d’Amico International Shipping (DIS) posted a $54.5m profit for 2015, its best since 2009, with predictions of a strong market for “years to come”.
The figure reverses the previous year’s $10.6m loss, boosted by a 247% increase in recurring EBITDA to $91.3m from $26.3m in 2014.
Meanwhile the company was able to fix 49% of its contracts at a daily rate averaging $15,214, partially mitigating a Q4 drop “mainly due to the refinery maintenance in the US Gulf,” according to d'Amico ceo Marco Fiori. As a result, earnings from time charters were $310.7m from $212.5m in 2014.
“Thanks to a very favourable product tanker market, DIS achieved a daily spot rate of $18,814 for FY2015, which corresponds to a year-on-year 37% increase,” said Fiori. “The spot market picked up again in the latter part of Q4 and going into early 2016.
“I firmly believe our market has very good fundamentals for the years to come, thanks in particular to a low oil price environment leading to an increase in the World consumption of petroleum products and strong refining margins associated to such a scenario. I am also convinced that our company will continue to benefit from an increasing growth in the ton-mile demand driven mainly by refineries dislocation."
DIS’ net debt increased to $422.5m from $340.9m a year earlier mainly due to $164.4m in payments made on its $755m newbuilding programme.
“In this positive market environment, I think DIS has planned a very well-timed growth, ordering 22 newbuildings at historically low prices,” said Fiori.