d’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”), exercised its purchase option on the MT High Explorer, a 50,000 dwt medium-range product tanker vessel built in May 2018 by Onomichi Dockyard Co., Ltd., Japan, for a consideration of JPY 4.1 billion (equivalent to approximately US$ 30.0 million, at the forward exchange rate in the contract used to hedge the currency exposure) and with delivery expected in May 2023.
As of today, DIS’ fleet comprises 36 double-hulled product tankers (MR, Handysize and LR1, of which 20 owned, 8 chartered-in and 8 bareboat chartered-in) with an average age of about 7.6 years for its owned and bareboat chartered-in vessels.
Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated:
“Further to the acquisition of MT High Adventurer in September 2022, I am now pleased to announce the exercise of our purchase option on her sister vessel, MT High Explorer, an Eco MR built in 2018 by one of the most reputable Japanese yards and time-chartered-in by d’Amico Tankers ever since. The acquisition of this vessel perfectly matches our strategic objective of owning and operating a modern and Eco fleet, reducing DIS’ carbon footprint whilst enhancing its earnings potential. In addition, through the exercise of this option, we were able to acquire a top-quality ship at a price which is about 27% lower than its current market value.”
From today this press release is available on the investor relations section of DIS’ website, filed with the CSSF, disclosed through the e-market SDIR circuit and stored at Borsa Italiana S.p.A. through the e- marketSTORAGE system and at Société de la Bourse de Luxembourg S.A. in its quality of OAM.
d’Amico International Shipping S.A. is a subsidiary of d’Amico Società di Navigazione S.p.A., one of the world’s leading privately- owned marine transportation companies, and operates in the product tankers sector, comprising vessels that typically carry refined petroleum products, easy chemicals and vegetable oils. d’Amico International Shipping S.A. controls, through its fully-owned subsidiary, d’Amico Tankers D.A.C., Dublin, either through ownership or charter arrangements, a modern and double-hulled fleet, ranging from 35,000 to 75,000 deadweight tons. The Company has a long history of family enterprise and a worldwide presence with offices in key maritime centers (London, Dublin, Monaco, Stamford and Singapore). The Company’s shares are listed on the Milan Stock Exchange under the ticker symbol “DIS.MI”.
Source: d’Amico International Shipping SA