrubber retrofit project.

The loan commitment in the amount of USD 11 million was agreed with BNP Paribas.

The funds are available immediately, and the company expects to draw on it shortly to partly finance the capital expenditure required to retrofit scrubbers on six of its vessels, including two Aframax/LR2 tankers, as well as four Suezmaxes.

Okeanis Eco Tankers informed that the facility carries an interest rate over Libor of 2.00%, a 5-year tenor, and a 4-year repayment profile beginning one year after drawdown.

Okeanis Eco Tankers, owned by the Alafouzos family, started trading on the Oslo Stock Exchange in July 2018, raising USD 100 million in its initial public offering.

In May 2019, the company completed a private placement and raised around USD 15 million to be used for working capital and general corporate purposes. Glafki Marine Corp. (Glafki), the Okeanis Eco Tankers’ majority shareholder, underwrote the private placement in its entirety.

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