d’Amico, Mitsubishi Joint Venture to Sell Another MR Tanker

Italian tanker owner d’Amico International Shipping and its joint venture partner Mitsubishi Group have signed a memorandum of agreement for the sale of the 46,547 dwt tanker High Efficiency.

The deal would see the parties’ JV company DM Shipping d.a.c.(DMS) dispose of the 2009-built tanker for a consideration of USD 16.1 million.

The transaction would allow DM Shipping to generate around USD 13.2 million in cash, net of commissions and reimbursement of the vessel’s existing loan.

“Through this deal DIS’ strengthened its liquidity position and disposed of one of its older vessels, built in 2009, in line with our objective of controlling a very young and modern fleet,” Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, said.

In February 2019, the DM Shipping partners reached a deal to sell the 46,800 dwt MT High Strength for a consideration of USD 16.4 million. The earlier transaction resulted in a positive net cash effect of around USD 12.3 million for d’amico’s 51/49 JV with the Mitsubishi Group.

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