d’Amico Reaches Deal to Sell MR Tanker

Image Courtesy: d'Amico International Shipping

Italy-based shipping company d’Amico International Shipping (DIS) revealed that its subsidiary d’Amico Tankers signed a memorandum of agreement (MOA) for the sale of MT High Presence.

The 48,700 dwt medium-range product tanker, which was built in 2005 by Japan’s Imabari Shipbuilding, would be sold for a consideration of USD 14.1 million.

The company informed that this transaction is expected to generate a positive cash effect at delivery of the vessel, net of the reimbursement of the ship’s existing bank loan, of around USD 7.2 million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal program.

Having also concluded with the buyer a 6-year time-charter agreement at a competitive rate, d’Amico Tankers will retain the commercial control of the tanker.

“The sale of this 12-year-old vessel is perfectly in line with our strategy of maintaining a very young owned fleet, through the gradual replacement of some of our existing vessels with the newbuildings we have ordered in the recent years,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.

As of today, d’Amico International Shipping’s fleet comprises 56.5 double-hulled product tankers with an average age of about 7.7 years.

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