• 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 July 8

18:11 Carnival Cruise Line sets ship delivery changes and related deployment plans
17:50 POWERGLOBE seeks for 10 years LNG vessel charter-agreement
17:27 Maritime partners unveil Autonomous Guard Vessel
17:03 THE Alliance announces COVID-19 response measures for August 2020
16:48 SaR operation in Singapore: man overboard incident
16:20 Throughput of Rostov-on-Don port in 6M’2020 grew by 10% Y-o-Y
16:13 Maritime industry calls for EU political leadership on seafarers
15:23 Port of Antwerp total throughput down by 4.9% in H1 2020
14:03 Wärtsilä introduces the system, designed to reliquefy boil-off gas onboard gas carriers and LNG bunker vessels
13:45 RF State Duna adopts a package of laws on privileges in the Arctic
13:12 PD Ports wins major pipeline contract with Global Manufacturer at Hartlepool
12:44 DCSA publishes standards for digital exchange of operational vessel schedules
12:18 Germany takes over HELCOM chairmanship
12:11 Seanergy Maritime announces agreement to acquire a Capesize vessel with prompt delivery
11:55 Russian Fishery Company fleet renewal to reduce carbon footprint by 50%
11:29 Pella Shipyard delivers patrol boat of Project 03160
11:04 Austal delivers first of two 118 metre trimarans to Fred. Olsen Express
10:43 Barcelona Cruise Port obtains the 'Safe Travels' Stamp, as safe infrastructures preventing COVID-19
10:32 Throughput of Rosterminalugol in HI’2020 grew by 10% YoY
10:04 ESPO says EU Taxonomy should align with already defined sectoral sustainability criteria
09:40 Oil prices continue decreasing
09:37 MABUX: Bunker market this morning, July 08
09:23 Bunker prices rose at the Port of Saint-Petersburg, Russia (graph)
09:08 Baltic Dry Index as of July 7

2020 July 7

18:06 ZIM unveils new digital services
17:49 Great Arctic Regatta started in Saint Petersburg
17:27 Crude exports via Kozmino in HI’2020 grew by 5% YoY
17:02 Deepsea Atlantic drilling rig returning to Johan Sverdrup
16:35 Optimarin successfully completes IMO G8 and USCG test programme
16:12 Alfa Laval takes its service offer to the next level through remote service guidance
15:56 New ferry line Baltic Link launched at the port of Riga
15:28 RF Government allocates RUB 320 million to subsidize shipping companies
15:02 ABP delivers project cargo using North Lincolnshire’s waterways
14:32 Air Liquide and the Port of Rotterdam Authority launch initiative for hydrogen road transport
14:02 Konecranes to deliver mobile harbor crane to new terminal in Trieste
13:46 Bunker prices rise at the Far East ports of Russia (graph)
13:32 KNOT concludes long-term charter contract with PetroChina for shuttle tanker
13:11 CMA CGM announces GRR from Asia to West Africa
12:49 Throughput of Vostochny Port in HI’2020 grew by 6% YoY
12:30 GTT Training and Wavelink Maritime Institute in collaboration to deliver LNG training in Singapore
12:23 Tom Hautekiet becomes new CEO Port of Zeebrugge
12:01 IMO endorses guidance on ensuring seafarers’ access to medical care onshore
11:58 NRP facilitates long-term financing for a newbuilt arctic container vessel
11:00 The CMA CGM Group simplifies its trade network on the Transpacific trade
10:52 First jacket successfully installed at Moray East, Scotland’s largest offshore wind farm
10:52 Aker Arctic joins ePIcenter project
10:14 MABUX: Bunker market this morning, July 07
10:08 Zvezda shipyard starts steel cutting for nuclear-powered icebreaker Rossiya, Project 10510
09:31 Oil prices are decreasing
09:13 Baltic Dry Index as of July 6
08:40 Klaveness Combination Carriers secures the first sustainability linked bank financing in Norwegian shipping

2020 July 6

19:07 Equinor awarded framework contract for engineering and installation services on Statfjord
18:27 CMA CGM to launch Round the Africa service
18:07 APM Terminals Buenos Aires facilitates first ever export of lemons from Argentina to China
17:31 Northern Sea Route cargo traffic in 6M’2020 reached 14.8 million tonnes
17:30 Kloosterboer starts construction of Cool Port II at City Terminal Rotterdam
17:06 ArcelorMittal issues invitation to tender for heat network in North Sea Port
16:45 Damen delivers five zero emissions propulsion ferries to Arriva in Copenhagen
16:12 Kvaerner improves financial results and outlook
15:32 Average wholesale prices for М-100 HFO fell to RUB 9,623 in RF spot market