Okeanis Eco Tankers Reaches Its Fundraising Goal

Piraeus-based shipping group Okeanis Eco Tankers has secured another USD 45 million as it continues collecting funds to finance its newbuildings.

Namely, the company said it received subscriptions in an amount that will ensure that the combination of new equity and the revolving credit facility (RCF) from its biggest shareholder, the Alafouzos family, will meet its requirement of USD 45 million, within the subscription price range.

Okeanis Eco Tankers, which targeted gross proceeds of USD 20-45 million with its private placement, previously received commitments from an affiliate of its largest shareholder of up to USD 25 million.

The company earlier informed that the net proceeds would be used for part financing of existing vessel newbuilding orders, working capital, and general corporate purposes.

The development comes on the back of a USD 59 million loan facility which Okeanis Eco Tankers agreed with the Dutch ABN Amro bank. The loan would also be used to finance one of the company’s VLCC newbuildings at Hyundai Heavy Industries.