d’Amico, Glencore Joint Venture to Sell MR Tanker

Italian tanker shipping company, d’Amico International Shipping, has revealed that its joint venture company with Glencore Group reached a deal to sell one of its MR product tankers.

Namely, GLENDA International Shipping d.a.c. (GIS), in which d’Amico Tankers holds a 50% participation, would sell the 47,147 dwt Glenda Megan, one of its six vessels.

The 2009-built unit, built by South Korea’s Hyundai Mipo, would be disposed at a consideration of USD 19 million.

The transaction allows GIS to generate around USD 8.1 million in cash, net of commissions and the reimbursement of the vessel’s existing loan.

“The sale of this 2009-built ship is coherent with DIS’ long-term strategy of operating a very young, and flexible fleet, which is also efficient and environmentally friendly,” Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, said.

“Following this transaction eco vessels on the water or on order represent 65% of our owned and bareboat fleet, positioning us favorably to benefit from the upcoming market recovery, driven also by the IMO 2020 effects,” d’Amico added.

Currently, d’Amico Tankers has a shipbuilding contract with Hyundai Mipo for the construction of an LR1 product tanker expected to be delivered in the third quarter of 2019.