Okeanis Eco Tankers reveals fresh vessel refinancing action – Warungku Terkini

Greek owner Okeanis Eco Tankers has executed a series of vessel refinancings to optimise its capital structure.

The New York and Oslo-listed Alafouzos family vehicle, with a fleet of six suezmaxes and eight VLCCs, has secured a new $34.7m loan from a syndicate of banks led by Kexim Asia to buy its 2016-built suezmax Milos out of Ocean Yield lease. The six-year deal that comes with a balloon instalment of $17.3m at maturity is expected to close in February.

The company has also struck a sale and leaseback agreement with CMB Financial Leasing for the 2020-built VLCC Nissos Anafi and revised its existing arrangements with the Chinese lessor on the 2022-built Nissos Kea and Nissos Nikouria.

The fresh sale and leaseback will bring in about $73.5m, which will, among other things, be used to refinance the existing debt on the vessel. The lease is for seven years and includes purchase options after the first year.

Meanwhile, the company said the amended leases on the VLCC duo, which are expected to kick in during the first quarter, provide for a reduction in the pricing of the variable amount of charter hire, extend maturities and eliminate the previously stipulated early prepayment fees in the case of exercise of the purchase options.

Okeanis’ chief of finance, Iraklis Sbarounis, added that the company plans to use the momentum from its most recent transactions to seek favorable financing to buy back its other legacy leased suezmax Poliegos in June 2024, the second in a series of four transactions anticipated to further strengthen its position.