d’Amico International reported a net loss of USD 13.6 million for the first nine months of 2017, against a net profit of USD 6 million seen in the first nine months of 2016.
Time charter equivalent (TCE) earnings decreased to USD 194.1 million from USD 202.9 million reported in the nine-month period in 2016. The year-to-date variance is due to the weaker spot market experienced in the first half of 2017 relative, partially mitigated by a better result achieved in third quarter of 2017 compared to the third quarter of 2016.
The company delivered a net loss of USD 7.4 million in the third quarter of 2017, against a net loss of USD 7.5 million seen in the same quarter of the previous year.
d’Amico said that its TCE earnings for the third quarter stood at USD 65.5 million, compared to USD 58.5 million reported a year earlier.
“The product tanker market rebound that most of the industry analysts have been predicting, has not yet materialized as at the end of the third quarter of 2017,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.
“We believe we will see a much healthier spot market in the following months and this is the reason why we are not taking additional time charter coverage at the moment, as we want to maximise our returns in a growing product tanker market,” Fiori said, adding that there are clear signs of market improvement driven by both supply and demand.