Long-Term borrowings

6 Months Ended

Jun. 30, 2026

5.Long-Term borrowings

Details of the Group’s credit facilities are discussed in Note 12 of the 2025 Annual Report and changes in the six months ended June 30, 2026 are discussed below.

Debt Obligations


					Unamortized		Outstanding
					Deferred		Net of Loan
					Financing Fees		Financing Fees
		Outstanding Balance as			as of June 30,		as of June 30,		Interest Rate
Vessel		of June 30, 2026			2026		2026		(SOFR(S)+Margin)
Milos		$	28,175,000		100,703		28,074,297		S+1.75	%
Poliegos			24,888,000		187,887		24,700,113		S+1.60	%
Kimolos			25,600,000		75,444		25,524,556		S+1.90	%
Folegandros			25,600,000		75,444		25,524,556		S+1.90	%
Nissos Sikinos			33,337,500		168,935		33,168,565		S+1.85	%
Nissos Sifnos			33,337,500		170,155		33,167,345		S+1.85	%
Nissos Piperi			44,475,000		265,017		44,209,983		S+1.30	%
Nissos Serifopoula			44,475,000		206,967		44,268,033		S+1.30	%
Nissos Tigani			45,000,000		331,850		44,668,150		S+1.20	%
Nissos Rhenia			50,000,000		316,052		49,683,948		S+1.25	%
Nissos Despotiko			50,000,000		421,451		49,578,549		S+1.30	%
Nissos Donoussa			50,035,000		732,988		49,302,012		S+1.65	%
Nissos Kythnos			51,674,584		150,994		51,523,590		S+1.40	%*
Nissos Keros			35,400,000		104,334		35,295,666		S+1.90	%
Nissos Anafi			61,000,000		340,422		60,659,578		S+1.40	%
Nissos Kea			61,400,000		366,097		61,033,903		S+1.35	%
Nissos Nikouria			62,400,000		339,232		62,060,768		S+1.40	%
Total		$	726,797,584		4,353,972		722,443,612		S+1.49	%
Other Finance-lease liabilities							50,171
Total							722,493,783

*Please refer to paragraph $60.0 Million Secured Term Loan Facility for more information. (Note 12 of the 2025 Annual Report).

On December 19, 2025, Omega Twelve Marine Corp., entered into a $45.0 million facility agreement, to finance a portion of the acquisition price of the Nissos Piperi, with Alpha Bank S.A. The Nissos Piperi Facility is priced at 130 basis points over the applicable Term SOFR (or 50 basis points for any outstanding part of the loan in respect of which an amount of at least $1.0 million has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in seven years, and will be repaid in quarterly installments of $0.525 million, together with a balloon installment of $30.3 million at maturity. It is secured by, among other things, a mortgage over the Nissos Piperi, and is guaranteed by Okeanis. The Nissos Piperi Facility was drawn on January 5, 2026.

On December 19, 2025, Omega Fourteen Marine Corp., entered into a $45.0 million facility agreement, to finance a portion of the acquisition price of the Nissos Serifopoula, with National Bank of Greece S.A. The Nissos Serifopoula Facility is priced at 130 basis points over the applicable Term SOFR (or 50 basis points for any outstanding part of the loan in respect of which the equivalent amount has been deposited and blocked for the whole of the relevant interest period in a cash collateral account), matures in eight years, and will be repaid in quarterly installments of $0.525 million, together with a balloon installment of $28.2 million at maturity. It is secured by, among other things, a mortgage over the Nissos Serifopoula, and is guaranteed by Okeanis. The Nissos Serifopoula Facility was drawn on January 12, 2026.

On April 29, 2026, Omega Five Marine Corp. entered into a new $50.0 million senior secured credit facility to finance the option to purchase back the VLCC vessel Nissos Rhenia (the “Nissos Rhenia New Facility”). The Nissos Rhenia New Facility is priced at 125 basis points (or 50 basis points for any outstanding part of the loan in respect of which an amount of at least $1.0 million has been deposited and blocked for the whole of the relevant interest period in a cash collateral account) over the applicable Term SOFR, matures in seven years, and will be repaid in 36 equal consecutive quarterly instalments of approximately $0.825 million each, together with a balloon instalment of approximately $26.9 million payable at maturity. The Nissos Rhenia New Facility is secured by, among other things, security over the Nissos Rhenia, and is guaranteed by Okeanis Eco Tankers Corp. The facility was drawn on April 30, 2026, and the vessel Nissos Rhenia was repurchased from its sale and leaseback financier on May 4, 2026.

On April 30, 2026, Omega Seven Marine Corp. entered into a new $50.0 million senior secured credit facility to finance the option to purchase back the VLCC vessel Nissos Despotiko (the “Nissos Despotiko New Facility”). The Nissos Despotiko New Facility is priced at 130 basis points (or 55 basis points for any outstanding part of the loan in respect of which the equivalent amount has been deposited and blocked for the whole of the relevant interest period in a cash collateral account) over the applicable Term SOFR, matures in nine years, and will be repaid in 36 equal consecutive quarterly instalments of approximately $0.825 million each, together with a balloon instalment of approximately $20.3 million payable at maturity. The Nissos Despotiko New Facility is secured by, among other things, security over the Nissos Despotiko, and is guaranteed by Okeanis Eco Tankers Corp. The facility was drawn on June 8, 2026, and the vessel Nissos Despotiko was repurchased from its sale and leaseback financier on June 10, 2026.

On April 30, 2026, Omega Fifteen Marine Corp. and Omega Sixteen Marine Corp. entered into a $90.0 million facility agreement to finance a portion of the acquisition price of our two recently acquired newbuilding contracts relating to two new Suezmax vessels, each under construction at Daehan Shipbuilding Co., Ltd, named Nissos Tigani and Nissos Vous, with deliveries from the shipyard on May 29, 2026 and July 8, 2026, respectively (the “Nissos Tigani and Nissos Vous Facility”). The Nissos Tigani and Nissos Vous Facility is provided by a syndicate of banks led and arranged by E.SUN Commercial Bank, Ltd. It contains an interest rate of Term SOFR plus 120 basis points, matures in eight years, and will be repaid in 32 quarterly installments of $1.07 million, together with aggregate balloon installments of $55.76 million at maturity, related to both vessels. It is secured by, among other things, mortgages over the Nissos Tigani and the Nissos Vous, and it is guaranteed by the Company. Advance A was drawn on May 26, 2026, and Advance B was drawn on July 2, 2026 (Note 12).

During the six months ended June 30, 2026, the loans relating to the Nissos Rhenia and Nissos Despotiko were refinanced. As a result, the unamortized balance of deferred financing fees of $1.4 million was written off and included in Loss on debt extinguishment in the statement of profit or loss and other comprehensive income. During the six months ended June 30, 2025, the loans relating to the Nissos Kea and Nissos Nikouria were refinanced. As a result, the unamortized balance of the modification gain of $1.1 million was written off and included in Loss on debt extinguishment in the statement of profit or loss and other comprehensive income.

As at June 30, 2026, the loans’ fair values approximate their carrying values.

Lease liabilities connected to Right-of-Use assets

The Group has recognized the following finance liabilities with respect to the Right-of-Use assets:


		As of June 30,			As of December 31,
		2026			2025
Office space		$	50,171		$	60,740
Total		$	50,171		$	60,740

The maturities of lease liabilities are the following:


		As of June 30,			As of December 31,
		2026			2025
No later than one year		$	24,965		$	24,965
Later than one year and not later than five years			29,125			41,607
Total undiscounted cash flows		$	54,090		$	66,572
Less: Imputed interest			(3,919)			(5,832)
Carrying value of operating lease liabilities			50,171			60,740

Long-term debt net of current portion and current portion of long-term borrowings are analyzed as follows:


		Long-term
		borrowings,
		net of current			Current portion of
As of December 31, 2025		portion			long-term borrowings		Total
Outstanding loan balance		$	472,910,730		$	136,860,673	$	609,771,403
Loan financing fees			(2,365,986)			(2,366,260)		(4,732,246)
Total		$	470,544,744		$	134,494,413	$	605,039,157


		Long-term
		borrowings,
		net of current			Current portion of
As of June 30, 2026		portion			long-term borrowings			Total
Outstanding loan balance		$	673,983,876		$	52,813,708		$	726,797,584
Loan financing fees			(3,226,281)			(1,127,691)			(4,353,972)
Total		$	670,757,595		$	51,686,017		$	722,443,612

The borrowings are repayable as follows:


USD		As of June 30, 2026			As of December 31, 2025
No later than one year		$	52,813,708		$	136,860,673
Later than one year and not later than five years			375,933,876			338,510,730
Thereafter			298,050,000			134,400,000
Total		$	726,797,584		$	609,771,403
Less: Amounts due for settlement within 12 months			(52,813,708)			(136,860,673)
Long-term borrowings, net of current portion		$	673,983,876		$	472,910,730

As of June 30, 2026, and December 31, 2025, the Group was in compliance with its covenants.