d’Amico International Shipping SA announces the refinancing of bank debt maturing in 2023, related to four of its vessels, through a new sustainability-linked loan
d’Amico International Shipping SA (Borsa Italiana: DIS) (the “Company” or “DIS”), an international shipping company operating in the tanker market, announces that its subsidiary of Amico Tankers DAC (Ireland) (“d’Amico Tankers” or “Subsidiary”), signed a 5-year US$82.0 million term facility with ING and Skandinaviska Enskilda Banken (SEB), to refinance bank borrowings maturing in 2023 on the MT Cielo di Cagliari, MT Cielo Rosso, MT Cielo from Rotterdam and MT Cielo from New York.
The four tranches of this new facility are expected to be drawn down, with the respective previous funding repaid, in July 2022. For this new sustainability-linked loan, the margin is adjusted based on the CO2 emissions of the Amico Tankers fleet and associated AER indicator (annual efficiency report), relating to the AER trajectory established by the Poseidon Principles for the type of vessels controlled by our Subsidiary. ING acts as agent and coordinator of the sustainability of this installation. To date, the DIS fleet comprises 35 double hull tankers (MR, Handysize and LR1, of which 17 are owned, 10 chartered and 8 bareboat chartered) with an average age of approximately 6.9 years for its vessels owned and bareboat. chartered ships.
Paolo d’Amico, Chairman and CEO of d’Amico International Shipping, said: “I am pleased to report that DIS has refinanced loans maturing in 2023, together with their associated balloons, on four of its vessels, with Amico Tankers achieved some of its best financing conditions. This new facility is also a “sustainability linked loan”, with a margin adjusted according to the CO2 emissions of the Amico Tankers fleet and the associated AER (annual efficiency ratio) indicator compared to the trajectory AER established by the principles of Poseidon for the types of ships controlled by our Subsidiary. Our very modern and “eco” fleet, coupled with a very solid balance sheet, now allow us to access financing conditions that are among the most competitive available in our sector. In this regard, I would like to thank ING and SEB for their continued support, over many years and through several market cycles.
Stephen Fewster, Global Head of Shipping at ING, commented: “ING is very pleased to act as the sustainability coordinator for d’Amico and to structure its sustainability loan in accordance with the Poseidon principles. DIS is a market leader in the operation of fuel-efficient vessels and always at the forefront of new improvements and therefore fits perfectly with ING’s ambitions to help the maritime industry decarbonize. As of today, this press release is available on the investor relations section of the DIS website, filed with the CSSF, disclosed via the SDIR e-market circuit and stored at Borsa Italiana SpA via the emarket STORAGE system and the Société de la Bourse de Luxembourg SA in its capacity as OAM.
Source: d’Amico International Shipping SA