Hyundai Mipo to build two ECO Design MR product tankers for d’Amico

30 September 2012 (Last Updated September 30th, 2012 18:30)

South Korea's Hyundai Mipo Dockyard (HMD) has won a $66m contract from d’Amico Tankers, a subsidiary of d’Amico International Shipping (DIS), to build two 50,000dwt product/chemical tankers.

South Korea’s Hyundai Mipo Dockyard (HMD) has won a $66m contract from d’Amico Tankers, a subsidiary of d’Amico International Shipping (DIS), to build two 50,000dwt product/chemical tankers.

Both vessels will be built to the latest International Maritime Organization (IMO) II Medium Range (MR) design and are scheduled for delivery in early 2014.

The HMD design’s hull shape and propulsion efficiency is expected to offer average fuel savings of six to seven tonnes per day compared to the average consumption of the existing MR fleet.

According to HMD, the vessels will meet Energy Design Index (EEDI) under the IMO phase-in 3 requirements for vessels that are scheduled to be built after 1 January 2025, which will use 31.5% less energy than the current IMO reference line.

The order for two new MR vessels follows d’Amico’s July 2012 order for two ECO 40 Shallowmax vessels.

d’Amico International Shipping chief executive officer Marco Fiori said that the new order for two additional MR Vessels is part of the company’s plan to modernise its fleet through newbuildings with eco innovative design.

"DIS intends to continue to expand its fleet through accretive acquisitions with the goal to continue to manage our capital structure and chartering mix in an effort to provide our investors with the optimal risk, return balance," Fiori said.

Following delivery, the two new MR vessels will be the most advanced and efficient in terms of speed and consumption and deadweight and draft ratios among their size, according to the company.

In order to fund the new order, d’Amico International has granted a subordinated loan of $20m that will expire on 31 December 2013.

d’Amico Tankers currently manages a fleet of a 40 double-hull MR and Handysize product tankers.