Boosted by record profits and proceeds from the sale of its oldest ship, product tanker player d’Amico International Shipping (DIS) announced on Wednesday a $43.5m purchase from the stable of Greek owner Evangelos Marinakis.
DIS said it has agreed to buy the 50,100-dwt Amfitrion (built 2017), an MR2 that had been trading since its delivery with Marinakis’ Capital Maritime & Trading.
The Greek company is selling the vessel at a considerably higher price than it paid to order it 10 years ago.
TradeWinds reported in December 2013 that Marinakis paid about $35m to book the vessel amid a string of MR sister ship orders at Samsung Heavy Industries’ Ningbo yard.
The $43.5m price fetched for the Amfitrion now is even more remarkable, considering VesselsValue estimates it is worth $38m.
The premium makes sense, considering a TradeWinds report about prospective tanker buyers resigning themselves to paying higher prices amid a lack of suitable acquisition targets in the market.
The Amfitrion becomes the first third-party ship bought by DIS after a string of attractively priced purchase options exercised for vessels it was already operating.
“Built by a reputable shipyard in 2017, this vessel [Amfitrion] aligns perfectly with our company’s long-term strategy of owning and operating a fleet comprised of young and efficient product tanker vessels,” its chief executive Paolo d’Amico said.
DIS currently owns 26 LR1, MR and handysize tankers and operates eight more chartered in or on bareboat charter.
The Milan-listed shipowner is in a good financial position to engage in acquisitions, following record annual net income of $192.2m last year.
It boosted its coffers by a further $20.5m cash following the $27.4m sale last month of its oldest ship — the 47,200-dwt Glenda Melanie (built 2010).
The company can grow further through attractively priced purchase options on seven ships it already operates.
