d’Amico International Shipping S.A. (Borsa Italiana: 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 the MT Cielo di Guangzhou, a 38,877 dwt Handysize product tanker vessel, built in 2006 by Guangzhou Shipyard International, China, for a consideration of US$ 8.8 million.

d’Amico International Shipping S.A. Announces the Sale of One of its Handysize Vessels
Caption: Chemical/Oil Products Tanker Cielo Di Guangzhou - Image courtesy of Aart van Bezooijen

This transaction allows d’Amico Tankers to generate at the Vessel’s delivery around US$ 8.8 million in cash, net of commissions and having already fully reimbursed the vessel’s bank loan in March 2020.

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 glad to announce the conclusion of this sale transaction, which will further strengthen our liquidity position through a net cash generation of approximately US$ 8.8 million. In addition, the MT Cielo di Guangzhou was one of the oldest ship in our fleet, built in 2006, and through this deal we continue to pursue our long-term objective of controlling a young and efficient product tanker fleet.”

Source: d’Amico