D’Amico orders two new LR1 tankers

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D’Amico International Shipping, an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers D.A.C., has signed a shipbuilding contract with Jiangsu New Yangzi Shipbuilding Co., China, for the purchase of two new Long Range (LR1 – 75,000 DWT) product tanker vessels at a contract price of US$ 55.4 million each. These new very efficient vessels are expected to be delivered to us in September and November 2027, respectively.

As of today, DIS’ fleet comprises 34 double-hulled product tankers (MR, Handysize and LR1, of which 26 owned, 5 chartered-in and 3 bareboat chartered-in) with an average age of about 8.8 years for its owned and bareboat chartered-in vessels.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “I am delighted to announce the agreement to build these two “Eco” product tanker vessels, which should be the most efficient and environmentally friendly LR1 vessels in our fleet. This deal is aligned with our strategic objective of controlling a very modern fleet. Additionally, thanks to this agreement, DIS will further strengthen its presence in the LR1 segment, reaching a total fleet of 8 modern vessels. I believe this segment of the market will continue to offer interesting returns in the next several years. In fact, on the one hand, the product tanker order book is still rather low, in particular for this size vessels, and on the other hand, the secular dislocation of world refining capacity away from some key consuming regions will continue expanding ton-mile demand, likely further benefiting LR1 vessels, which are currently already in high demand from our customers.”