d’Amico Not Happy with First Half Results

d’Amico International ShippingIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Marine transportation company d’Amico International Shipping was hit by a very difficult market in the second quarter of the year.

For the first half of 2018, the company’s net loss reached USD 20.2 million, compared to a net loss of USD 6.2 million seen in the first half of 2017

d’Amico International Shipping’s time charter equivalent (TCE) earnings for the period stood at USD 125.6 million, compared to USD 128.7 million reported in the first six months of 2017.

However, DIS said that it maintains its positive medium-term outlook on the product tanker industry, whilst focusing on strengthening its organization and its financial situation.

The company’s second quarter net loss stood at USD 16.5 million, against a net loss of USD 7.8 million reported in the same quarter of 2017. TCE earnings were at USD 59.3 million for the quarter, compared to USD 62.1 million from a year earlier.

“The expected recovery of the tanker market has not started yet. d’Amico International Shipping posted a net loss of USD 20.2 million in the first half of 2018, hit by a very tough freight market especially in Q2,” Marco Fiori, Chief Executive Officer of d’Amico International Shipping, said.

“It is obviously a result we are not happy about but I would like to reiterate once again what I have been saying several times: I see no reason whatsoever why the product tanker market should not pick-up in the medium term. The long-term fundamentals are all there, showing a growing world demand for oil-refined products and limited net fleet growth expected for the next years.”

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