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d'Amico in $28m sale and leaseback deal on MR product tanker

d’Amico International Shipping (DIS) is selling a MR product tanker for $28m and leasing in back.

The shipowner said that its subsidiary d’Amico Tankers had signed Memorandum of Understanding with an undisclosed buyer to sell the 2014-built, 49,990 dwt MR tanker High Discovery for $28m along with a 10-year bareboat charter back contract.

The company said that the sale and leaseback would generate $10.7m in free cash and d’Amico Tankers had the option to repurchase vessel from three years after the deal.

“This transaction will generate a positive net cash effect of $10.7m for DIS in Q3 2017, strengthening our balance sheet and liquidity position in view of the completion of our newbuilding plan,” said Marco Fiori, ceo of DIS.

“At the same time, DIS will keep full control of this new eco ship through a 10-year bareboat charter contract and will have the option of repurchasing it starting from the third anniversary of its sale date at a competitive cost of funds.”

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