Italian owner d’Amico International Shipping (DIS) has sealed a refinancing deal for five of its MR tankers.
The Milan-listed company said it has inked a five-year loan agreement with two of its closest banks Crédit Agricole and ING to draw down $54.2m and refinance the South Korean-built Glenda Melissa, Glenda Meryl, Glenda Melody, and Glenda Melanie it took control of after buying out its joint venture partner Glencore.
D’Amico gained 100% control of Ireland-based Glenda International Shipping in August through the redemption of the shares owned by Topley Corporation, part of Glencore, in the 50:50 joint venture for $27.4m.
The funds will also be aimed at refinancing the loan of the 2016-built Cielo di Capri, whose existing bank debt matures in May 2023.
DIS’ fleet currently comprises 36 product tankers, of which 19 are owned, 9 chartered-in and 8 bareboat chartered-in.