‘Very profitable’: d’Amico International Shipping inks three-year handy charter deal

Image: Chief executive officer, Carlos Balestra di Mottola.

Milan stock exchange-listed d’Amico International Shipping (DIS) operating in the product tanker market has clinched via its operating subsidiary d’Amico Tankers another profitable charter deal for one of its eco MR2 ships.

The product tanker specialist said through its subsidiary has inked a new three-year time charter deal.

The company didn’t disclose the rate, but clarified that a renowned and trustworthy counterparty had taken the ship at a “very profitable daily hire.”

The employment of the vessel starts between the end of the second quarter of 2024 and the beginning of the third quarter of 2024.

The Milan-listed company, after the conclusion of this time charter deal, will have 36% of its available vessel days fixed at a time charter equivalent (TCE) rate of around $27,472 per day in the second half of the year.

DIS also estimates about its contract coverage that in the financial year 2025 will have 18% of its available vessel days fixed at a TCE rate of approximately $24,658 per day.

Meanwhile, in the financial year 2026, will have 12% of its available vessel days fixed at a TCE rate of around $23,560 per day.

Carlos di Mottola, chief executive of d’Amico International Shipping, said: “I am glad to announce the conclusion of this additional three-year time-charter-out contract with a renowned and trustworthy counterparty.

“Thanks to the recent time-charter deals we announced, we have secured a significant percentage of our forward earnings at highly profitable levels. We firmly believe in the positive prospects of our industry, and the high rates we achieved on these recently signed long-term contracts are a clear indication of this strong market outlook.”