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Asian connections a key component of d'Amico strategy

Asian connections a key component of d'Amico strategy

Dublin: Italy's d'Amico International Shipping appears well-placed to ride out shipping's deepening storm through joint ventures with Japanese trading houses Mitsui and Mitsubishi, as well as pooling arrangements with partners including Maersk, Nissho Shipping and Glencore. Group Chairman Paulo d'Amico, speaking at the opening of the company's new expanded Dublin office, appeared quietly confident in advance of financials due on Wednesday. He said the company was fully committed to the Irish Tonnage Tax scheme, with its investment there totalling close to $1bn. Some 14 new products carriers under construction at Hyundai as part of the Glenda International Shipping joint venture with Glencore as well as two new products tankers being built for the d'Amico Mitsubishi joint venture will enter the Irish Tonnage Tax scheme on delivery.   ?  ?Meanwhile the new 20-year lease on the ritzy waterfront office in Dublin is a clear sign of the company's commitment to the Irish capital's growing maritime cluster. Representatives from both Mitsui and Mitsubishi attended the opening party during which Irish Shipping Minister Noel Ahern spoke optimistically of Dublin's future maritime development. Local priest Father Paul St John then blessed the premises, the d'Amico fleet and the company's seafaring and shore-based personnel.   [16/2/09]?

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