d’Amico declares option to buy MR tanker

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d’Amico International Shipping, an international marine transportation company operating in the product tanker market, announced that its operating subsidiary d’Amico Tankers D.A.C., exercised its purchase option on the MT High Adventurer, a 50,000 dwt medium-range product tanker vessel built in November 2017 by Onomichi Dockyard Co., Ltd., Japan, for a consideration of JPY 4.1 billion (equivalent to approximately US$ 30.4 million) and with delivery expected in November 2022.

As of today, DIS’ fleet comprises 35 double-hulled product tankers (MR, Handysize and LR1, of which 17 owned, 10 chartered-in and 8 bareboat chartered-in) with an average age of about 6.9 years for its owned and bareboat chartered-in vessels.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “I’m very pleased to announce the purchase of MT High Adventurer, an MR vessel built in Japan in November 2017 and time-chartered-in by d’Amico Tankers ever since. By exercising this purchase option, DIS acquires a top-quality Eco MR, built at a very reputable Japanese yard and at a price which is attractive by historical standards and around 20% below today’s price for a similar vessel, significantly lowering this vessel’s P&L and cash break-even. We also expect to secure debt financing for this transaction very soon and at very attractive terms. This deal is fully in line with our long-term strategic plan of owning and operating a very modern and Eco fleet, reducing DIS’ carbon footprint whilst enhancing our commercial opportunities and earnings potential.”