d’Amico Tankers Sells Product Tanker Oldie

Ireland-based d’Amico Tankers, a subsidiary of Italian shipping company operating in the product tanker market d’Amico International Shipping S.A., has signed a memorandum of agreement for the sale of MT High Prosperity.

The 48,700 DWT medium-range product tanker, built in 2006 by Japan’s Imabari Shipbuilding Co., is being sold for USD 14.2 million.

“The transaction will generate a positive net cash effect of around USD 6.9 million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal program,” the company said in a release.

In addition, d’Amico Tankers will retain the commercial control of the vessel, having also concluded with the buyer a 6-year time-charter agreement.

“The sale of MT High Prosperity is in line with DIS’ long-term strategy of maintaining a young owned fleet, through the replacement of some of our older vessels with the newbuildings we have ordered in the recent years.

At the same time, this transaction will generate a positive net cash effect of approximately US$ 6.9 million, strengthening our balance sheet and liquidity position, while permitting us to retain commercial control of the vessel at a competitive time-charter rate for the next 6 years, allowing us to benefit from the expected recovery in the product tanker market,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.