DM Shipping Sells MR Tanker

DM Shipping (DMS), joint venture company between Mitsubishi Group (40 pct) and d'Amico Tankers (51 pct), signed a memorandum of agreement for the sale of the MT High Efficiency, a 46,547 dwt MR product tanker vessel, built in 2009 by Nakai Zosen Corporation, Japan for a consideration of US$ 16.1 million.

d’Amico International Shipping (DIS), an international marine transportation company operating in the product tanker market, said in a press release that this transaction allows DM Shipping to generate around US$ 13.2 million in cash, net of commissions and reimbursement of the Vessel’s existing loan.

As of today, DIS’ fleet comprises 49.5 double-hulled product tankers (MR, Handysize and LR1, of which 23 owned, 17.5 chartered-in and 9 bareboat chartered-in. DIS has also one vessel in commercial management) with an average age of about 6.1 years for its owned and bareboat chartered-in vessels.

Currently, d’Amico Tankers has also a shipbuilding contract with HyundaiMipo Dockyard Co. Ltd., for the construction of 1 LR1 (Long Range) product tanker expected to be delivered in 2019.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “Following the sale of High Strength earlier this year, I am glad to announce this second vessel disposal for DM Shipping, which will generate a positive net cash effect of approximately US$ 13.2 million for our 51/49 JV with the Mitsubishi Group."

Paolo added: "Through this deal DIS’ strengthened its liquidity position and disposed of one of its older vessels, built in 2009, in line with our objective of controlling a very young and modern fleet.”