D’Amico Adds Two More LR1s to Its Fleet

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d’Amico International Shipping S.A. is a subsidiary of d’Amico Società di Navigazione S.p.A., one of the world’s leading privately owned marine transportation companies. It operates in the product tankers sector, comprising vessels that typically carry refined petroleum products, chemical and vegetable oils. d’Amico International Shipping S.A. controls, either through ownership or charter arrangements, a modern, high-tech and double-hulled fleet, ranging from 35,000 and 51,000 deadweight tons.

In a recent announcement, d’Amico Tankers Ltd. ( a subsidiary of d’Amico International Shipping) conveyed that two long range LR1-75,000 dwt product tankers are to be constructed at Hyundai Mipo Dockyard. These two vessels are an addition to the similar ones purchased during last April. They will be constructed by Hyundai Vinashin in Vietnam at a cost of about $44m each and shall be ready for delivery by 2018.

Long Range (LR) class ships are the most common in the global tanker fleet, as they are used to carry both refined products and crude oil. These ships can access most large ports that ship crude oil and petroleum products. An LR1 tanker can carry between 345,000 barrels and 615,000 barrels of gasoline (14.5-25.8 million gallons) or between 310,000 barrels and 550,000 barrels of light sweet crude oil.

d’Amico International Shipping DIS controls a total fleet of 48.8 double-hull product tankers. Of these 23 are wholly owned by them and 25 are chartered-in vessels.

The Italy-based d’Amico Tankers have a long-term plan to go in for a total of 14 new eco-design product tanker shipbuilding contracts, which include six LR1s, four MRs and four handy size vessels. Hyundai Vinashin will do all of their new buildings. They shall all be ready for delivery between Q4 2015 and Q3 2018.

LR1s bring in a revenue of around $28,000 per day on the Middle East- Asia spot trade, according to the Baltic Exchange. CEO of d’Amico International Shipping, Marco Fiori is quoted to have said: “For d’Amico International Shipping it is important to strengthen its presence in the LR1s, which I am sure will prove to be a very rewarding segment within our industry, thanks on the one hand to a very low order book and on the other hand to the expansion of the tonne/mile demand, following the concentration of the world refining capacity in the US and in the Middle and Far East, away from some of the main consuming regions of the world. In this context, I believe LR1s, with their larger cargo capacity, will be in great demand in the years to come, thanks to their ability to carry larger quantities on the same distances”.

Source: d’Amico

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