d’Amico International Shipping S.A. (Borsa Italiana: DIS) (DIS), an international marine transportation company 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 MT High Presence, a 48,700 dwt medium-range product tanker vessel, built in 2005 by Imabari Shipbuilding Co. Ltd. (Japan) for a consideration of US$ 14.14 million.
This transaction will generate at delivery of the Vessel a positive cash effect, net of the reimbursement of the Vessel’s existing bank loan, of around US$ 7.2 million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal program.
In addition, d’Amico Tankers will retain the commercial control of the Vessel, having also concluded with the Buyer a 6-year time-charter agreement at a competitive rate.
As of today, d’Amico International Shipping’s fleet comprises 56.5 double-hulled product tankers (LR1, MR and Handysize) with an average age of about 7.7 years (of which 28 owned vessels, 25.5 charteredin vessels and 3 bareboat chartered-in vessels).
Currently, d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 5 LR1s (Long Range) product tankers with expected delivery between 2017 and 2018.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping, stated: “The sale of this 12 year old vessel is perfectly in line with our strategy of maintaining a very young owned fleet, through the gradual replacement of some of our existing vessels with the newbuildings we have ordered in the recent years. This deal is also consistent with our goal of strengthening DIS’ liquidity position, as it will generate a positive net cash effect of approximately US$ 7.2 million in the last quarter of the year".
Source: DIS