Okeanis Eco Tankers Nets USD 59 Mn for VLCC Newbuild

Oslo-listed Okeanis Eco Tankers Corp. has secured a firm commitment for a secured loan facility worth USD 59 million from Dutch ABN Amro bank.

The company plans to use the loan to finance one of its VLCC newbuildings under construction at Hyundai Heavy Industries.

With the latest facility, the company has ensured financing for three of its last four VLCC newbuildings.

Just a month ago, the company won two loan facilities worth a total USD 116.3 million from Credit Suisse AG and BNP Paribas to finance two VLCCs under construction.

“The company is in advanced discussions with potential lenders in respect of its last remaining unfinanced VLCC newbuilding and expects to conclude financing arrangements for this on substantially similar terms by the end of the year, thus drawing to a close the debt financing of the company’s newbuilding program,” Okeanis Eco Tankers said.

The company’s fleet is currently comprised of three Aframax LR2s, four Suezmaxes and eight VLCCs under construction at Hyundai Heavy Industries all set for delivery in 2019.