d’Amico Sheds Its Oldest Product Tanker

Italy-based shipping company d’Amico International Shipping has reached an agreement to sell its oldest handy product tanker vessel, the 2003-built MT Cielo di Milano.

Namely, the company’s operating subsidiary d’Amico Tankers (Ireland) signed a memorandum of agreement for the sale of the 40,081 dwt vessel for a consideration of USD 8.025 million.

The transaction allows d’Amico Tankers to generate around USD 2.4 million in cash, net of
commissions and reimbursement of the vessel’s existing loan, contributing to its liquidity.

The ship was constructed by South Korea’s Shina Shipbuilding.

The transaction is in line with d’Amico’s long-term objective of “maintaining a very young and modern fleet,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.

As of today, DIS’ fleet comprises 57.5 double-hulled product tankers, of which 26 are owned vessels, with an average age of about 7.1 years.

d’Amico Tankers also has shipbuilding contracts with Hyundai Mipo Dockyard for the construction of 4 LR1s product tankers, expected to be delivered between the second half of 2018 and the first quarter of 2019.