Greek tanker owner Okeanis Eco Tankers, listed on the New York and Oslo stock exchanges, has lined up $190 million in three separate loan facilities to fund vessel acquisitions and buy back ships tied to sale-and-leaseback deals. The Alafouzos family-controlled company signed the agreements with a mix of Taiwanese and Greek lenders.
The largest tranche, a $90 million facility arranged by E.SUN Commercial Bank, will finance part of the cost of two suezmax newbuildings under construction at Daehan Shipbuilding. The vessels, named Nissos Tigani and Nissos Vous, are due for delivery in May and July 2026.
In parallel, Okeanis secured two additional $50 million facilities from Greek banks to fund the buyback of the VLCCs Nissos Rhenia and Nissos Despotiko from their respective sale-and-leaseback financiers. The company said the deals would complete its transition away from legacy sale-and-leaseback structures, replacing them with conventional bank financing.
Chief financial officer Iraklis Sbarounis said the transactions marked a shift in how the company funds its fleet. He noted that the new facilities complete the financing of the suezmax acquisitions following a recent equity raise and support the company's dividend capacity. Sbarounis added that the refinancing of the VLCCs signals a move toward a more traditional debt structure, reflecting both the company's development as a listed platform and stronger backing from lenders.
The CFO also highlighted improving financing terms, noting that the group has reduced its average debt margins by more than 200 basis points since the transition from LIBOR to SOFR in 2023, while extending maturities on some loans out to 2035. The agreements come at a time when crude tanker owners are simultaneously focused on optimizing their capital structures and capturing tighter interest spreads.
Key Takeaways:
1. Okeanis Eco Tankers signed three loan agreements totaling $190 million, the largest a $90 million tranche from E.SUN Commercial Bank.
2. The E.SUN facility funds two suezmax newbuildings at Daehan Shipbuilding, Nissos Tigani and Nissos Vous, due for delivery in May-July 2026.
3. Two additional $50 million Greek bank facilities will fund buybacks of VLCCs Nissos Rhenia and Nissos Despotiko from sale-and-leaseback financiers.
4. The transactions complete Okeanis' transition from legacy sale-and-leaseback structures to conventional bank financing.
5. CFO Iraklis Sbarounis said average debt margins have fallen by more than 200 basis points since the LIBOR-to-SOFR transition in 2023, with some maturities extended to 2035.
