d’Amico International Shipping sells vessel netting cash of $7.2m

d’Amico Tankers D.A.C. has signed a memorandum of agreement for the sale of MT High Presence, a 48,700 dwt medium-range product tanker vessel, built in 2005 by Imabari Shipbuilding Co. Ltd. for $14.14m.

This transaction will generate cash of $7.2m for d’Amico Tankers, contributing to the liquidity required to complete the company’s fleet renewal program.

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.

d’Amico International Shipping’s fleet comprises 56.5 double-hulled product tankers (LR1, MR and Handysize). The company also has shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of five LR1s (Long Range) product tankers with expected delivery between 2017 and 2018.

d’Amico International Shipping’s Chief Executive Officer, Marco Fiori said: “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. This deal is also consistent with our goal of strengthening DIS’ liquidity position, as it will generate a positive net cash effect of approximately US$ 7.2 million in the last quarter of the year.”

For more information visit www.damicointernationalshipping.com

11th Dec 2017