D’Amico Sees Q1 Net Profit of $11.4Mln

By Aiswarya Lakshmi May 7, 2015

Italy-listed D'Amico International Shipping (DIS) made a net profit of $11.4m in the first quarter, reversing its net loss of $6.8m last year, as the product tanker freight market improved.

The board of the product tanker owner on Wednesday approved first quarter 2015 results of base time charter revenues (TCE) of $77 million.

"Our company has achieved net profits of $11.4 million thanks to a fast-growing tanker market," said CEO Marco Fiori.

"The tanker market has improved significantly in the first quarter of 2015, reaching its highest levels since the beginning of the financial crisis," Fiori added.

The shipping company's EBITDA for January to March was $21.6 million.

In fact, following the good trend started at the end of last year, the product tanker spot market has improved significantly in the first quarter of 2015, reaching its highest levels since the financial crisis. In this scenario, DIS realized a daily spot rate of US$ 18,503, marking a 52% improvement compared to the same period last year.