• Home
  • News
  • D’Amico Int'l Shipping announces the sale and lease back of an MR product tanker
  • 2017 December 28 15:40

    D’Amico Int'l Shipping announces the sale and lease back of an MR product tanker

    D’Amico International Shipping S.A. (the “Company”or “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 and bareboat charter contract for the sale and leaseback of the MT High Freedom, a 49,990 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea (the “Vessel”) for a consideration of US$ 28.0 million, DIS said Wednesday in a media release.

    This transaction allows d’Amico Tankers to generate around US$ 13.4 million in cash, net of commissions and reimbursement of the Vessel’s existing loan, contributing to the liquidity required to complete DIS’ fleet renewal program and allowing the Company to benefit from the anticipated market recovery.

    In addition, through this transaction d’Amico Tankers will maintain full control of the Vessel, since a 10-year bareboat charter agreement was also concluded with the buyer, with a purchase obligation at the end of the 10th year of the charter period. Furthermore, d’Amico Tankers has the option to repurchase the Vessel,starting from the second anniversary of her sale at a competitive cost of funds.

    As of today, DIS’ fleet comprises 56.5 double-hulled product tankers (MR, Handysize and LR1) with an average age of about 7.5 years (of which 27 owned vessels, 26.5 chartered-in vessels and 3 bareboat chartered).
    Currently, d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 5 LR1s (Long Range) product tankers expected to be delivered in 2018.

    Marco Fiori, Chief ExecutiveOfficer of d’Amico International Shipping, stated: “I am glad to announce the conclusion of this further sale and lease back contract, which represents our third deal with reputable Japanese counterparties. This transaction will generate a positive net cash effect of US$ 13.4 million for DIS in January 2018, improving the Company’s liquidity position in view of the completion of our newbuilding plan. At the same time, our Company will keep full control of this vessel through a 10 year bareboat charter contract and will have the option of repurchasing it starting from the second anniversary of its sale date at a competitive cost of funds” From today this press release is available on the investor relations section of DIS website, filed with CSSF, disclosed through the e-market SDIR circuit and stored at Borsa Italiana S.p.A. through the e-market STORAGE system and at Société de la Bourse de Luxembourg S.A. in its quality of OAM.

    About d’Amico International Shipping
    D’Amico International Shipping S.A. (DIS) is a subsidiary of d’Amico Società di Navigazione S.p.A., one of the world’s leading privately owned marine transportation companies, and operates in the product tankers sector, comprising vessels that typically carry refined petroleum products, chemical and vegetable oils. d’Amico International Shipping S.A. controls,through its controlled subsidiary namely d’Amico Tankers D.A.C., Dublin, either through ownership or charter arrangements, a modern, high-tech and double-hulled fleet, ranging from 35,000 and 75,000 deadweight tons. The Company has a history and a long tradition of family enterprise and a worldwide presence with offices in key market maritime centres (London, Dublin, Monaco and Singapore). The Company’s shares are listed on the Milan Stock Exchange under the ticker symbol “DIS”.




2022 January 18

18:45 X-Press Feeders launches Germany Sweden X-Press
18:04 Crown Estate Scotland announces the outcome of the first Scottish offshore wind leasing round in over a decade
17:52 Throughput of Russian seaports in 2021 climbed by 1.7% (detalization)
17:34 Fugro secures cable route survey contract for Denmark’s Energy Islands development supporting the transition to renewable energy
17:04 MPC Capital secures new building slots for 5,500 TEU container ships
16:54 Incat Tasmania awarded a contract to build a 76 metre high speed catamaran for South Korea
16:40 Throughput of Taganrog port in 2021 fell by 1% Y-o-Y
16:24 NYK concludes long-term charter agreement for LNG carrier with EDF LNG Shipping
16:04 Ulstein and Sinoocean sign a framework agreement on spare parts and aftermarket services
15:44 DP World launches a single window digital solution for border authorities
15:24 KONGSBERG delivers innovative propulsion technology to VARD for vessel newbuilds
15:04 Knutsen and NYK establish new company for liquified CO2 Transportation and storage
14:35 NYK orders four LNG-fueled Capesize bulk carriers
14:14 GTT receives two orders for the tank design of new LNG carriers
13:37 Throughput of port Kavkaz in 2021 fell by 19% Y-o-Y
13:14 Unifeeder starts using carbon neutral towage services to boost decarbonization
12:50 Throughput of Kaliningrad port in 2021 rose by 2% Y-o-Y
12:25 Throughput of port Vyborg in 2021 rose by 60% Y-o-Y
12:01 Chinese refinery throughput falls in December
11:36 Port of Boston welcomes its biggest container ship ever
11:19 Fluxys launches 4 additional proposals for hydrogen and CO2 infrastructure in Belgium
10:28 Throughput of port Primorsk in 2021 rose by 7% Y-o-Y
10:03 The Nippon Foundation and Shin Nihonkai Ferry complete a demonstration test of the world’s first fully autonomous ship navigation systems on a large car ferry
10:02 MABUX: Bunker price may continue upward trend on Jan 18
09:49 Container throughput of Hong Kong port (China) in 2021 fell by 1.1%
09:31 Baltic Dry Index as of January 17
09:13 Brent futures exceeded $87 a barrel for the first time since October 2014

2022 January 17

19:02 Thyssenkrupp plans to spin off electrolyser business
18:16 Konecranes delivers three more Rail-Mounted Gantry cranes to Port of Virginia
18:00 Gazprom experts join editorial advisory board of PortNews’ magazine Hydrotechnika
17:46 ICTSI Subic welcomes Wan Hai’s consolidated service
17:33 Average spot market price for Russian M100 product rose to RUB 26,989 pmt
17:26 ICS and IRENA sign a Partnership Agreement to support the decarbonisation of the shipping sector
17:14 Concordia Maritime sells P-MAX vessel
16:51 Passenger Terminal Amsterdam expands business by adding river cruise under the new name Cruise Port Amsterdam
16:31 Ballastwater Equipment Manufacturers’ Association recognized by the IMO
16:04 Maersk Tankers to launch decarbonisation hub
16:04 ABP to construct a new ro-ro facility at the Port of Immingham
15:39 Throughput of port Vysotsk in 2021 fell by 9% Y-o-Y
15:14 The PAV and the València City Council collaborate in the installation of a pilot device for generating electricity from waves
14:57 Port of Ust-Luga throughput in 2021 rose by 7% Y-o-Y
14:40 BPA selects the Dongwon New Port Container Terminal Consortiaum to operate the Busan New Port’s West Container Terminal
14:13 TotalEnergies, Green Investment Group and RIDG secure ScotWind leasing rights to develop a 2 GW windfarm in Scotland
14:00 Throughput of Port St. Petersburg climbed by 4% in 2021
13:38 APM Terminals Aarhus adds reefer plugs to meet record volumes
13:25 FESCO vessel set sails to Antarctica to supply Indian scientific stations
12:52 HPA and DAKOSY receive funding for digital test bed at Port of Hamburg
12:18 MTG supports V International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
12:02 Bloomberg: Italy’s ferry operator Moby files for Chapter 15 bankruptcy
11:56 Port of Antwerp cargo throughput up 3.8% to 240 million tons in 2021
11:49 Vostochny Port increased its throughput by 14.4% over five years
11:07 Optimarin expands global sales team in market push for BWT retrofits and newbuilds
10:54 MABUX: Bunker price may increase on Jan 17
10:24 Dual-fuel ferry for Ust-Luga-Baltiysk line to arrive at Baltiysk soon
09:56 IAA PortNews’ summary of previous week news
09:30 Crude oil market sees moderate increase of prices
09:12 Baltic Dry Index as of January 14

2022 January 16

16:03 Norwegian Cruise Line introduces Norwegian VIVA
14:17 SCHOTTEL to supply propulsion systems for new Italian LNG bunkering vessel
13:38 Wilhelmsen Ship Management takes a majority stake in Ahrenkiel Tankers to strengthen its position in the tanker market