d’Amico Inks Sale Deal Generating Net Cash of US$ 16.3 Million




d’AMICO International Shipping S.A. announces the sale of two of its oldest MR vessels, generating net cash of approximately US$ 16.3 Million, says a press release published on their website.

What is in the Memorandum of Agreement?

International marine transportation company d’Amico International Shipping S.A. (DIS), operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers D.A.C. (Ireland) (“d’Amico Tankers”), signed a memorandum of agreement for the sale of the MT High Progress and MT High Performance (the “Vessels”), two 51,303 dwt MR product tanker vessels, built in 2005 by STX, South Korea, for a consideration of US$ 12.95 million per vessel.

Net cash generated

d’Amico Tankers with this transaction will generate at the delivery of the two vessels around US$ 16.3 million in total cash, net of commissions and reimbursement of the Vessels’ existing bank loans.

The delivery is expected to occur between the third and the fourth quarter of 2020.

DIS fleet 

As of today, DIS fleet comprises 42 double-hulled product tankers (MR, Handysize and LR1, of which 22 owned, 11 chartered in and 9 bareboat chartered-in) with an average age of about 6.8 years for its owned and bareboat chartered-in vessels.

CEO of d’Amico International Shipping

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping said: 

  • Through this deal they continue to pursue our long-term strategy of controlling a very modern product tanker fleet. 
  • This agreement will generate around US$ 16.3 million in cash for DIS, further strengthening its liquidity and financial position.

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Source: d’Amico 


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