Okeanis Eco Tankers Raises $130M Through New Share Offering to Fund Two $99.3M Suezmax Acquisitions
Okeanis Eco Tankers priced 3,611,111 new shares at $36, raising $130M gross in an equity offering. Net proceeds will partially fund acquisition of two Suezmax vessels at $99.3M each, with deliveries expected in Q2 2026 pending debt financing.
1. Completion of USD 130 Million Common Share Offering
Okeanis Eco Tankers Corp. announced the successful pricing and allocation of 3,611,111 new common shares at USD 36.00 per share, generating gross proceeds of approximately USD 130 million. The offering shares will be delivered through the Depository Trust Company on or about January 23, 2026, subject to customary closing conditions. Net proceeds are earmarked as partial consideration for acquiring two Suezmax newbuildings at Daehan Shipbuilding Co., Ltd. for USD 99.3 million each, with expected deliveries in Q2 2026, contingent upon securing required debt financing. Should one or both acquisitions not close, remaining funds will support general corporate purposes. The Board confirmed compliance with Norwegian Securities Trading Act equal treatment obligations.
2. Strategic Fleet Expansion Plans
Proceeds from the equity raise will primarily fund the purchase of two sister Suezmax vessels—each scrubber-fitted and under construction alongside the Nissos Piperi and Nissos Serifopoula delivered in January. Each vessel acquisition is independent, and closing conditions include the existing acquisition agreements remaining in full force. These additions would grow OET’s fleet to ten Suezmax and eight VLCC tankers, all equipped with exhaust gas cleaning systems, reinforcing the company’s low-emission transportation capacity.
3. Q4 2025 and Q1 2026 Fleetwide Time Charter Equivalent Performance
For Q4 2025, OET estimates a fleetwide Daily Time Charter Equivalent Rate of USD 75,400 per operating day, derived from USD 124.03 million in voyage and time charter revenues, less USD 31.45 million in voyage expenses and USD 1.25 million in commissions, over 1,211 operating days. In Q1 2026, 26% of available spot days have been fixed at an average Daily TCE Rate of USD 106,700, reflecting continued strength in the spot market.
4. Segment-Specific TCE Trends and Vessel Deliveries
In Q4 2025, VLCCs achieved an estimated Daily TCE Rate of USD 91,300 over 37% of spot days booked at an average USD 110,100 so far in Q1 2026, while Suezmax vessels realized USD 50,800 in Q4 and USD 98,500 on 16% of spot days in Q1. The company confirmed the delivery of two new Suezmax vessels—Nissos Piperi on January 8 and Nissos Serifopoula on January 14, 2026—expanding trading capacity in the spot and short-term charter markets.