d’Amico Shipping plans fleet renewal, expansion

01 February 2008 14:18  [Source: ICIS news]

MUMBAI (ICIS news)--Luxembourg-based d’Amico International Shipping will continue its fleet renewal through the sale of the $55m product tanker MT High Trust, the expansion of its GLENDA joint venture and the charter-in of the MT Malbec, it said on Friday.

"We continuously seek to expand and renew our fleet. This strategy allows us to continue our fleet expansion with flexible IMO [International Maritime Organisation] tonnage chartered-in at lower prices," said company chairman Paolo d’Amico.

The international marine transportation company agreed to sell its 45,937 deadweight tonnage (DWT) medium-range double-hull product tanker MT High Trust to Vietnam’s Bien Dong Shipping Company, it added.

"The delivery of the vessel to its new owner and the related full cash-in of the proceeds are expected to occur by March 2008," d’Amico said.

GLENDA International Shipping Limited, a 50:50 joint venture between d’Amico and the Glencore Group, plans to expand its fleet to 10 vessels, it added.

GLENDA would buy three new 46,000 DWT product and chemical tankers for $49m, currently under construction, from Singapore’s ST Shipping and Transport with expected delivery on December 2009, January 2011 and March 2011, d’Amico said.

"Following this transaction, GLENDA’s fleet expands from seven to a total of 10 MR double-hull product/chemical tankers under construction with deliveries scheduled between the end of 2008 and August 2011," it added.

In January 2008, d’Amico also agreed to charter-in its 38,500 DWT "handysize" modern double-hull and flexible IMO-class product tanker vessel MT Malbec for six years, it said.

d’Amico’s operational fleet currently includes a total of 34.4 double-hull medium range and handysize product tankers with an average age of 3.5 years, it said.

By: Divya Chowdhury
+65 6780 4359

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