Okeanis Eco Tankers completes funding for newbuild VLCCs

Okeanis Eco Tankers completes funding for newbuild VLCCs

Okeanis Eco Tankers, the Oslo-listed Alafouzos family tanker vehicle, has raised $45m which ensures its newbuilding program for four VLCCs at Hyundai Heavy is fully financed.

The company raised $30m via a private placement, announced last week with the aim to raise $20m-$45m, and has also entered into a $15m revolving credit facility with an affiliate its largest shareholder and Alafouzos company, Glafki Marine Corp.

Having announced loan facilities in both October for two vessels and November for a third vessel, Okeanis has now completed the financing required for all four VLCCs on order.

“Thus, the Company is well positioned to benefit from the expected strengthening tanker market going forward,” Okeanis said in a statement today.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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