d’Amico International Shipping (DIS) posted a $54.5m profit for 2015, its best since 2009.
The figure reverses the previous year’s $10.6m loss, boosted by a 247% increase in recurring EBITDA to $91.3m from $26.3m in 2014.
The company was able to fix 49% of its contracts at a daily rate averaging $15,214, partially mitigating a Q4 drop “mainly due to the refinery maintenance in the US Gulf,” according to d’Amico CEO Marco Fiori. As a result, earnings from time charters were $310.7m from $212.5m in 2014.
“Thanks to a very favourable product tanker market, DIS achieved a daily spot rate of $18,814 for FY2015, which corresponds to a year-on-year 37% increase,” said Fiori. “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,” said Fiori.
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 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.”