rss icon Subscribe
desktop mobile

d’Amico International Sells, Leaseback MT High Loyalty

Photo: d’Amico ?Società di Navigazione SpA

Shailaja A. Lakshmi

d'Amico International Shipping, an international marine transportation company operating in the product tanker market, announced that its operating subsidiary d'Amico Tankers (Ireland) signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Loyalty, a 49,990 dwt medium-range product tanker vessel, built in 2015 by Hyundai-Mipo, South Korea for a consideration of US$ 28.5 million.

Thistransaction allows d'Amico Tankersto generate at the Vessel's delivery around US$ 13.3 million in cash, net of commissions and the 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 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 58.5 double-hulled product tankers (MR, Handysize and LR1) with an average age of about 7.1 years (of which 27 owned, 27.5 chartered-in and 4 bareboat chartered).

Currently, d'Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 3 LR1s (Long Range) product tankers expected to be delivered between Q3 2018 and Q1 2019.

Marco Fiori, Chief ExecutiveOfficer of d'Amico International Shipping, stated: "We just concluded another sale & lease back deal with a reputable Japanese counterparty. Through this agreement, DIS will generate a positive net cash effect of around US$ 13.3 million, strengthening our liquidity position. The vessel will be also bareboat chartered back by d'Amico Tankers for 10 years and we will have the option of repurchasing it starting from the second anniversary of its sale date, at a competitive cost of funds"

Aug 8, 2018

 

Tankers

Blockchain Benefits Still Murky for Most Commodities Trading

© Riza / Adobe Stock

Commodity firms and banks have been diving into blockchain pilot schemes over the last two years

BP Offloads Last Two Stranded Oil Cargoes in China

© Samt Mendher / MarineTraffic.com

Oil major BP on Tuesday offloaded about 1 million barrels of Angolan crude from supertanker

South Korea Tops Global Shipbuilding Industry in July

Image: Samsung Heavy Industries

South Korea maintained its number one ranking in the global shipbuilding market in July.

Vessels

Diana Shipping TC Contract for M/V Coronis

Coronis. Photo: Diana Shipping Inc.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a

Benetti Rolls-out Bond-inspired Superyacht Spectre

M/Y Spectre. Photo: Benetti

Spectre, the ninth James Bond-inspired yacht commissioned by John Staluppi, has been launched by

Davie Delivers LNG-powered Ferry

The ferry MV Armand-Imbeau II built for the Canadian operator Société des traversiers du Québec (STQ), will operate on LNG fuel. (Image: Davie Shipyards)

Canadian operator Société des traversiers du Québec (STQ) has taken delivery of MV Armand-Imbeau II

Maritime Apps