d’Amico Joint Venture Agrees to Sell MR Tanker

Eco Tankers, a joint venture of Venice Shipping and Logistics and d’Amico International Shipping, has signed a memorandum of agreement to sell an MR product tanker.

Under the deal, the joint venture’s 49,990 dwt MT High Sun would be disposed for a consideration of USD 28.7 million. The unit was built in 2014 by South Korea’s shipbuilder Hyundai Mipo.

d’Amico, that holds a 33% participation in the JV, said that the transaction would result in a profit on disposal and allows Eco Tankers to generate around USD 12.8 million in cash, net of commissions and the reimbursement of the vessel’s existing loan.

“The sale price confirms the market’s improving fundamentals, with prices and time-charter rates for eco MR vessels on an upward trend over the last eighteen months,” Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, said.

As of today, d’Amico’s fleet comprises 49.5 double-hulled product tankers, of which 23 owned, 17.5 chartered-in and 9 bareboat chartered-in.