Okeanis Eco Tankers Secures $190M in New Loan Facilities, Optimizing Capital Structure
ECO has more than doubled off its 52-week low of $21.27.
Summary
Okeanis Eco Tankers Corp. announced three new loan facility agreements totaling $190 million to finance new vessel acquisitions and repurchase existing vessels from sale and leaseback arrangements, significantly improving its debt structure.
Key Events · Financing and Capital Events · ECO
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Secures $190 Million in New Debt
The company entered into three new loan facility agreements totaling $190 million, comprising a $90 million facility and two $50 million facilities.
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Financing for New Suezmax Vessels
A $90 million facility will finance a portion of the acquisition price for two new Suezmax vessels, Nissos Tigani and Nissos Vous, expected for delivery in May and July 2026.
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Repurchases Two Vessels from Leaseback
Two separate $50 million facilities will finance the repurchase of Nissos Rhenia and Nissos Despotiko from their current sale and leaseback financiers, completing the transition away from legacy leaseback transactions.
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Improved Debt Structure and Lower Costs
The CFO noted an estimated improvement of over 200 basis points in debt margin pricing across the fleet, extended loan maturities, and improved daily debt service breakeven costs, reflecting a more competitive capital structure.
Analysis · ECO · Energy & Transportation
Okeanis Eco Tankers Corp. has secured $190 million across three new loan facilities, a significant move to strengthen its balance sheet and support strategic growth. This financing includes $90 million for two new Suezmax vessels and $100 million to repurchase two existing vessels (Nissos Rhenia and Nissos Despotiko) from prior sale and leaseback agreements. The company's CFO highlighted a substantial improvement in debt margin pricing by over 200 basis points on average, extended loan maturities, and improved daily debt service breakeven costs. This strategic shift from sale and leaseback to competitive bank debt reflects increased confidence from financiers and positions the company with a more robust capital structure, especially as its stock trades near its 52-week high.
At the time of this filing, ECO was trading at $55.16 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $21.27 to $57.29. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.