D’Amico Announces US$ 7m Worth Product Tanker Sale Deal

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d’Amico International Shipping’s (DIS) subsidiary, d’Amico Tankers, signed a deal with an undisclosed buyer to sell the 2005-built MR product tanker High Priority for $9.2m, says a press release published on their website.

About the transaction

d’Amico said the transaction allows its subsidiary to generate, at the delivery of the vessel, around $7m in cash, net of commissions, and reimbursement of the vessel’s existing bank loan.

Paolo d’Amico, chairman and CEO of d’Amico, stated: “With the sale of this last old ship, DIS has now fully completed its multi-year fleet renewal plan, which saw our company ordering 22 newbuilding ships and selling all our older tonnage. Following the sale of MT High Priority, DIS’ owned and bareboat fleet will be 84% Eco and with an average age of only 6.6 years.”

Environmental footprint

DIS will further reduce its environmental footprint, which is a key component of our company’s strategy, whilst enhancing its commercial competitiveness and earnings potential, especially given the very high fuel costs we are currently facing and the environmental regulations which will come into force from 2023.”

DIS fleet

DIS’ fleet currently comprises 36 product tankers, of which 18 are owned, 10 are chartered-in and eight are bareboat chartered-in.

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Source: d’Amico

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