Italy’s Fratelli D’Amato Armatori has concluded its adventures in shipping after decades in the industry.
Luigi D’Amato has revealed to Splash that the Naples-based shipping firm he controls has just sold the last five platform supply vessels in its fleet to Baku-based Caspian Marine Services which is transferring them to the Caspain Sea passing through Saint Petersburg. This sale is part of the voluntary asset liquidation started by the group a few years ago.
The deal had been pushed by three Italian banks (Unicredit, Mediocredito Italiano and MPS) which had financial exposure to the vessels of roughly €70m ($80m), while financial investor SC Lowy acted as a broker after acquiring the non-performing loans of Fratelli D’Amato.
The current value of the five vessels FD Honorable, FD Incomparable, FD Indomitable, FD Unbeatable and FD Untouchable is around €20m ($22.6m) in total while the order price for each unit delivered from Rosetti Marino shipyard between 2011 and 2013 ranged from €18m to €24m at the time of the signing.
Following the sale Fratelli D’Amato Armatori will be left with no ships after ceasing investments in both dry and liquid bulk recently. The company controlled by Luigi D’Amato is poised to be closed soon.