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D’Amico closes third sale and leaseback deal

Luxembourg-based d’Amico International Shipping has closed a third MR tanker sale and leaseback deal, announced in the company’s latest set of result.

The company, owned by the Italian cousins Paolo and Cesare d’Amico, announced the signing of a memorandum of agreement and bareboat charter contract for the sale and leaseback of the High Discovery, a 49,990 dwt product tanker built in 2014 by Hyundai-Mipo. The deal is worth around $28m.

“This transaction allows d’Amico Tankers to generate around $10.7m in cash, net of commissions and reimbursement of the vessel’s existing loan, contributing to the liquidity required to complete d’Amico International Shipping’s fleet renewal program and allowing the company to benefit from the anticipated market recovery” said a statement from the company.

D’Amico Tankers will maintain full control of the vessel since a 10-year bareboat charter agreement was also concluded with the buyer, with a purchase obligation at the end of the charter period. The Italian company also has the option to acquire the vessel starting from the third anniversary of her sale at a competitive cost.

Marco Fiori, CEO of d’Amico International Shipping, said he is very satisfied of the conclusion of this sale and leaseback deal with a reputable Japanese counterparty.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.
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