Two more LR1 tankers for d’Amico

09 Jun 2015
d'Amico International Shipping has ordered two more LR1 product tankers through its Irish tanker subsidiary

d'Amico International Shipping has ordered two more LR1 product tankers through its Irish tanker subsidiary

Milan-listed d’Amico Shipping’s Irish tanker subsidiary has ordered two more 75,000dwt Long Range 1 (LR1) product tankers from Hyundai Mipo Dockyard.

The vessels, similar to another pair purchased earlier this year, will be built by Hyundai Vinashin Shyipyard in Vietnam. They will be delivered in the first half of 2017 and the first quarter of 2018 respectively, with the total consideration of US$88 million taking d’Amico’s total investment plan to around US$667 million.

The double‐hull newbuildings are ECO design vessels with high fuel efficiency. The ships’ Energy Design Index (EEDI) is 25% below the IMO’s Phase 2 requirements for vessels built before 31 December 2024.

The d’Amico fleet includes 52.8 double-hull MR and Handysize product tankers (of which 23.3 are owned vessels and 29.5 are chartered in) with an average age of about 7.5 years. Subsidiary d’Amico Tankers Limited – Ireland has a total of 12 ‘Eco design’ product tanker shipbuilding orders, comprising four each of LR1, MR and Handysize vessels - all under construction at Hyundai Vinashin Shipyard and expected to be delivered between 2015 and 2018.

Marco Fiori, CEO, d’Amico International Shipping S.A., said: “This investment is fully in line with DIS’ strategy to modernize its fleet through newbuildings with eco innovative design and will also strengthen our presence in what I see as a very promising segment (LR1) within the product tanker market.

“The trend is pointing towards an expansion of the tonne/mile demand following the concentration of the world refining capacity in the US and in the Middle and Far East. I believe LR1s, with their larger cargo capacity, will be in great demand in the years to come, thanks to their ability to carry larger quantities on the same distances. We are seeing a constantly growing demand from oil majors and leading market players for these types of ships.”

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