d’Amico Tankers, Hudson Partners Terminate Letter of Intent

d’Amico International Shipping S.A. said that its operating subsidiary d’Amico Tankers Limited (Ireland) and Hudson Partners LLC (CT, USA) have decided to not implement the agreed Letter of Intent, announced in May last year.

The LOI was signed for the novation of the contract related to the construction of a new ‘Eco design’ product/chemical tanker vessel (Hull S410 – 50,000 dwt Medium Range, the ‘Vessel’), ordered at Hyundai Mipo Dockyard Co. Ltd.

This transaction is driven by the strong demand by Oil Majors, confirming the positive outlook on the market, for such type of ships and therefore the need to increase DIS’s core owned fleet.

To finalize this transaction d’Amico Tankers Limited and Hudson Partners have agreed to set the value of the vessel at US$ 35.5 million.

d’Amico Tankers Limited Fleet includes 40.5 double-hulled tankers (MR and Handysize product tankers) with an average age of about 5.6 years (of which 21 owned vessels and 19.5 chartered-in vessels), including 4 ‘Eco design’ newbuilding vessels delivered in January and February 2014.

d’Amico Tankers Limited has currently a total of 9 new ‘Eco design’ product tanker shipbuilding contracts, which include 5 MR and 4 Handysize vessels, at Hyundai Mipo Dockyard Co. Ltd. In addition to this, DIS has one further vessel under construction at Hyundai Mipo Dockyard Co. Ltd., in JV with Venice and Shipping Logistics S.p.A.

[mappress]

d’Amico, March 25, 2014