D’Amico offloads ageing product tanker

Italy’s d’Amico International Shipping has sealed an agreement to sell 2006-built MR product tanker High Venture for $10.7m.

The company’s Irish subsidiary d’Amico Tankers will deliver the vessel to its new owners between November and December 2021, netting around $8m in cash after commissions and reimbursement of the vessel’s bank loan.

VesselsValue lists the buyer as India’s Seven Islands Shipping.

Paolo d’Amico, chairman and CEO of d’Amico, commented: “I am pleased to announce the sale of MT High Venture, a 2006-built MR vessel and one of the oldest ships in our fleet. Through this deal we continue to pursue our long-term strategy of controlling a very young and mainly ‘Eco’ product tanker fleet. In addition, this vessel disposal will further strengthen our liquidity position through a net cash generation of approximately US$ 8.0 million.”

D’amico currently has a fleet 38 product tankers of which 20 are owned, 10 chartered-in and eight bareboat chartered-in. Last year, the company completed a series of deals to offload several older vessels from its fleet.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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