Italian product tanker owner d'Amico International Shipping is reclaiming the MR tanker High Discovery from a sale-and-leaseback structure, exercising a purchase option for about $15.3m and cutting its bareboat-chartered fleet from two vessels to one, according to Splash247.
The 50,000 dwt vessel, built by Hyundai Mipo and delivered in 2014, is worth roughly $33.5m, which puts the exercise price well below market value, Splash247 reported. The ship is expected to transfer to d'Amico Tankers in early November, with the final price potentially moving slightly depending on the actual delivery date. The High Discovery was placed into a sale-and-leaseback arrangement in 2022.
Fleet ownership shift
Once the purchase completes, d'Amico's owned fleet will rise from 26 to 27 vessels, while its bareboat-chartered tonnage drops from two to one. The company currently controls 28 product tankers in total, according to Splash247. That means the deal shifts the balance of the controlled fleet further toward owned tonnage and reduces the operator's reliance on leased ships.
| Metric | Before deal | After deal |
|---|---|---|
| Owned vessels | 26 | 27 |
| Bareboat-chartered vessels | 2 | 1 |
| Total controlled product tankers | 28 | 28 |
Sale-and-leaseback exit
The High Discovery entered a sale-and-leaseback structure in 2022, but d'Amico has now elected to bring it back into full ownership. The transfer to d'Amico Tankers is scheduled for early November, although the exact purchase price could vary slightly depending on the delivery date, according to Splash247. The vessel is a 50,000 dwt MR built by Hyundai Mipo and delivered in 2014, with an estimated market value of roughly $33.5m against the $15.3m option price.
Reshaping the fleet
The buyback is part of a broader fleet reshaping at d'Amico, which is pairing sales of older tonnage with a sizeable newbuilding programme. According to Splash247, the owner has sold the 2012-built MRs High Seas and High Tide this year. In parallel, d'Amico has 10 newbuildings on order: four LR1 product tankers for delivery in 2027 and six MRs due in 2029. These deliveries will gradually modernise the fleet even as the company trims its leased exposure.
Operator and charterer implications
Carlos di Mottola, chief executive of d'Amico International Shipping, said the High Discovery purchase would further reduce the company's financial leverage and cash breakeven, according to Splash247. The transaction is part of a broader fleet reshaping that includes the sale of two older MRs this year and a 10-vessel newbuilding programme, with four LR1s due in 2027 and six MRs due in 2029. For the logistics and shipping market, the change in d'Amico's owned-to-chartered ratio alters the ownership profile of product tanker capacity as the company moves from two bareboat-chartered ships to one.
Watch list
- Transfer of the High Discovery to d'Amico Tankers is expected in early November; the final price may adjust based on the actual delivery date.
- Four LR1 newbuildings are scheduled for delivery in 2027 and six MR newbuildings in 2029, which will further shift the owned-versus-chartered balance.
- Any further sale-and-leaseback transactions or vessel sales by d'Amico could change the fleet composition again.
Sources:
