d’Amico Delays Delivery of LR1 Tankers

Tanker shipping company d’Amico Tankers has reached an agreement with South Korean Hyundai Mipo Dockyard to postpone the delivery of its first newbuilding long range (LR1) vessel.

Under the deal reached in February 2017, the company pushed the delivery of the 75,000 dwt ship from April 2017 to October 2017.

d’Amico Tankers said that the agreement follows a specific request of an oil major which will take the vessel on a 18 month time charter contract upon its delivery from Hyundai Vinashin Shipyard.

The estimated delivery dates of the remaining five LR1s under construction at Hyundai Vinashin Shipyard have also been slightly delayed by some 2 months compared to the original schedule, the company informed.

The delay was announced as part of d’Amico International Shipping’s financial report in which the company informed that it recorded a net loss of USD 12.8 million in the full-year 2016, including USD 6.6 million impairment on three vessels held for sale.

The result, representing a drop form a net profit of USD 54.5 million seen in 2015, was due to the soft market scenario experienced in the second half of the year, when rates hit historically low levels.

The company’s revenue also decreased year-on-year to USD 347.1 million from USD 414.8 million.

“DIS maintains a very positive view on the product tanker market in the medium-term,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.

Expecting more favourable market conditions in the near future the company’s controlling shareholder d’Amico International SA, has decided to provide full financial support to the current activity of the company including for, but not limited to, the completion of the fleet management program.

This will allow the company to finalize its asset disposal program renewal, the company informed.

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