d’Amico continues offloading MR tanker oldies to keep fleet young

d’Amico Tankers, operating subsidiary of Italian marine transportation company d’Amico International Shipping (DIS), has signed a memorandum of agreement for the sale of one of its oldest MR vessels to make place for eco ships in its fleet.

MT High Venture, a 51,087 dwt MR product tanker vessel, built in 2006 by South Korean STX, will be sold for a consideration of $10.7 million to an undisclosed buyer.

As reported, the transaction allows d’Amico Tankers to generate at the delivery of the vessel, expected to occur between November 2021 and December 2021, around $8 million in cash, net of commissions and reimbursement of the vessel’s existing bank loan.

“I am pleased to announce the sale of MT High Venture, a 2006-built MR vessel and one of the oldest ships in our fleet. Through this deal, we continue to pursue our long-term strategy of controlling a very young and mainly ‘Eco’ product tanker fleet. In addition, this vessel disposal will further strengthen our liquidity position through a net cash generation of approximately $8 million”, said Paolo d’Amico, chairman and CEO of d’Amico International Shipping.

According to the company, as of today, DIS’ fleet comprises 38 double-hulled product tankers, of which 20 owned, ten chartered-in and eight bareboat chartered-in, with an average age of about seven years for its owned and bareboat chartered-in vessels.

In 2020, d’Amico Tankers signed a memorandum of agreement to sell three of its oldest MR vessels, MT High Progress, MT High Performance, and MT High Courage.