Okeanis Eco Tankers has signed up for a new term loan from a major French bank as the Oslo-listed player works to improve its capital structure.
Credit Agricole has agreed to provide an $84m senior secured credit facility, which will be used to refinance existing debt on two suezmax tankers at better terms.
The loan replaces the financing of the 157,000-dwt Nissos Sikinos (built 2020) and the 157,000-dwt Nissos Sifnos (built 2020) and will be secured by the vessels.
The Oslo-listed shipowner said the deal is in line with its strategy aimed at “optimising” its capital structure.
The new loan, which will mature in six years, has what Okeanis described as “competitive and accretive” pricing. Athens-based Okeanis plans to draw the loan in two tranches before this month is out.
The deal marks the latest refinancing for Okeanis since it signed up for a $113m credit facility with Dutch bank ABN Amro in June.
That deal brought “significantly improved terms” to financing for the 319,000-dwt VLCC Nissos Keros (built 2019) and two suezmaxes, the 159,000-dwt Kimolos and Folegandros (both built 2019).
Last month, when Okeanis reported second-quarter earnings, the tanker owner said its finance costs rose to $15.8m, up from $9m in the same period of 2022, as a result of a climate of rising interest rates.
The company’s total debt came in at $714m.
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