d’Amico International Shipping announces that its operating subsidiary d’Amico Tankers signed a memorandum of agreement for the sale of MT High Presence, a  48,700dwt medium-range product tanker vessel, built in 2005 by Imabari Shipbuilding for a consideration of US$ 14.14 million.

This transaction will generate at delivery of the vessel a positive cash effect, net of the reimbursement of the vessel’s existing bank loan, of around US$ 7.2 million for d’Amico Tankers, contributing to the liquidity required to complete their fleet renewal program.

In addition, d’Amico Tankers will retain the commercial control of the vessel, having also concluded a six-year time-charter agreement at a competitive rate.

As of now, d’Amico International Shipping’s fleet comprises 56.5 double-hulled product tankers with an average age of about 7.7 years (of which 28 owned vessels, 25.5 chartered in vessels and three bareboat chartered-in vessels).

d’Amico Tankers currently also has shipbuilding contracts with Hyundai Mipo Dockyard for the construction of five LR1s (Long Range) product tankers with expected delivery between 2017 and 2018.