Photo credit: d’Amico International Shipping (photo for illustration purposes only)

Italy´s d’Amico International Shipping, a family business operator in the product tanker market has exercised through, its subsidiary d’Amico Tankers D.A.C. (Ireland), a purchase option on the High Explorer product tanker vessel, for a consideration of JPY 4.1 billion (equivalent to approximately US$ 30.0 million). Delivery of the ship is expected in May 2023.

The vessel High Explorer is a 50,000 deadweight medium-range product tanker vessel, that was built in May 2018 by Onomichi Dockyard in Japan.

As of today, the company´s fleet portfolio comprises 36 double-hulled product tankers (MR, Handysize and LR1, of which 20 owned, 8 chartered-in and 8 bareboat chartered-in), with an average age of about 7.6 years for its owned and bareboat chartered-in vessels.

Paolo d’Amico, the Chairman and CEO of d’Amico International Shipping, said: “Further to the acquisition of MT High Adventurer in September 2022, I am now pleased to announce the exercise of our purchase option on her sister vessel, MT High Explorer, an Eco MR built in 2018 by one of the most reputable Japanese yards and time-chartered-in by d’Amico Tankers ever since”.

Mr. d’Amico noted that ”the acquisition of this vessel perfectly matches our strategic objective of owning and operating a modern and Eco fleet, reducing DIS’ carbon footprint whilst enhancing its earnings potential”.

Through the exercise of this option, the company was able to acquire a top-quality ship at a price which is about 27% lower than its current market value, as the company highlighted.  

Born as a family business in the thirties, when the d’Amico family took its first steps in the shipping industry, the Group is headquartered in Rome, with offices in Monaco, London, Dublin, Luxembourg, Singapore, Stamford (USA), Vancouver (Canada), Mumbai (India) and Santiago (Chile).