Okeanis Eco Tankers Corp. – New Loan Agreement

17 Jun 2025 22:15 CEST

ATHENS, GREECE, June 17, 2025 – Okeanis Eco Tankers Corp. (the “Company” or
“OET”) (NYSE:ECO / OSE:OET), announced today that it has entered into a new
$65.0 million secured term loan facility, to finance the previously announced
declaration of its option to purchase back the Nissos Kea from its current sale
and leaseback financier. The term loan facility is provided by a syndicate of
banks, led and arranged by E.SUN Commercial Bank, Ltd. It contains an interest
rate of Term SOFR plus 135 basis points, matures in seven years, and will be
repaid in quarterly installments of $0.9 million, together with a balloon
installment of $39.8 million at maturity. It will be secured by, among other
things, a mortgage over the Nissos Kea, and it will be guaranteed by the
Company. The term loan facility includes standard covenants. The transaction is
expected to close in June 2025.

Iraklis Sbarounis, CFO of the Company, commented:
“Further to our earlier announcement in May, we are pleased to announce the new
loan with respect to the Nissos Kea. This marks another step in expanding our
footprint in this financing market, which we believe may become an important
source of capital for us in the future. Together with the recently disclosed
transactions of the Nissos Nikouria and Nissos Anafi, we now have secured new
loans for our three youngest VLCC vessels, at what we believe to be very
competitive terms and maturities extending to 2032. We view this as a reflection
of the strength of the Company and the quality of our relationships with both
longstanding and new financing partners.

Our ongoing focus on improving our capital structure is bearing fruit. We have
meaningfully reduced our debt service breakeven costs, extended our maturity
profile and expanded our financiers palette over the last few years, further
advanced by the two most recent loan agreements. We believe there is additional
potential to enhance our debt position when we reach the refinancing window of
our last remaining sale and leaseback VLCCs, the Nissos Rhenia and Nissos
Despotiko, in 2026. Until then we will generally continue to be on the lookout
for financially accretive opportunities, if and when they arise.”

Contacts

Company:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
ir@okeanisecotankers.com

Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
okeanisecotankers@capitallink.com

About OET
OET is a leading international tanker company providing seaborne transportation
of crude oil and refined products. The Company was incorporated on April 30,
2018 under the laws of the Republic of the Marshall Islands and is listed on
Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under
the symbol ECO. The sailing fleet consists of six modern scrubber-fitted Suezmax
tankers and eight modern scrubber-fitted VLCC tankers.

Forward-Looking Statements
This communication contains “forward-looking statements”, including as defined
under U.S. federal securities laws. Forward-looking statements provide the
Company’s current expectations or forecasts of future events. Forward-looking
statements include statements about the Company’s expectations, beliefs, plans,
objectives, intentions, assumptions and other statements that are not historical
facts or that are not present facts or conditions. Words or phrases such as
“anticipate,” “believe,” “continue,” “estimate,” “expect,” “hope,” “intend,”
“may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” or
similar words or phrases, or the negatives of those words or phrases, may
identify forward-looking statements, but the absence of these words does not
necessarily mean that a statement is not forward-looking. Forward-looking
statements are subject to known and unknown risks and uncertainties and are
based on potentially inaccurate assumptions that could cause actual results to
differ materially from those expected or implied by the forward-looking
statements. The Company’s actual results could differ materially from those
anticipated in forward-looking statements for many reasons, including as
described in the Company’s filings with the U.S. Securities and Exchange
Commission (the “SEC”). Accordingly, you should not unduly rely on these
forward-looking statements, which speak only as of the date of this
communication. Factors that could cause actual results to differ materially
include, but are not limited to, the Company’s operating or financial results;
the Company’s liquidity, including its ability to service its indebtedness;
competitive factors in the market in which the Company operates; shipping
industry trends, including charter rates, vessel values and factors affecting
vessel supply and demand; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or contraction, and
expected capital spending or operating expenses; risks associated with
operations; broader market impacts arising from war (or threatened war) or
international hostilities; risks associated with pandemics, including effects on
demand for oil and other products transported by tankers and the transportation
thereof; and other factors listed from time to time in the Company’s filings
with the SEC. Except to the extent required by law, the Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company’s expectations with respect thereto or any change in
events, conditions, or circumstances on which any statement is based. You
should, however, review the factors and risks the Company describes in the
reports it files and furnishes from time to time with the SEC, which can be
obtained free of charge on the SEC’s website at www.sec.gov.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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