d’Amico International Shipping S.A., an international marine transportation company, operating in the product tanker market, announces yesterday that its operating subsidiary d’Amico Tankers Limited (Ireland) has signed an agreement for a secured term loan facility of up to a maximum of 10 (ten) billion Yen (about US$95 million). This deal has been arranged by the Mizuho Corporate Bank Ltd., which is the market leader of the ‘Ninja Loan’ market, as well as one of the top shipping financiers in Japan, and has been syndicated by a pool of Japanese primary banks and leading financial institutions. The Loan Facility purpose is to finance the acquisition of Japanese product tanker vessels for which d’Amico Tankers Limited has purchase options and/or the acquisition of other product tanker vessels. This agreement, over a period of ten years, provides an interest cost corresponding to the three month London Interbank Offer Rate (LIBOR) for Japanese Yen, plus a margin of between 100 and 125 basis points depending on the financed vessels’ loan-to-assets’ value ratio. Collaterals mainly refer to first-priority mortgages on the financed vessels. As of today the operational fleet of d’Amico International Shipping S.A. includes a total of 34.9 double-hull medium range (MR) and handysize product tankers, with an average age of 3.9 years compared to an average age of 10.6 years for the product tanker industry. It comprises of 15 owned vessels and 19.9 chartered-in vessels, 4.5 of which still have purchase options. In addition, d’Amico International Shipping S.A. also has a total of 12.3 vessels on order through its newbuilding program. The fractional vessels indicate d’Amico International Shipping’s percentage ownership, including joint ventures.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping commented: ‘We are extremely happy with this deal, which enables d’Amico International Shipping to strengthen the profound and historical tie with the Japanese shipping market. The loan arranged by Mizuho is, as far as we know, the first syndicated ship finance for a non-Japanese shipping company arranged in Japan, one of the main markets in maritime industry, by Japanese shipping financiers. Furthermore, this facility allows d’Amico International Shipping to significantly increase and diversify its funding source at attractive financial conditions, to sustain the growth strategy we intend to pursue over the next years.’
Marco Fiori, Chief Executive Officer of d’Amico International Shipping commented: ‘We are extremely happy with this deal, which enables d’Amico International Shipping to strengthen the profound and historical tie with the Japanese shipping market. The loan arranged by Mizuho is, as far as we know, the first syndicated ship finance for a non-Japanese shipping company arranged in Japan, one of the main markets in maritime industry, by Japanese shipping financiers. Furthermore, this facility allows d’Amico International Shipping to significantly increase and diversify its funding source at attractive financial conditions, to sustain the growth strategy we intend to pursue over the next years.’