d'Amico Orders Two Product Tankers for $111m

d’Amico International Shipping S.A. subsidiary d’Amico Tankers D.A.C. signed a shipbuilding contract with Jiangsu New Yangzi Shipbuilding
Co., China, for the purchase of two (2) new Long Range (LR1 – 75,000 DWT) product tanker vessels at a contract price of $ 55.4 million each. 

The ships are expected to be delivered in September and November 2027, respectively.

Today the DIS’ fleet comprises 34 double-hulled product tankers (MR, Handysize and LR1, of which 26 owned, 5 chartered-in and 3 bareboat chartered-in) with an average age of about 8.8 years for its owned and bareboat chartered-in vessels.

“This deal is aligned with our strategic objective of controlling a very modern fleet," said Paolo d’Amico, Chairman and CEO of d’Amico International Shipping. "Thanks to this agreement, DIS will further strengthen its presence in the LR1 segment, reaching a total fleet of 8 modern vessels. I believe  this segment of the market will continue to offer interesting returns in the next several years. In fact, on the one hand, the product tanker order book is still rather low, in particular for this size vessels, and on the other hand, the secular dislocation of world refining capacity away from some key consuming regions will continue expanding ton-mile demand, likely further benefiting LR1 vessels, which are currently already in high demand from our customers.”