d’Amico Tankers signed a memorandum of agreement and bareboat charter contract for its newbuilding LR1 vessel.
Under the deal, the company agreed a sale and leaseback of the 75,000 dwt MT Cielo di Houston, currently under construction at South Korea’s Hyundai Mipo Dockyard. The vessel, which is expected to join the fleet in January 2019, was sold for a consideration of USD 38.6 million.
In addition, through this transaction d’Amico Tankers will maintain full control of the tanker, since a 10.2-year bareboat charter agreement was also concluded with the buyer. d’Amico Tankers has the option to repurchase the vessel, after 5 years and after 7 years of the charter period, at “a competitive cost of funds.”