OET Gets Loan for Two Suezmax Newbuilds

Maritime Activity Reports, Inc.

November 1, 2019

Image: Okeanis Eco Tankers

Image: Okeanis Eco Tankers

Greece-based shipping company Okeanis Eco Tankers (OET) said it  has secured funding to finance the pre-delivery of two new ECO scrubber-fitted Suezmax tankers.

The Greek tanker owner and operator said that it has secured commitment to a USD 45.9 million secured loan facility from Alpha Bank A.E. to finance 88.95% of the total pre-delivery yard installments for the vessel pair.

The two ECO design, scrubber-fitted 158,000 DWT Suezmax tankers are under construction at Hyundai Samho Heavy Industries and set for delivery in August 2020.

The loan facility is available immediately, and the Company expects to draw on it shortly to finance 100% of the installment due in November 2019. The facility is repayable in full upon delivery of the newbuildings.

The company is in advanced discussions with potential lenders in respect of post-delivery financing for its two Suezmax newbuildings and expects to conclude financing arrangements for these at industry leading terms within Q1 2020.

Two weeks ago, OET took delivery of the VLCC “Nissos Keros” today, and that the vessel has commenced trading in the spot market.

The vessel was delivered from Hyundai Heavy Industries in South Korea and is the seventh in a series of eight VLCCs that will be delivered to the Company throughout the year.

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