ECO · Okeanis Eco Tankers Corp.

Okeanis Eco Tankers has secured $190 million in new bank debt across three facilities, completing financing for two resale newbuilding Suezmax tankers (Nissos Tigani and Nissos Vous) following a January equity raise, and finalizing the repurchase of Nissos Rhenia and Nissos Despotiko from legacy sale and leaseback arrangements. The structures mirror prior deals for Nissos Piperi and Nissos Serifopoula, blending equity and competitive debt to preserve dividend capacity. Interest rates range from Term SOFR +120bps to +130bps, with maturities of 7-9 years and quarterly repayments plus balloons, secured by vessel mortgages and corporate guarantees, subject to standard covenants and delivery conditions. CFO Iraklis Sbarounis highlights this as the third Taiwanese bank deal in two years, strengthening those ties, while Greek banks finance the repurchases, leveraging family-established relationships. These moves replace higher-cost sale and leasebacks, reflecting platform maturity and lender confidence, with average debt margins improved over 200bps since early 2023, extended maturities to 2035, and lower breakeven debt service, positioning the company for market opportunities and shareholder returns.