d’Amico International Shipping, an international marine transportation company operating in the product tanker market, announces that its fully-owned operating subsidiary d’Amico Tankers D.A.C., has signed a US$ 82.0 million 5-year term facility with ING and Skandinaviska Enskilda Banken, to refinance the bank loans maturing in 2023 on MT Cielo di Cagliari, MT Cielo Rosso, MT Cielo di Rotterdam, and MT Cielo di New York.

All four tranches of this new facility are expected to be drawn down, with the respective previous financings reimbursed, in July 2022. For this new sustainability-linked loan, the margin is adjusted based on the CO2 emissions of d’Amico Tankers’ fleet and associated AER (annual efficiency ratio) indicator, relative to the AER trajectory established by the Poseidon Principles for the type of vessels controlled by our Subsidiary. ING is acting as the Agent and the Sustainability Coordinator of this facility. As of today, DIS’ fleet comprises 35 double-hulled product tankers (MR, Handysize and LR1, of which 17 owned, 10 chartered-in and 8 bareboat chartered-in) with an average age of about 6.9 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 glad to announce that DIS has refinanced the loans maturing in 2023, with their related balloons, on four of its owned vessels, with d’Amico Tankers achieving some of its best financing terms ever. This new facility is also a ‘sustainability-linked loan’, with the margin adjusted based on d’Amico Tankers’ fleet CO2 emissions and associated AER (annual efficiency ratio) indicator relative to the AER trajectory established by the Poseidon Principles for the types of vessels controlled by our Subsidiary. Our very modern and ‘eco’ fleet coupled with a very solid balance sheet, allow us today to access some of the most competitive financing terms available in our sector. In this regard, I would like to thank ING and SEB for their continued support, over many years and across several market cycles.”

Stephen Fewster, Global Head of Shipping at ING, commented: “ING is very pleased to act as Sustainability Coordinator for d’Amico and structure their Sustainability Linked Loan in alignment with the Poseidon Principles. DIS is a market leader in operating fuel-efficient ships and always at the forefront of further improvements and therefore fits perfectly with ING’s ambitions to help the maritime industry decarbonise.” 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 emarket STORAGE system and at Société de la Bourse de Luxembourg S.A. in its quality of OAM.