d’Amico Tankers D.A.C. (Ireland), part of Italian shipping company d’Amico International Shipping (DIS), has signed a memorandum of agreement for the sale of MT High Courage, one of its oldest medium range (MR) vessels.
The 46,975 dwt product tanker, built by French STX Offshore in 2005, will be sold for $12.65 million to an undisclosed buyer.
As explained, the transaction allows d’Amico Tankers to generate at the delivery of the vessel — expected to occur between November 2020 and January 2021 — around $8.9 million in cash, net of commissions and reimbursement of the vessel’s existing bank loan.
Commenting on the agreement, Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, said: “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 $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.”
In July, d’Amico also signed MOA to dispose of two 2005-built MR tankers.
As of today, DIS’ fleet comprises 42 double-hulled product tankers 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.