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D’Amico steams ahead with chartered-in tonnage acquisitions

Milan-listed owner exercises purchase option on 2019-built LR1 tanker

Italy’s d’Amico International Shipping is pushing ahead with its plans to acquire chartered-in tonnage. The company announced on Monday it has exercised a purchase option on a 2019-built LR1, its fifth acquisition in less than a year

ITALIAN product tanker owner d’Amico International Shipping has exercised a $26.5m purchase option for the 2019-built long range one tanker Cielo di Houston (IMO: 9791860), the Milan-listed company said on Monday.

The company’s Irish subsidiary d’Amico Tankers is slated to take ownership of the vessel in September 2025, with the purchase price subject to adjustments based on the exact date of delivery, according to the announcement.

D’Amico sold and leased back the vessel in 2019 to a Japanese financial institution under a Japanese operating lease with call option (Jolco).

“Thanks to today’s transaction, we have acquired full ownership of this modern and eco-friendly LR1 vessel, built in 2019,” said d’Amico chief executive Carlos Balestra di Mottola.

“Additionally, we are likely to maintain this vessel debt-free initially, further reducing our financial leverage and break-even costs.”

Di Mottola told Lloyd’s List in August the company planned to exercise purchase options on chartered-in tonnage. Including Monday’s announcement, d’Amico has exercised options on five tankers since June 2024.

Cielo di Houston and two medium-range tankers, High Discovery (IMO: 9674725), High Fidelity (IMO: 9689146), were likely acquisitions targets for 2025, di Mottola told Lloyd’s List at the time.

The company also has four LR1 newbuildings on order.

 

 

 

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