Eco Tankers, a joint venture between d’Amico International Shipping and Venice Shipping and Logistics, has sold 2014-built MR product tanker High Sun for $28.7m.
The sale of the Hyundai Mipo-built vessel will net the joint venture a profit of around $12.8m, net of commissions and after repaying the vessel’s loan.
Paolo d’Amico, chairman and CEO of d’Amico International Shipping, commented: “I am pleased to announce the conclusion of this deal, which will further improve DIS’ liquidity position. In fact, the sale of MT High Sun will generate a profit on disposal and a very positive net cash effect, of approximately US$12.8 million, for Eco Tankers, our joint venture company with Venice Shipping and Logistics. The sale price confirms the market’s improving fundamentals, with prices and time-charter rates for eco MR vessels on an upward trend over the last eighteen months.”
D’Amico International Shipping holds a 33% participation in Eco Tankers.