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March 11, 2021
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- In 2020 D'Amico International Shipping is back
to profit
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- Contraction in performance in the last quarter
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 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.'
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- 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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- Piazza Matteotti 1/3 - 16123 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
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