Presentation

Okeanis Eco Tankers was incorporated in 2018. The majority shareholder is the Alafouzos family, controlling 57% of the outstanding shares. The company’s fleet consists of 14 vessels: six suezmaxes, and eight VLCCs. Okeanis has uplisted on the different Oslo Exchanges and was transferred to the main exchange in January 2021.

Okeanis separates itself from many conventional tanker companies by having all vessels built to ECO standards, with installed scrubbers. The average age of the fleet is below two years, with a total capacity of approximately 3.5 million dwt.

During Q2’21, Okeanis announced that it had signed an agreement for the sale of two VLCCs, both built in 2019 by HHI. The buyer was Frontline and the price USD 180m. At the same time, Okeanis also announced that it had entered an agreement for delivery of two ECO-designed VLCCs for a total of USD 194m, with delivery due in Q1’22 and Q2’22.

With the transaction, Okeanis has increased its market exposure and renewed its fleet at a minimal extra cost – and is consequently well positioned to harvest from what is expected to be a better tanker market from 2022.