dAmico Tankers Sells Product Tanker Oldie

first_imgzoom 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.As of today, DIS’ fleet comprises 55.5 double-hulled product tankers (MR and Handysize) with an average age of about 7.7 years.d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 6 LR1s product tankers with expected delivery between Q4 2017 and 2018.last_img

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