Greek tanker owner Okeanis Eco Tankers has lined up $190m in new loan facilities to fund vessel acquisitions and buy back ships tied to sale-and-leaseback deals.

The New York- and Oslo-listed company, controlled by the Alafouzos family, confirmed it had signed three separate agreements with a mix of Taiwanese and Greek lenders.

The largest tranche, a $90m facility arranged by E.SUN Commercial Bank, will finance part of the cost of two suezmax newbuildings under construction at Daehan Shipbuilding. The vessels, to be named Nissos Tigani and Nissos Vous, are due for delivery in May and July 2026.

In parallel, Okeanis has secured two additional $50m facilities from Greek banks to fund the buyback of the VLCCs Nissos Rhenia and Nissos Despotiko from their respective sale-and-leaseback financiers.

The company said that the deals would complete its transition away from legacy sale-and-leaseback structures, replacing them with conventional bank financing.

Chief financial officer Iraklis Sbarounis said the transactions marked a shift in how the company funds its fleet. He noted that the new facilities complete the financing of the suezmax acquisitions following a recent equity raise and support the company’s dividend capacity.

He added that the refinancing of the VLCCs signals a move toward a more traditional debt structure. The switch, he pointed out, reflects both the company’s development as a listed platform and stronger backing from lenders.

Sbarounis also highlighted improving financing terms, noting that the group has reduced its average debt margins by more than 200 basis points since the transition from LIBOR to SOFR in 2023, while extending maturities on some loans out to 2035.