Marine Link
Thursday, March 22, 2018

d'Amico Tankers Updates Ship Sales and Purchases

Maritime Activity Reports, Inc.

July 28, 2017

Photo: ​ d’Amico ​Società di Navigazione SpA

Photo: ​ d’Amico ​Società di Navigazione SpA

 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. 
 In January 2017, M/T High Challenge, an ‘Eco’ new-building MR product tanker built by Hyundai Mipo Dockyard Co. Ltd. – South Korea at their Hyundai Vinashin Shipyard Co. Ltd. – Vietnam, was delivered to the Company.
In February 2017, d’Amico Tankers 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 Company, 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. – Vietnam, have also been slightly delayed by approximately 2 months compared to the original schedule.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping commented: "The product tanker industry experienced a challenging freight market in the second quarter of 2017. This was mainly due to the relatively high level of newbuilding deliveries, together with the refining maintenance season and a still high level of product inventories."
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