d’Amico Agrees Sale, Leaseback for MR Tanker

January 3, 2018 - Tanker owner and operator d’Amico Tankers has reached a memorandum of agreement and bareboat charter contract for the sale and leaseback of a medium-range product tanker vessel for USD 28 million. The deal, reached with an undisclosed Japanese company, is related to the 49,990 dwt MT High Freedom, built in 2014 by South Korean shipbuilder Hyundai-Mipo. “I am glad to announce the conclusion of this further sale and lease back contract, which represents our third deal with reputable Japanese counterparties,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said. The company’s parent, d’Amico International Shipping (DIS), informed that the transaction allows it to generate around USD 13.4 million in cash in January 2018, improving its liquidity position in view of the completion of the company’s newbuilding plan. d’Amico Tankers will maintain full control of the vessel through a 10-year bareboat charter agreement, with a purchase obligation at the end of the 10th year of the charter period. The company will have the option of repurchasing the tanker starting from the second anniversary of its sale. DIS’ fleet currently comprises 56.5 double-hulled product tankers with an average age of about 7.5 years. Of these, 27 ships are owned, 26.5 are chartered-in and 3 are bareboat chartered.