d'Amico to Buy MR Product Tanker for $23.8m
The tanker vessel (48,676 dwt) is manufactured by Imabari Shipbuilding of Japan in 2006. The delivery of the vessel is expected in early July 2011.
The purchase of the product tanker will be financed by the Mizuho Corporate Bank, whose amount of available cash is in excess of $60m equivalent.
The vessel has been chartered in by d'Amico Tankers since 2006. It has negotiated the acquisition of vessel for a lower price compared to its current market value.
The operational fleet of d'Amico includes a total of 39 double-hull MR tankers and handysize product tankers, with an average age of about five years.
After the purchase of double-hull MR tanker, the firm will have 20 owned vessels and 19 chartered-in vessels of which five still are under purchase options.
Marco Fiori, CEO of dâ€™Amico International Shipping, said: â€œThe product tanker market has recently shown signs of recovery in freight rates and asset values resulting in increased sales and purchase activity. Our Company has always been a leading participant in the product tanker market and the attractive price we negotiated confirms our competitive positioning as well as the value of our established preferred relationships.
â€œIt also validates our balanced strategy and business model, which provides vessel purchase and sale as an integral part of it, aiming to build up additional equity for our shareholders.â€
dâ€™Amico International Shipping is an international marine transportation group, part of the dâ€™Amico Group that traces its origins to 1936. It operates, mainly through its fully owned subsidiary dâ€™Amico Tankers Limited (Ireland), a fleet with an average age of approximately 4.9 years, compared to an average in the product tankers industry of 8.9 years.
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