Okeanis Eco Tankers Corp. has successfully completed a share offering, raising approximately US$115 million through the issuance of around 3.2 million new shares. The proceeds are earmarked to partially fund the acquisition of two newbuild Suezmax vessels, which are presently under construction at Daehan Shipbuilding Co. in South Korea.
The offering received robust interest from investors, with shares priced above net asset value, securing their trading on both the New York and Oslo Stock Exchanges once issuance and settlement are finalised.
Okeanis' modern tanker fleet
The share offering underscores the company's ongoing expansion and strategic initiatives
Okeanis operates within the international crude oil shipping industry, specialising in the ownership, chartering, and management of a modern fleet of tanker vessels.
The share offering underscores the company's ongoing expansion and strategic initiatives.
Advisory role of Watson Farley & Williams
Legal advisory for Okeanis was provided by Watson Farley & Williams, with their New York Maritime team playing a pivotal role.
The team was led by Capital Markets Partner Steven Hollander, with support from Partners Filana Silberberg and Will Vogel, alongside Counsel Todd Johnson, Senior Associates Ioanna Pantelaki and Haris Kazantzis, and Associate Lucie Couillard Sosa.
Significance of the transaction
Steven Hollander commented on the achievement, stating, "We're delighted to have advised Okeanis on a transaction that represents another significant milestone in its strategic plans. Issuing shares above net asset value reflects strong market confidence in the company’s outlook, and we look forward to continuing to support them going forward."
Remarks from Okeanis' leadership
Chief Financial Officer, Iraklis Sbarounis expressed gratitude towards Watson Farley & Williams, saying, "We are grateful for WFW’s support in successfully concluding this important transaction. Steve and his team worked tirelessly and effectively, within a short timeframe, and were instrumental in getting this through the finish line."
