Okeanis Eco Tankers Corp. (ECO) has secured two new $45 million facility agreements to fund the construction of its next‑generation Suezmax tankers, the Nissos Piperi and the Nissos Serifopoula. The agreements, signed on December 19, 2025, provide the company with the liquidity needed to deliver the vessels in the first half of 2026 while preserving cash for dividend distributions.
The Nissos Piperi facility carries a Term SOFR plus 130 basis points interest rate, a seven‑year maturity, quarterly repayments of $0.525 million, and a balloon payment of $30.3 million at maturity. The Nissos Serifopoula facility has identical terms except for an eight‑year maturity and a balloon payment of $28.2 million. Both facilities are secured by mortgages on the respective vessels and are guaranteed by ECO, ensuring a low‑risk profile for lenders.
CFO Iraklis Sbarounis emphasized that the financing structure is designed to be accretive to shareholders without tapping the company’s cash balance. “We have structured these transactions to be accretive for the benefit of our shareholders, without the need to tap into our cash balance, ensuring a continued focus on our capacity for dividend distributions,” he said. The move aligns with ECO’s long‑term strategy of fleet modernization and maintaining a high dividend yield, a key driver of investor interest.
The new vessels will join ECO’s eco‑efficient fleet, which is scrubber‑fitted and designed for lower operating costs. The company’s recent Q3 2025 results showed a $0.77 adjusted EPS, a 165% beat over analyst estimates, driven by strong TCE rates for VLCCs and Suezmaxes and disciplined cost management. The financing allows ECO to continue expanding its modern fleet while keeping its dividend policy intact, reinforcing the company’s reputation for delivering shareholder value.
Market analysts have noted that while ECO’s strong operational performance and dividend focus are attractive, valuation concerns and the cyclical nature of tanker rates temper enthusiasm. Nonetheless, the financing is viewed as a positive step toward sustaining growth and maintaining a competitive edge in a market where newer, cleaner vessels command higher rates. The company’s ability to secure favorable terms from Greek banks further underscores its solid credit profile and management’s execution capability.
The completion of the facility agreements is expected in January 2026, with the vessels entering service shortly thereafter. The financing positions ECO to capitalize on favorable market conditions while preserving liquidity for future opportunities and shareholder returns.
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