• 2019 October 13 14:33

    Okeanis Eco Tankers announces acquisition of Suezmax newbuilding duo

    Okeanis Eco Tankers Corp. (OAX:OET) (“OET” or the “Company”) announced the granting of an option to OET by entities controlled by OET’s sponsor and chairman, Mr. Ioannis Alafouzos (the “Sponsor”), to acquire two ECO design, scrubber-fitted 158,000 DWT Suezmax tankers under construction at Hyundai Samho Heavy Industries delivering in August 2020 (the “Option Vessels”) at the Sponsor’s cost of USD 64.5 million per vessel. As Suezmax values have risen and newbuilding delivery timelines extended into 2021 in the period since its granting, the option is presently well in-the-money and accretive to NAV. In addition, with the recent dramatic firming of the tanker spot and time charter markets and the availability of low cost, high LTV financing (discussed below), OET is highly confident that exercise of the option will require no new issuance of equity. Accordingly, OET is today pleased to announce that its Board of Directors has resolved to exercise the option.

    The Company has received firm indications for low cost, high LTV pre- and post-delivery financing from multiple large and reputable financial institutions. Additionally, in connection with the option exercise, OET and Sponsor have agreed to extend the maturity of the USD 15 million revolving credit facility (which remains undrawn at the date hereof) from Glafki Marine Corp. (“Glafki”, an affiliate of the Sponsor) by six months, to December 2020. Lastly, OET and Sponsor have agreed that repayment of ten percent of the Option Vessels’ total contract price settled between the Sponsor and the shipyard in April 2019 may be deferred, at OET’s sole discretion, to any date before the end of September 2021 with no interest, cost or penalty accruing on any outstanding amount during the period. The Board of Directors believes that the increased financial flexibility resulting from these measures should obviate the need for an equity issuance even under unexpectedly negative market scenarios.

    OET possesses among the youngest, highest quality, scrubber-fitted tanker fleets assembled specifically to benefit from the strength in freight rates and asset prices expected to result from the firming tanker market fundamentals and IMO 2020 regulations. In line with its strategy and consistent with its Discount Control Mechanism, the Company intends to capitalize on such strength by returning resulting cash from operations and well-timed asset sales to shareholders in the most tax-efficient manner possible.

    Okeanis Eco Tankers
    Okeanis Eco Tankers is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of seventeen modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax/LR2 segments.




2020 October 27

17:06 Costa Cruises completes first LNG bunkering operation in Italy
16:24 OOCL updates North Europe – Turkey service
15:33 New tanks for storage and processing of polluted water have been put into operation in the port of Riga
15:04 Norway's biggest ferry company orders two new ferries from Havyard LAB
14:10 Port of Gothenburg posts results for January-September 2020
14:06 Krasniye Barrikady launched non-self-propelled cargo pontoon of Project GPRN
13:21 Wärtsilä cargo handling system design selected for new Very Large Ethane Carrier vessels
12:52 Bunker prices are stable in the Far East ports of Russia (graph)
12:27 BlueWater Reporting issues Q3 2020 World Liner Supply Report
12:09 HEINEKEN pioneers with zero-emission shipping
11:58 COVAXX and Maersk enter partnership to supply COVID-19 vaccines globally
11:03 Sea Port of Saint-Petersburg continues automation of railcars weighing
10:38 RF Government to look into development of national project focused on IWW
10:09 CMA CGM announces PSS for cargo from India North West ports to Europe
09:45 MABUX: Bunker Market this morning, Oct 27
09:40 Strategy for Developing the Russian Arctic Zone and Ensuring National Security until 2035 approved
09:22 Oil prices are recovering
09:07 Baltic Dry Index as of October 27

2020 October 26

18:03 Shipping emissions talks stall in London
18:03 Port of Klaipeda to get funds for sustainable development and digitization of the port’ management
17:42 34.6 million tonnes loaded in the Port of Klaipeda in 9 months of this year
16:58 Innovative solutions of MAPEI are increasingly widespread in shipbuilding
16:34 Kalmar continues long-term collaboration with Patrick Terminals with new order for AutoStrads
16:10 Average spot market price for Russian M100 product rose to RUB 12,430 pmt
15:46 Royal IHC and Suez Canal Authority successfully launch CSD HUSSEIN TANTAWY
15:34 EPS secures 15-year TC from STL for four dual fuel VLECs
14:52 RF Prime Minister approves list of checkpoints that can be crossed by foreigners with e-visas
14:31 Ocean Network Express to launch new intra Asia service
14:03 Port of Helsinki passenger traffic down 53.9% to 4.1 million in Jan-Sept 2020
13:06 Passenger turnover in Russian ports plunged by 73.9% in 9M’2020
12:59 ICS welcomes legally binding agreement to significantly improve the carbon efficiency of shipping
12:37 Delo Group and Russian Railways signed Agreement on cooperation in organization of rail container transportation
11:59 Stena Bulk branded class for tanker personnel opened at Admiral Makarov SUMIS
11:58 The Ocean Cleanup introduces first product made with ocean plastic pollution
11:30 NIBULON ranks first among Ukrainian shipyards
10:31 EMA and Keppel jointly awarded a research grant to pilot Singapore’s first floating Energy Storage System
10:15 Admiralteiskie Verfi shipyard delivered diesel-electric submarine Volkhov to RF Navy
09:50 MABUX: Bunker Market this morning, Oct 26
09:26 Oil market starts week with decreasing prices
09:09 Baltic Dry Index as of October 23

2020 October 25

15:27 USCG: Oil spill cleanup of Delaware Bay coastline continues
14:53 Richmond Council to host first public meeting with Hammersmith Bridge Taskforce
14:38 Deep water berth extension at Port of Halifax fully operational
13:27 Gothenburg Port Authority's Elvir Dzanic named as a member of Electrification Commission
12:43 Maritime NZ welcomes report to MPI
12:18 Oil spill response equipment and vessel rates in Singapore
11:04 GPA holds first virtual State of the Port

2020 October 24

15:47 Ocean transport of the first lot of railway coach to Myanmar completed
14:51 OOCL announces services changes and enhancements on Asia-Europe trade
13:28 Port Authority launches new campaign against litter
12:41 Hapag-Lloyd announces Ocean Tariff rates on East Asia - NEC and Mediterranean trade
11:06 CSD Hussein Tantawy successfully launched at IHC's shipyard in The Netherlands

2020 October 23

18:09 Baltic Data Flows: New HELCOM project seeks to harmonize and harvest environmental data at a pan-Baltic level
17:47 ICS welcomes legally binding agreement to significantly improve carbon efficiency of shipping
17:10 Anti-submarine ship Vice-Admiral Kulakov completes its business call to Greece
16:32 Bollinger Shipyards delivers 41ST fast response cutter to the U.S. Coast Guard
16:05 APM Terminals Poti signs a contract with Poti New Terminals Corporation for the development of dry bulk facility in the Poti Sea Port
15:31 HySHIP project clinches EUR 8M funding award
15:13 Krasnoye Sormovo shipyard launches dry cargo carrier Alfa Mercury
14:50 Self-propelled crane built for RF Navy’s Pacific Fleet arrived in Vladivostok having passed the Northern Sea Route