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D’amico International Shipping S.A. Announces The Sale And Lease Back Of One Of Its MR Vessels Generating Net Cash Of US$ 8.6 Million

06 Δεκεμβρίου 2018.

damico18d’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 and bareboat charter contract for the sale and leaseback of the MT High Trader, a 49,990 dwt medium-range product tanker vessel, built in 2015 by Hyundai-Mipo, South Korea (the “Vessel”) for a consideration of US$ 27.0 million.

This transaction allows d’Amico Tankers to generate at the Vessel’s delivery around US$ 8.6 million in cash, net of commissions and the reimbursement of the Vessel’s existing loan, contributing to the liquidity required to complete DIS’ fleet renewal program and allowing the Company to benefit from the anticipated market recovery. In addition, through this transaction d’Amico Tankers will maintain full control of the Vessel, since a 10-year bareboat charter agreement was also concluded with the buyer, with a purchase obligation at the end of the charter period. Furthermore, d’Amico Tankers has the option to repurchase the Vessel, at any time starting from the second anniversary of her sale with three months notice and at a competitive cost of funds.

As of today, DIS’ fleet comprises 55.5 double-hulled product tankers (MR, Handysize and LR1) with an average age of about 7.1 years (of which 25 owned, 19.5 chartered-in, 6 bareboat chartered and 5 in commercial management). Currently, d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 2 LR1s (Long Range) product tankers expected to be delivered in Q1 2019. Paolo d’Amico, Chairman of d’Amico International Shipping, stated: “I am satisfied about the conclusion of this further sale & lease back deal with a reputable Japanese counterparty.

This agreement will generate net cash proceeds of approximately US$ 8.6 million after the repayment of the existing bank loan, strengthening DIS’ liquidity position at year-end. In addition, this deal confirms once again the strong business relationships we have in Japan, which will allow generating substantial cash whilst keeping full control of this modern MR vessel through a 10-year bareboat charter contract. DIS will also have the option of repurchasing the Vessel starting from the second anniversary of its sale date at a competitive cost of funds”

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

Source: d’Amico International Shipping

 

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