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Italian tanker shipping company d’Amico International Shipping (DIS) has widened its net loss in the second quarter of 2019, noting that both the product and crude tanker markets suffered from prolonged refinery maintenances during the period.

For the period ended June 30, 2019, the company reported a net loss of USD 18.8 million, compared to a net loss of USD 16.6 million seen in the same quarter a year earlier.

Time charter equivalent earnings (TCE) reached USD 62.4 million, rising from USD 59.3 million from the second quarter of 2018, while EBITDA stood at USD 25.5 million.

For the first half of 2019, the company’s net loss was at USD 24.3 million, compared to a net loss of USD 20.2 million posted in the same period of last year, while EBITDA increased to USD 47.9 million from USD 10.1 million in the first half of 2018.

“The spot market in the first-half of the year suffered from the prolonged refinery maintenance season in anticipation of IMO 2020, which resulted in very low growth in refining volumes of only 0.55 million b/d year-on-year. Despite the subdued freight market, period rates as well as asset values have been gradually improving,” Paolo d’Amico, Chairman and Chief Executive Officer of d’Amico International Shipping said.

“Looking at the prospects for our industry, we maintain a very positive outlook. In fact, fundamentals are strong, with a favourable supply-demand balance for product tankers. Demand for seaborne transportation of refined products is expected to be strong in the second half of the year, thanks to a rebound in oil demand growth and an acceleration in refined volumes growth, driven by the new IMO regulations.”