Core Viewpoint - Okeanis Eco Tankers Corp. has successfully priced an offering of 3,239,436 new shares at USD 35.50 per share, raising gross proceeds of approximately USD 115 million, driven by strong demand [1][2]. Group 1: Offering Details - The net proceeds from the offering will be partially used for the acquisition of two newbuilding Suezmax vessels, each priced at USD 97 million, currently under construction in South Korea [2]. - The offering is expected to be completed by November 21, 2025, with shares available for trading on the New York Stock Exchange after settlement [3]. - The offering complies with the equal treatment obligations under the Norwegian Securities Trading Act [4]. Group 2: Regulatory and Advisory Information - The offering is made pursuant to the Company's shelf registration statement declared effective by the SEC on May 21, 2025, and will be conducted via a prospectus supplement [5]. - Fearnley Securities AS and Clarksons Securities AS are acting as joint bookrunners for the offering [7]. Group 3: Company Overview - Okeanis Eco Tankers Corp. is a leading international tanker company specializing in the transportation of crude oil and refined products, with a fleet that includes six Suezmax tankers and eight VLCC tankers [11].

Summary of Conference Call Notes Industry and Company Involved - **Industry**: Shipping and Shipbuilding - **Companies**: COSCO Shipping Energy (1138.HK/600026.SS), Yangzijiang Shipbuilding (YAZG.SI) Key Points and Arguments Special Port Fees Announcement - On October 10, China's Ministry of Transport announced special port fees on US-owned, operated, flagged, and built vessels, effective from October 14, 2025, in response to US Trade Representative's (USTR) Section 301 measures [1][2] - The scope of these fees includes vessels owned or operated by companies with at least a 25% stake owned by US entities [1][2] Impact on Shipping Capacity and Freight Rates - There is potential for short-term disruption in effective shipping capacity, particularly for Very Large Crude Carriers (VLCCs), due to fleet redeployment to avoid fees [2][7] - The effective capacity disruption could lead to an upside in VLCC freight rates, compounded by existing supply shortages and China's crude restocking efforts [2][7] - COSCO Shipping Energy is expected to benefit significantly from this situation due to its high exposure to VLCCs [2][7] Limited Negative Impact on Chinese Shipbuilding - The negative impact on Chinese shipbuilding from higher US port service fees is likely limited, as only 4% of the international fleet calling at US ports are China-built or operated vessels [2][7] - Non-China shipping operators can redeploy China-built vessels out of the US, mitigating potential losses [2][7] Financial Projections and Ratings - COSCO Shipping Energy has a Buy rating with a 12-month target price of Rmb14.7/HK$8.8, based on a price-to-book (P/B) methodology [9] - Yangzijiang Shipbuilding also has a Buy rating with a target price of SGD 4.00, derived from P/B vs. ROE valuation [12] Risks to Price Targets - Key downside risks for COSCO Shipping Energy include the removal of sanctions on Russian oil, unexpected capacity delivery, and softer oil consumption demand due to macroeconomic conditions [10] - For Yangzijiang Shipbuilding, risks include higher-than-expected steel prices and more stringent regulations from the USTR targeting Chinese-built vessels [13] Additional Important Information - The special port fees announced by both the USTR and China's Ministry of Transport are approximately 10% higher than previously announced fees by the USTR [6][8] - The maximum charge for these fees is limited to five times per year, with vessels calling at multiple ports charged only once [6][8]

Transaction Summary - CMB.TECH and Golden Ocean propose a stock-for-stock merger, with CMB.TECH as the surviving entity[16] - Post-merger, CMB.TECH shareholders are expected to own approximately 70% and Golden Ocean shareholders 30% (or 67% and 33% excluding treasury shares)[19] - Golden Ocean shareholders are slated to receive 0.95 CMB.TECH shares for each Golden Ocean share, based on a price of $15.23 per share for CMBT and $14.49 per share for GOGL[19] - The combined entity will operate as CMB.TECH NV, headquartered in Belgium, with a combined market capitalization of approximately $3.2 billion and a free float of around 38.4% (excluding treasury shares)[19] Company Profile & Financials - CMB.TECH has a fleet of 162 vessels with an average age of 4.1 years, including conventional, dual fuel hydrogen, and ammonia-ready vessels[21] - Golden Ocean has 91 vessels with an average age of 8.2 years, with a cash breakeven of $13,750 per day per vessel and a TCE in 2024 of $22,680[31] - Golden Ocean's FY 2024 net income was $223.2 million, with earnings per share of $1.12 and a dividend of $1.05 per share[34] - The pro-forma company has a contract backlog of $3 billion and a fair market value of $11.1 billion[37] Market & Strategy - The combined company aims to create diverse, sustainable, and high-quality cash flows, attract top talent, and reward shareholders[50] - The combined fair market value of the fleet is approximately $11.1 billion[57] - The combined entity will have more than 250 modern vessels at the forefront of decarbonization[81]