Alafouzos’ OET set to double Suezmax newbuilding acquisitions with fresh resale deal

The US- and Oslo-listed Greek owner announced on 21 January that it had successfully priced an offering of 3.61M shares at US$36 each, raising about US$130M. 

OET said the net proceeds from the offering will be used as partial consideration for the acquisition of two Suezmax newbuildings scheduled for delivery from South Korea’s Daehan Shipbuilding in the second quarter of this year.

The deliveries remain subject to customary closing conditions, including OET securing the necessary debt financing required to fully fund the remaining acquisition costs.

“If one or both of the vessel acquisitions do not consummate, the net proceeds from the offering may be used for general corporate purposes. The purchase of one vessel is not contingent on the purchase of the other,” the company noted.

The price for the two vessels has been set at around US$99M each.

Riviera reported last November that OET had swooped on another Suezmax newbuilding pair from Atlas Maritime/European Maritime Finance (EMF). Those vessels, renamed Nissos Piperi and Nissos Serifopoula, were delivered earlier this month.

The seller in the latest deal is likely the same, as OET highlighted that the newly acquired tankers are sisters to the pair purchased last year. Atlas and EMF currently have two vessels – Arctic Star and Tromso Star – fitting the delivery timeline outlined by OET.

Atlas and EMF had described the November transaction as having been concluded at “record-breaking” levels.

OET currently manages a fleet of 16 tankers – eight Suezmaxes and eight VLCCs – all fitted with scrubbers.