Italian tanker operator D'Amico
International Shipping (DIS) on Thursday reported a surge in net
profit in the second quarter of 2015 as it said strengthening
demand in product tanker markets and low oil prices increased
trading opportunities.
DIS said net profit came in at $18.7 million in the second
quarter, up from $1.4 million in the same period of 2014.
Time-charter equivalent earnings (TCE) stood at $81.2
million in the quarter, up from $48.6 million in the same
quarter of the previous year. Earnings before interest, tax,
depreciation and amortisation (EBITDA) rose to $23.4 million
from $10.4 million.
"Our growth strategy both in terms of owned and time
chartered-in vessels (we went from 39 average vessels in H1 2014
to 52 in H1 2015) has proven very successful so far," said Chief
Executive Marco Fiori.
"I believe 2015 is now set to be a very profitable year for
our industry," he said.
"We intend to consolidate DIS leading position in the
product tanker industry and in that view, during the second
quarter of the year we added 4 LR1 (Long Range - 75,000 dwt)
newbuilding vessels to our current orderbook," he added.
DIS is one of the world's leading maritime transport
groups, managing and operating dry cargo vessels and tankers and
providing international shipping services.
Increased production in the Middle East and Asia, coupled
with strong refining margins in the OECD, supported refined
products tanker demand during the quarter, DIS said.
In the first six months of 2015, DIS recorded its best
first-half result since 2008, swinging to a net profit of $30
million compared to a loss of $5.5 million in the same period of
the previous year.
Time charter equivalent earnings (TCE) came in at $158.1
million in the first half of 2015 compared to $95.1 million in
the same period of 2014.
EBITDA in the first half rose to $45 million from $14.2
million in the first half of the previous year.
Net debt also rose to $374 million from $280.6 million at
the end of June 2014.
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