d’Amico Tankers sells and leases back product tanker

d’Amico International Shipping (DIS) subsidiary d’Amico Tankers has signed for the sale and leaseback of the High Loyalty for a consideration of US$ 28.5 million.

High Loyalty is a 49,990DWT medium-range product tanker vessel built in 2015 by Hyundai Mipo in South Korea.

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, starting from the second anniversary of her sale at a competitive cost.

As of today, DIS’ fleet comprises 58.5 double-hulled product tankers with an average age of about 7.1 years.

Currently, d’Amico Tankers has shipbuilding contracts with Hyundai Mipo Dockyard for the construction of 3 long-range product tankers expected to be delivered between the third quarter of 2018 and the first quarter of 2019.