Okeanis Eco Tankers Corp. (“OET” or the “Company”) today announces preliminary guidance for Q2 2020, as well as commercial performance for Q3 2020 to date. Please refer to the attachment accompanying this press release for further details. The Company will release its unaudited financial results for the three month period ended June 30, 2020 before market open on August 14, 2020, as well as provide further details regarding its capital return policy.
OET also provides the following business update:
- Suezmax newbuilding vessels Nissos Sifnos & Nissos Sikinos have both entered into three-year time charter contracts (delivery September 2020 ex-yard).
- OET has secured commitment to a $103.208 million secured loan facility from the Export-Import Bank of Korea, the BNK Busan Bank and the BNK Kyongnam Bank for the financing of Suezmax newbuilding vessels Nissos Sifnos and Nissos Sikinos. The vessels’ daily cash breakeven rate is anticipated to be sub-$21,000 per day.
- Suezmax vessel Kimolos was refinanced with ABN Amro for $42.17 million. Following repayment of the vessel’s existing mortgage and scrubber loan, the net effect of the refinancing is a reduction in leverage of $2.55 million and a reduction in the vessel’s daily cash breakeven rate of $2,000 to $18,500 per day.
- Suezmax vessel Folegandros was refinanced with BNP Paribas for $39.15 million. Following repayment of the vessel’s existing mortgage, the net effect of the refinancing is an increase in leverage of $0.65 million and a reduction in the vessel’s daily cash breakeven rate of $500 to $18,600 per day.
John Papaioannou, CFO
+30 210 4804099
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Okeanis Eco Tankers Corp. is a pure play eco and scrubber-fitted tanker shipping company that owns and operates a fleet of seventeen modern, high-specification crude oil and products tankers in the VLCC, Suezmax and Aframax/LR2 segments.
Forward Looking Statements
Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates”, “anticipates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts that are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecasted developments. No obligations are assumed to update any forward-looking statements or to conform these forward-looking statements to actual results.