Alafouzos family-backed Okeanis Eco Tankers has carried out a series of refinancings to lower its interest bill.
The New York and Oslo-listed company said the deals included the fresh sale of a VLCC on a sale-and-leaseback basis to CMB Financial Leasing in China.
The 318,900-dwt Nissos Anafi (built 2020) has gone for $73.5m.
The cash will pay off existing debt on the ship and be used for other general corporate purposes.
Bareboat charter payments of $1.18m are due each quarter, plus a variable element priced at 190 basis points over the secured overnight financing rate (SOFR).
The lease matures over seven years. Okeanis has repurchase options after the first year and throughout the term.
VesselsValue assesses the ship as worth $118m.
Okeanis has also fixed a new $34.7m senior secured credit facility to fund its buyback of the 158,000-dwt suezmax Milos (built 2016) from a sale-and-leaseback deal with Ocean Yield in Norway.
The money is being provided by a syndicate led by Kexim Asia and priced at 175 basis points over SOFR.
The loan matures over six years, with a balloon payment of $17.3m at the end.
The purchase option was exercised last July. Delivery was set for February this year, with Okeanis immediately beginning to seek new financing for the tanker.
VLCC deals improved
The shipowner has also amended two leaseback agreements for the 300,000-dwt VLCCs Nissos Kea and Nissos Nikouria (both built 2022).
Okeanis has cut the pricing to 200 basis points over SOFR, extended maturities to December 2030 and March 2031 respectively, and eliminated early prepayment fees when exercising purchase options.
Chief financial officer Iraklis Sbarounis said the moves are in line with efforts to continuously optimise the capital structure.
“We take advantage of our strong relationships with both existing and potential new financiers, stemming from Okeanis’ established position as well as their decades-long successful cooperation with the Alafouzos family, to source deals with accretive value for our shareholders,” he added.
He called the Milos deal a “milestone” as it “significantly improves” interest expenses.
Attention will now turn to the refinancing of the 157,500-dwt suezmax Poliegos (built 2017), which it is buying back out of an Ocean Yield lease in June.
