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Okeanis Eco Tankers Corp. – New Financing Update

ATHENS, Greece, June 20, 2024 (GLOBE NEWSWIRE) -- Okeanis Eco Tankers Corp. ("we", the "Company", "OET" or "Okeanis") (NYSE:ECO) is pleased to announce the following financing update relating to its fleet. On June 20, 2024, we entered into a new $31.11 million senior secured credit facility to finance the option to purchase back the Suezmax vessel Poliegos from its current sale and leaseback financier (the "Poliegos New Facility"). The Poliegos New Facility is provided by Bank SinoPac Co., Ltd, and the transaction is expected to close in July 2024. The Poliegos New Facility contains an interest rate of Term SOFR plus 160 basis points, matures in six years, and will be repaid in quarterly instalments of approximately $0.78 million each, together with a balloon instalment of approximately $12.44 million payable at maturity. The Poliegos New Facility is secured by, among other things, security over the Poliegos, and is guaranteed by the Company. Iraklis Sbarounis, CFO of the Company, commented: "We are very pleased to announce this transaction that marks an important milestone in our continuous efforts to improve our capital structure, with a significant reduction in pricing compared to the vessel's previous sale and leaseback financing. We have strategically targeted setting foot in this new financing market and are satisfied to enter into our first transaction. We believe it may open new opportunities for us in the future, and adds diversity and flexibility to our debt financing options, especially considering the challenges that may start affecting part of the more traditional ship financing markets due to the implementation of the Basel IV banking reforms. We have strong relationships with and access to multiple Asian financing markets that we believe tactically and effectively complement our mix of financiers. Since June 2023, we have refinanced our entire fleet, except for ...