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d’Amico Generates Profit On Disposal And Net Cash Of About US$ 12.8 Million For JV

Last updated on June 3rd, 2019
d'Amico Generates Profit On Disposal And Net Cash Of About US$ 12.8 Million For JV 5

An international marine transportation company, d’Amico International Shipping S.A. (the “Company”or “DIS”), operating in the product tanker market, announced that Eco Tankers Limited (“Eco Tankers”), signed a memorandum of agreement for the sale of the MT High Sun, a 49,990 dwt MR product tanker vessel (the “Vessel”), which was built in 2014 by Hyundai MIPO, South Korea (Vinashin), for a consideration of US$ 28.7 million. Eco Tankers Limited (“Eco Tankers”) is a joint venture company with Venice Shipping and Logistics S.p.A., in which d’Amico International Shipping S.A. (“DIS”) holds a 33% participation.

This transaction will result in a profit on disposal and allows Eco Tankers to generate around US$ 12.8 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan.

As of today, DIS’ fleet comprises 49.5 double-hulled product tankers (MR, Handysize and LR1, of which 23 owned, 17.5 chartered-in and 9 bareboat chartered-in. DIS has also 1 vessel in commercial management) with an average age of about 6.1 years for its owned and bareboat vessels. Currently, d’Amico Tankers has also a shipbuilding contract with Hyundai Mipo Dockyard Co. Ltd., for the construction of 1 LR1 (Long Range) product tanker expected to be delivered in 2019.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated: “I am pleased to announce the conclusion of this deal, which will further improve DIS’ liquidity position. In fact, the sale of MT High Sun will generate a profit on disposal and a very positive net cash effect, of approximately US$ 12.8 million, for Eco Tankers, our joint venture company with Venice Shipping and Logistics. The sale price confirms the market’s improving fundamentals, with prices and time-charter rates for eco MR vessels on an upward trend over the last eighteen months”

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


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