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DIS achieves H1 profit on strong product tanker market

DIS achieves H1 profit on strong product tanker market
Product tanker shipping firm d’Amico International Shipping (DIS) has achieved a $30.05m net profit in the first half, turning around from a loss in the year-ago period as charter income rose.

The Italy-listed shipping firm said the January-June 2015 profit was its best first half performance since 2008. In the same period of 2014, it registered a loss of $5.45m.

Time charter equivalent earnings during the six-month period was recorded at $158.13m, up 66.3% year-on-year, due mainly to the strong product tanker market.

“Our growth strategy both in terms of owned and time chartered-in vessels (from 39 average vessels in H1 2014 to 52 in H1 2015) has proven very successful so far,” said Marco Fiori, ceo of DIS.

“The trend we have been talking in the last years of refineries moving away from main consuming regions, it is not reality and our market has been reacting very positively,” he said.

During the second quarter, DIS added four LR1 75,000 dwt newbuildings to its orderbook, bringing the company’s total investment plan to 20 newbuilding vessels. At the same time, it is seeking growth on its time charter-in fleet by agreeing to take in four MR 50,000 dwt product tankers for up to eight years.

“I believe 2015 is now set to be a very profitable year for our industry, for DIS, and, last but not least, for our shareholders,” Fiori said.

The company also noted that all tanker markets are currently experiencing relatively robust demand at the beginning of the third quarter. The increased refining capacity at both the Middle East and Asia regions would stimulate demand and exports.

TAGS: Tankers