d’Amico International Shipping S.A. (Borsa Italiana: DIS) (DIS), an international marine transportation company operating in the product tanker market, announces that DM Shipping d.a.c.(DMS), a joint venture company with the Mitsubishi Group, in which d’Amico Tankers d.a.c. (Ireland) (d’Amico Tankers) holds a 51% participation, signed a memorandum of agreement for the sale of the MT High Efficiency, a 46,547 dwt MR product tanker vessel, built in 2009 by Nakai Zosen Corporation, Japan (the “Vessel”) for a consideration of US$ 16.1 million.
This transaction allows DM Shipping to generate around US$ 13.2 million in cash, net of commissions and reimbursement of the Vessel’s existing loan.
As of today, DIS’ fleet comprises 49.5 double-hulled product tankers (MR, Handysize and LR1, of which 23 owned, 17.5 chartered-in and 9 bareboat chartered-in. DIS has also 1 vessel in commercial management) with an average age of about 6.1 years for its owned and bareboat chartered-in vessels. Currently, d’Amico Tankers has also a shipbuilding contract with HyundaiMipo Dockyard Co. Ltd., for the construction of 1 LR1 (Long Range) product tanker expected to be delivered in 2019.
Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “Following the sale of High Strength earlier this year, I am glad to announce this second vessel disposal for DM Shipping, which will generate a positive net cash effect of approximately US$ 13.2 million for our 51/49 JV with the Mitsubishi Group. Through this deal DIS’ strengthened its liquidity position and disposed of one of its older vessels, built in 2009, in line with our objective of controlling a very young and modern fleet.”