Highlights

  • Okeanis Eco Tankers completed a USD 130 million offering of new common shares.
  • Proceeds are earmarked for part-funding two Suezmax newbuilding vessel acquisitions.
  • ECO shares closed lower at USD 38.90, down 1.67% on 21 January.

Okeanis Eco Tankers (NYSE:ECO). announced the successful pricing of an offering of 3,611,111 new common shares at USD 36.00 per share, resulting in gross proceeds of approximately USD 130 million. The newly issued shares carry a par value of USD 0.001 each and were offered under the company’s effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission.

The offering was structured as a fully marketed transaction, with allocation notifications scheduled for 21 January 2026. Settlement is expected to take place on or about 23 January 2026 on a delivery-versus-payment basis through the Depository Trust Company, subject to customary closing conditions.

Capital Use Linked to Fleet Expansion
According to the company’s disclosure, the net proceeds from the offering are intended to be used as partial consideration for the acquisition of two Suezmax crude oil tankers currently under construction at Daehan Shipbuilding Co., Ltd. in South Korea. Each vessel carries an acquisition price of USD 99.3 million and is being purchased from an unrelated third-party seller.

The two vessels are sister ships to units delivered in January 2026 and are expected to be delivered during the second quarter of 2026, subject to standard closing conditions. Completion of the acquisitions also depends on the company securing additional debt financing to cover the remaining purchase consideration beyond the equity proceeds. The purchase of one vessel is not conditional on the completion of the other.

Regulatory Framework and Transaction Structure
The company stated that the offering was assessed under the equal treatment provisions of the Norwegian Securities Trading Act, with the board concluding that the transaction complies with applicable requirements. The offering was conducted pursuant to U.S. securities regulations and was made solely by means of a prospectus supplement filed with the SEC under Rule 424(b).

Fearnley Securities AS and Clarksons Securities AS acted as joint global coordinators and joint bookrunners, with Pareto Securities AS serving as joint bookrunner.

Market Reaction and Share Performance
Following the announcement, Okeanis Eco Tankers’ shares closed at USD 38.90 on 21 January, reflecting a decline of 1.67%, for the session.