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), exercised its purchase option on the MT High Adventurer, a 50,000 dwt medium-range product tanker vessel built in November 2017 by Onomichi Dockyard Co., Ltd., Japan, for a consideration of JPY 4.1 billion (equivalent to approximately US$ 30.4 million) and with delivery expected in November 2022.
As of today, DIS’ fleet comprises 35 double-hulled product tankers (MR, Handysize and LR1, of which 17 owned, 10 chartered-in and 8 bareboat chartered-in) 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’m very pleased to announce the purchase of MT High Adventurer, an MR vessel built in Japan in November 2017 and time-chartered-in by d’Amico Tankers ever since. By exercising this purchase option, DIS acquires a top-quality Eco MR, built at a very reputable Japanese yard and at a price which is attractive by historical standards and around 20% below today’s price for a similar vessel, significantly lowering this vessel’s P&L and cash break-even. We also expect to secure debt financing for this transaction very soon and at very attractive terms. This deal is fully in line with our long-term strategic plan of owning and operating a very modern and Eco fleet, reducing DIS’ carbon footprint whilst enhancing our commercial opportunities and earnings potential.”