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Editor in chief: Angelo Scorza
03/12/18 10:53

One more lease back sale for d’Amico

The deal with an undisclosed Japanese operator concerns the tanker High Trader for a net cash value of 8.6 million USD

DIS d’Amico International Shipping S.A.’s operating subsidiary d’Amico Tankers D.A.C. (Ireland) signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of High Trader, a 49,990 dwt medium-range product tanker vessel, built in 2015 by Hyundai-Mipo, South Korea for a consideration of US$ 27.0 million.

This transaction allows d’Amico Tankers to generate US$ 8.6 million in cash, net of commissions and the reimbursement of the existing loan, and to 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. d’Amico Tankers has the option to repurchase the tanker at any time starting from the second anniversary of her sale with 3 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).

d’Amico Tankers has 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.

TAG : Tanker