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Watson Farley & Williams (“WFW”) advised Okeanis Eco Tankers Corp. (“Okeanis”) on its successful offering of about 3.2m new shares of common stock, raising approximately US$115m.

Proceeds from the offering will be used as partial consideration for the acquisition of two newbuild Suezmax vessels currently under construction at Daehan Shipbuilding Co. in the Republic of Korea.

The transaction attracted strong investor demand, and the shares were issued at price above net asset value. Following issuance and settlement, the new shares will be able to be traded on the New York and Oslo Stock Exchanges.

Okeanis is an international tanker company active in the crude oil shipping sectors. It owns, charters out and manages a fleet of modern tanker vessels.

The WFW New York Maritime team that advised Okeanis was led by Capital Markets Partner Steven Hollander, supported by Partners Filana Silberberg and Will Vogel, Counsel Todd Johnson, Senior Associates Ioanna Pantelaki and Haris Kazantzis, and Associate Lucie Couillard Sosa.

Steven commented: “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.”

Iraklis Sbarounis, Chief Financial Officer of Okeanis, stated: “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.”