Italy's d’Amico International Shipping (DIS) has struck a sale and leaseback deal with Japanese institutional investors.

The company said it had offloaded its 50,000-dwt MR tanker High Fidelity (built 2014) for $27m and bareboat-chartered it back over 10 years.

The deal generates $11.2m in cash, "contributing to the liquidity required to complete DIS’ fleet renewal programme and allowing the company to benefit from the anticipated market recovery," it said.