Product tanker owner d’Amico International Shipping recorded the best spot results in the fourth quarter of 2014 in the last five years.
Marco Fiori, Chief Executive Officer of d’Amico International Shipping attributed the results to the decline in the crude oil price which increased refiners’ margins, driving up product volumes and therefore tonnage demand and rates.
“We can already anticipate that this positive market momentum has continued at the beginning of 2015. Apart from short-term market rallies, I am very confident on the perspectives of the product tanker industry in the medium and long term. I refer in particular to factors such as the US ever growing role as a net exporter of products and the increased refining capacity in the Middle and Far East which both will further expand the tonne/mile demand, ” Fiori said.
The company’s net result for the full year was USD 10.6 million worth loss and a net debt of USD 340.9 million.
In the fourth quarter, DIS recorded a loss of USD 5.4m due to hedging reversals on bulkers and interest rates.
DIS took delivery of 13 TC-In vessels in 2014.