d’Amico takes purchase option on High Explorer

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d’Amico International Shipping S.A. announced that its operating subsidiary d’Amico Tankers exercised its purchase option on the MT High Explorer, a 50,000 dwt medium-range product tanker vessel built in May 2018 by Onomichi Dockyard Co., Ltd., Japan, for a consideration of JPY 4.1 billion (equivalent to approximately US$ 30.0 million, at the forward exchange rate in the contract used to hedge the currency exposure) and with delivery expected in May 2023.

DIS’ fleet now comprises 36 double-hulled product tankers (MR, Handysize and LR1, of which 20 owned, 8 chartered-in and 8 bareboat chartered-in) with an average age of about 7.6 years for its owned and bareboat chartered-in vessels.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated:

“Further to the acquisition of MT High Adventurer in September 2022, I am now pleased to announce the exercise of our purchase option on her sister vessel, MT High Explorer, an Eco MR built in 2018 by one of the most reputable Japanese yards and time-chartered-in by d’Amico Tankers ever since. The acquisition of this vessel perfectly matches our strategic objective of owning and operating a modern and Eco fleet, reducing DIS’ carbon footprint whilst enhancing its earnings potential. In addition, through the exercise of this option, we were able to acquire a top-quality ship at a price which is about 27% lower than its current market value.”

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