Italy’s d’Amico International Shipping, a family business operator in the product tanker market, has revealed the exercise of a purchase option for a product tanker.
Its operating subsidiary d’Amico Tankers D.A.C. (Ireland) has exercised its purchase option under the existing bareboat charter-in contract for the MT Cielo di Houston for a consideration of approximately $26.5m.
The 74,999-dwt LR1 product tanker was built in January 2019 by Hyundai Mipo at their Vinashin facility in Vietnam.
d’Amico Tankers expects to take ownership of the vessel in September 2025, with the purchase price subject to adjustment based on the exact date of delivery.
Carlos Balestra di Mottola, CEO of d’Amico International Shipping, said: “I am pleased to announce the exercise of our purchase option on the MT Cielo di Houston.
“We had sold and leased back this vessel in 2019 to a large Japanese financial institution through a JOLCO (Japanese Operating Lease with Call Option) deal. Thanks to today’s transaction, we have acquired full ownership of this modern and eco-friendly LR1 vessel, built in 2019.
“Additionally, we are likely to maintain this vessel debt-free initially, further reducing our financial leverage and breakeven costs.
“I would also like to extend my gratitude to our Japanese business partners for their continued support and cooperation, which contributed to this successful transaction.”
