d’Amico International Shipping has doubled up on its recent LR1 tanker order.
The Milan-listed, Monte Carlo-based shipowner has ordered two more 75,000-dwt “Eco” product tankers at Jiangsu New Yangzi Shipbuilding, adding to two identical vessels ordered there earlier this month.
The four newbuildings will cost a total of $232.2m.
The latest duo, costing $56.2m each, is scheduled for delivery in July and December 2027.
New chief executive Carlos Balestra di Mottola described the vessels as “highly efficient and environmentally friendly, aligning with our long-term objective of maintaining a thoroughly modern and ‘Eco’ fleet.
“Moreover, from a commercial perspective, I see significant potential in this sector of the market.
“It’s worth emphasising that the LR1 sector stands to benefit from a low orderbook, combined with the ongoing secular shift of world refining capacity away from certain key consuming regions. This trend will further bolster tonne-mile demand.”
Expanding LR1 fleet
d’Amico International’s fleet comprises 34 double-hulled product tankers, most of which are MRs and handysizes.
It currently manages six LR1s, but will lift its presence in the segment to 10 modern vessels.
The four-ship order is the first newbuilding move for d’Amico’s publicly listed operation since 2015.
The company ended that drought on 17 April with a $110.8m deal for the first two LR1s at the Chinese yard.
Those ships costing $55.4m each are for delivery in September and November 2027.
The order follows the acquisition earlier this month of the 50,100-dwt MR2 Amfitrion (built 2017) from Evangelos Marinakis’ Capital Maritime & Trading.
It is the first deal since a management change in which Paolo d’Amico stood aside as chief executive, although he will remain chairman. He has been replaced by Balestra di Mottola, who was previously the company’s finance chief.
The shipowner is in a good financial position to engage in acquisitions, logging a 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).
It also could grow through attractively priced purchase options on seven ships it already operates.
