d'amico shipping

File photo courtesy d’Amico Shipping

d’Amico International Shipping S.A. announced yesterday the signing of new build contracts with Hyundai Mipo Dockyard for a pair of 50,000 DWT Medium Range product/chemical tankers.  The contracts were signed at a rate of USD $29.0 million each and include an option for two more vessels to be exercised by April 2013. Deliveries are planned for mid-2014.

Marco Fiori, Chief Executive Officer of d’Amico International Shipping S.A. commented on the announcement:

‘I am delighted to announce this new deal for two additional MR vessels which represents DIS’s 8th vessel ordering in the last 6 months.  This is in coherence with the clear objective of the share capital increase and clearly reaffirms DIS strategy to modernize its fleet through new buildings with eco innovative design. We strongly believe these types of vessels are set to be the future of our industry and their estimated timing of delivery perfectly matches our positive market outlook on the medium/long term.

Upon delivery these two ships will be the most advanced and efficient in terms of speed, consumption and deadweight & draft ratios among their size. These technical improvements will permit to improve current t/c equivalent rate revenue by an amount of at least US$ 3,000 per day.

DIS intends to renew its fleet through accretive acquisitions with a goal of continuing to manage the capital structure and chartering mix in an effort to provide our investors with the optimal risk, return balance.”

The Design

The optimized IMO II MR design by HMD claims a fuel saving of 6 -7 T /day compare to the average consumption of world existing MR fleet.  The vessels will have an attained Energy Design Index (EEDI) falling already well within the IMO phase-in 3 requirement due for vessels to be built after Jan 1 st 2025, being of 31,5% lower than the current IMO reference line.

As of today the fleet controlled by d’Amico Tankers Limited includes a total of 38 double-hull Medium Range (MR) and Handysize product tankers, with an average age of about 6.4 years.

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