Photo credit: d’Amico International Shipping

Italy´s d’Amico International Shipping owner in the product tanker sector has posted “very strong” profit in the first quarter of 2023 in healthy first quarter markets. The product tanker market has remained very strong in recent months, though with significant volatility.

The product tanker specialist reported a net profit of US$54.1 million compared with a net loss of US$6.5 million recorded in the same period last year.

The Italian shipowner explains in the financial report that due to the strong freight markets of 2022 and to the significant deleveraging plan implemented in the last few years, through vessel disposals and equity capital increases, DIS can now benefit from a very solid financial position.

Meanwhile the company has exercised through its subsidiary d’Amico Tankers its purchase option on the existing bareboat charter-in contract for the vessel “High Trader,” for a consideration of approximately US$ 21.6 million.

The vessel High Trader is a 49,990 deadweight medium-range product tanker built in October 2015 by South Korean shipbuilding company Hyundai Mipo at their Vinashin shipyard in Vietnam. 

d’Amico Tankers expects to acquire ownership of the vessel on around July 20th, 2023, and the purchase price might be slightly modified to reflect the exact date of delivery.

DIS’ fleet comprises 36 double-hulled product tankers – MR, Handysize and LR1, of which 22 owned, 8 chartered-in and 6 bareboat chartered-in. This fleet has an average age of about 7.9 years for its owned and bareboat chartered-in vessels.

Paolo d’Amico, Chairman and CEO of d’Amico International Shipping, said “this transaction, as for the other similar deals we have recently concluded, allows DIS to considerably reduce its financial leverage and breakeven. As for the other bareboat chartered-in vessels we have being purchasing recently, we will keep this ship debt-free, at least for the time being.”