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d’Amico sells two MR tankers for $27m

Italy’s d’Amico International Shipping (DIS) has sold two MR product tankers at a total of $27m to Sea World Tankers, client of Sea World Management.

Lee Hong Liang, Asia Correspondent

February 1, 2017

1 Min Read
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The vessels are sold at $13.5m each by d’Amico Tankers, subsidiary of DIS.

d’Amico Tankers will maintain commercial employment of the vessels – High Endurance and High Endeavour of 46,992-dwt and 2004-built – and has agreed with the buyer a four-year time charter agreement.

“The sale of these two vessels agreed with a known counterparty, is perfectly in line with DIS’ long term strategy of maintaining a very young owned fleet, by gradually substituting our oldest vessels with the newbuildings we have been ordering in the last four years,” said Marco Fiori, ceo of DIS.

“At the same time, we will keep the commercial management of these two vessels for four additional years, through a time charter in contract made at an attractive rate, which might give us a good potential upside in a growing product tanker market.

“In addition to this, the above deal is expected to generate a ‘profit on disposal’ of approximately $2m, which will benefit DIS first quarter 2017 results,” Fiori added.

Meanwhile, DIS has shipbuilding contracts with Hyundai Mipo Dockyard for the construction of six LR1 product tankers with expected delivery between 2017 and 2018.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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