d’Amico International Shipping S.A. (Borsa Italiana: DIS), an international marine transportation company operating in the product tanker market, announces that GLENDA International Shipping d.a.c. (GIS), a joint venture company with the Glencore Group, in which d’Amico Tankers d.a.c. (Ireland) (d’Amico Tankers) holds a 50% participation, signed a memorandum of agreement for the sale of MT GLENDA Meredith, a 46,147 dwt MR vessel, built in 2010 by Hyundai Mipo, South Korea, for a consideration of US$ 19.0 million.
This transaction allows GLENDA International Shipping to generate around US$ 18.8 million in cash, net of commissions and having already fully reimbursed the vessel’s bank loan in October 2019. As of today, DIS’ fleet comprises 45.5 double-hulled product tankers (MR, Handysize and LR1, of which 23.5 owned, 13 chartered-in and 9 bareboat chartered-in. DIS has also 1 vessel in commercial management) with an average age of about 6.9 years for its owned and bareboat chartered-in vessels.
Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “I am very pleased to announce that GLENDA International Shipping, our 50/50 JV with the Glencore Group, just sold this 2010-built MR vessel, generating a positive net cash effect of about US$ 18.8 million for this company, since we had already reimbursed the vessel’s bank loan back in October 2019. This deal, in addition to the one concluded at the end of last year for a similar vessel, is also perfectly in line with our long-term objective of controlling a very modern and young product tanker fleet.”
Source: d’Amico