Okeanis Eco Tankers (NYSE: ECO / OSE: OET) has secured a new $65 million term loan facility to finance the repurchase of its VLCC Nissos Kea under a previously announced sale-and-leaseback option.
Okeanis Eco Tankers (NYSE: ECO / OSE: OET) has secured a new $65 million term loan facility to finance the repurchase of its VLCC Nissos Kea under a previously announced sale-and-leaseback option. The new financing, led by E.SUN Commercial Bank, extends OET’s strategy of strengthening its capital structure and diversifying its financing sources.
The seven-year secured loan carries an interest rate of Term SOFR plus 135 basis points and will be repaid through quarterly installments of $0.9 million, with a $39.8 million balloon payment due at maturity. The facility is secured by a mortgage on the Nissos Kea and guaranteed by the company.
“This marks another step in expanding our footprint in this financing market, which we believe may become an important source of capital for us in the future,” said CFO Iraklis Sbarounis. He noted that with this agreement, along with recent financings for Nissos Nikouria and Nissos Anafi, OET has secured long-term financing for its three youngest VLCCs with maturities extending to 2032.
Okeanis continues to focus on optimizing its capital structure, reducing debt service costs, and extending maturities. Sbarounis also indicated that further refinancing opportunities may arise in 2026 for the company’s remaining sale-and-leaseback VLCCs Nissos Rhenia
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