d’Amico Flies High on Thriving Products Tanker Market
- Business & Finance
Italian products tanker market player d’Amico International Shipping S.A. posted USD 14.7 million net profit for the third quarter of 2015, a significant improvement compared to USD 0.3 million net profit recorded in Q3 2014, on the back of strong rates in the strong tanker market.
The company’s net profit for the first nine months of 2015 amounted to USD 44.8 million, as compared to a net loss of USD 5.2 million posted in the same period of 2014.
”The Product tanker rates are still gradually improving, leading to a very positive outlook for the current year, leading me to be very confident about the perspectives of the product tanker industry in the medium and long term driven by factors such as the US ever growing role as a net exporter of products and the boosted refining capacity in the Middle and Far East which will further expand the tonne/mile demand,” said Marco Fiori, Chief Executive Officer of d’Amico International Shipping S.A.
”We have secured already a good percentage of DIS future revenues at advantegeous rates, expanding our fleet, allowing us to be ready to take the maximum advantage of what we think it will be a strong market. These additions brought DIS total fleet to more than 50 operated vessels, placing the Company among the top players of the industry.”
In Q3 2015, the company achieved its best time charter equivalent (TCE) result of the year so far, generating a daily average spot rate of USD 21,219 vs. USD 13,867 in Q3 2014. d’Amico’s daily average spot rate average for the first nine months of 2015 was USD 19,739, USD 6,605/day higher compared to the same period last year.
Giovanni Barberis, Chief Financial Officer of d’Amico International Shipping and of d’Amico Group, said: ”Thanks to a favorable market and an extremely efficient structure, on one hand we have achieved significant results in just one year, as doubling the EBITDA margin and a considerable net profit, on the other hand, notwithstanding a huge investment plan of over USD 750 million, the ratio Equity/Debt remains balanced, highlighting the ability of the Company to generate significant operating cash flows.”