Okeanis Eco Tankers Secures $190M in SOFR-Linked Loans for Two Newbuilds and Repurchases
ECO•Okeanis Eco Tankers secured three loan facilities totaling $190M: a $90M eight-year SOFR+120bp E.SUN-led loan for two Suezmax newbuilds, plus $50M seven-year and $50M nine-year Greek loans at SOFR+125bp and +130bp to repurchase Nissos Rhenia and Nissos Despotiko. These replace sale-and-leasebacks and slash debt margins by over 200 basis points.
1. New Loan Facilities
Okeanis Eco Tankers entered into three facility agreements totaling $190 million. The first is a $90 million eight-year loan arranged by E.SUN Commercial Bank at Term SOFR plus 120 basis points to fund two new Suezmax vessels, Nissos Tigani and Nissos Vous, with quarterly installments of $1.07 million and a $55.76 million balloon at maturity. The second is a $50 million seven-year facility at Term SOFR plus 125 basis points, repurchasing Nissos Rhenia with quarterly repayments of $0.825 million and a $26.9 million balloon. The third is a $50 million nine-year facility at Term SOFR plus 130 basis points, repurchasing Nissos Despotiko with identical quarterly installments and a $20.3 million balloon.
2. Vessel Deliveries and Repurchases
The Suezmax newbuilds are scheduled for delivery in May 2026 (Nissos Tigani) and July 2026 (Nissos Vous), triggering the closing of their respective financing. The Nissos Rhenia repurchase facility is set to close in May 2026 and the Nissos Despotiko facility in June 2026, completing the company’s exit from legacy sale-and-leaseback arrangements.
3. Impact on Capital Structure
These transactions replace older sale-and-leasebacks, extend debt maturities to 2035, and improve average fleet debt margins by over 200 basis points since early 2023. The reduced borrowing costs and extended tenors are expected to preserve dividend capacity and deliver significant interest expense savings, strengthening the company’s competitive capital structure.
