d’Amico International Shipping announces sale of tanker

d’Amico International Shipping has announced that its operating subsidiary d’Amico Tankers D.A.C. (Ireland) has signed a memorandum of agreement for the sale of High Prosperity, a 48,700dwt medium-range product tanker vessel, built in 2006 by Imabari Shipbuilding Co, for a consideration of $14.245 million.

This transaction will generate a positive net cash effect of around $6.9million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal programme.

In addition, d’Amico Tankers will retain the commercial control of the vessel, having also concluded with the buyer a six-year time-charter agreement at a competitive rate.

As of today, DIS’ fleet comprises 55.5 double-hulled product tankers (MR and Handysize) with an average age of about 7.7 years (of which 26 owned vessels, 26.5 chartered-in vessels and three bareboat chartered). Currently, d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co, for the construction of six LR1s (Long Range) product tankers with expected delivery between Q4 2017 and 2018.

Marco Fiori, Chief Executive Officer of d’Amico International Shipping, stated: “The sale of MT High Prosperity is in line with DIS’ long term strategy of maintaining a young owned fleet, through the replacement of some of our older vessels with the newbuildings we have ordered in the recent years. At the same time, this transaction will generate a positive net cash effect of approximately $6.9million, strengthening our balance sheet and liquidity position, while permitting us to retain commercial control of the vessel at a competitive time-charter rate for the next six years, allowing us to benefit from the expected recovery in the product tanker market.”