Marco Fiori News

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 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 (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.

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) announced that its operating subsidiary d’Amico Tankers (Ireland) sold MT High Endurance and MT High Endeavour, two vessels in favour of Sea World Tankers a clients of Sea World Management SAM, for a consideration of US$ 13.5 million each. The two 46,992 dwt medium-range product tanker vessels were built in 2004 by STX, South Korea. d’Amico Tankers will maintain the commercial employment of the Vessel having also concluded with the Buyer a 4 year time charter agreement at an attractive rate. As of today, DIS’ fleet comprises 53.8 double-hulled product tankers (MR and Handysize) with an average age of about 7.7 years (of which 30.3 owned vessels and 23.5 chartered-in vessels).

D’Amico Tankers Limited (Ireland) will acquire the product tanker Cielo di Milano (launched in 2003 by Shina Shipbuilding shipyard (South Korea) from its Italy-based sister company d’Amico Shipping Italia for $14m. “The purchase need arises from the characteristics of the features of this ship suited to a specific route in which it will be immediately engaged,” parent company d’Amico International Shipping said today. The tanker has been fixed on a timecharter, but no specific details have been disclosed. Following this acquisition, d’Amico Tankers Limited as of today owns 50.8 product tankers, of which 40.8 are Medium Range (MR) and the remaining are ‘Handysize product tankers’…

Italy-listed D'Amico International Shipping (DIS) made a net profit of $11.4m in the first quarter, reversing its net loss of $6.8m last year, as the product tanker freight market improved. The board of the product tanker owner on Wednesday approved first quarter 2015 results of base time charter revenues (TCE) of $77 million. "Our company has achieved net profits of $11.4 million thanks to a fast-growing tanker market," said CEO Marco Fiori. "The tanker market has improved significantly in the first quarter of 2015, reaching its highest levels since the beginning of the financial crisis," Fiori added. The shipping company's EBITDA for January to March was $21.6 million.

D'Amico International Shipping has ordered two new long range one product tankers, to be built by Vietnam’s Vinashin Shipyard Co for about $44m each. The tankers are expected to be delivered mid-2017. The 75,000-dwt eco-LR1 product tankers will be built in Vietnam by Vinashin Shipyard; delivery is expected in mid-2017, parent company D’Amico International said today. The above two double‐hull new buildings are the latest ECO design vessels with the highest fuel efficiency. The vessels will have an attained Energy Design Index (EEDI) falling already well within the IMO phase-in 2 requirements due for vessels to be built before 31st December 2024, being of 25% lower than the current IMO reference line.

d’Amico International Shipping S.A. (DIS) an international marine transportation company operating in the product tanker market, inform of the launch of two additional MR “ECO” vessels built at Hyundai Vinashin Shipyard Co., Ltd. (Vietnam). The first vessel, the 50,000 dwt High Sun was launched and delivered  to Eco Tankers Ltd. (Malta), a JV with Venice Shipping and Logistics S.p.A., in which DIS has 33% interest. The second vessel, the 50,000 dwt High Fidelity was also launched and is expected to be delivered to d’Amico Tankers Limited (Ireland) in Q3 2014. DIS say that both vessels are already fixed in time charter to a leading Oil Refining Company for a period of respectively three and two years at very profitable levels.

d’Amico International Shipping (DIS), an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers Limited (Ireland) entered in a contract for the construction of two additional new “Eco” tanker vessels (50.000 dwt Handysize) for a consideration of $36.6 million each. These “ECO Design” tankers, a cutting-edge technology in the shipping sector, will allow to generate fuel savings of 6/7 tons per day compared to the older design ones therefore reducing emissions. They will allow the transport of 8/9 different products allowing an increased operating flexibility for DIS customers. These new vessels will be constructed by Hyundai Mipo Dockyard Co. Ltd.