Home World d’Amico announces the sale of one of its oldest MR vessels generating...

d’Amico announces the sale of one of its oldest MR vessels generating net cash of approx. US$ 8.9 Million

– d’Amico , an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers D.A.C. (Ireland) (“d’Amico Tankers”), signed a memorandum of agreement for the sale of the MT High Courage (the “Vessel”), a 46,975 dwtMR product tanker vessel, built in 2005 by STX, South Korea, for a consideration of US$ 12.65 million.

This transaction allows d’Amico Tankers to generate at the delivery of the vessel (expected to occur between November 2020 and January 2021) around US$ 8.9 million in cash, net of commissions and reimbursement of the Vessel’s existing bank loan. As of today, DIS’ fleet comprises 42 double-hulled product tankers (MR, Handysize and LR1, of which 22 owned, 11 chartered-in and 9 bareboat chartered-in) with an average age of about 6.95 years for its owned and bareboat chartered-in vessels.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “I am pleased to announce the signature of the memorandum of agreement for the sale of MT High Courage, a 2005-built MR vessel and one of the oldest ships in our fleet. As we have stated multiple times in the past, we intend to position our Company as an owner and operator of a very modern product tanker fleet. In addition, this agreement will generate around US$ 8.9 million in cash for DIS, further deleveraging our balance sheet and significantly increasing our cash position. We do believe that having a sound financial structure is key to succeed in this business in the long term.”