Okeanis Eco Tankers Cements Major Financial Restructuring with $190 Million in New Loans

ATHENS, Greece – May 04, 2026 – Okeanis Eco Tankers Corp. (NYSE:ECO / OSE:OET) has announced a significant strategic financial overhaul, securing three new loan facilities totaling $190 million. The move completes the financing for two newbuild Suezmax tankers and, critically, allows the company to repurchase two vessels from sale and leaseback agreements, marking a definitive pivot in its capital structure.

This series of transactions is more than a simple refinancing; it represents a calculated maneuver to reduce borrowing costs, extend debt maturities, and strengthen the company's balance sheet. By transitioning away from legacy lease arrangements in favor of competitive bank debt, Okeanis is signaling a new phase of corporate maturity and a sharpened focus on maximizing shareholder returns in a robust tanker market.

A Strategic Exit from Sale-Leasebacks

At the core of the announcement is OET’s full transition away from sale and leaseback (S&LB) financing, a model that, while useful for raising capital, can come with higher long-term costs and operational inflexibility. The company has secured two separate $50 million facilities from prominent Greek banks to repurchase the Nissos Rhenia and Nissos Despotiko, with the transactions expected to close in May and June 2026, respectively.

This exit is a deliberate step to regain full ownership of its assets and replace lease obligations with more favorable traditional debt. While S&LB arrangements can provide immediate liquidity, industry analysts note they often involve complex legal structures and rigid payment obligations that can be burdensome in a volatile market. By moving to direct ownership financed by bank loans, OET enhances its financial transparency and flexibility.

Iraklis Sbarounis, the company's Chief Financial Officer, commented on the significance of this shift. “These transactions also complete our transition away from all our legacy sale and leaseback transactions. The sale and leaseback transactions served their purpose well in supporting the start of our journey as a public entity; we are now very pleased to replace them with competitive bank debt, which we believe to be a reflection of how Okeanis as a platform has matured through the years, how the market views our performance and capital structure, and the confidence we enjoy by our financiers.”

The move leverages deep-rooted relationships within the Greek financial sector. “We continue fostering the relationships established by the Alafouzos family in the Greek banking market, a market that we expect may always play a significant role in our capital structure, which knows the shipping market, and is built with long-term trust in mind,” Sbarounis added.

Fueling Fleet Expansion in a Bullish Market

The financing package also cements the company's fleet expansion plans. A new $90 million facility, led and arranged by Taiwan's E.SUN Commercial Bank, Ltd., will fund the acquisition of two newbuild Suezmax tankers, the Nissos Tigani and Nissos Vous. These vessels are scheduled for delivery from Daehan Shipbuilding in May and July 2026, respectively, and will join one of the industry's most modern and eco-friendly fleets.

This expansion is timed to capitalize on exceptionally strong tanker market fundamentals. Driven by resilient global oil demand, particularly from Asia, and longer voyage distances resulting from geopolitical trade route shifts, freight rates have remained elevated. The Suezmax segment, in which OET is expanding, is projected to see robust demand growth, with its strategic size allowing for versatile trading through key chokepoints like the Suez Canal.

Furthermore, the global tanker fleet is aging, and a relatively small orderbook for new vessels creates a tightening supply dynamic. OET’s focus on modern, scrubber-fitted tankers provides a distinct competitive advantage, as charterers increasingly prefer fuel-efficient and environmentally compliant vessels to navigate stricter emissions regulations. By adding two state-of-the-art Suezmaxes, OET is not just expanding capacity but reinforcing its position as a premium operator in the crude transportation sector.

Engineering Significant Cost Savings and Shareholder Value

The most compelling aspect of OET's financial restructuring is the dramatic improvement in its cost of capital. According to Sbarounis, the company’s strategic refinancing efforts since early 2023 have yielded substantial benefits. “We estimate that our debt margin pricing will have improved by over 200 basis points on average across our fleet, resulting in significant interest expense savings,” he stated.

A 200-basis-point, or 2%, reduction in interest margin across a large debt portfolio translates into millions of dollars in annual savings, directly boosting the company's bottom line and free cash flow. The new facilities feature highly competitive terms: the $90 million loan for the newbuilds carries an interest rate of Term SOFR plus 120 basis points, while the repurchase facilities are priced at 125 and 130 basis points over the benchmark rate.

Beyond immediate cost savings, the new agreements extend the company's debt maturity profile, with some loans now running until 2035. This long-term financial stability reduces refinancing risk and allows management to focus on operational excellence and strategic growth. Sbarounis confirmed that these efforts have improved the company's daily debt service breakeven costs, enhancing its resilience against potential market downturns.

Crucially, this financial optimization is directly linked to shareholder returns. The transactions, which follow a successful equity raise in January, were structured to “preserve our dividend capacity,” according to the CFO. This disciplined approach ensures that financial strength is translated into tangible value for investors.

Diversified Banking Partnerships Signal Global Confidence

The composition of OET's new lenders highlights a sophisticated and global approach to capital sourcing. Securing a major facility from a syndicate led by a Taiwanese bank and two others from leading Greek institutions demonstrates the company's ability to tap into diverse pools of international capital.

This is OET's third major transaction with Taiwanese banks in just two years, indicating a deepening relationship in a market that is becoming an increasingly important source of maritime finance. Simultaneously, the continued strong backing from Greek banks, which possess unparalleled expertise in the shipping industry, underscores the trust OET commands in its home market.

By diversifying its banking relationships, OET not only secures competitive financing but also mitigates risk by reducing its dependence on any single financial region. This global financial footprint is a testament to the company's strong standing and a key enabler for future growth initiatives. With its financial house in order and a modern fleet ready to serve a demanding market, Okeanis Eco Tankers appears well-charted for a period of sustained profitability and growth.