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D’Amico seals another sale and leaseback deal

Italian owner d’Amico International Shipping has announced that its Irish subsidiary d’Amico Tankers has reached an agreement with an unnamed Japanese company for the sale and leaseback of 2015-built MR product tanker High Loyalty.

The $28.5m deal will see the company generate around $13.3m in cash after the payment of the vessel’s existing loan, funds it says will contribute to the liquidity required to complete its fleet renewal program.

D’Amico is taking the vessel back on a ten-year bareboat charter, which includes a purchase obligation at the end of the charter period. There are also options to re-purchase the vessel from the end of the second year onwards.

Last month, d’Amico completed a similar deal in Japan for 2016-built product tanker High Trust.

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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