…As Intels writes NPA, formally apologises, pledges compliance with TSA***

Italy-based shipping company d’Amico International Shipping (DIS) revealed that its subsidiary d’Amico Tankers signed a memorandum of agreement (MOA) for the sale of MT High Presence.

The 48,700 dwt medium-range product tanker, which was built in 2005 by Japan’s Imabari Shipbuilding, would be sold for a consideration of USD 14.1 million.

The company informed that this transaction is expected to generate a positive cash effect at delivery of the vessel, net of the reimbursement of the ship’s existing bank loan, of around USD 7.2 million for d’Amico Tankers, contributing to the liquidity required to complete DIS’ fleet renewal program.

Having also concluded with the buyer a 6-year time-charter agreement at a competitive rate, d’Amico Tankers will retain the commercial control of the tanker.

“The sale of this 12-year-old vessel is perfectly in line with our strategy of maintaining a very young owned fleet, through the gradual replacement of some of our existing vessels with the newbuildings we have ordered in the recent years,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.

As of today, d’Amico International Shipping’s fleet comprises 56.5 double-hulled product tankers with an average age of about 7.7 years.

In the meantime, about three weeks before the Nigerian Government  ordered  expatriates working for Intels Nigeria Limited to leave the country, the embattled logistics company had written the Nigerian Ports Authority, NPA apologising and stating its readiness to comply with the government’s Treasury Single Account policy.

According to online news portal, Premium Times, Intels had approached the NPA in readiness to comply with the TSA directive, which is the major cause of the crises. In the Intels’ letter of October 25, a copy of which Premium Times claimed to have seen, a director, Silvano Bellinato, an Italian, conveyed the apologies of the company’s chief executive, Gabrielle Volpi, also an Italian, to the NPA’s Managing Director, Hadiza Bala-Usman, and stated readiness to comply with the TSA policy, notwithstanding the initial standoff.

“Our Chairman, Mr. Gabrielle Volpi, has apologised for the miscommunication and misunderstanding so far – given the complexity of the matter pertaining to, from one side, the important and continuing role played by the Intels Group through the years in the service of the Nigerian Ports Authority and, on the other hand, the necessity for the NPA to have all the money related to the boat service activity conveyed to into the Treasury Single Account, TSA,” wrote Mr. Bellinato.

The letter noted that the company is now ready to abide by the TSA directive. However, the company sought the cooperation of the NPA to ensure its share of the revenues, “first conveyed into the TSA” is paid to the company in good time to avoid possibility of crisis with its bankers.

“Consequently,” continued director Bellinato after the apologies, “without prejudice to our signed agreements, Mr. Volpi, on behalf of our board, has directed we pay all proceeds relating to the pilotage services into the TSA held in the Central Bank of Nigeria as you have directed, while the NPA will then pay all the receipts due and payable to our company within seven working days -as you have promised, on the back of an irrevocable payment standing order to be issued by the CBN to give comfort to our bankers who have financed the infrastructure we continue to provide to the NPA.”

With the expression of readiness, Intels asked that an agreement be signed between its representatives and the NPA’s with “the aim to achieve mutual business satisfaction” and assurance of getting what is due to the company is paid in a good time, after the TSA with the CBN is credited.

“We believe that an irrevocable confirmation of payment of the Central Bank of Nigeria serves the purpose and adequately safeguards the demands of our bankers and auditors, in order to meet mutual interests and requirements,” the letter added. Premium Times added in its report that officials of the NPA declined comment when contacted on the matter.

World Maritime News with additional report from Vanguard