d'Amico International Shipping S.A. (Borsa Italiana: DIS) has announced that its operating subsidiary, d'Amico Tankers d.a.c. (Ireland), has exercised its purchase option under an existing bareboat charter-in contract for the MT High Discovery. The consideration for the acquisition is approximately US$15.3 million.

The MT High Discovery is a 50,000 dwt medium-range (MR) product tanker built in February 2014 by Hyundai Mipo Dockyard Co., Ltd. in South Korea. MR product tankers transport refined petroleum products and chemicals, serving a distinct segment from crude oil shipping. d'Amico Tankers expects to take ownership of the vessel at the beginning of November 2026, with the purchase price subject to minor adjustments depending on the actual delivery date.

A bareboat charter-in arrangement allows a shipping company to operate a vessel under a lease agreement that includes an option to purchase the ship outright at a predetermined price. Sale and leaseback transactions, such as the one DIS completed for this vessel in 2022, are a common financing tool in the shipping industry that enables companies to raise capital while retaining operational control of the vessel.

Following this transaction, d'Amico Tankers will reacquire full ownership of the vessel, leaving DIS with only one remaining bareboat chartered-in vessel in its fleet. This continues a broader trend at DIS of progressively converting chartered-in tonnage to owned tonnage.

As of the announcement date, DIS operates a fleet of 28 double-hulled product tankers across the MR, Handysize, and LR1 segments. Of these, 26 vessels are owned and 2 are bareboat chartered-in. The fleet has an average age of approximately 10 years.

Carlos di Mottola, Chief Executive Officer of d'Amico International Shipping, stated: "I am pleased to announce the exercise of the purchase option on one of our two remaining bareboat chartered-in vessels. Through this transaction DIS reacquires ownership of the MT High Discovery, a modern Eco-MR vessel built in 2014 by a top-quality shipyard – following its sale and leaseback in 2022 – while further reducing the Company's financial leverage and cash breakeven."

The "Eco" designation refers to vessels designed with fuel-efficient hull forms and propulsion systems that reduce fuel consumption and operating costs compared to older, non-optimized tonnage.

d'Amico International Shipping S.A. is an international marine transportation company operating in the product tanker market, headquartered in Luxembourg and listed on Borsa Italiana. The company is part of the d'Amico Group, which has operations in product tankers, dry bulk, and maritime services.

The press release is available on the investor relations section of DIS' website, and has been filed with the CSSF (Commission de Surveillance du Secteur Financier), disclosed through the e-market SDIR circuit, and stored at Borsa Italiana S.p.A. through the e-market STORAGE system and at Société de la Bourse de Luxembourg S.A. in its capacity as OAM (Organismo Assimilato al Market).

Source: d'Amico International Shipping S.A. via Hellenic Shipping News