On August 10, the Italian product tanker owner and operator D’Amico International Shipping (DIS) announced that its subsidiary, D’Amico Tankers, had exercised the purchase option for the MT High Discovery under an existing bareboat charter agreement.
The “MT High Discovery”, built by Hyundai Mipo in South Korea and delivered in February 2014, is a modern, environmentally friendly MR tanker with a deadweight tonnage of 50,000. The transaction is valued at approximately $15.3 million, and the vessel is expected to be handed over to D’Amico Tankers in early November 2026.
Upon completion of this transaction, DIS’s fleet of bareboat-chartered vessels will be reduced from two to one, while the number of vessels it owns will increase from 26 to 27. The company currently operates a total of 28 product tankers, with an average age of approximately 10 years.
This buyback is part of DIS’s efforts to restructure its fleet. This year, the company has sold two MR-class tankers built in 2012, the “High Seas” and the “High Tide”, and has 10 newbuilds currently under construction, including four LR1-class tankers scheduled for delivery in 2027 and six MR-class tankers scheduled for delivery in 2029.
A DIS spokesperson stated that this transaction has further reduced the company’s financial leverage and improved its cash break-even point.