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d’AMICO approves FY 2015 results and records its best results since 2009

The Board of Directors of d’Amico International Shipping S.A., a leading international marine transportation company operating in the product tanker market, announces the approval of the 2015 full year financial statutory and consolidated results.

Marco Fiori, Chief Executive Officer of d’Amico International Shipping, commented:

“I am very pleased to report DIS’record Net Profit of US$ 54.5 million in the full year 2015, which represents our Company’s best Result since 2009.

Thanks to a very favourable product tanker market, DIS achieved a daily spot rate of US$ 18,814 for FY 2015, which corresponds to a year-on-year 37% increase. Product tanker spot rates were particularly strong in the first three quarters of the year and eased early in the fourth quarter mainly due to the refinery maintenance in the US Gulf, which resulted in a temporary drop in volumes. The spot market picked up again in the latter part of Q4 and going into early 2016.

I firmly believe our market has very good fundamentals for the years to come, thanks in particular to a low oil price environment leading to an increase in the World consumption of petroleum products and strong refining margins associated to such a scenario. I am also convinced that our Company will continue to benefit from an increasing growth in the Ton-Mile demand driven mainly by refineries dislocation. In this positive market environment, I think DIS has planned a very well-timed growth, ordering 22 newbuildings at historically low prices.

I am convinced the abovementioned strong market fundamentals together with our successful growth and commercial strategy will allow your Company to continue generating positive returns and increasing value for its shareholders.”

Giovanni Barberis, Chief Financial Officer of d’Amico International Shipping and of d’Amico Group commented:

"On the back of a very positive TCE performance DIS realised its best results, posting an EBITDA which is almost three times higher than the amount achieved in 2014, together with a positive operative Cash Flow 2 of USD 68.5M. The net result for USD 54.4M shall allow us to maintain a ratio Equity/Debt stable and balanced notwithstanding the strong Investment Plan."

 

Source: d’Amico International Shipping

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