d’Amico Orders Two ‘Eco Design’ Long Range Vessels

d’Amico International Shipping S.A., an international marine transportation company operating in the product tanker market, announces that its operating subsidiary d’Amico Tankers Limited – Ireland entered into an agreement for the construction and sale of two new Long Range (LR1 – 75,000 DWT) modern product tanker vessels (the “Vessels”) with Hyundai Mipo Dockyard Co. Ltd. – Korea similar to that one already purchased as disclosed on April 27th and on June 09th, 2015. The vessels will be built by Hyundai Vinashin Shipyard Co. Ltd – Vietnam and are expected to be delivered in Q2 2018 and Q3 2018 respectively, for a total consideration of about US$ 44.0 million each.

The above two double‐hull newbuildings are the latest ECO design vessels with the highest fuel efficiency. The Vessels will have an attained Energy Design Index (EEDI) falling already well within the IMO phase-in 2 requirements due for vessels to be built before December 31st 2024, being of 25% lower than the current IMO reference line.

Eco Design’ Long Range Vessels
Image for representation purpose only

DIS controlled fleet includes 48.8 double-hull product tankers (MR and Handysize) with an average age of about 7.8 years (of which 23.3 owned vessels and 25.5 chartered-in vessels). At the same time, DIS, through d’Amico Tankers Limited – Ireland has currently a total of 14 new ‘Eco design’ product tanker shipbuilding contracts, which include 6 LR1, 4 MR and 4 Handysize vessels, all under construction at Hyundai Vinashin Shipyard Co. Ltd and expected to be delivered between Q4 2015 and Q3 2018.

Marco Fiori, Chief Executive Officer of d’Amico International Shipping S.A., stated: ’I am very satisfied to announce the exercise of our options to build two further LR1 vessels, in addition to the four units already ordered in April and June. We reiterate our firm believe in the positive fundamentals of the product tanker industry, which has been giving us further satisfactions even throughout the third quarter of the year, usually a weak season for our market. Also, I think it is important for DIS to strengthen its presence in the LR1s, which I am sure will prove to be a very rewarding segment within our industry, thanks on the one hand to a very low orderbook and on the other hand to the expansion of the tonne/mile demand, following the concentration of the world refining capacity in the US and in the Middle and Far East, away from some of the main consuming regions of the world. In this context, I believe LR1s, with their larger cargo capacity, will be in great demand in the years to come, thanks to their ability to carry larger quantities on the same distances.’

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