d’AMICO INTERNATIONAL SHIPPING S.A. ANNOUNCES THE SALE OF ONE OF ITS HANDY VESSELS GENERATING NET CASH OF US$ 2.4 MILLION

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d’Amico International Shipping S.A., an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers D.A.C. (Ireland) signed a memorandum of agreement for the sale of the MT Cielo di Milano, a 40,081 dwt handy product tanker vessel, built in 2003 by Shina Shipbuilding, South Korea for a consideration of US$ 8.025 million.
This transaction allows d’Amico Tankers to generate around US$ 2.4 million in cash, net of
commissions and reimbursement of the Vessel’s existing loan, contributing to the liquidity of the Company.
As of today, DIS’ fleet comprises 57.5 double-hulled product tankers (MR, Handysize and LR1) with an average age of about 7.1 years (of which 26 owned vessels, 27.5 chartered-in vessels and 4 bareboat chartered). Currently, d’Amico Tankers has also shipbuilding contracts with Hyundai Mipo Dockyard Co. Ltd., for the construction of 4 LR1s (Long Range) product tankers expected to be delivered between the second half of 2018 and Q1 2019.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping, stated:
“I am satisfied to announce the conclusion of this deal, which will generate a positive net cash effect of approximately US$ 2.4 million for DIS and will allow us to sell the oldest vessel in our fleet, in line with our Company’s long-term objective of maintaining a very young and modern fleet”.