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D’Amico sells and charters back product tanker

D’Amico sells and charters back product tanker

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D’Amico International Shipping subsidiary d’Amico Tankers has sold 2005-built medium range product tanker High Presence for a price of $14.14m.

D’Amico says the sale will generate around $7.2m for the company after paying off the vessel’s existing bank loan. The company has also signed a six-year time charter for the 48,700 dwt Imabari-built vessel, at what it describes as a competitive rate.

Marco Fiori, chief executive officer of d’Amico International Shipping, commented: “The sale of this 12 year old vessel is perfectly in line with our strategy of maintaining a very young owned fleet, through the gradual replacement of some of our existing vessels with the newbuildings we have ordered in the recent years. This deal is also consistent with our goal of strengthening DIS’ liquidity position, as it will generate a positive net cash effect of approximately US$ 7.2 million in the last quarter of the year”.

Last month, Luxembourg-based d’Amico International Shipping completed a similar deal selling 2006-built MR tanker High Prosperity for $14.2m and taking the vessel back on a six-year charter.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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