Italy’s d’Amico International Shipping has gained 100% control of Ireland-based Glenda International Shipping via the redemption of the shares owned by Topley Corporation, part of Glencore, in the 50:50 joint venture for $27.4m.

Glenda has four MR tankers in its fleet, ranging in age between 11 and 12 years, and all built at Hyundai Mipo in South Korea.

Paolo d’Amico, chairman and CEO of d’Amico International Shipping, stated: “From a strategic perspective, we plan to operate the vessels for a few years to benefit from the current strong markets before we start gradually selling them, with the objective of doing so prior to their 15th anniversary, seeking to continue controlling a young and fuel-efficient fleet.”

Source: https://splash247.com/damico-buys-out-glencore-stake-in-irish-mr-jv/