Home World D’Amico announces the sale of MT High Venture

D’Amico announces the sale of MT High Venture

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping

d’Amico International Shipping S.A. , 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 Venture (the “Vessel”), a 51,087 dwt MR product tanker vessel, built in 2006 by STX, South Korea, for a consideration of US$ 10.7 million.

This transaction allows d’Amico Tankers to generate at the delivery of the vessel (expected to occur between November 2021 and December 2021) around US$ 8.0 million in cash, net of commissions and reimbursement of the Vessel’s existing bank loan.

As of today, DIS’ fleet comprises 38 double-hulled product tankers (MR, Handysize and LR1, of which 20 owned, 10 chartered-in and 8 bareboat chartered-in) with an average age of about 7.2 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 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 US$ 8.0 million.”

From today this press release is available on the investor relations section of DIS’ website, filed with the CSSF, disclosed through the e-market SDIR circuit and stored at Borsa Italiana S.p.A. through the e- marketSTORAGE system and at Société de la Bourse de Luxembourg S.A. in its quality of OAM.