DIS inks first sustainability-linked loan

Rome - DIS, or d'Amico International Shipping, a marine transportation company, has signed a contract for its first sustainability-linked loan as part of the refinancing of all debt maturing in 2022. Specifically, the company’s subsidiary d’Amico Tankers signed a $43 million five-year term loan facility with ABN Amro Bank to refinance the bank loans maturing in 2022 on "MT Cielo di Ulsan", "MT Cielo di Hanoi" and "MT Cielo di Gaeta"

Rome - DIS, or d'Amico International Shipping, a marine transportation company, has signed a contract for its first sustainability-linked loan as part of the refinancing of all debt maturing in 2022. Specifically, the company’s subsidiary d’Amico Tankers signed a $43 million five-year term loan facility with ABN Amro Bank to refinance the bank loans maturing in 2022 on "MT Cielo di Ulsan", "MT Cielo di Hanoi" and "MT Cielo di Gaeta": as informed, the DIS’ first sustainability-linked loan’s margin is adjusted based on the CO2 emissions of d’Amico Tankers’ fleet and associated annual efficiency ratio (AER) indicator relative to the AER trajectory established by the Poseidon Principles for the type of vessels controlled by the subsidiary.

Furthermore, d’Amico also inked a $15.5 million five-year term loan facility with Banco BPM to refinance the bank loan maturing in 2022 on "MT Cielo di Salerno". This loan is expected to be drawn down and the current financing reimbursed in January 2022. Earlier this month, the DIS’ subsidiary signed a $20 million five-year term loan facility with Skandinaviska Enskilda Banken (SEB), to refinance the bank loan maturing in 2022 on "MT Cielo Bianco": this facility has been drawn down and the previous financing reimbursed, the company informed.

According to the company, the DIS’ fleet now comprises 37 double-hulled product tankers with an average age of about 7.1 years for its owned and bareboat chartered-in vessels. Paolo d’Amico, chairman and CEO of d’Amico International Shipping, stated that the company manages a modern eco fleet whose emissions are well below Poseidon’s principles AER trajectory: “Having such a modern fleet provides us access to more competitive financing terms since the largest banks financing the shipping sector are a signatory of the Poseidon Principles and have made commitments to reduce the CO2 footprint of the vessels they finance”, said d’Amico.

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