Amico International Shipping News

d’Amico International Shipping S.A. announces that its operating subsidiary d’Amico Tankers exercised its purchase option on the High Adventurer, a 50,000 dwt medium-range product tanker vessel built in November 2017 by Onomichi Dockyard Co., Ltd., Japan, for a consideration of JPY 4.1 billion (equivalent to approximately US$ 30.4 million) and with delivery expected in November 2022.Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, said, “I’m very pleased to announce the purchase of MT High Adventurer, an MR vessel built in Japan in November 2017 and time-chartered-in by d’Amico Tankers ever since.

The d'Amico Group announced Cesare d'Amico has taken over as chief executive officer of the Italian shipowner's dry cargo business unit.Cesare d'Amico, who already serves as CEO of d'Amico Società di Navigazione SpA, has always been directly involved in the company's strategic decisions relating to the dry cargo business unit, which operates a core fleet of 50 vessels mainly in the Post Panamax/ Kamsarmax, Supramax and Handy segments. An additional 20 vessels are chartered in…

Tanker shipping company d’Amico International Shipping S.A. (DIS) said it has exercised its purchase option on the High Priority, a 46,847 dwt MR product tanker vessel it sold and leased back in 2017, for a consideration of $9.7 millionThe vessel, built in 2005 by Japanese shipyard Nakai Zosen, sold and leased back by DIS operating subsidiary d’Amico Tankers D.A.C. (Ireland) (d’Amico Tankers) in 2017, for a five-year period, with purchase options starting from the second anniversary date and a purchase obligation at the end of the fifth year.Paolo d’Amico, DIS chairman and CEO, said, the deal is "fully in line with our strategy of deleveraging DIS’ balance sheet and reducing its financial break-even."He continued…

Tanker shipping company d’Amico International Shipping S.A. said its operating subsidiary d’Amico Tankers D.A.C. (Ireland), signed a memorandum of agreement for the sale of the MT Cielo di Guangzhou, a 38,877 dwt Handysize product tanker vessel, built in 2006 by China's Guangzhou Shipyard, for a consideration of $8.8 million.d’Amico’s fleet currently comprises 45.5 double-hulled product tankers (MR, Handysize and LR1, of which 23.5 owned, 13 chartered-in and nine bareboat chartered-in. The company has also one vessel in commercial management) with an average age of about 6.9 years for its owned and bareboat chartered-in vessels.

Product tanker demand is expected to be boosted going into 2020 by impacts relating to the IMO 2020 sulfur cap, including higher global refinery throughput and gasoil trade in particular, said d’Amico International Shipping.The international marine transportation company operating in the product tanker market quoted Clarksons projecting product tanker dwt demand to grow by 5.7% next year.The IEA, in their October report have reduced their oil demand growth forecasts for 2019 and 2020. They expect growth in 2019 to be the weakest since 2016, following evidence of a slowdown in several major consuming regions and countries, including Europe…

Glenda International Shipping (GIS) signed a memorandum of agreement for the sale of MT Glenda Megan, a 47,147 dwt MR product tanker vessel, built in 2009 by Hyundai Mipo, South Korea, for a consideration of US$ 19.0 million.GIS is a joint venture company (JV) of the international marine transportation company operating in the product tanker d’Amico Tankers Ireland (a unit of d’Amico International Shipping S.A.) with the British–Swiss multinational commodity trading and mining company Glencore Group.According to a notification from d’Amico, this transaction allows Glenda International Shipping to generate around US$ 8.1 million in cash…

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.

Eco Tankers  has signed a memorandum of agreement for the sale of the MT High Sun, a 49,990 dwt MR product tanker vessel, built in 2014 by Hyundai MIPO, South Korea (Vinashin), for a consideration of US$ 28.7 million.Eco Tankers is a joint venture company with Venice Shipping and Logistics S.p.A., in which d’Amico International Shipping  (DIS) holds a 33% participation."This transaction will result in a profit on disposal and allows Eco Tankers to generate around US$ 12.8 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan," said a press release from DIS, the international marine transportation company operating in the product.As of today…

Italy’s d’Amico International Shipping (DIS) said that its Ireland-based subsidiary d’Amico Tankers has signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of  MT High Voyager for a consideration of US$ 25.7 million.MT High Voyager is a 45,999 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea.According to a press release from the global operator in bulk carriers and product/chemical tankers markets, this transaction allows d’Amico Tankers to generate at the Vessel’s delivery around US$ 9.6 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan…

The outlook on the product tanker market is very positive, said Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping .On the demand side, the world product seaborne trade is expected to grow by 3% already in 2019 supported by an expected strong underlying oil consumption growth and by forecasted global refinery capacity additions of 4.9 million barrels a day between 2019 and 2021, he pointed out.In particular, 2019 is expected to be characterized by one of the largest annual increases in refinery capacity in years, with an estimated additional 3.1 million barrels a day (according to Clarksons).At the same time…

The international marine transportation company d’Amico International Shipping (DIS) announced that its joint venture (JV) company DM Shipping (DMS)  signed a memorandum of agreement for the sale of its product tanker vessel MT High Strength  for a consideration of USD 16.4 millionThe 46,800 dwt MR tanker is , built in 2009 by Nakai Zosen Corporation, Japan. DMS is a JV with the Mitsubishi Group, in which d’Amico Tankers (Ireland) holds a 51% participation.MT High Strength will continue its current time-charter out contract with d’Amico Tankers until October 2019, said the product tanker market operator.This transaction allows DM Shipping to generate around US$ 12.3 million in cash…

The marine transportation company operating in the product tanker market d’Amico International Shipping (DIS) has secured a first in the Japanese market, signing an operating lease transaction for one of its LR1 newbuildings.d’Amico Tankers D.A.C. (Ireland), the subsidiary of DIS, has signed a memorandum of agreement and bareboat charter contract for its newbuilding LR1 vessel, said a release.Under the deal, the company agreed a sale and leaseback of the 75,000 dwt MT Cielo di Houston, currently under construction at South Korea’s Hyundai Mipo Dockyard.The vessel, which is expected to join the fleet in January 2019, was sold for a consideration of USD 38.6 million…

International marine transportation company operating in the product tanker market d’Amico International Shipping S.A. (DIS) said that  its operating subsidiary d’Amico Tankers D.A.C. (Ireland) signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Trader.The 49,990 dwt medium-range (MR) product tanker vessel is built in 2015 by Hyundai-Mipo, South Korea was sold for a consideration of US$ 27.0 million.This transaction allows d’Amico Tankers to generate at the Vessel’s delivery around US$ 8.6 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan, contributing to the liquidity required to complete DIS’ fleet renewal program and allowing the Company to benefit from the anticipated market recovery.In addition…

Product tanker carrier d’Amico International Shipping (DIS) has appointed current D'Amico group chairman Paolo d'Amico as new CEO.The D'Amico group's listed product tanker subsidiary said in a press statement that following the resignation of Marco Fiori, its Board of Directors resolved to grant to Mr. Paolo d’Amico all the powers of the resigning Chief Executive Officer of DIS starting from the 1st day of January 2019.Paolo d’Amico stated: “My personal involvement and dedication is to confirm, in an important moment for DIS, the d’Amico Group’s commitment to the success of the Company, and my appointment as CEO will assure continuity…

d’Amico International Shipping, an international marine transportation company operating in the product tanker market, announced that its operating subsidiary d’Amico Tankers (Ireland) signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Loyalty, a 49,990 dwt medium-range product tanker vessel, built in 2015 by Hyundai-Mipo, South Korea for a consideration of US$ 28.5 million.Thistransaction allows d’Amico Tankersto generate at the Vessel’s delivery around US$ 13.3 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan, contributing to the liquidity required to complete DIS’ fleet renewal program and allowing the Company to benefit from the anticipated market recovery.In addition…

Luxembourg-based d’Amico International Shipping announced that its operating subsidiary d’Amico Tankers signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Trust for a consideration of US$ 29.5 million. The marine transportation company operating in the product tanker market said that High Trust is a 49,990 dwt medium-range product tanker vessel, built in 2016 by Hyundai-Mipo, South Korea. Thistransaction allows d’Amico Tankersto generate at the vessel’s delivery around US$ 11.9 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan, contributing to the liquidity required to complete DIS’ fleet renewal program and allowing the Company to benefit from the anticipated market recovery.

d’Amico International Shipping nnounced that its operating subsidiary d’Amico Tankers (Ireland)  signed a memorandum of agreement for the sale of the MT Cielo di Milano, a 40,081 dwt handy product tanker vessel, built in 2003 by Shina Shipbuilding, South Korea for a consideration of US$ 8.025 million. This transaction allows d’Amico Tankers to generate around US$ 2.4 million in cash, net of commissions and reimbursement of the Vessel’s existing loan, contributing to the liquidity of the international marine transportation company operating in the product tanker market. As of today, DIS’ fleet comprises 57.5 double-hulled product tankers (MR, Handysize and LR1) with an average age of about 7.1 years (of which 26 owned vessels, 27.5 chartered-in vessels and 4 bareboat chartered).

d'Amico International Shipping believes that the supply-demand balance in the product tanker freight market is improving. The key drivers that should affect the product tanker freight markets are (i) global oil supply (ii) the crude oil price and refinery margins (iii) demand for refined products and (iv) the product tankers fleet growth rate. The International Energy Agency, in its 2017 Oil Market Report (OMR), published in March 2017, forecasted annual global demand growth to average 1.2 million b/d, or 1.2% per annum, from 2016-2022, corresponding to an increase in the period of 7.3 million b/d. From an average of 96.6 million b/d in 2016, global demand is expected to rise to 103.8 million b/d by 2022.

In January 2017, d’Amico Tankers sold MT High Endurance and MT High Endeavour, two 46,992 dwt medium-range product tanker vessels, built in 2004 by STX, South Korea, to Sea World Tankers a client of Sea World Management SAM, for a consideration of US$ 13.5 million each. At the same time, d’Amico Tankers will maintain the commercial employment of the Vessels having also concluded with the Buyer a 4 years’ time-charter agreement at an attractive rate. In May 2017, d’Amico Tankers d.a.c. signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Fidelity, a 49,990 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Vinashin Shipyard Co. Ltd. for a consideration of US$ 27.0 million.

d’Amico International Shipping (DIS) has launched the first three LR1 (long-range) vessels in its history, at the Hyundai Vinashin shipyard in Vietnam, ANSA reported. The company invested USD 131 million in the construction of the three 75,000-tonne ships. These vessels are ecologically friendly, can transport more cargo per voyage and are able to cross the expanded Panama Canal, DIS said. The Italian engineers of the D'Amico group have collaborated with the South Korean-Vietnamese shipyards to design a new generation of eco-ships, 228m long and 36m wide, able to transport bigger volumes, limiting consumption and CO2 emissions and maintaining a draught similar to smaller ships to exploit the new routes created by the widening of the Panama Canal.

d’Amico International Shipping (DIS) announces that its operating subsidiary d’Amico Tankers signed a memorandum of agreement for the sale of MT High Presence, a 48,700 dwt medium-range product tanker vessel, built in 2005 by Imabari Shipbuilding (Japan) for a consideration of US$ 14.14 million. This transaction will generate at delivery of the Vessel a positive cash effect, net of the reimbursement of the Vessel’s existing bank loan, of around US$ 7.2 million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal program. In addition, d’Amico Tankers will retain the commercial control of the Vessel, having also concluded with the Buyer a 6-year time-charter agreement at a competitive rate.

D'Amico Tankers (Ireland) signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Freedom, a 49,990 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea for a consideration of US$ 28.0 million. D'Amico Tankers is an operating subsidiary of d’Amico International Shipping S.A., an international marine transportation company operating in the product tanker market. This transaction allows d’Amico Tankers to generate around US$ 13.4 million in cash, net of commissions and reimbursement of the Vessel’s existing loan, contributing to the liquidity required to complete DIS’ fleet renewal program and allowing the Company to benefit from the anticipated market recovery.

d’Amico International Shipping said that  M/T High Challenge, an ‘Eco’ new-building MR product tanker built by Hyundai Mipo Dockyard – South Korea at their Hyundai Vinashin Shipyard  – Vietnam, was delivered to the Group last year. d’Amico Tankers  also agreed with Hyundai Mipo Dockyard Co. Ltd. – South Korea – to postpone the delivery of its first newbuilding LR1 from April 2017 to October 2017. This agreement follows a specific request of an oil major and a key customer of the Group, which will take the vessel on a 18 month TC contract upon her delivery from Hyundai Vinashin Shipyard Co. Ltd. – Vietnam. At the same time, the estimated delivery dates of the remaining 5 LR1s under construction at Hyundai Vinashin Shipyard Co. Ltd.