d’AMICO INTERNATIONAL SHIPPING S.A. ANNOUNCES THE EXERCISE OF A PURCHASE OPTION ON ONE OF ITS LEASED MR VESSELS

2021 02 05


d’Amico International Shipping S.A. (Borsa Italiana: DIS) (the
“Company”or “DIS”), an international marine transportation company operating in the product tanker
market, announces that its operating subsidiary d’Amico Tankers D.A.C. (Ireland) (“d’Amico Tankers”),
exercised its purchase option on the MT High Priority (the “Vessel”), a 46,847 dwt MR product tanker
vessel, built in 2005 by Nakai Zosen, Japan, for a consideration of US$ 9.7 million. The Vessel was sold
and leased back by d’Amico Tankers in 2017, for a 5-year period, with purchase options starting from the
2nd anniversary date and a purchase obligation at the end of the 5th year.

As of today, DIS’ fleet comprises 39 double-hulled product tankers (MR, Handysize and LR1, of which 19
owned, 11 chartered-in and 9 bareboat chartered-in) with an average age of about 6.4 years for its owned
and bareboat chartered-in vessels.

Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping, stated:
“I am pleased to announce the exercise of our purchase option on one of d’Amico Tankers’ leased vessels,
a transaction fully in line with our strategy of deleveraging DIS’ balance sheet and reducing its financial
break-even. In fact, the existing lease will be substituted with a bank-loan financing at a much lower
leverage and at a substantially lower cost of debt. We were able to take advantage of this opportunity
thanks to the sound financial and liquidity position we have reached today, as the result of the strong
freight markets of the first half of 2020, in addition to the proceeds derived from the sale of most of our
oldest ships over the last few years. As well as improving our cash resources, the sale of our oldest tonnage
allows us today to operate a primarily ‘Eco’ fleet which is amongst the most modern in the market”.

From today this press release is available on the investor relations section of DIS’ website, filed with the

CSSF, disclosed through the e-market SDIR circuit and stored at Borsa Italiana S.p.A. through the e-
marketSTORAGE system and at Société de la Bourse de Luxembourg S.A. in its quality of OAM.

Source PR_d’Amico International Shipping S.A.

 

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published since 1999.

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