d’Amico International Shipping (DIS), an international marine transportation company operating in the product tanker market and its joint venture partner Mitsubishi Group recently signed a memorandum of agreement for the sale of the 46,547 dwt tanker High Efficiency, says an article published in MarineLink.
What is in the agreement?
DM Shipping (DMS) is a joint venture company between Mitsubishi Group (40 pct) and d’Amico Tankers (51 pct).
The company signed a memorandum of agreement for the sale of the MT High Efficiency, a 46,547 dwt MR product tanker vessel, built in 2009 by Nakai Zosen Corporation, Japan for a consideration of US$ 16.1 million.
d’Amico International Shipping (DIS), said in a press release that this transaction allows DM Shipping to generate around US$ 13.2 million in cash, net of commissions and reimbursement of the Vessel’s existing loan.
DIS’ fleet
DIS’ fleet as of today comprises 49.5 double-hulled product tankers of which 23 owned, 17.5 chartered-in and 9 bareboat chartered-in.
Currently, d’Amico Tankers has also a shipbuilding contract with HyundaiMipo Dockyard Co. Ltd., for the construction of 1 LR1 (Long Range) product tanker expected to be delivered in 2019.
CEO’s comment
Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “Following the sale of High Strength earlier this year, I am glad to announce this second vessel disposal for DM Shipping, which will generate a positive net cash effect of approximately US$ 13.2 million for our 51/49 JV with the Mitsubishi Group.”
Paolo added that through this deal, DIS’ has strengthened its liquidity position and disposed of one of its older vessels, built in 2009, with the objective of controlling a very young and modern fleet.
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Source: MarineLink
