Italian owner d’Amico International Shipping is to adopt a defensive strategy in the tanker market after it closed 2016 with a loss of $12.8m.
The company said its 2016 results were negatively impacted by a $6.6m impairment booked on three vessels which are currently under advanced sale negotiations.
Marco Fiori, CEO of d’Amico International Shipping, pointed to further sale and leaseback deals fr the vessels, commenting: “We recently announced the disposal of two of our oldest ships and we are currently working on other similar deals. In most cases, we will charter back for a few years the vessels we intend to sell, positioning ourselves to keep our tonnage capacity in an expected strengthening market whilst increasing at the same time our liquidity and financial flexibility.”
The Irish subsidiary d’Amico Tankers also delayed the delivery of its new LR1s under construction at South Korea’s Hyundai Mipo Dockyard. The first vessel will be delayed from April 2017 to October 2017 at the request of an oil major customer which is taking the vessel on time charter for 18 months upon delivery.
The estimated delivery dates of the remaining five LR1s under construction have also been delayed by around two months.