d'Amico hit by write downsd'Amico hit by write downs

The $21m loss aside from the write downs is level with 2011 losses, despite lower average TCE earnings for the year as the company implemented cost efficiency measures.

The year did hold some good news for the italian operator as the fourth quarter was the first profitable quarter after fourteen consecutive quarters in the red. Whilst the $1m profit will do little to reverse losses stretching back to the start of 2009, the Italians are anticipating the upturn as a sign of market improvement.

Marco Fiori, ceo of d'Amico commented, "The product tanker industry is coming from four years of negative cycle but several fundamentals seem now to point into the right direction, with the market coming more into balance. A much better market scenario was experienced in the last quarter of the year and the general sentiment is definitely improving going into 2013. Looking at the medium and long terms, the view of d'Amico is definitely positive, thanks to the consolidation of refining capacity outside the OECD, expected in the coming years, which should lead to improved ton-mile demand and better utilization rates."

In December 2012 d'Amico's Ireland based subsidiary d'Amico Tankers Ltd. ordered two 50,000dwt MR eco tankers from Hyundai Mipo Dockyard, due for delivery between the end of 2014 and early 2015. Two newbuild MR tankers were delivered into d'Amico's fleet in 2012 and one 15 year old vessel was sold.