Italian shipowner and operator d’Amico International Shipping (DIS) has announced Antonio Carlos Balestra di Mottola as its new CEO. Previously serving as CFO since May 2016, Antonio Carlos Balestra di Mottola will succeed Paolo d’Amico, who will remain involved as the chairman. Antonio Carlos Balestra di Mottola, who began his career with the d’Amico Group in 2003, has held various roles including business development manager and financial controller. Additionally, he will also take on the role of Chief Risk Officer (CRO). Federico Rosen, who has been with d’Amico since 2003 and was the group head of planning and control, will fill the position of CFO. Paolo d’Amico, the outgoing CEO and continuing chairman, commented on the transitions stating, “The appointment of Antonio Carlos Balestra di Mottola as CEO and Federico Rosen as CFO represents a pivotal step in d’Amico International Shipping’s (DIS) commitment to an effective succession plan, promoting top talent from within our ranks to lead.” Milan-listed Italian shipowner and operator d’Amico International Shipping (DIS) maintains a fleet of 34 double-hulled product tankers. The company has recently expanded its fleet capabilities with an order for two 75K DWT LR1 tankers from Jiangsu New Yangzi Shipbuilding, scheduled for delivery in 2027. 23-April-2024
Italian shipowner and operator d’Amico International Shipping (DIS) has commenced trading on the OTCQX Best Market, the highest tier among the three over-the-counter trading platforms managed by OTC Markets Group. This marks an upgrade from its previous listing on the OTC Pink market. d’Amico International Shipping (DIS) stated that OTCQX offers U.S. investors a more transparent, liquid, and efficient trading option compared to the Pink market. By achieving Blue Sky compliance in 37 U.S. territories, it enables reverse solicitation and facilitates research distribution by brokers to U.S. investors in these states. This strategic move aims to enhance the company’s visibility among U.S. investors and provides them with a transparent and efficient platform for trading its stock. Paolo d’Amico, Chairman of d’Amico International Shipping (DIS), noted that U.S. investors will now have access to the same level of information and data as provided in European markets. As of September 30, d’Amico International Shipping (DIS) controlled a fleet of 36 product tankers ranging in size from about 36,000 to 75,000 deadweight tons (dwt). This development is considered a significant step forward for d’Amico International Shipping (DIS), as it is expected to help expand the company’s shareholder base within the world’s largest investment community. Increased liquidity of d’Amico International’s (DIS) stock is anticipated, which should, in turn, support the company’s share price and create value for its shareholders. 22-November-2023
Italian shipowner and operator d’Amico International Shipping (DIS) commences the share repurchase program following the stock division. In pursuit of a stock repurchase initiative, d’Amico International Shipping (DIS) has commenced the initial phase, which amounts to a potential $48.5 million. During the period between 26th June and 30th June 2023, d’Amico International Shipping (DIS) successfully reclaimed 101,000 of its own shares, equivalent to less than 0.1% of the overall equity. This strategic move amounted to a sum of $377,700. At present, Italian shipowner and operator d’Amico International Shipping (DIS) holds a total of 2 million of its own shares, representing approximately 1.62% of the company’s ownership. Italian shipowner and operator d’Amico International Shipping (DIS) owns subsidiary companies d’Amico Societa di Navigazione and d’Amico Dry Bulk. d’Amico Dry Bulk succeeded in well-timed investments. Italian dry bulk shipowner and operator d’Amico Dry Bulk is the subsidiary of Dry Bulk Rome-based holding company d’Amico Societa di Navigazione. Moreover, Cesare d’Amico is also the manager of Milan-listed product tanker company d’Amico International Shipping (DIS). Cesare d’Amico will be assisted by his son Emanuele d’Amico who is part of the third generation of the d’Amico family. Currently, d’Amico Dry Bulk owns 20 bulk carriers and operates a fleet of 50 bulk carriers. 4-July-2023
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk chartered out 2017 built panamax bulk carrier 87K DWT MV Medi Amalfi to Daiichi Chuo Shipping at $17,750 per day for one year. Currently, the Baltic Exchange Panamax 5TC rate of $7,779 per day. d’Amico Societa di Navigazione is one of the few Italian shipowners to have survived and expanded its dry bulk fleet. d’Amico Dry Bulk succeeded in well-timed investments. Italian dry bulk shipowner and operator d’Amico Dry Bulk is the subsidiary of Dry Bulk Rome-based holding company d’Amico Societa di Navigazione. Moreover, Cesare d’Amico is also manager of Milan-listed product tanker company d’Amico International Shipping. Cesare d’Amico will be assisted by his son Emanuele d’Amico who is part of the third generation of the d’Amico family. Currently, d’Amico Dry Bulk owns 20 bulk carriers and operates a fleet of 50 bulk carriers. 13-February-2023
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk sold 2015 built handysize bulk carrier 39K DWT MV Cielo di Virgin Gorda for around $22 million to Oldendorff Carriers. According to Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk, it is a favourable time to sell bulk carriers. Italian shipowner and operator d’Amico Dry Bulk has reduced the average age of its fleet by the sale. On the other hand, Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk acquired 2017 built panamax bulk carrier 88K DWT MV Medi Amalfi. d’Amico Dry Bulk’s first recorded ship acquisition since 2015. In 2021, d’Amico Dry Bulk sold four (4) bulk carriers. d’Amico Dry Bulk’s plan to further consolidate its fleet in the post-panamax segment. In 2021, panamax charter rates hit the highest levels in a decade. Cesare d’Amico-led d’Amico Dry Bulk cemented the company’s leading place. d’Amico Dry Bulk deeply believes in the post-panamax design. d’Amico Dry Bulk’s newly acquired MV Medi Amalfi is equipped with an electronically-controlled engine for optimal bunker consumption. Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk intends to ship predominantly grain and mineral cargoes on MV Medi Amalfi. Currently, d’Amico Dry Bulk owns 20 bulk carriers and operates a fleet of 50 bulk carriers. 30-January-2022
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk aims to acquire 20 eco-bulk carriers. d’Amico Group’s dry bulk arm d’Amico Dry Bulk expand into Italy’s most prosperous shipowner. d’Amico Societa di Navigazione is one of the few Italian shipowners to have survived and expanded its dry bulk fleet. d’Amico Dry Bulk succeeded in well-timed investments. Currently, d’Amico Dry Bulk owns 24 and chartered in around 27 bulk carriers. d’Amico Societa di Navigazione holds purchase options on most of the chartered bulk carriers. d’Amico Dry Bulk’s sister company d’Amico International Shipping is a Milan-listed product tanker company led by Paolo d’Amico. d’Amico Dry Bulk concentrates on eco-bulk carriers in cooperation with Japanese shipyards and Japanese leasing houses. Lately, d’Amico Dry Bulk sold 2011 built handysize bulk carrier 37K DWT MV Cielo di Dublino for around $13 million. Additionally, d’Amico Dry Bulk sold sistership 2011 built handysize bulk carrier 37K DWT MV Cielo di San Francisco for around $13 million. d’Amico Dry Bulk prefers to acquire Japanese-built eco-bulk carriers from first-class shipyards. 6-May-2021
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk’s new CEO (Chief Executive Officer) will be Cesare d’Amico. Furthermore, Cesare d’Amico’s son Emanuele d’Amico will be MD (Managing Director). The younger generation is taking roles at the d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk after Lucio Bonaso who died in February. d’Amico Dry Bulk’s new CEO Cesare d’Amico is very well known to the dry bulk shipping market. d’Amico Dry Bulk’s new CEO Cesare d’Amico is going to manage a fleet of 50 owned and 20 chartered-in bulk carriers. d’Amico Dry Bulk’s new CEO Cesare d’Amico desire to put his shipping experience at the disposal of the young directors. Italian dry bulk shipowner and operator d’Amico Dry Bulk is the subsidiary of Dry Bulk Rome-based holding company d’Amico Societa di Navigazione. Moreover, Cesare d’Amico is also manager of Milan-listed product tanker company d’Amico International Shipping. Cesare d’Amico will be assisted by his son Emanuele d’Amico who is part of the third generation of the d’Amico family. 20-April-2021
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk CEO Lucio Bonaso dies at the age of 72. Lucio Bonaso joined the d’Amico Societa di Navigazione in 1998 and became CEO (Chief Executive Officer) of the dry bulk division in 2012. CEO Lucio Bonaso developed the bulk carrier fleet and contributed to the growth of the d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk. Recently, Lucio Bonaso managed the fleet-renewal program of d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk. In 1973, Lucio Bonaso graduated as a naval engineer at the University of Genoa. In 1980, Lucio Bonaso was appointed by Gestion Maritime. Lucio Bonaso worked at Gestion Maritime until 1998. Lucio Bonaso started working at at d’Amico Societa di Navigazione. In 2012, Lucio Bonaso was appointed as CEO (Chief Executive Officer) at d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk. Lucio Bonaso devoted to the introduction of the Student Naval Architect Award which is presented each year by the Royal Institution of Naval Architects and d’Amico Societa di Navigazione. Currently, Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico dry bulk controls 20 bulk carriers. 23-February-2021
Italian shipowner and operator d’Amico Societa di Navigazione has explained the difficulties in protecting the well being of seafarers during coronavirus pandemic. Lately, Hong Kong, Singapore, and Malaysia tightened their rules on crew changes. Currently, d’Amico Societa di Navigazione controls more than 100 ships and employs around 3,000 seafarers. According to d’Amico Societa di Navigazione, it is difficult to guarantee all seafarers can complete their shifts at sea on time as restrictions change due to coronavirus pandemic. IMO (International Maritime Organization) has been calling on maritime nations to ease restraints on crew changes since March 2020. International Chamber of Shipping has reported that more than 250K crew members have been trapped on board of ships after their contracts expired due to travel restrictions. d’Amico Societa di Navigazione has changed crews in South Korea, India, Singapore, and Hong Kong. However, d’Amico Societa di Navigazion’s crew managers presently necessitate to continually review which ports are suitable for crew changes. Furthermore, d’Amico Societa di Navigazion has to pay extra costs for chartering flights during crew changes. Due to coronavirus pandemic, d’Amico Societa di Navigazion has to disembark crew members ahead of the expiry of their contracts if that would ease the crew change process. Currently, d’Amico Societa di Navigazion’s 300 crew members on ships have been waiting to be disembarked at suitable ports. 2-August-2020
A decade-long court action between Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk and Primera Maritime nears its end. New York Second Circuit Court of Appeals dismissed an appeal from Primera Maritime and remanded the case back to the district court to determine the d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk’s attorneys’ fees. The case stems from a 2008 FFA (Freight Forwarding Agreement) between Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk and Primera Maritime and a succeeding $1.79 million London arbitration award. The federal court judge in Manhattan ruled that Primebulk was only created to shield assets from d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk in its attempts to collect on the award. The federal court judge in Manhattan stated that Primebulk, several other Coronis-backed companies, and the father-son duo were liable for the decision. The federal court judge in Manhattan awarded Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk the $1.79 million, plus interest and legal fees, making the total to $3.2 million. d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk announced the 10-year legal fight may be coming to an end. 18-May-2020
Forward Freight Agreements (FFAs) lawsuit between shipowner d’Amico Società di Navigazione SpA and Greek Primera Maritime dismissed by New York District Judge. Forward Freight Agreements (FFAs) do not qualify as maritime contracts in English courts. New York District Judge and Appeal Court ruled that Forward Freight Agreements (FFAs) is only a maritime contract if its principal objective is to further maritime commerce, such as when it is used to hedge risks associated with the employment of a vessel. New York District Judge and Appeal Court decided that shipowner d’Amico Società di Navigazione SpA used Forward Freight Agreements (FFAs) for speculation rather than to hedge against a drop in shipping prices. 4-September-2016