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).
At the moment d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 6 LR1s (Long Range) product tankers with expected delivery between 2017 and 2018.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping, stated: “The sale of these two vessels agreed with a known counterparty, is perfectly in line with DIS’ long-term strategy of maintaining a very young owned fleet, by gradually substituting our oldest vessels with the newbuildings we have been ordering in the last four years."
He added: "At the same time, we will keep the commercial management of these two vessels for four additional years, through a Time Charter In contract made at an attractive rate, which might give us a good potential upside in a growing product tanker market. In addition to this, the above deal is expected to generate a ‘profit on disposal’ of approximately US$ 2 million, which will benefit DIS Q1’17 results”.