d'Amico International Shipping will pay $14m to take full ownership of the 50,000 dwt MR tanker High Fidelity, retiring the last bareboat arrangement in its 28-ship product tanker fleet.

The Italian owner triggered the purchase option on the 2014-built Hyundai Vinashin vessel through its operating arm, d'Amico Tankers. Transfer is scheduled for mid-January 2027, with a small price adjustment linked to the actual delivery date.

What does the deal cover?

High Fidelity is one of the final two product tankers operating under bareboat charters within the group. After the transfer closes, d'Amico will own 28 vessels outright and operate zero bareboat-chartered units.

The current on-water fleet breaks down as follows:

• 16 MR tankers
• 6 handysize product tankers
• 6 LR1 product tankers

Of those 28 ships, 26 are already owned and two remain on bareboat — High Fidelity and the sister-era High Discovery.

Why is d'Amico unwinding its bareboat structures?

The High Fidelity exercise follows d'Amico's August decision to trigger a $15.3m option on the 2014-built High Discovery, due to return to full ownership in November. Both vessels share a common refinancing history.

d'Amico sold and leasebacked both ships in 2022. Before that transaction, it had exercised earlier purchase options worth $20.3m for High Discovery and $19.2m for High Fidelity. The 2022 sale-and-leaseback carried fresh 10-year bareboat terms and new purchase options — the very options d'Amico is now executing.

Chief executive Carlos di Mottola framed the move in balance-sheet terms. "The latest move will also allow the group to repay its remaining lease liability," he said, presenting the buyback as both a structural and financial clean-up.

What does the newbuild pipeline look like?

d'Amico has 10 product tanker newbuildings on order, the clearest read on where fleet capacity is heading.

• 4 LR1 tankers, scheduled for 2027
• 2 handysize product tankers, due in 2029
• 4 MR tankers, due in 2029

The orderbook tilts toward larger LR1 tonnage in the near term and rebuilds MR capacity in 2029. With 28 ships on the water and 10 on order, d'Amico is preparing for measured fleet growth rather than rapid expansion.

What changes for charterers and competitors?

For commercial counterparties, the change is procedural. d'Amico Tankers will run High Fidelity directly rather than through a bareboat structure. The vessel's trading pattern, commercial management and operational profile remain unchanged.

For the wider listed product tanker market, the move is a confidence signal. An owner with stable cash flow is choosing outright ownership over lease flexibility at a moment when resale values for modern MR tonnage hold firm. d'Amico's decision to pay $14m for a 13-year-old ship points to mid-cycle asset values that justify the exit cost.

The High Discovery return in November and the High Fidelity handover in January 2027 will leave d'Amico with a fully owned, fully consolidated fleet by the end of the first quarter. Combined with the 2027 LR1 deliveries, the Italian owner's next capacity phase will be defined by direct ownership and disciplined newbuild additions rather than chartered tonnage.