Italy’s d’Amico International Shipping (DIS) has sold two MR product tankers at a total of $27m to Sea World Tankers, client of Sea World Management.

The vessels are sold at $13.5m each by d’Amico Tankers, subsidiary of DIS.

d’Amico Tankers will maintain commercial employment of the vessels – High Endurance and High Endeavour of 46,992-dwt and 2004-built – and has agreed with the buyer a four-year time charter agreement.

“The sale of these two vessels agreed with a known counterparty, is perfectly in line with DIS’ long term strategy of maintaining a very young owned fleet, by gradually substituting our oldest vessels with the newbuildings we have been ordering in the last four years,” said Marco Fiori, ceo of DIS.

“At the same time, we will keep the commercial management of these two vessels for four additional years, through a time charter in contract made at an attractive rate, which might give us a good potential upside in a growing product tanker market.

“In addition to this, the above deal is expected to generate a ‘profit on disposal’ of approximately $2m, which will benefit DIS first quarter 2017 results,” Fiori added.

Meanwhile, DIS has shipbuilding contracts with Hyundai Mipo Dockyard for the construction of six LR1 product tankers with expected delivery between 2017 and 2018.

Source: seatrade-maritime.com