D’Amico fixes LR1 on long-term charter at higher rate

Italian owner d’Amico International Shipping (DIS), has through its Dublin-based subsidiary d’Amico Tankers, chartered out the 2019-built LR1 product tanker Cielo di Londra for up to seven years.

The company said the deal comes at a very profitable rate with a fixed term of five years and an option to extend the contract for two additional years at increasing rates.

Paolo d’Amico, chairman and chief executive officer of d’Amico International Shipping, said that the bareboat charter-out agreement is fully in line with DIS’ commercial strategy, based on a balanced mix of contract coverage and spot exposure, allowing the company to navigate through different market cycles.

He also added: “This contract highlights our market’s strong fundamentals, with the charterer committing to hire the vessel for five years at a significantly higher level than can be achieved today on the spot market. It also confirms that the market recognizes a substantial premium for modern and ‘Eco’ product tanker vessels, which, thanks to the large investment plan we implemented in the last years represent the large majority of DIS’ current fleet”.

D’Amico International Shipping currently operates a product tanker fleet of 38 vessels, of which 20 owned and 18 are chartered-in.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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