d’Amico: Strong results in first nine months 2015

d’Amico
The Board of Directors of d’Amico International Shipping S.A. approves Q3 2015 Results:

STRONG RESULTS AS AT SEPTEMBER 2015 WITH US$ 44.9 MLN NET PROFIT AND A RECURRENT EBITDA MARGIN OF 30% MORE THAN DOUBLED IN RESPECT OF 9M ’14 THANKS
TO A CONTINUING VERY POSITIVE PRODUCT TANKER MARKET
FIRST NINE MONTHS 2015 RESULTS
• Time charter equivalent earnings (TCE) of US$ 243.2 million 9M ’15 (US$ million in 147,4 as 9M’14)
• EBITDA of US$ 74.8 million, 31.0% on TCE 9M ’15 (US$ 20.2 million 9M ’14, 13,7% on TCE)
•Net Profit of US 44.8 million 9M ‘15 (Net Profit of US$ -5.2 million 9M ’14) THIRD QUARTER 2015
RESULTS
• Time charter equivalent earnings (TCE) of US$ 85.0 million in Q3’15 (US$ 52.3 million in Q3’14)
• Daily Spot rate of US$ 21,219 in Q3’15 (US$ 13,867 in Q3’14)
• EBITDA of US$ 29.7 million (35.0% on TCE) in Q3’15 (US$ 6.0 million in Q3’14)
• Net Profit of US$ 14.7 million in Q3’15 (Net Profit of US$ 0.3 million in Q3’14)
Luxembourg, November 11th, 2015 – The Board of Directors of d’Amico International Shipping S.A. (Borsa Italiana: DIS) (the Company, d’Amico International Shipping or the Group), a leading international marine transportation company operating in the product tanker market, today discussed and approved the third quarter 2015 financial results.
MANAGEMENT COMMENTARY
Marco Fiori, Chief Executive Officer of d’Amico International Shipping S.A. commented:
‘DIS has achieved one of its best quarterly results. 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. 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 amongst the top players of the industry.’
Giovanni Barberis, Chief Financial Officer of d’Amico International Shipping and of d’Amico Group commented:
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.

LEAVE A COMMENT

×

Comments are closed.