DIS reported a loss of $6.8m in the first quarter of 2014 compared to a $3.2m profit in the same period a year earlier. TCE earnings the first quarter of 2014 were $46.5m down from $50.1m, which the company said was mainly due to lower daily spot charter earnings.
Commenting on the result Marco Fiori, ceo of DIS said: “The product tanker market was weaker than expected in Q1’14 only due to seasonal effects. In fact, a harsh winter in the US and the closure of several American refineries for maintenance temporarily reduced US exports of oil products.
“However I firmly believe this was only temporary turbulence and I expect the situation will reverse in the short term, with the US leading again the market recovery.”
DIS has repositioned most of its vessels to the Atlantic in view of its belief that the market recovery will be led by the US.
The shipowner ordered a further three MR product tankers in the first quarter bringing its newbuilding plans to 16 vessels worth $490.7m. Four of the newbuildings were delivered in the first quarter.
DIS said half its newbuilding orderbook had been fixed on long term time charters to two oil majors and a refining company.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
