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d’Amico sells one of its oldest medium range vessels

d’Amico sells one of its oldest medium range vessels

D'Amico Tankers D.A.C. (Ireland), has signed a memorandum of agreement for the sale of one of its oldest medium-range (MR) vessels, MT High Courage.

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Designed by French STX Offshore in 2005, the 46,975 dwt oil tanker is to be sold to an undisclosed buyer for $12.65 million.

As explained, the deal enables d'Amico Tankers to produce about $8.9 million in cash, net of commissions and repayment of existing bank loan from the vessel at the delivery of the vessel — scheduled to occur between November 2020 and January 2021.

“As we have stated multiple times in the past, we intend to position our company as an owner and operator of a very modern product tanker fleet. In addition, this agreement will generate around $8.9 million in cash for DIS, further deleveraging our balance sheet and significantly increasing our cash position," Commenting on the agreement, Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping.

D'Amico also signed MOA in July to dispose of two MR tankers, built in 2005.

Maritime Business World 

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