Capital/Financing Update • Jul 1, 2022
Capital/Financing Update
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Luxembourg – July 01 st , 2022 – 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 options on the existing bareboat charter contracts for MT High Discovery (a 49.990 dwt medium-range product tanker vessel built in 2014 by Hyundai-Mipo, South Korea), for a consideration of US\$ 20.3 million, and for MT High Fidelity (a 49,990 dwt medium-range product tanker vessel built in 2014 by Hyundai-Vinashin Shipyard Co. Ltd., Vietnam), for a consideration of US\$ 19.2 million.
In addition, d'Amico Tankers will refinance the two vessels with new 10-year leases (bareboat charter contracts), with a purchase obligation at the end of the contract, and purchase options starting from the second anniversary date for MT High Discovery and the third anniversary date for MT High Fidelity.
As of today, DIS' fleet comprises 35 double-hulled product tankers (MR, Handysize and LR1, of which 17 owned, 10 chartered-in and 8 bareboat chartered-in) with an average age of about 6.9 years for its owned and bareboat chartered-in vessels.
Paolo d'Amico, Chairman and Chief Executive Officer of d'Amico International Shipping, stated:
"I'm satisfied to announce the conclusion of these refinancing transactions with reputable Japanese counterparties, which allow DIS to generate some cash at inception of the new lease contract, while significantly reducing the cost of funding and the P&L and cash break-even for these two modern vessels. In addition, we will retain full control, both technical and commercial, of these two young Eco MR ships, through new 10-year bareboat charter contracts and we will have the option of repurchasing the High Discovery and the High Fidelity, starting respectively from the second and third anniversary of their contract start dates."
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 emarketSTORAGE system and at Société de la Bourse de Luxembourg S.A. in its quality of OAM.
d'Amico International Shipping S.A. is a subsidiary of d'Amico Società di Navigazione S.p.A., one of the world's leading privately-o wn ed marine transportation companies, and operates in the product tankers sector, comprising vessels that typically carry refined petroleum products, chemical and vegetable oils. d'Amico International Shipping S.A. controls, through its fully-owned subsidiary, d'Amico Tankers D.A.C., Dublin, either through ownership or charter arrangements, a modern and double-hulled fleet, ranging from 35,000 to 75,000 deadweight tons. The Company has a long history of family enterprise and a worldwide presence with offices in key maritime centers (London, Dublin, Monaco, Stamford and Singapore). The Company's shares are listed on the Milan Stock Exchange under the ticker symbol "DIS.MI".
Anna Franchin, Investor Relations Manager Tel: +35 2 2626292901 Tel: +37 7 93105472 E-mail: [email protected]
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