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Sturdy profit for d'Amico; newbuilding plan continues apace

Sturdy profit for d'Amico; newbuilding plan continues apace
d’Amico made $44.8m profit in the first nine months of 2015 despite spending nearly $80m on newbuilds.

The strong result, attributable to buoyant charter rates in product tankers, reverses $5.2m of losses made in the first three quarters of 2014. As a result, d’Amico’s EBITDA increased to $74.8m in the first 9 months of 2015, compared with $20.2m in the same period in 2014.

In Q3, time charter rates were particularly strong, d’Amico reports, with daily average spot rates at $21,219 versus $13,867 in Q3 2014.

d’Amico reported $79.7m of CAPEX in the first nine months of the year, $8.8m of it in Q3. The investment was largely in relation to its $755m newbuilding plan, comprising 22 product tankers including 10 MR, six Handysize and six LR1s, including eight already delivered.

“d'Amico has achieved one of its best quarterly results,” said Marco Fiori, d’Amico ceo. “The Product tanker rates are still gradually improving, leading to a very positive outlook for the current year, leading me to be very confident about the perspectives of the product tanker industry in the medium and long term driven by factors such as the US ever growing role as a net exporter of products and the boosted refining capacity in the Middle and Far East which will further expand the tonne/mile demand.

“We have secured already a good percentage of DIS future revenues at advantageous rates, expanding our fleet, allowing us to be ready to take the maximum advantage of what we think it will be a strong market. These additions brought DIS total fleet to more than 50 operated vessels, placing the Company amongst the top players of the industry.”