D’Amico orders two more LR1 product tankers from Hyundai Mipo

D’Amico orders two more LR1 product tankers from Hyundai Mipo

Athens: D’Amico Tankers (Ireland) has ordered two more 75,000-dwt LR1 product tankers from Hyundai Mipo Dockyard Co for $44m each.

The vessels will be built at the Hyundai Vinashin Shipyard in Vietnam, and will be constructed to a fuel-efficient “eco” specification, parent company d’Amico International Shipping said today.

Delivery of the ships is expected in the second half of 2017 and in the first three months of 2018.

The LR1 newbuildings will be similar in design to the three LR1 tankers the company ordered in April from the same shipyard, which heralded the Italian owner’s entry into the LR1 market.

“This investment is fully in line with DIS’ strategy to modernise its fleet through newbuildings with eco innovative design and will also strengthen our presence in what I see as a very promising segment (LR1–75,000 dwt) within the product tanker market,” Marco Fiori, CEO of d’Amico International Shipping (pictured), said today.

“The trend of our industry is pointing towards an expansion of the tonne/mile demand, following the concentration of the world refining capacity in the US and in the Middle and Far East. In this context, I believe LR1s, with their larger cargo capacity, will be in great demand in the years to come, thanks to their ability to carry larger quantities on the same distances.

“In fact, we are actually seeing a constantly growing demand from oil majors and leading market players for these types of ships.”

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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