Alafouzos’ OET set to acquire two Suezmax newbuilding resales

The US- and Oslo-listed Greek owner disclosed in an SEC filing on 18 November the planned acquisition of two 157,000-dwt Suezmax tanker newbuilding resales currently on order at Daehan Shipbuilding in South Korea.

Under the memoranda of agreement, OET will pay the initial orderer – an unrelated third party – US$97M per vessel, with deliveries expected in January 2026.

OET currently manages a fleet of 14 tankers – six Suezmaxes and eight VLCCs – all equipped with scrubbers, with ages ranging from three to nine years.

Greek shipowners have increasingly invested in newbuild Suezmaxes this year. Stealth Maritime is the latest to place an order, joining other prominent names such as Dynacom Tankers, Evalend Shipping, New Shipping, Centrofin, Golden Energy, and Atlas Maritime.

Share offering completion

In connection with the vessel acquisitions, OET has completed a new common share offering.

On 19 November, OET disclosed it successfully priced an offering of 3.2M new shares at a par value of US$0.001 per share, with an offer price of US$35.50 per share, raising gross proceeds of US$114.9M.

The net proceeds are expected to be used as partial consideration for the acquisition of the Suezmax vessels. Should one or both vessel acquisitions not be completed, the proceeds may be used for general corporate purposes, the company added.

The offering is expected to close with the delivery of allocated shares to investors through the Depository Trust Company on a delivery-versus-payment basis on or about 21 November 2025, subject to customary closing conditions.

Fearnley Securities is acting as global co-ordinator and joint bookrunner, with Clarksons Securities serving as joint bookrunner for the offering.