d'Amico International Shipping Sells Handy Vessel Cielo di Milano

Shailaja A. Lakshmi July 12, 2018

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).

Currently, d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 4 LR1s (Long Range) product tankers expected to be delivered between the second half of 2018 and Q1 2019.

Marco Fiori, Chief Executive Officer of d’Amico International Shipping, stated: “I am satisfied to announce the conclusion of this deal, which will generate a positive net cash effect of approximately US$ 2.4 million for DIS and will allow us to sell the oldest vessel in our fleet, in line with our Company’s long-term objective of maintaining a very young and modern fleet”.