• 2019 October 13 14:33

    Okeanis Eco Tankers announces acquisition of Suezmax newbuilding duo

    Okeanis Eco Tankers Corp. (OAX:OET) (“OET” or the “Company”) announced the granting of an option to OET by entities controlled by OET’s sponsor and chairman, Mr. Ioannis Alafouzos (the “Sponsor”), to acquire two ECO design, scrubber-fitted 158,000 DWT Suezmax tankers under construction at Hyundai Samho Heavy Industries delivering in August 2020 (the “Option Vessels”) at the Sponsor’s cost of USD 64.5 million per vessel. As Suezmax values have risen and newbuilding delivery timelines extended into 2021 in the period since its granting, the option is presently well in-the-money and accretive to NAV. In addition, with the recent dramatic firming of the tanker spot and time charter markets and the availability of low cost, high LTV financing (discussed below), OET is highly confident that exercise of the option will require no new issuance of equity. Accordingly, OET is today pleased to announce that its Board of Directors has resolved to exercise the option.

    The Company has received firm indications for low cost, high LTV pre- and post-delivery financing from multiple large and reputable financial institutions. Additionally, in connection with the option exercise, OET and Sponsor have agreed to extend the maturity of the USD 15 million revolving credit facility (which remains undrawn at the date hereof) from Glafki Marine Corp. (“Glafki”, an affiliate of the Sponsor) by six months, to December 2020. Lastly, OET and Sponsor have agreed that repayment of ten percent of the Option Vessels’ total contract price settled between the Sponsor and the shipyard in April 2019 may be deferred, at OET’s sole discretion, to any date before the end of September 2021 with no interest, cost or penalty accruing on any outstanding amount during the period. The Board of Directors believes that the increased financial flexibility resulting from these measures should obviate the need for an equity issuance even under unexpectedly negative market scenarios.

    OET possesses among the youngest, highest quality, scrubber-fitted tanker fleets assembled specifically to benefit from the strength in freight rates and asset prices expected to result from the firming tanker market fundamentals and IMO 2020 regulations. In line with its strategy and consistent with its Discount Control Mechanism, the Company intends to capitalize on such strength by returning resulting cash from operations and well-timed asset sales to shareholders in the most tax-efficient manner possible.

    Okeanis Eco Tankers
    Okeanis Eco Tankers is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of seventeen modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax/LR2 segments.




2020 July 11

15:28 Cox Powertrain celebrates as first 300hp diesel outboards roll off the production line ready for delivery
14:51 WCI names Tracy R. Zea as President & CEO
13:45 NOS expands its fleet with two additional M-Class vessels
11:37 Huisman to deliver 250mt Knuckle Boom Crane and 500mt Towing Winch for Nanhai Rescue Bureau
10:52 Wabtec wins federal order for advanced marine engines on new multi-use ships

2020 July 10

19:08 CMA CGM announces FAK rates from Asia to the Mediterranean
18:30 CMA CGM announces FAK rates from Asia to North Europe
18:04 HHLA implements machine learning for the first time to increase productivity
18:01 Port of HaminaKotka throughput in 6M’2020 fell by 14.2% YoY
17:38 Information on the seaport of Murmansk changed in the Register of Russian Seaports
17:13 Thun Tankers takes delivery of the fifth L-class at China Merchants Jinling Shipyard
16:52 Russian Railways: Loading of export cargo bound for domestic ports up 3.3%
16:33 Valenciaport reaffirms its leadership as the first Spanish port at UNCTAD index
16:03 Port of Marseille to maintain €57 million in investments to stimulate the recovery
15:43 DNV GL launch support for new Dynamic Positioning system failure guideline enabling quicker and cost effective implementation
15:30 Volga Shipping Company delivered project cargo to the Caspian Sea
15:13 COVID-19 causes problems for implementing EU legislation - BIMCO
14:48 Throughput of Russian seaports in HI’2020 grew by 0.1% Y-o-Y
14:23 Wärtsilä simulator complex delivered to enhance operations at the Training and Education Office of the Indonesian National Police
14:03 Port of Oakland imports up 1.9 percent in June 2020
13:44 Onezhsky Shipyard delivers hybrid workboats Anatoly Klimov and Victor Vorotylo (video)
13:22 Governments of 12 countries pledge action for seafarers at crucial crew change summit
13:19 GTT receives an order from Hudong-Zhonghua Shipbuilding for the tank design of three new LNG carriers
13:01 Sredne-Nevsky Shipyard commenced making hull of yet another minesweeper of Project 12700, Aleksandrit
12:38 Throughput of Murmansk Sea Fishing Port fell by 12.7% in HI’2020
12:13 Nuclear-powered icebreakers of Rosatomflot assisted 462 ship calls in winter-spring navigation season
11:35 Construction commences on Austal's largest ever ferry
11:04 GIWACAF launches webinar series on oil spill preparedness and response
10:46 FSUE “Rosmorport” takes award-winning place in the annual sailing regatta
10:32 LR to develop structural digital twin for Bluewater FPSO Glas Dowr
10:22 Rosmorport changes tariffs on berth assignment services in Astrakhan and Olya seaports
09:59 Bunker prices are slightly up at the Port of Saint-Petersburg, Russia (graph)
09:37 Oil prices decrease amid concern over demand recovery rates
09:20 Baltic Dry Index as of July 9
09:11 MABUX: Bunker market this morning, July 10

2020 July 9

19:03 OOCL receives Gold Award from the HKAEE for the fourth time
18:10 Aquila Power Catamarans announce a luxuriously versatile new model
17:55 Tallink Grupp’s vessel Sailor to operate on Paldiski-Kapellskär Route from Sunday
17:31 Bunker prices are flat at the Far East ports of Russia (graph)
17:28 Port of Rotterdam to start trial with PIN-free container handling
17:18 Damen holds keel-laying for Port of Auckland’s fully electric RSD-E Tug 2513
17:12 Diana Shipping announces time charter contract for m/v Selina with ST Shipping
16:44 "K" Line participates in JV for FPSO owning and chartering business offshore Brazil
16:23 Jan De Nul Group has started offshore installation activities in Taiwan
16:06 Port of Liepaja throughput in 6M’2020 fell by 15.6% Y-o-Y
15:48 Russia remains in Paris MOU’s White List
15:24 PD Ports submit response to national Freeport consultation
15:03 Khabarovsk Territory Governor Sergey Furgal detained by officials of Russia’s Investigative Committee
14:39 Aibel awarded Oseberg portfolio agreement
13:47 Ukraine is still on Paris MOU’s Black List
13:22 MOL announces joint development of energy-saving rudder
12:50 Container shipments on Russian Railways’ network up 15% in 1H 2020
12:17 Cargo transhipment in North Sea Port falls by more than 11% in first half of year
12:07 ABB teams up with Yinson on offshore oil and gas project in Brazil
11:20 FPSO operators could save £15 million per asset on maintenance
10:42 The CMA CGM Group commits to fight illicit trafficking in protected species and tightens its shipment control procedures
10:10 Unifeeder contracts We4Sea for fleetwide vessel performance monitoring
09:38 MABUX: Bunker market this morning, July 09
09:29 Oil market sees mixed price movements
09:13 Baltic Dry Index as of July 8