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19 April 2021 The on-line newspaper devoted to the world of transports 12:04 GMT+2

March 11, 2021

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In 2020 D'Amico International Shipping is back to profit

Contraction in performance in the last quarter

After four consecutive annual financial years filed in loss, in 2020 the shipping company D'Amico International Shipping (DIS) operating in the product tanker segment is returned to profit thanks mainly to the performance achieved in the first half of the year. In 2020, revenues amounted to $316.3 million, down -10.5% year-on-year of which 257.8 million base time charter revenues (-0,2%). EBITDA and EBIT stood at 127.3% respectively million dollars (+22.1%) and $55.5 million (+269.5%). The 2020 was closed with a net profit of 15.6 million compared to a net loss of -27.5 million dollars in the previous year.

"2020- commented the President and Administrator delegate of d'Amico International Shipping, Paolo d'Amico - is been for the tanker sector a year characterized by extreme volatility. During the first half of the year, the number of noles reached record levels, following the oil demand caused by Covid-19, combined with a increase in production mainly by Saudi Arabia and Russia. This has generated a curve in future prices of the oil in "contango", stimulating an increase in world stocks of raw material. The storage of oil at land quickly reached full capacity and quantity more and more raw and refined have begun to be stored on board oil tankers, sharply reducing the supply of tonnage and causing a sharp jump in seafarers. A however, following strong production cuts by the opec, which came into force in May, the spot noli of the oil tankers have undergone a sharp correction, having to absorb the market excess storage created in the previous months, with a gradual reduction of oil stocks on board ships.'

In the fourth quarter of 2020 alone, DIS revenues totaled $66.6 million, down -28.4% on the same period of 2019, including 53.6 million base-time revenues charter (-25.7%). EBITDA was 23.8 million (-31.7%), operating profit of 9.7 million (-32.2%) and net profit of 1.1 million dollars (-76.8%).

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