Okeanis Eco Tankers Corp. together with its wholly owned subsidiaries operates as an international owner and operator of a modern, fuel-efficient eco fleet of tanker vessels.
The company’s fleet consists of modern Suezmax tankers and modern very large crude carriers (VLCCs) tankers, focusing on the transportation of crude oil. The company’s vessels are built in line with Eco standards that consume less bunker fuel than conventional tanker vessels, are equipped with exhaust gas cleaning systems...
Okeanis Eco Tankers Corp. together with its wholly owned subsidiaries operates as an international owner and operator of a modern, fuel-efficient eco fleet of tanker vessels.
The company’s fleet consists of modern Suezmax tankers and modern very large crude carriers (VLCCs) tankers, focusing on the transportation of crude oil. The company’s vessels are built in line with Eco standards that consume less bunker fuel than conventional tanker vessels, are equipped with exhaust gas cleaning systems (‘scrubbers’) and are built to comply with regulations for ballast water treatment. The company’s fleet has a carrying capacity of approximately 3.5 million deadweight tons and an average age of 4.4 years as of December 31, 2023. Certain of the company’s vessels are owned by it directly and others are owned by finance leasing houses and bareboat chartered back to it (with an option for the company to repurchase the vessels at certain times).
The principal activity of the company’s subsidiaries is to own, charter-out, and operate tanker vessels in the international shipping market.
Management of Fleet
The company has entered into management agreements with OET Chartering Inc. (a wholly owned subsidiary) as commercial manager of its vessels and with Kyklades Maritime Corporation (KMC) as its technical manager.
KMC provides the company’s vessels with a wide range of shipping services, such as technical support, crew management, maintenance, and insurance consulting.
In addition, on November 1, 2023, the company’s wholly owned subsidiary, OET Chartering Inc., entered into a shared services agreement with KMC to document the mutual exchange of business support in respect of the management of its vessels by way of corporate, accounting, financial, and other operational and administrative services. The agreement may be terminated by either party thereto for cause, immediately upon written notice; or for any other reason, upon two months’ written notice.
OET Chartering Inc., a wholly owned subsidiary, provides commercial management of all of the vessels in the company’s fleet and employs its on-shore employees.
On March 1, 2024, each of the company’s vessel owning subsidiaries, entered into an ETS Services Agreement with KMC, which agreement is effective as of January 1, 2024, pursuant to which KMC obtains, transfers and surrenders emission allowances under the EU Emissions Trading Scheme that came into effect on January 1, 2024, and KMC provides the vessel with emission data in a timely manner to enable compliance with any emission scheme (s) applicable to the vessel.
Employment of Fleet
The company employs its vessels primarily under voyage charters, which allows it to capture the full benefit of lower fuel oil costs afforded to it by its Eco-design, scrubber-equipped, fleet. Depending on market conditions, the company may also employ its vessels on time charters. Vessels operating on time charters may be chartered for several months or years, whereas vessels operating in the spot market typically are chartered for a single voyage that may last up to three months.
Customers
The company’s customers include national, regional, and international companies.
Environmental and Other Regulations
A variety of government and private entities subject the company’s vessels (and other vessels it may acquire) to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities, such as the United States Coast Guard, or USCG, harbor master, or equivalent), classification societies, flag state administrations (countries of registry), terminal operators, and charterers.
Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, the company’s operations are also subject to environmental standards and requirements. The company rely upon the safety management system that it and its technical management team have developed for compliance with the ISM Code.
The U.S. Environmental Protection Agency (EPA) and the United States Coast Guard (USCG) have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on the company’s vessels and other vessels it may acquire to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict its vessels and other vessels it may acquire from entering U.S. Waters.
The company has obtained Anti-fouling System Certificates for all of its vessels that are subject to the International Convention on the Control of Harmful Anti-fouling Systems on Ships (Anti-fouling Convention).
The company has obtained applicable documents of compliance for its offices and safety management certificates for its vessels as required by the IMO. The company has obtained Anti-fouling System Certificates for its vessels that are subject to the Anti- fouling Convention.
The International Maritime Organization(IMO), the United Nations agency for maritime safety and the prevention of pollution by vessels, has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as MARPOL, the International Convention for the Safety of Life at Sea of 1974, or SOLAS Convention, the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, or STCW, and the International Convention on Load Lines of 1966, or LL Convention.
History
Okeanis Eco Tankers Corp. was founded in 2018. The company was incorporated in 2018.