d’Amico International Shipping S.A., an international marine transportation company operating in the product tanker market, announces that its fully-owned operating subsidiary d’Amico Tankers D.A.C. (Ireland) (“d’Amico Tankers” or “Subsidiary”), has already signed contracts with leading banks to refinance all its loans maturing in 2022 with their related balloons. In detail:

Last week, d’Amico Tankers signed a US$43.0 million 5-year term loan facility with ABN Amro Bank N.V., to refinance the bank loans maturing in 2022 on MT Cielo di Ulsan, MT Cielo di Hanoi and MT Cielo di Gaeta. All three tranches of this new facility have been drawn down, with the respective previous financings reimbursed. This is also DIS’ first sustainability-linked loan, with its margin adjusted based on the CO2 emissions of d’Amico Tankers’ fleet and associated AER (annual efficiency ratio) indicator relative to the AER trajectory established by the Poseidon Principles for the type of vessels controlled by our Subsidiary.

Earlier this month, d’Amico Tankers signed a US$20.0 million 5-year term loan facility with Skandinaviska Enskilda Banken (SEB), to refinance the bank loan maturing in 2022 on MT Cielo Bianco. This facility has been drawn down and the previous financing reimbursed.
Today, d’Amico Tankers signed a US$15.5 million 5-year term loan facility with Banco BPM S.p.A., to refinance the bank loan maturing in 2022 on MT Cielo di Salerno. This loan is expected to be drawn down and the current financing reimbursed in January 2022.
As of today, DIS’ fleet comprises 37 double-hulled product tankers (MR, Handysize and LR1, of which 19 owned, 10 chartered-in and 8 bareboat chartered-in) with an average age of about 7.1 years for its owned and bareboat chartered-in vessels.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated:

“I am pleased to announce that DIS has already signed contracts to refinance all its loans maturing in 2022 with their related balloons, at very competitive terms. In particular, the new facility we signed with ABN Amro Bank represents DIS’ first sustainability-linked loan. In fact, the loan’s margin in this facility is adjusted based on d’Amico Tankers’ fleet CO2 emissions and associated AER (annual efficiency ratio) indicator relative to the AER trajectory established by the Poseidon Principles for the types of vessels controlled by our Subsidiary. Thanks to our long-term strategy and the large investment plan we implemented in recent years, DIS is proud today to manage a modern eco fleet whose emissions are well below the Poseidon’s principles AER trajectory. Having such a modern fleet provides us access to more competitive financing terms since the largest banks financing the shipping sector are signatory of the Poseidon Principles and have made commitments to reduce the CO2 footprint of the vessels they finance. These new financing deals were also the result of the very strong banking relationships DIS can count on, thanks to its strong balance sheet, its prudent commercial strategy and to the solid reputation of trustworthiness we have built over several decades and across multiple market cycles. Therefore, I would like to thank our lenders for their continued support and their trust.”

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, chemical 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 Internantional Shipping