d’Amico International Shipping S.A. (Borsa Italiana: DIS), an international marine transportation company operating in the product tanker market, has exercised a purchase option on the MT High Discovery, a 50,000 dwt medium-range product tanker built in February 2014 by Hyundai Mipo Dockyard Co., Ltd., South Korea, for a consideration of approximately US$ 15.3 million. This transaction is expected to be completed at the beginning of November 2026, as announced in a press release by the company on 24 August 2026.
Transaction Details and Vessel Background
The MT High Discovery was previously part of d’Amico International Shipping’s fleet under a bareboat charter-in contract. Its acquisition follows the sale and leaseback of the vessel in 2022, as mentioned in the press release. The purchase is part of the company’s strategy to reacquire ownership of its vessels, thereby reducing financial leverage and improving operational flexibility. According to Carlos di Mottola, Chief Executive Officer of d’Amico International Shipping, the company aims to further enhance its fleet management and optimize its cost structure.
Carlos di Mottola stated, "I am pleased to announce the exercise of the purchase option on one of our two remaining bareboat chartered-in vessels. Through this transaction DIS reacquires ownership of the MT High Discovery, a modern Eco-MR vessel built in 2014 by a top-quality shipyard – following its sale and leaseback in 2022 – while further reducing the Company’s financial leverage and cash breakeven."
Fleet Composition and Financial Impact
As of the date of the announcement, DIS’ fleet comprises 28 double-hulled product tankers (MR, Handysize and LR1), with an average age of approximately 10 years. The exercise of the purchase option on the MT High Discovery will see DIS add one more owned vessel to its fleet, bringing the total number of owned vessels to 27 and reducing the number of bareboat chartered-in vessels to one. The total fleet consists of 26 owned and 2 bareboat chartered-in vessels, reflecting the company’s ongoing strategy to optimize its fleet ownership.
Market Context and Future Outlook
This acquisition is part of a broader trend among tanker operators to reduce financial leverage and increase control over their fleets. According to gCaptain, the tanker market has seen several similar moves by companies looking to improve their balance sheets and operational flexibility. By reacquiring the MT High Discovery, d’Amico International Shipping is positioning itself to better manage its costs and enhance its competitive position in the market.
What this means for operators: For other product tanker operators, this acquisition serves as an example of the ongoing trend towards fleet optimization. Operators may consider similar strategies to reduce financial risks and improve operational efficiency by increasing fleet ownership. However, the decision to exercise such options will depend on market conditions, fleet management strategies, and the specific needs of each company.