Norway’s Ocean Yield has acquired 2016-built suezmax tanker Milos from Oslo-listed Greek owner Okeanis Eco Tankers.
Ocean Yield is paying a net purchase price of $49m for the vessel, the sale price of $56m including a $7m sellers credit, and will charter it back to Okeanis Eco Tankers on a 13-year charter. The vessel will be delivered to Ocean Yield in the first quarter.
Okeanis Eco Tankers will have options to acquire the vessel back during the charter period.
Lars Solbakken, CEO of Ocean Yield, commented: “We are pleased to expand our relationship with Okeanis Eco Tankers with the acquisition of another modern suezmax tanker. The company now have two suezmaxes and four VLCC newbuildings with delivery in 2019 on long-term charter to Okeanis Eco Tankers. The four VLCCs will all enter into time charter contracts to Koch Shipping upon delivery.”
Okeanis Eco Tankers, controlled by the Alafouzos family, said the refinancing will generate around $18m of free cash and it will use a portion of the proceeds to repay existing debt.