d'Amico Set to Sell Three More Vessels Amid Difficult Freight Market

DIS reports a net result of -$6.2 million for the H1 2017 period. Image Credit: DIS

d’Amico International Shipping S.A. (DIS) today, in its financial results for the 2017 H1 and Q2 period, said three further vessels are currently under advanced sale negotiations amid a "challenging" freight market.

"After implementing a significant newbuilding investment plan of US$ 755 million in the last few years and due for completion by the end of 2018, we are now focusing on strengthening our balance sheet and on ensuring DIS will face the future with a solid financial structure, while maximising returns for its shareholders," said Carlos Balestra di Mottola, CFO at DIS.

Marco Fiori, CEO of DIS, commenting on the development, said: "in DIS, we are constantly working to make sure our Company is perfectly positioned to benefit from the expected market recovery."

"In this regard, DIS will face the next two years with a very young owned fleet, a very flexible TC-IN portfolio (with a proper mix of short-term and long-term TC-IN commitments), a cost-efficient operating platform and with a solid and stable financial structure."

Citing a "prudent commercial strategy" and "cost efficient operating platform," DIS said it achieved an EBITDA of $24.7 million during H1 2017, compared to $40.2 million in H1 2016.

EBITDA was $8.2 million in Q2 2017, compared with $40.2 million in H1 2016 and $18.6 million in Q2 2016.

DIS reports a net result of -$6.2 million for the H1 2017 period, compared to $13.6 million during the same period of 2016.

For Q2 2017, DIS' net result was -$8 million, compared to $6.4 million during Q2 2016.

"The product tanker industry experienced a challenging freight market in the second quarter of 2017," said Fiori. 

"This was mainly due to the relatively high level of newbuilding deliveries, together with the refining maintenance season and a still high level of product inventories. In this context, I am rather satisfied about the results achieved by our Company in H1’17."

In June, the d’Amico Group announced that is entire fleet has been verified for compliance with the European Union (EU) Monitoring, Reporting and Verification (MRV) regulation by RINA Services.