Okeanis Eco Tankers Corp. (NYSE: ECO) has secured three new bank loan facilities totaling $190 million to finance the acquisition of two new Suezmax vessels and to refinance two existing sale‑leaseback arrangements. The $90 million facility, provided by E.SUN Commercial Bank, will cover the purchase price of the Nissos Tigani and Nissos Vous, which are expected to be delivered in May and July 2026, respectively. The remaining $100 million is split between two $50 million facilities that refinance the sale‑leaseback of the Nissos Rhenia and Nissos Despotiko; the lenders for these two loans are Greek banks that were not named in the announcement.
The loan agreements carry a term rate of SOFR plus 120–130 basis points, mature over seven to nine years, and feature quarterly repayments with a balloon payment at maturity. All three facilities are secured by mortgages on the vessels and are guaranteed by Okeanis. Management highlighted that the new debt will replace higher‑cost sale‑leaseback arrangements, cutting financing margins by an estimated 155 basis points and saving roughly $8 million in annual interest expense. The improved debt profile also supports the company’s strategy of expanding its modern, eco‑designed fleet while maintaining a strong dividend capacity.
CFO Iraklis Sbarounis said, "We are pleased to announce our most recent bank financing transactions. Over the last few years we have refinanced and improved our debt structure. Since the pre LIBOR to SOFR transition era in early 2023, and once these new transactions close, we estimate that our debt margin pricing will have improved by over 200 basis points on average across our fleet, resulting in significant interest expense savings. We have extended loan maturities, such that some loans run until 2035, and we have improved our daily debt service breakeven costs. We are confident that we are well positioned to continue capitalizing on the market." The financing not only reduces the company’s cost of capital but also provides additional flexibility for future fleet acquisitions or operational needs.
Okeanis’s focus on a young, eco‑designed fleet aligns with tightening environmental regulations and the global shift toward lower‑emission shipping. By securing favorable bank debt, the company positions itself to capitalize on market opportunities in a tightening crude tanker market, while the refinancing of sale‑leaseback arrangements signals a maturation of its financing strategy and a move toward more traditional, lower‑cost debt structures.
The company’s dividend policy remains robust, with a Q4 2025 dividend of $1.55 per share and a payout ratio of about 95% of net income. The new financing is expected to sustain or potentially increase dividend payouts, reinforcing shareholder value while supporting the company’s growth objectives.
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