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d’Amico Joint Venture Sells MR Product Tanker

Tanker owner d’Amico International Shipping has revealed the sale of a 2009-built MR product tanker by its joint venture DM Shipping.

The joint venture company between Mitsubishi Group (40 pct) and d’Amico Tankers (51 pct), signed a memorandum of agreement for the sale of the 46,800 dwt MT High Strength for a consideration of USD 16.4 million.

The vessel will continue its current time-charter out contract with d’Amico Tankers until October 2019.

d’Amico informed that the transaction allows DM Shipping to generate around USD 12.3 million in cash, net of commissions and reimbursement of the vessel’s existing loan.

The company’s fleet comprises 49.5 double-hulled product tankers, of which 24 owned, 17.5 chartered-in and 8 bareboat chartered, with an average age of about 7 years.

“We saw strong interest from potential buyers for the vessel and were able to sign the memorandum of agreement within a relatively short period of time,” Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, said.

“The increasing appetite from buyers and period charterers over the last few months, is evidence of the strong medium-term fundamentals of the sector, and of the imminent anticipated market recovery.”

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