Okeanis Eco Tankers secures $31m loan for suezmax re-purchase option

Greek owner Okeanis Eco Tankers has entered into a new $31.11m senior secured credit facility to finance the option to purchase back the 157,540 dwt vessel Poliegos from its current sale and leaseback financier Bank SinoPac.

The transaction for the loan is expected to close in July 2024. The sale and leaseback facility contains an interest rate of term SOFR plus 160 basis points, matures in six years, and will be repaid in quarterly instalments of approximately $780,000 each, together with a balloon instalment of approximately $12.44 million payable at maturity.

Since June 2023, Okeanis Eco Tankers has refinanced its entire fleet, except for the two VLCC vessels financed through sale and leaseback facilities whose purchase options are not exercisable until the first half of 2026.

“With respect to the remaining twelve vessels that have been refinanced, [we] have extended maturities staggered between 2028 and 2031. We look forward to continuing working with our financiers to source the best refinancing options for the Nissos Rhenia and the Nissos Despotiko in 2026, or if the opportunity arises for other accretive deals,” said Iraklis Sbarounis, CFO of Okeanis Eco Tankers.