Okeanis Eco Tankers finances VLCC newbuilding

Nov 30 2018

Okeanis Eco Tankers Corp has secured one additional firm commitment for a secured loan facility for $59 mill from ABN Amro.

This facility will be used to finance a VLCC newbuilding, Hull 3050, under construction at Hyundai Heavy Industries.


The company has now secured competitive financing for three of its last four VLCC newbuildings. 


It claimed that it was in advanced discussions with potential lenders in respect of its last remaining unfinanced VLCC newbuilding and expects to conclude a deal on substantially similar terms to the facility by the end of this year, thus closing the newbuilding programme’s debt financing.


In addition, the company is contemplating a private placement of new shares, which will be offered to investors subject to and in compliance with applicable exemptions from relevant prospectus or registration requirements.


Targeted gross proceeds are $20-45 mill corresponding to approximately NOK171 – 385 mill, at a subscription price in the range of NOK66–68.


Okeanis Eco Tankers has retained Fearnley Securities and Pareto Securities as managers in the private placement.


Net proceeds will be used for (i) part financing of existing vessel newbuilding orders, (ii) working capital, and (iii) general corporate purposes.


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