D’Amico International Shipping has disposed of the oldest product tanker in its owned and bareboat chartered-in fleet of 35 vessels.
An agreement was signed to divest the 47,200-dwt Glenda Melanie (built 2010) for $27.4m, the Milan-listed company said.
Net of commissions and debt repayments, the transaction will generate a cash infusion of $20.5m for D’Amico International, which is the only shipping company with shares trading on an Italian stock exchange.
“This deal is fully in line with our company’s long-term strategy of owning and operating a fleet of modern and ‘eco’ product tanker vessels, reducing [its] environmental footprint while enhancing its commercial competitiveness and earnings potential,” chief executive Paolo d’Amico said.
The company did not disclose who had purchased the tanker.
Several brokers reporting on the deal, however, have said it was bought by Chinese interests.
Some brokers identifying Xintong Shipping as the new owner.
The Glenda Melanie is the first straight sale-and-purchase deal for an MR ship recorded in March and it indicates prices are holding firm.
Market stable, at elevated price levels
The last known transaction for a ship of a type and age similar to the Glenda Melanie was in early February, when Ardmore Shipping sold the 50,000-dwt Ardmore Seafarer (built 2010) to Great Eastern Shipping for $27.2m.
The Gloria Melanie and Ardmore Seafarer passed dry-docking last summer and autumn.
The Ardmore Seafarer is somewhat larger and was built in Japan’s Onomichi Dockyard, whereas the Glenda Melanie was built at Hyundai Mipo Dockyard in South Korea.
There were plenty of MR deals in February, all reported by TradeWinds.
In the biggest, International Seaways spent $232m on six MR2s built in 2014 and 2015 and previously owned by private equity player Wayzata Investment.
In another, Cyprus-based Schoeller Holdings doubled its money by selling the 37,800-dwt, Hyundai Mipo-built sister ships Cape Corfu and Cape Camden (both built 2009) for a total $44m.
Clients of Piraeus-based Spring Marine Management have emerged as the buyers since, with both vessels trading in its managed fleet as Polka and Twist respectively.
