The d'Amico International Shipping
group announced Wednesday that it performed well in the first
quarter of 2016, when it made a net profit of $7.2 million.
The group, one of the world's leaders in the shipping
sector, said in a statement that the EBITDA margin was 29% with
operating cash flow of $25.5 million.
d'Amico said it approved its financial statement for the
period.
In the first three months of 2016 EBITDA (earnings before
interest, taxes, depreciation, and amortization) was $21.6
million, steady with respect to the same period last year.
The statement said this result was primarily achieved via
good time charter earnings (TCE) driven by a good showing in the
product tanker market, with an "EBITDA margin on TC Earnings" of
28.8%, as in the first quarter of 2015.
Earnings before interest and taxes (EBIT) for the first
three months of the year was $12.7 million, compared to $12
million the same time last year.
d'Amico International shipping CEO Marco Fiori said he was
"very satisfied".
"After three very strong quarters last year, product
tanker spot rates eased in Q4 mainly due to seasonality and
refinery maintenance in the US Gulf," Fiori added.
"However the market started firming up again in December
and confirmed a good level of strength in the first three months
of 2016.
"I maintained my view that the product tanker market will
have a certain degree of volatility during the current year but
I also believe 2016 will be overall a good and profitable year
for our industry.
"At the same time, the medium term perspectives of the
product tanker market look very favourable today, with an
increasing growth in the Ton-Mile demand driven mainly by
refineries dislocation and with a relatively limited supply of
new ships expected to come into the market between 2016 and
2018".
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