d’Amico Disposes of Two MR Tankers

Italy-based shipping company d’Amico International Shipping (DIS) revealed that its subsidiary d’Amico Tankers sold two medium range (MR) product tankers to Monaco-based ship management firm Sea World Management for USD 13.5 million each. 

The vessels in question are MT High Endurance and MT High Endeavour, both of them built by South Korean shipbuilder STX Offshore in 2004.

“The sale of these two vessels … is perfectly in line with DIS’ long-term strategy of maintaining a very young owned fleet, by gradually substituting our oldest vessels with the newbuildings we have been ordering in the last four years,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.

Following the sale, d’Amico Tankers will maintain the commercial employment of the vessels as it entered into a four-year time charter contract with the buyer.

The time charter contract might give the firm “a good potential upside in a growing product tanker market,” Fiori said,  adding that the deal is expected to generate a profit on disposal of around USD 2 million.

DIS’ fleet is currently comprised of 54 double-hulled product tankers with an average age of about 7.7 years.

In addition, six long range (LR) product tankers are currently being built for the company at Hyundai Mipo Dockyard in South Korea and they are scheduled for delivery between 2017 and 2018, according to d’Amico.

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