d’Amico Announces US$8m Worth Old MR Vessel Sale Deal


d’Amico Tankers signed a memorandum of agreement for the sale of one of its oldest MR vessels to make place for eco ships in its fleet, says a press release published on their website.

About the sale agreement

d’Amico Tankers, operating subsidiary of Italian marine transportation company d’Amico International Shipping (DIS), has signed a memorandum of agreement for the sale of one of its oldest MR vessels to make place for eco ships in its fleet.

The vessel

MT High Venture, a 51,087 dwt MR product tanker vessel, built in 2006 by South Korean STX, will be sold for a consideration of $10.7 million to an undisclosed buyer.

Existing bank loan

As reported, the transaction allows d’Amico Tankers to generate at the delivery of the vessel, expected to occur between November 2021 and December 2021, around $8 million in cash, net of commissions and reimbursement of the vessel’s existing bank loan.

Young tanker fleet

“I am pleased to announce the sale of MT High Venture, a 2006-built MR vessel and one of the oldest ships in our fleet. Through this deal, we continue to pursue our long-term strategy of controlling a very young and mainly ‘Eco’ product tanker fleet. In addition, this vessel disposal will further strengthen our liquidity position through a net cash generation of approximately $8 million”, said Paolo d’Amico, chairman and CEO of d’Amico International Shipping.

DIS’ fleet

According to the company, as of today, DIS’ fleet comprises 38 double-hulled product tankers, of which 20 owned, ten chartered-in and eight bareboat chartered-in, with an average age of about seven years for its owned and bareboat chartered-in vessels.

In 2020, d’Amico Tankers signed a memorandum of agreement to sell three of its oldest MR vessels, MT High Progress, MT High Performance, and MT High Courage.

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Source: d’Amico


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