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D'Amico signs MR sale/leaseback with Japanese company for $27 million

Houston — D'Amico International Shipping has sold a 2015-built Medium Range product tanker for $27 million and will lease it back under a 10-year charter, providing it with a cash liquidity boost of $8.6 million.

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The 49,990 dwt MT High Trader will be sold to a "reputable Japanese counterparty," Chairman Paolo d'Amico said in a statement.

"This agreement will generate net cash proceeds of approximately US$8.6 million after the repayment of the existing bank loan, strengthening DIS' liquidity position at year-end," he said.

A d'Amico International spokesman did not return Wednesday a call for further details, including the identification of the buyer of the tanker.

Once the 10-year charter period ends, d'Amico International has a purchase obligation for the tanker, the Italian company said. Likewise, it has the option to repurchase the MT High Trader "any time starting from the second anniversary of her sale with three months notice and at a competitive cost of funds."

D'Amico International has signed multiple sale and leaseback agreements this year. In August, the company sold and leased back the MT High Loyalty, a 2015-built 49,990 dwt Medium Range product tanker for $28.5 million. Prior to that, d'Amico signed a sale and leaseback contract the MT High Trust and the MT Cielo di Milano in July for a combined total of $37.53 million. The MT High Trust is a 2016-built, 49,990 dwt Medium Range tanker while the MT Cielo di Milano is a 2003-built, 40,081 dwt Handysize tanker.

D'Amico's fleet is comprised of Medium Range, Handysize and Long Range 1 product vessels, and totals 55.5 double-hulled tankers with an average age of 7.1 years. The fleet consists of 25 owned, 19.5 chartered-in, six bare boat chartered and five in commercial management. The company also has contracts with Hyundai Mipo Dockyard Co. to build two Long Range 1 tankers set to be delivered in first quarter 2019.

--Margaret Rogers, margaret.rogers@spglobal.com

--Edited by Richard Rubin, richard.rubin@spglobal.com