Fratelli D’Amato sold its entire fleet of PSV to Caspian Marine Services
The company controlled by Luigi D’Amato remained with no ships and will be definitely closed
Fratelli D’Amato Armatori of Italy has concluded its adventure in the shipping industry after decades. Luigi D’Amato revealed that his Naples-based shipping firm “has just sold the last 5 Platform Supply Vessels in fleet to the Baku-based Caspian Marine Services which is transferring them to the Caspian Sea passing through Saint Petersburg. This sale is part of the voluntary asset liquidation started by the group few years ago”.
The deal had been somehow pushed by three Italian banks (Unicredit, Mediocredito Italiano and MPS) which had a financial exposure on those vessels which was roughly €70m ($80m), while the financial investor SC Lowy acted as a broker since first acquired the non-performing-loans of Fratelli D’Amato and then sold the PSVs to Caspian Marine Services.
The current value of all 5 vessels FD Honorable, FD Incomparable, FD Indomitable, FD Unbeatable and FD Untouchable is around €20m ($22.6m) while the order price for each unit delivered from Rosetti Marino shipyard between 2011 and 2013 ranged from €18m to €24m at the time of the signing.
Following this sale Fratelli D’Amato Armatori remains with no ships in fleet and, after ceasing also the investments in the dry and the liquid bulk in the recent past, the company controlled by Luigi D’Amato will be definitely closed soon.